Tech
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 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
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
Legal / Regulation
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 […]
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 […]
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. […]
By Jason Contant | May 30, 2018
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 […]
By Jason Contant | May 29, 2018
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 […]
By Greg Meckbach | May 29, 2018
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 […]
By Jason Contant | May 28, 2018
Just under one-third of customers globally (22.8% in Canada) are willing to buy insurance products from “BigTech” companies such as Amazon, Facebook and Google, a new report has found, suggesting a greater need for traditional insurance providers to “develop future-ready operating models to satisfy evolving customer preferences.” The World Insurance Report 2018, released earlier this […]
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