The holy grail for brokers, of having their computers talk directly to carriers’ computers, is “going to happen,” an InsurTechTO speaker suggested Wednesday. “The big area of inefficiency is still duplicate entry,” Michael Loeters, senior vice president of commercial insurance at Prolink Insurance Inc., said Wednesday during an InsurTechTO panel in Toronto. Loeters was referring […]
By Greg Meckbach | November 8, 2018
3 min read
A blockchain-based business insurance model that could see non-regulated investors as the capital providers is coming sooner that you think, although it may not necessarily arrive in Canada in the short term, predicts an executive who has led two major Canadian P&C carriers. The insurance model touted by Estonia-based Black Insurance “is one of the […]
By Greg Meckbach | November 8, 2018
2 min read
Commercial brokerages and carriers have confirmed in a test case scenario that they can successfully exchange claims data from a first notice of loss (FNOL) form electronically, beginning and ending in the broker management system (BMS). In the Toronto Insurance Council (TIC)’s FNOL Proof of Concept project, a BMS was able to send claims data […]
By David Gambrill | November 7, 2018
3 min read
The property and casualty insurance industry is like a cable TV network: you can choose from among a variety of channels – broker, direct, multi-channel and omni-channel. Desjardins’ Denis Dubois explains what they all mean, and tells CU how distribution channels may evolve in the future.
November 6, 2018
4 min read
Developing technology-based solutions to tackle distracted driving, pedestrian safety and house-to-house communication are the goals of an upcoming hackathon hosted by Canada’s second largest insurer and a technology start-up accelerator. Aviva Canada and OneEleven will host the Safer Neighbourhoods Hackathon on Nov. 23-25 at OneEleven’s office in Toronto. Teams consisting of about 80 insurance professionals, […]
By Jason Contant | November 2, 2018
2 min read
An artificial intelligence company based in Montreal has launched an application to centralize and digitize the entire insurance lifecycle. Koïos Intelligence, which develops AI tools designed specifically for the finance and insurance industries, unveiled Olivo at the Fintech Forum at Montreal’s Palais des congrès from Oct. 29 to 31. Consumers, brokers and insurance companies can […]
By Jason Contant | November 1, 2018
1 min read
Brokers would be well-advised to tell their clients to keep a cool head if they are contacted by email from someone claiming to have stolen their password. The latest online scam by cybercriminals uses stolen passwords from data breaches years ago to try and convince victims they have used the password to download spyware. The […]
By Jason Contant | October 30, 2018
2 min read
ORLANDO, Fla. – A Florida man says the autopilot feature of his Tesla vehicle failed to detect a disabled car on a highway, leading to a collision that left him with permanent injuries, according to a negligence lawsuit filed Tuesday. Shawn Hudson said in the lawsuit filed in state court in Orlando, Florida, that Tesla […]
By Jason Contant | October 30, 2018
2 min read
Early adopters of chatbot technology, most of which are now closed or dismantled, often did not realize the extent to which you need to train the system, Accenture said last week. “There was this… false sense that the machines would just learn themselves, so let’s go,” Jodie Wallis, managing director for artificial intelligence in Canada […]
By Jason Contant | October 29, 2018
2 min read
Managers, executives and boards in the insurance industry need to trust in artificial intelligence algorithms, even if they don’t look like traditional models, an Accenture executive told Canadian Underwriter Thursday. Machine learning models can better predict events with a greater degree of accuracy and a higher assigned level of confidence than with traditional analytical techniques. […]
By Jason Contant | October 26, 2018
3 min read