HR
An Ontario brokerage has done away with the traditional alphabetized way of assigning clients to brokers. Under the alphabetized approach, sometimes referred to as the “alpha split,” a brokerage divides its clients evenly by the number of account managers it has. Account managers are responsible for the clients whose last names fall within a certain […]
By Jason Contant | February 12, 2018
2 min read
Tech
Escalating collision repair costs have commended the attention of Intact Insurance, as company officials continue to express disappointment with the Toronto-based insurer’s financial results in personal auto. Company officials said they had “unsatisfactory” performance in personal auto, with the chief culprits being new vehicle technologies and more expensive vehicle parts. Intact’s combined ratio in personal […]
By Greg Meckbach | February 12, 2018
The cost to recover from security breaches in Canada averages $3.7 million in direct and indirect costs per organization, including network down time, employee work days, lost files and compromised information, according to a new survey. Of that amount, the majority – about $3.5 million – is lost in revenue and productivity, while $215,080 is […]
By Jason Contant | February 9, 2018
Home insurance can cover parents of alleged bullies who are sued by their victims, but policy wordings vary from insurer to insurer, a lawyer told claims professionals Tuesday. Cyber bullying encompasses many activities, including defamation, promoting hatred against people and uploading intimate photos to the Internet, Miller Thomson partner Patricia Forte said during the 51st […]
By Greg Meckbach | February 8, 2018
Legal / Regulation
Ontario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), is still examining some of the complexities surrounding electronic proof of auto insurance (EPAI) before approving their use in the province, offering no timetable to launch EPAI in Ontario. “As the regulator, it is important that FSCO balance moving quickly enough to support innovation with […]
By Jason Contant | February 8, 2018
VANCOUVER – Eight organizations in British Columbia are joining forces to advocate for ride-hailing services in the province as soon as possible. The Ridesharing Now BC coalition has been formed by groups including the Vancouver Board of Trade, BC Business Council, Canadian National Institute for the Blind and San Francisco-based on-demand transportation company Lyft. A […]
By Jason Contant | February 7, 2018
Insurers understand the need for electronic proof of auto insurance, but don’t yet have the ability to share this information electronically, Steve Kee, director of media and digital communications with the Insurance Bureau of Canada (IBC), said in an interview with Canadian Underwriter. “[Customers] want easy, transparent and quick online experiences and I think insurers […]
By Jason Contant | February 6, 2018
3 min read
Aviva Canada and tech scaleup company OneEleven have partnered to launch what they call the largest InsurTech Growth Program in Canada. Ryan Spinner, head of digital and innovation at Aviva Canada, told Canadian Underwriter that insurtech is rising and its influence on the insurance industry is imminent. “In response to this, Aviva Canada and OneEleven […]
Brokers seeking to sell cyber insurance are advised to do two things: 1) develop a close business relationship with underwriters who are subject matter experts in cyber insurance, and 2) do as much up-front work with the prospective client as possible leading up to the submission to underwriters. Serge Solksi, principal at AdviseAware Risk Consulting, […]
By Jason Contant | February 5, 2018
While brokers are usually not computer geeks, those who place cyber insurance can ask some basic questions to gauge their clients’ risk and figure out whether they overlooked a major security precaution known in tech jargon as outbound firewall rules. A good opening question a broker can pose to a client is how much computer […]
By Greg Meckbach | February 5, 2018
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