Tech

Why Canadians don’t want to buy insurance from Amazon, Facebook or Google

Canadians are less likely than others around the world to buy insurance products from “BigTech” companies such as Amazon, Facebook and Google. Not that other consumers from around the world are in a big rush to buy their insurance from BigTech. Just one in three global customers said they would be willing to buy insurance […]

By Jason Contant | June 5, 2018

2 min read

Tech

Patience urged of insurers who don’t see value in their early AI investments

Despite all the hype about artificial intelligence (AI), and the significant investment in it, most global insurers don’t think they are getting value from their investment. In fact, 85 per cent of more than 1,000 global executives polled by McKinsey & Company reported being underwhelmed by the value of AI investments. Nick Milinkovich, leader of […]

By Jason Contant | June 5, 2018

3 min read

Operations

Economical rolls out Vyne for brokers in select areas

Economical Insurance launched its new broker technology, Vyne, in New Brunswick and Prince Edward Island Monday. For use in personal lines and individually rated commercial auto (IRCA), Vyne is a Guidewire-based computer system aimed at streamlining workflows for brokers. The platform, touted as a way to administer insurance policies with less manual intervention, will launch […]

By Jason Contant | June 4, 2018

1 min read

Tech

Ontario Election 2018: Trailing Liberals promise auto insurance discounts

Polls show the Ontario Liberals will not likely govern the province after the election this Thursday but, for what it’s worth, a vote for Liberal candidates is a vote for insurance discounts for motorists who use apps intended to discourage distracted driving. The Liberal party promises that, if re-elected, they would “mandate that insurers offer […]

By Greg Meckbach | June 4, 2018

2 min read

How home insurers could be on the hook for cyber bullying

Cyber bullying, which can result in liability claims under home insurance policies, will soon be grounds for lawsuits in Nova Scotia. The Nova Scotia government is now “on the verge” of bringing Bill 27 into force, law student Brayden McDonald wrote Friday on the CanLII Connects blog site. Bill 27, An Act Respecting the Unauthorized […]

2 min read

Here’s a way small brokerages can afford AI

Budget may not be a big concern for larger companies looking to incorporate artificial intelligence (AI) into their operations, but is AI cost-prohibitive for small, local brokerages? “I don’t think you need a massive budget to do some of this stuff,” said Nick Milinkovich, leader with the insurance analytics practice at McKinsey & Company (Canada). Speaking at […]

2 min read

How AI can help you find the hot sales leads

Looking for a hot lead? Why not let a machine do that for you? Brokers and insurance companies can use artificial intelligence (AI) to cull prospects who are showing a keen interest in buying insurance products, Andrew Lo, president and CEO of Kanetix Ltd., said Wednesday at Insurance-Canada.ca’s first Technology in Action seminar in Toronto. […]

3 min read

Major agreement toward resolving broker-carrier data exchange issues

Key players in Canada’s P&C industry have reached an agreement to pursue an application programming interface (API) hub solution, called the BrokerFlow solution, to solve the current data connectivity gap between insurers and brokers. The “solution phase” is set to commence in June, the Insurance Brokers Association of Ontario (IBAO) has announced. IBAO has been […]

2 min read

Locomotive recorder legislation law takes aim at railway risk managers

A new federal law passed Thursday is intended to mandate the videotaping of locomotive crews in order to let railway risk managers help prevent accidents. Bill C-49, The Transportation Modernization Act, was signed Thursday into law by Governor General Julie Payette. A section mandating video and voice recorders on most train locomotives does “not come […]

3 min read

Why North America is the costliest for SMB data breaches

North America is the most expensive location for a small and medium-sized business (SMB) to suffer a data breach, with SMBs in Canada and the United States also having the highest recovery cost, according to a new study. This year’s annual Kaspersky Lab Corporate IT Security Risks survey, On the Money: Growing IT Security Budgets […]

2 min read