Tech
The rapid increase in computing power has allowed industry players in property and casualty insurance to begin using machine learning and artificial intelligence for a variety of applications. But industry watchers see those applications as just a start, reporting that more advanced uses of emerging information technologies are being explored and positing that these new applications could soon be on their way.
June 19, 2017
10 min read
Blockchain technology company The Bitfury Group and risk and insurance advisory firm Risk Cooperative have announced a strategic partnership to pioneer blockchain applications in the US$60 billion insurance intermediation market. Announced on Friday, the partnership will leverage Bitfury’s expertise in designing and implementing full scale blockchain applications across a wide range of sectors and Risk […]
By Canadian Underwriter | June 19, 2017
2 min read
HR
The Insurance Brokers Association of Ontario (IBAO) and Intact Insurance Company announced on Friday that they have created a working group to explore ways for brokers to integrate Intact’s new online Client Centre with their existing systems. This newly-formed group between Intact and IBAO’s Technology Committee will examine ways brokers can integrate the Client Centre […]
By Canadian Underwriter | June 16, 2017
3 min read
Creating multiple access points for a single consumer to obtain electronic communications, including e-documents, could be detrimental to the Ontario consumer, the Insurance Brokers Association of Ontario (IBAO) argued in a position paper released on Thursday. IBAO released the paper, titled Electronic Communication with the Ontario Consumer, in light of the recent 2017 budget from […]
FireEye, Inc. has observed an actor carrying out financially motivated intrusion operations – targeting organizations in North America, but predominately in Canada – that may require a different type of response, the company suggests in a new report. Believed to be carried out by a previously unobserved actor or group FireEye calls FIN10, the intrusion […]
4 min read
Legal / Regulation
Canadian managing general agent (MGA) ENCON Group Inc. announced on Thursday the introduction of a standalone cyber insurance policy that provides coverage for network business interruption, ecommerce trading exposure, crime and intellectual property risks. Ottawa-based ENCON Group said in a press release that CyberPro is offered in association with Ascent Underwriting, a specialist MGA underwriting […]
The insurance industry will be profoundly disrupted by technological change, Vincent J. Dowling, Jr., managing partner of Dowling & Partners Securities LLC, told attendees at Marsh & McLennan Companies, Inc. (MMC)’s Young Professionals’ Global Forum 2017 in London, U.K. on Wednesday. “In your careers, personal and commercial auto (insurance) business will be gone,” as it’s […]
By Canadian Underwriter | June 15, 2017
American International Group Inc. (AIG), IBM and Standard Chartered Bank plc announced on Thursday that they have successfully piloted what they are calling the “first multinational ‘smart contract’ based insurance policy using blockchain.” Working together, AIG, IBM and international banking group Standard Chartered Bank converted a multinational, controlled master policy written in the United Kingdom […]
The Canadian Trucking Alliance (CTA) is applauding Transport Canada’s amendments related to the introduction of electronic stability control (ESC) on commercial vehicles. The CTA said in a press release on Wednesday that the objective of the rule, published earlier this month in Canada Gazette, Part II, is to reduce the occurrence of rollover and loss-of-control […]
Tools meant to bolster cyber security are being introduced absent a holistic view, producing even more questions among already-confused businesses expecting some progress on their individual risk reduction efforts, cyber expert Michael Echols suggested Tuesday during a symposium in downtown Toronto. “Current perimeter intrusion detection is a great tool, but what has happened is the […]
5 min read
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