Tech

The key to insurtechs’ agility

Why are Insurtechs and fintechs frequently hailed as more agile than insurance companies following a more established business model? Martin Thompson, CEO of RSA Canada, said it’s easy to be bullish on the agility of insurtechs if you take customers out of the equation. “While tech firms are more agile — we think that, certainly […]

By Canadian Underwriter | November 15, 2017

2 min read

Tech

P&C job losses of 30-40% within 10 years: RSA Canada CEO

Technological automation is going to significantly change the composition of Canada’s property and casualty insurance industry, reducing the workforce by up to 40% within the next five to 10 years, predicts RSA Canada president and CEO Martin Thompson. Speaking at the Insurance Institute of Canada’s At the Forefront breakfast in Toronto on Tuesday, Thompson said […]

By Jason Contant | November 15, 2017

2 min read

Tech

New policy designed to simplify cyber risk management

Berkshire Hathaway Specialty Insurance (BHSI) has launched a cyber insurance product in Canada that combines cyber liability and breach response coverage with risk management resources for commercial enterprises and financial institutions. “Our new policy simplifies the complex endeavour of managing cyber exposures for both our business partners and our customers,” suggested Michael Densham, senior vice […]

By Canadian Underwriter | November 14, 2017

2 min read

Tech

Insurer launches new Cyber Alert app

Chubb announced on Tuesday the launch of its Cyber Alert mobile app, designed to offer Canadian and U.S. commercial cyber customers “rapid incident response options and resources in the event of a cyber incident.” The Cyber Alert app provides policyholders with access to a live cyber response specialist, Chubb said in a press release. Once […]

By Canadian Underwriter | November 14, 2017

2 min read

Cyber influence on insurer ratings mostly gradual: Fitch

The influence of cyber risk on insurer ratings is likely to be gradual, Fitch Ratings has reported. Cyber insurance represents a relatively small percentage of insurers’ business and insurers are taking a cautious approach to growing coverage, given the uncertainty about cyber claims potential and how to price claims, the ratings firm said in a […]

3 min read

Linux botnets, number of countries facing DDoS attacks up in Q3: Kaspersky

The share of Linux botnets is continuing to grow, accounting for 70% of attacks in the third quarter of the year from 51% in Q2, according to cybersecurity company Kaspersky’s Q3 2017 DDoS Intelligence Report. Experts also continue to see an increase in the number of countries where resources have been targetted, with 98 countries […]

3 min read

Ride-hailing service Lyft expanding to Toronto market in first push outside U.S.

TORONTO – Ride-hailing company Lyft is bringing its service to Canada. The company announced Monday that it is coming to Toronto in what will be its first expansion outside of the United States. “Our passports are packed and we’re crossing the border,” the company said in a post on its corporate blog. “We’ve been looking […]

1 min read

Insurtech startup releases commercial drone package for property insurance inspections and claims

Insurtech startup Betterview, a service provider for capturing and analyzing data from drones, has announced a commercial drone inspection package for insurers. The pre-assembled package, which is available in Canada, includes a DJI drone, software and training to “provide and out-of-the-box solution to capture, organizes and analyze imagery of buildings and properties,” Betterview said in […]

3 min read

Self-operating shuttle bus involved in accident shortly after Las Vegas launch

LAS VEGAS – The robots won this one. A driverless shuttle bus was involved in a minor crash with a semi-truck less than two hours after it made its debut on Las Vegas streets Wednesday in front of cameras and celebrities. The human behind the wheel of the truck was at fault, police said. Las […]

By Jason Contant | November 9, 2017

2 min read

Ontario government launches autonomous vehicle demonstration zone in Stratford

The government of Ontario announced on Wednesday that it has launched the Autonomous Vehicle Innovation Network (AVIN) in Stratford, Ont., a “unique demonstration zone” that is among the first of its kind in Canada to “allow researchers to hone the technology and test an AV in a wide range of everyday, real-life traffic scenarios.” Ontario […]

3 min read