Direct writer TD Insurance has launched TD Insurance for Business, which will offer commercial property, commercial auto for business vehicles and commercial general liability coverage to Canadian small businesses. Coverage will initially be available in Ontario, followed by other provinces, according to a press release. “At launch [we’re] targeting micro and small businesses in lower-risk segments,” […]
By Phil | March 15, 2023
2 min read
Working on application programming interfaces (API), the industry’s leading-edge technology for broker-carrier connectivity, is a lot like doing a home renovation project, said Michael Loeters, ProLink’s senior vice president of commercial insurance and risk management. “You think it’s going to be two hours and one trip to Home Depot. And then, once you start getting […]
By Phil | March 14, 2023
2 min read
Canadian insurtechs may not be entirely immune to the aftershocks of two U.S. bank failures, one expert told Canadian Underwriter. Silicon Valley Bank (SVB) failed on Mar. 10 after its mostly tech-centric and tech start-up customer base, hit hard by inflation, was prompted to make withdrawals en-masse. The heavy withdrawals caused the bank to collapse. […]
By Alyssa DiSabatino | March 14, 2023
3 min read
When a major snowstorm hits Ottawa, most residents retreat indoors, griping about the weather and the heaping piles of snow they’ll soon have to shovel. But for Fahed Hassanat and his team at Sensor Cortek, a big dumping of snow is cause for excitement. “The badder, the better,” said the Ottawa-based software company’s chief operating […]
By Jason Contant | March 10, 2023
4 min read
Aon plc has launched a new earthquake model for Canada, one that takes into account the well-known risk in western provinces but also the lesser-known risk in eastern Canada. The model is based on the latest scientific research from Natural Resources Canada (NRCan), which published a sixth-generation seismic hazard model for Canada’s 2020 National Building […]
By Jason Contant | March 9, 2023
3 min read
The Centre for Study of Insurance Operations (CSIO)’s mandate has evolved to ensure consistent interpretation of the property & casualty (P&C) insurance industry’s data standards by insurance companies and technology vendors. “In developing the multi-year strategic plan, CSIO’s board of directors identified an opportunity to further improve standards development and corresponding implementation guides to ensure […]
By Phil | March 6, 2023
3 min read
A panel discussion at the Technology & Maintenance Council’s spring meeting revealed some things won’t change when it comes to insuring autonomously driven trucks. Others will. And there’s still a lot of unknowns. Some of the liability for crashes will come down to who owns the trucks. Clayton Cavell, president of Paul Hanson Partners, said […]
By David Gambrill | March 3, 2023
4 min read
Three-quarters of small and medium-sized enterprises (SME) in Canada experienced fraud within the past year, even though nearly nine in 10 reported having a fraud prevention and response program in place, according to a new survey from KPMG in Canada. Seventy-five per cent of more than 500 Canadian SMEs surveyed reported experiencing internal fraud (by […]
By Jason Contant | March 2, 2023
3 min read
Digitizing a traditional insurance brokerage doesn’t have to break the bank, as many might believe, but the tech you pick — and how you roll it out — will make a difference to your costs. “It all depends on how you do it,” said Surex co-founder and CEO Lance Miller. “When I digitized my first […]
By Phil | March 1, 2023
3 min read
Many brokerages adopted technology sooner than planned because of the pandemic. And now acceptance of remote work is pushing brokerages to accelerate — or in some cases, start implementing — digital strategies. It’s easy to make a case for digitizing a brokerage. You get faster policy processing, operational efficiencies, and quicker customer service. But, for […]
By Phil | February 28, 2023
3 min read