Topic
Technology
How modernization of payment systems in Canada could increase cyber claims
February 26, 2019 by Jason ContantWhile theft of funds remains a relatively minor source of Canadian cyber claims for one specialist insurer, it is expected to grow as further modernization of payment systems takes place in the country. CFC Underwriting released Friday its 2018 cyber…
How Zurich can use AI to reduce a broker’s E&O exposure
February 25, 2019 by Greg MeckbachA Toronto-based artificial intelligence (AI) vendor is working with Zurich Canada to reduce errors and omissions risk in commercial insurance policies. Often commercial policies have dozens of pages with several endorsements, which someone needs to read for accuracy before the…
What the commercial underwriter of the future might look like
February 22, 2019 by Jason ContantCommercial underwriting in the future may expand to encourage more cross-functional and hybrid responsibilities, potentially with engineering, claims, finance or operations, according to a new report from McKinsey & Company’s insurance practice. “To attract younger talent, companies need to recognize…
How this province is handling autonomous vehicle testing
February 21, 2019 by Greg MeckbachThe Ontario government wants to expand testing of autonomous vehicles in the province. “Our government is taking active steps to open the door for expanded testing related to connected and autonomous vehicles in Ontario,” Michael Parsa, parliamentary assistant to the…
Opta acquires getClarity: linking property and risk data with consumer profiles
February 14, 2019 by David GambrillWith its recent acquisition of getClarity, Opta Information Intelligence is expanding into the area of customer and prospect behaviour. Opta is Canada’s largest property data aggregator and a provider of risk intelligence and loss control services. Its solutions include iClarify…
How your client’s directors could be blamed for cyber losses
February 14, 2019 by Greg MeckbachCyber risk awareness is on the rise among corporate directors, who could face liability risk if they are accused of being lax on governance. “Corporate clients are more likely to be aware today, compared to a few years ago, of…
Behind on your digital strategy? Three ways to catch up quickly
February 13, 2019 by Jason ContantMerging with or buying digital firms, and cooperating with digital natives rather than trying to fight or resist them, can pay dividends for a majority of businesses, according to a blog published Tuesday by Harvard Business Review. The blog, 3 Digital…
OSFI provides guidance on reporting cyber incidents
February 12, 2019 by Jason ContantMonths after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an…
How your brokerage might benefit from partnering with an innovation hub
February 11, 2019 by Jason ContantA brokerage in Nova Scotia has partnered with an innovation hub in Atlantic Canada to “up its game” in the digital space. AA Munro Insurance, which has more than 20 locations in Nova Scotia, has partnered with Volta Labs. This…
The Future of Cyber Sales
February 4, 2019 Vishal Kundi, CEO and Co-Founder, Boxx InsuranceTop 3 ways cyber insurance will come of age over the next six years
One way of devaluing cyber attacks
February 1, 2019 by Jason ContantFinancial institutions looking to verify online users should use “security layers” to help devalue attacks to extract data from legitimate consumers, a Vancouver-based security company recommends. For insurers and banks, security layers with behavioural analytics and passive biometrics can allow…
Why the human touch is sometimes bad for claims
January 30, 2019 by Jason ContantThe claims industry in Canada has to be wary about complicating the claims process by putting a “human process” in place where one is not needed, speakers said last week at the Ontario Insurance Adjusters Association’s 2019 Claims Conference in…