Tech

Forget insurtechs: your next competitors will be Google, Amazon, and Facebook

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 […]

By Jason Contant | May 28, 2018

2 min read

Tech

Here’s one way that lower auto insurance rates could increase profits

With new technology-driven auto insurance on the horizon, some motorists will drive less and buy insurance from carriers who target low-mileage vehicles, the founder of a comparison shopping provider suggests. Several Ontario auto insurers will probably launch products similar to CAA Insurance’s MyPace, Justin Thouin, co-founder and CEO of LowestRates.ca, said Thursday in an interview. […]

By Greg Meckbach | May 24, 2018

2 min read

Legal / Regulation

Dozens of North American securities regulators target cryptocurrency schemes

TORONTO – Dozens of North American securities regulators have joined forces to investigate and warn investors about cryptocurrency-related schemes. Operation Cryptosweep includes more than 40 regulators in the U.S. and Canada, including the Ontario Securities Commission, which issued a release about the investigation Tuesday. “Operation Cryptosweep contributes to our ongoing efforts to raise awareness about […]

By Jason Contant | May 23, 2018

2 min read

Tech

How you can make artificial intelligence more than just a ‘sexy sound bite’

Artificial intelligence may make for a wonderful sound bite, but insurance providers need to use this emerging technology to cut costs and serve customers better, two financial services executives warn. The financial services industry is “still at a stage where AI is about companies coming out with sexy sound bites,” Kamana Tripathi, vice president of […]

By Greg Meckbach | May 22, 2018

2 min read

The challenge with insuring autonomous ships

The large body of regulations known as maritime law should be addressed before or in concert with insurance considerations when it comes to autonomous vessels, British Columbia-based author Blake Desaulniers told Canadian Underwriter last week. “That large body of regulations and laws will have to be addressed before you can effectively address the insurance considerations […]

2 min read

New index measures quarterly premium rate trends in Canadian personal lines

Applied Systems has released its Applied Rating Index, measuring the quarterly premium rate trends being experienced by consumers, brokerages and insurers across the Canadian market. Stephane Lacasse, vice president of product management for Canada and rating products with Applied, told Canadian Underwriter in a briefing before the index’s release Wednesday that the rate insights will […]

2 min read

Why risk managers should check the social media profiles of their company accountants

Risk managers for companies transferring money outside of Canada might want to check the social media profiles of workers in their accounting departments. Criminals sometimes research the social media profiles of workers at financial institutions and people who have authority to make payments, Stephanie Zee, global payments regulatory head at Citigroup Inc., suggested at a […]

2 min read

“Don’t be on the sidelines,” speakers say of blockchain

Blockchain, the technology behind Bitcoin, does not have a foothold in insurance yet, but it will no doubt disrupt some industries, speakers said last week at a financial industry conference. Blockchain promises “massively new business models,” Andrew Maxwell, director of the Bergeron Entrepreneurs in Science and Technology program at York University, said May 10 at […]

2 min read

How fear of ‘jackbooted brownshirts’ complicates cyber risk management

Managing the risk posed by the “dark web” is made all the more difficult by some people’s mistrust of police, a former top Royal Canadian Mounted Police officer suggested Thursday. “Cyber crime requires a different approach than just the preventative hardening of cyber security systems,” former RCMP Commissioner Bob Paulson told Payments Canada Summit attendees […]

3 min read