Brokers looking for new large cyber accounts might want to knock on doors of companies who look after other people’s money. More than half (55%) of Canadian asset managers surveyed said they intend to purchase insurance to protect themselves against cyber incidents, KPMG Canada said in a recent report. Respondents, including some large mutual fund […]
By Greg Meckbach | October 11, 2018
2 min read
More Canadian brokerages are moving towards a fully digital experience as consumer expectations are driving demand for faster, more efficient service, a broker management system (BMS) provider said Monday. “More brokers are moving to a completely connected experience from internal operations to customer service to insurer relations, transforming their business into digital brokerages,” said Jeff […]
By Jason Contant | October 9, 2018
2 min read
Buyers are increasingly targeting “differentiated” technology in merger and acquisition (M&A) deals, knowing they are going to be judged on the potential of what they can achieve with the technology they are purchasing. The value of an acquisition will increasingly focus on the upside of the technology the buyer is acquiring, rather than on the […]
By Jason Contant | October 3, 2018
2 min read
Mergers and acquisitions come with risks for buyers, and one law firm uses machine learning to help clients manage at least some of those risks. One risk to a buyer is when the target company has liabilities – such as taxes, polluted land or contractual obligations to employees. Transactional risk insurance – such as representations […]
By Greg Meckbach | October 1, 2018
2 min read
Fully autonomous vehicles that communicate with other vehicles and city infrastructure will create a brand new exposure for insurers and municipalities. Traditionally, when there is a pedestrian bodily injury claim from a vehicle accident, there is two parties – the plaintiff (the pedestrian) and the defendant (the driver, who is usually defended by their insurer). […]
By Jason Contant | September 28, 2018
2 min read
Law makers and regulators are stopping insurers from using technology that could actually help customers, speakers from two of Canada’s top three property and casualty carriers warn. Insurers have plenty of data that they could potentially use to rate auto, yet are only allowed to use some of them, Baiju Devani, vice president of enterprise […]
By Greg Meckbach | September 27, 2018
2 min read
Electronic data can be a powerful tool and is not expensive to store, but it’s only useful if you have a strategy behind it, speakers said during this week’s Insurance Analytics Canada Summit. “If you don’t have a data strategy, that’s usually a pretty huge red flag,” said Steve Holder, national strategy executive, analytic ecosystems, […]
By Greg Meckbach | September 27, 2018
2 min read
Machine learning – which some brokers use to make chatbots – can also help companies improve cyber risk by flagging abnormal activity. Machine learning is a type of artificial intelligence, which mimics human cognition and activities, such as identifying patterns. One application of machine learning is natural language processing, which some brokers are using to […]
By Greg Meckbach | September 25, 2018
2 min read
MONTREAL – A new report says artificial intelligence deployment has not yet been a “real success” for Canadian companies, in spite of the country’s reputation as an AI hotbed. The study from Forbes Insights ranks Canada last out of 10 countries, with just 31 per cent of adopters of the technology claiming successful AI deployment, […]
By Jason Contant | September 25, 2018
1 min read
Blockchain for insurance has various oft-touted benefits – reduced costs and simpler and faster transactions, among them – but it can also be used to combat fraud, said David Verbeeten, a domain expert in insurance at software company ConsenSys. Verbeeten works with a team to create decentralized applications for insurance products and services on the […]
By Jason Contant | September 24, 2018
3 min read