Ransomware attacks are increasing, and as a result, there will likely be a shift in brokers and clients alike starting to recognize the value of the business interruption component of a cyber insurance policy, a specialist insurer said Monday. “Cybercrime and theft of funds is still largely our largest source of claims by frequency on […]
By Jason Contant | November 28, 2018
3 min read
Figuring out what products your customers might buy next or what they are complaining about are two ways you could be using artificial intelligence now, the founder of a big data vendor suggests. “In the future you are going to see more technology organizations that just happen to be selling shoes or just happen to […]
By Greg Meckbach | November 28, 2018
3 min read
Some insurers are looking for brokers who can help them use big data to customize products for small businesses, an insurtech founder suggests. “Big data is a loose term,” Mark Morissette, founder and CEO of Foxquilt said Tuesday in an interview. Specifically, he said insurers want to know of insurtechs: “How are you finding that […]
By Greg Meckbach | November 27, 2018
3 min read
In a future characterized by “the trillion-sensor economy,” data will become the foundation of broker innovation, an insurtech innovator said Monday at the 2018 Top Broker Summit, hosted by Canadian Underwriter in Toronto. To prepare, brokers need to build strategies right now for capturing and using data in their systems, speakers at the summit urged. […]
By David Gambrill | November 27, 2018
3 min read
The nation-wide mandatory data breach law that came into effect Nov. 1 is “a good way and a reminder to start the conversation with their clients,” but brokers should ultimately focus selling efforts on the crime and business interruption aspects of cyber insurance, an insurer suggested Monday. The federal Digital Privacy Act requires organizations to […]
By Jason Contant | November 26, 2018
3 min read
The key to rebranding as an artificial intelligence (AI) company is tapping into an “ultra-specialized talent pool” with a deep understanding of the field, says the chief science officer at Royal Bank of Canada. “It’s impossible to overstate the importance of this expertise level,” said Foteini Agrafioti, RBC’s chief science officer and head of Borealis […]
By Jason Contant | November 25, 2018
3 min read
The Centre for Study of Insurance Operations (CSIO) has finalized the minimum data set for CSIO XML standards in commercial lines, paving the way for implementation of commercial data standards in the broker channel. The minimum data set comprises of nine sections of data elements commonly used by carriers to underwrite commercial risks, regardless of […]
By Jason Contant | November 24, 2018
2 min read
Thinking of abandoning your brick-and-mortar stores to appeal to the tech-savvy younger generations who love to buy everything online? Don’t just yet, suggests new research from broker management system provider Applied Systems and business intelligence research firm ORC International. Instead, try moving towards a hybrid approach, combining physical businesses with an omnichannel approach, using integrated […]
By Jason Contant | November 23, 2018
3 min read
The Insurance Corporation of British Columbia (ICBC) is prepared to offer a blanket, usage-based insurance product, likely by next fall, if proposed legislation on ride-hailing passes before Christmas, as anticipated by the Premier, according to published reports. However, the leader of the opposition Liberals, Andrew Wilkinson, said Tuesday he plans to introduce amendments that would […]
By Jason Contant | November 22, 2018
3 min read
Managing general agent Burns & Wilcox has announced an exclusive partnership with a cybersecurity company to pair its specialty insurance products with data breach monitoring and notification services. The partnership with London, UK-based BreachAware, which specializes in data breach research and analysis, was announced Tuesday. It will allow brokers and agents to offer their clients […]
By Jason Contant | November 22, 2018
2 min read