HR
Insurers that invest in artificial intelligence (AI) and human-machine collaboration at the same rate as “top-performing” businesses could, over the next five years, boost their revenues 17% and their employment 7% on average, according to new research by professional services company Accenture. Released on Wednesday, the report Future Workforce Survey – Insurance: Realizing the Full […]
By Jason Contant | May 10, 2018
3 min read
Tech
Canadian insurers have emphasized work on their front-end systems to provide a direct-to-consumer experience. Now that carriers are working on their legacy systems to better integrate with brokers, will a direct broker-to-consumer experience be far behind?
May 7, 2018
1 min read
A daring group of developers came up with a new approach to technology development 17 years ago, dubbed ‘agile.’ The process grew popular in the startup world; it was soon embraced by mainstream leaders around the globe, including by those in the insurance industry. Today, in a parallel universe, some companies are embracing a new […]
By Jason Contant | May 7, 2018
2 min read
Carriers offer advice to help brokers grow their business in a challenging pricing environment.
May 5, 2018
Operations
With an estimated 45% of personal insurance written through the broker channel in Canada, tech vendors understand the importance of the channel. “Our only business is broker,” Jeff Purdy, senior vice president of international operations with Applied Systems, told reporters at a briefing ahead of the Applied Systems Executive Symposium Tuesday. “We don’t have a […]
By Jason Contant | May 4, 2018
The Co-operators is taking a holistic approach to leadership and business transformation, using strategies such as design thinking and minimum viable product (MVP) concepts, common language around innovation, and technology. Carol Poulsen, executive vice president and chief information officer at The Co-operators Group Limited, said the insurer has brought in design thinking and MVP concepts […]
By Jason Contant | May 2, 2018
Legal / Regulation
The Canadian Association of Mutual Insurance Companies (CAMIC) Wednesday called on Parliament to withdraw two sections from proposed Bill 74 that would allow chartered banks to share their customers’ banking data with fintechs. CAMIC and its 76 member companies are concerned that these provisions will undermine the current regulatory framework that prohibits banks from using […]
By David Gambrill | May 2, 2018
The insurance industry in Canada is getting close to consensus on connectivity between insurance brokers and carriers, an Applied Systems executive said Tuesday at the company’s Executive Symposium in downtown Toronto. “I truly believe that we are fairly close to having an agreement and consensus in the industry on the fundamental importance of standardization and […]
A breach of customer payment card information involving Saks Fifth Avenue has taken a cyber risk lawyer by surprise. In July 2017, “malware began running on certain point of sale systems at potentially all Saks Fifth Avenue, Saks OFF 5TH and Lord & Taylor locations in North America,” the retailers’ Canadian corporate parent, Hudson’s Bay […]
By Greg Meckbach | May 2, 2018
The Ontario Chamber of Commerce (OCC) is the latest organization to call on the provincial government to allow insurers to offer an electronic proof of auto insurance (EPAI) and other insurance documents. In a resolution passed during OCC’s annual general meeting in late April, the Hamilton Chamber of Commerce called on Ontario to join Nova […]
By Jason Contant | May 1, 2018
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