Topic
Technology
Regulator streamlines organizational structure
March 22, 2024 by Jason ContantQuebec’s financial services regulator has announced strategic adjustments aimed at streamlining its organizational structure. “The main adjustments put forward will allow the organization to focus on its clientele and the quality of services provided to them,” the Autorité des marchés…
Partnership combines auto insurance, used car warranty products
March 20, 2024 by Jason ContantOnline insurance comparison platform HelloSafe has announced a strategic partnership with GuardTree Inc., which calls itself Canada’s first monthly subscription-based used car warranty product. The partnership allows Ontario drivers to compare a wide range of auto insurance guarantee options through…
How quantum computing could impact risk management and claims
March 18, 2024 Jason ContantQuantum computing’s impact on P&C insurance operations will be wide-ranging, say several sources who spoke with CU. Almost every sector and department of the industry could be affected, including actuarial, risk management and underwriting teams, data analytics, IT, claims processing,…
How quantum computing creates new risks, regulatory issues for insurers
March 14, 2024 Jason ContantQuantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing…
What quantum computing could mean for insurance
March 12, 2024 Jason ContantWhat will the P&C insurance industry do when quantum computers “think,” and behave, more like humans? It’s not as far off as you think. Today, quantum computing is the preserve of national intelligence agencies and the world’s largest technology companies, such…
How Aviva Canada is handling personal lines’ pressures
March 8, 2024 by Jason ContantAviva Canada’s overall combined ratio for 2023 stood at 95.3% (undiscounted) but there was a difference between the year-end combined ratios for personal versus commercial lines. The insurer’s personal lines combined ratio (COR) last year came in at 99.5%, up…
B.C. health authority warns of possible privacy breach after police recover documents
March 8, 2024 The Canadian PressAn RCMP investigation has revealed a possible privacy breach for thousands of employees who worked or work at a health authority in British Columbia’s Interior. Interior Health says police contacted them in January about finding a document during its investigation…
Making embedded insurance more customer-centric
March 6, 2024 by Alyssa DiSabatinoNo two insurance policies are the same, and that extends to the way carriers deliver their embedded insurance models, one expert told the Insurance Canada Technology Forum. But before capitalizing on this latest digital sales opportunity, insurers must guarantee their…
FSRA’s plans for auto coverage regulation
March 5, 2024 Philip PoradoOntario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA…
How to use your brokerage’s data to gain and retain clients
March 4, 2024 by Alyssa DiSabatinoFinding ways to harness your brokerage’s data can improve customers’ expectations and overall satisfaction rates, two brokerage heads shared at the Insurance Canada Technology Forum in Toronto. For example, brokerages tracking and taking action on their internal metrics will…
How the Toronto library is recovering from a cyberattack, one book at a time
March 1, 2024 Nicole Thompson – The Canadian PressHundreds of thousands of books have been freed from a months-long purgatory as scores of staffers race to get them out of storage and back on shelves following a cyberattack that felled the Toronto Public Library’s computer systems in October.…
Biggest barriers to selling cyber policies
March 1, 2024 David GambrillProduct complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to…