Tech

Tipping point

APIs liberate the broker channel from the inefficiencies caused by individual market solutions for data exchange.

March 7, 2018

1 min read

Fraud survey reveals Canadians’ fears about safety of personal information

Nearly four in 10 (39%) of Canadians fear that their personal information has been compromised. The annual fraud survey, released on Wednesday, was commissioned by the Chartered Professional Accountants of Canada and conducted last month. Three-quarters (76%) of 1,000 Canadians polled in the study worried that Canadian businesses holding their personal data are vulnerable to […]

By Jason Contant | March 7, 2018

2 min read

Legal / Regulation

B.C. experiments with tech that blocks handheld use while driving

A telematics trial intended to address distracted driving in British Columbia is now underway. Insurance Corporation of British Columbia said March 2 it is “working with 139 drivers” in the province on a pilot project intended to block the use of their handheld devices while driving. The project was originally announced on Nov. 28, 2107. […]

By Greg Meckbach | March 7, 2018

2 min read

Tech

Comparing insurance contracts? How AI can help expedite the process

Global reinsurer Swiss Re is employing artificial intelligence (AI) to trace relationships between insurance contracts, all the way down to a single clause, allowing underwriters to process a submission much faster. Mike Fitzgerald, senior insurance analyst with financial consulting firm Celent, says Swiss Re has built a model using an AI tool that it calls […]

By Jason Contant | March 5, 2018

2 min read

Mobile app resolves Aviva’s auto claims 20-40% faster in trial tests

Aviva Canada auto policyholders whose vehicles get damaged in accidents can get their claims processed by taking pictures and uploading them to a mobile app, Aviva Canada announced recently. The app, AvivaExpress, was developed by Chicago-based Snapsheet and is available on the iPhone or an Android device, Snapsheet CEO Brad Weisberg wrote in a statement […]

2 min read

Province working on technology to ease damage in flood season

FREDERICTON – Flood forecasters in New Brunswick are using new technology to track snow loads and ice movement, hoping more information leads to less damage. Jasmin Boisvert, a water services specialist with the Department of Environment and Local Government, says the province has been developing a new flow forecast model with the help of the […]

3 min read

Bank of England chief slams cryptocurrencies; urges action

LONDON – Bank of England Governor Mark Carney on Friday launched a withering attack on cryptocurrencies such as bitcoin and urged regulators around the world to monitor them in the same way as other financial assets. In a speech to the Scottish Economics conference in Edinburgh, Carney said a “global speculative mania” has “encouraged a […]

2 min read

Brokers seek carrier support for study of industry real-time data solution

Ontario brokers are attempting to marshal industry-wide support for an API hub solution that would provide real-time data exchange between insurance carriers and the broker channel. “What we’re asking is that the carriers support the [Insurance Brokers Association of Ontario] in a feasibility study,” Adam Mitchell, president of Mitchell and Whale Insurance Brokers, told a […]

3 min read

How AI increased this brokerage’s sales leads by 13%

Using artificial intelligence (AI) to understand the likelihood of individual consumers making an auto insurance purchase, insurance broker Kanetix Ltd. was able to achieve a 13% lift on its call volume and lead generation. “AI is something that the Insurance Industry has been talking about for a while,” Janine White, vice-president of marketplaces at Kanetix […]

3 min read

The broker’s challenge in giving decent customer service

Brokers tend to forget that insurance is often a “grudge purchase,” and that companies selling goods other than insurance tend to provide the best examples of customer service, speakers said Tuesday at the Insurance-Canada.ca Technology Conference (ICTC). “We [brokers] quickly forget that we sell a product that the consumer doesn’t necessarily want,” Sherif Gemayel, president […]

2 min read