Tech

Insurance providers advised to check assumptions that younger generation is comfortable buying online

There is a “convergence” of attitudes towards technology across all age groups and insurance providers need to question their assumptions about buying habits of different demographic groups, speakers suggested Tuesday at the Insurance-Canada.ca Executive Forum. “We want to make sure we are checking our assumptions about demographics and that makes it particularly challenging with marketing,” […]

By Jason Contant | August 29, 2017

3 min read

Augmented and virtual reality poised to impact insurance industry: Novarica

Augmented and virtual reality each boast considerable potential for impact within the insurance industry, with implications spanning risk mitigation, improved efficiency and loss ratios and enhanced customer service, Novarica said in a new executive brief. While their effect will be most impactful over time, augmented reality (AR) and virtual reality (VR) each have potential for […]

By Canadian Underwriter | August 29, 2017

2 min read

Tech

EY polls Canadian oil & gas refinery operators on equipment failure

Some operators of Canadian oil and gas upgraders and refiners are delaying scheduled maintenance due to budget cuts and there is a heightened risk of equipment failure, especially with valves and pumps, Ernst & Young LLP suggested in a recent report. EY conducted a market study of the Canadian downstream energy sector, asking questions of […]

By Canadian Underwriter | August 28, 2017

2 min read

Tech

Worldwide wearable device sales to grow 16.7% in 2017 to 310.4 million units: Gartner

Research and advisory company Gartner, Inc. is forecasting that 310.4 million wearable devices will be sold in 2017, a 16.7% increase from last year. Sales of wearable devices – including smartwatches, fitness trackers and other smart devices – will generate revenue of US$30.5 billion this year; of that, US$9.3 billion will be from smartwatches, Gartner […]

By Canadian Underwriter | August 28, 2017

3 min read

55% of poll respondents will not ride in a fully autonomous vehicle, Gartner survey finds

An online survey from research and advisory company Gartner, Inc. has found that 55% of polled respondents “will not consider riding in a fully autonomous vehicle.” The Gartner Consumer Trends in Automotive survey polled 1,519 people in the United States and Germany. It found that while 55% of respondents will not consider riding in a […]

3 min read

83% of polled organizations had standalone cyber insurance policies: 2017 RIMS Cyber Survey

Organizations with standalone cyber insurance policies increased three points from 2016 to 83%, according to the 2017 RIMS Cyber Survey. “Risk professionals’ continued to show confidence in standalone cyber insurance policies as the number of practitioners who purchased the coverage increased moderately in 2017,” RIMS, the risk management society, said in a press release on […]

2 min read

Cyber market ‘softer than ever,’ commercial property, general liability rates down in U.S. in Q2: CIAB

Responses from brokers surveyed indicate commercial property insurance rates in the United States dropped an average of 3.6% during the three months ending June 30, with average premium pricing down 1.44% in cyber, in a market that is “softer than ever,” the Council of Insurance Agents & Brokers has reported. “The cyber market is still […]

2 min read

Collaboration leads to milestone achievement to define data exchange standards between companies, brokers

The long-standing objective of standardized real-time data exchange between insurance brokers and companies has taken a big step forward with Tuesday’s announcement that initial testing of the process has been successfully completed. A team of players in Canada’s p&c insurance industry has announced completion of initial testing for the Broker Connectivity Accelerator, “designed to standardize […]

3 min read

Ironshore establishes computer emergency response team to help policyholders with cyber response

New York-based Ironshore Inc. is taking steps to help manage cyber claims for all in-force policies, regardless of line, with the launch of a dedicated computer response team. Comprised of cyber claims co-ordinators representing each of the insurer’s specialty lines divisions, the Computer Emergency Response Team (CERT-Ironshore) will provide insureds a single point of contact […]

2 min read

Worldwide spending on IT security products and services to reach US$86.4 billion in 2017: Gartner

Worldwide spending on information technology security products and services will reach US$86.4 billion in 2017, an increase of 7% over 2016, according to the latest forecast from Gartner, Inc. Spending is expected to continue its growth to US$93 billion in 2018, the Stamford, Conn.-based research and advisory company said in a press release last week. Within the infrastructure protection segment, Gartner forecasts fast growth in the security testing market (albeit from a small base) due to continued data breaches and growing demands for application security testing as part of…

3 min read