Operations
How close is the industry to consistently allowing consumers to access insurance documents electronically, such as by email? “It’s a bit of a hodge podge out there at the moment,” Colin Simpson, CEO of the Insurance Brokers Association of Ontario (IBAO), told Canadian Underwriter Wednesday. Simpson was responding to a question about how close the […]
By Jason Contant | September 6, 2018
2 min read
Tech
If you’re an insurance organization looking to adopt innovative new technology such as artificial intelligence, you’ll want to avoid the “broken arrow” approach to implementation. In some instances, organizations may put the cart before the horse, with IT departments developing a new technology first, and then subsequently trying to bend organization’s existing processes to conform […]
By David Gambrill | August 29, 2018
3 min read
MONTREAL – Air Canada says 20,000 customers may have had their personal information improperly accessed due to a breach in its mobile app, prompting a lock-down on all 1.7 million accounts until consumers change their passwords. The airline says it detected unusual login activity last week and tried to block the hacking attempt, locking the […]
By Jason Contant | August 29, 2018
1 min read
A new survey for belairdirect has found more than half (53%) of polled Canadians would use an app that tracks their driving habits if it meant having a more personalized auto insurance rating. The finding contrasts recent industry comments and studies on the topic. Wawanesa told Canadian Underwriter in December 2017 that their customers were “not fans […]
By Jason Contant | August 28, 2018
Police concerns about drivers’ mobile phone privacy rights are a major stumbling block in the introduction of electronic proof of insurance in various parts of the country, provincial financial and insurance regulators have told Canadian Underwriter. Canadian Underwriter recently contacted a handful of provincial insurance regulators to check the status of electronic proof of auto insurance […]
Some insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains – for example using social media, using weather data, using all kinds of other data,” said Aditya […]
By Greg Meckbach | August 27, 2018
Given that “there are no 10-year-old blockchain companies” in an industry that relies heavily on historical data, how do insurers assess a submission for insurance related to the distributed ledger? Just like you would for any type of “traditional insurance”: by focusing on the experience and quality of the company’s management, said Christopher Liu, head […]
By Jason Contant | August 24, 2018
Brokers looking to place directors and officers (D&O) insurance coverage for clients involved with blockchain or digital assets will not have an easy time finding the coverage, since there is a limited underwriting appetite for it. “It’s definitely feasible, and we’ve had great success in placing D&O coverage for our clients who are operating in […]
By Jason Contant | August 23, 2018
Two yet-to-be named Canadian firms, which are using information technology to get “intelligence” from insurers’ data, will be recognized next month in Toronto. Insurance Nexus is accepting nominations for Canadian Insurance Carrier of the Year and Canadian Insurance Innovator of the Year until Aug. 24. This is the third year Insurance Nexus has been running […]
By Greg Meckbach | August 22, 2018
Legal / Regulation
The rise of blockchain and cryptocurrency technologies have triggered an explosion in securities litigation, a lawyer specializing in the field said last week during a webinar on the insurance implications of blockchain and cryptocurrencies. Alex Drylewski is a partner of complex litigation and trials with Skadden, Arps, Slate, Meagher & Flom LLP in New York […]
By Jason Contant | August 21, 2018
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