Tech
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
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
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
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 […]
By Greg Meckbach | March 5, 2018
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
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 […]
By Canadian Underwriter | March 2, 2018
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 […]
By David Gambrill | March 1, 2018
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 […]
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 […]
By Canadian Underwriter | March 1, 2018
Machine learning could be used to underwrite faster, reduce fraud and assess vehicle damages more accurately, Lawrence Wong, Munich Re Canada’s director of application development, said Tuesday. Speaking at the 16th annual Insurance-Canada.ca Technology Conference in Toronto, Wong said that artificial intelligence (AI) is here to stay and will augment the way people do the […]
By Jason Contant | February 28, 2018
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