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Canadian Underwriter - October 2014

Features

Analyze this, that and the other
Although commercial quote analytics can influence the behaviour, growth and profit of commercial business, its promise is currently not being fully explored or exploited. Brokers and insurers looking to gain a significant competitive advantage would be well-advised to leverage the historical quote data that they already possess.

Cloud Continuity
Business continuity plans are a must to remain competitive in today's dynamic marketplace. Brokerages would do well to build these plans and strategies, thereby enabling their businesses to quickly and smoothly return to pre-disaster operating level and capacity.

Interpretation Clarified
A new ruling by Canada's highest court clarifies contractual interpretation. Trial judges and arbitrators of first instance now have a more enhanced role over contractual interpretation, and one may expect fewer appeals on what a contract says and for commercial arbitration decisions to be less reviewable by courts.

Playing Post Office
For the insurance industry, new approaches to presenting information through e-delivery could prove revolutionary. However, the challenge for brokers is to determine how best to ensure consumers remain protected while cost control measures unfold.

Jurisdictional Considerations in Class Proceedings
While class proceedings are now a well-entrenched part of the legal landscape in Canada, national and multi-jurisdictional class proceedings are becoming the new norm. Absent legislative intervention - or a more co-operative, but less deferential approach - related problems and challenges will unlikely abate.

Risk Data to Risk Intelligence
The challenge of enterprise risk management programs for many organizations has always been how to quantify "value" and effectively harness data across the enterprise. Risk management consultants believe there is now a solution in emerging data mining and analytic modelling technology that effectively turns "data" into true risk intelligence.

Turbulent Stability
The outlook for Canada's property and casualty insurance industry may be stable, as has been the case for the last few years, but that does not mean things are standing still. Changes are afoot for both the country's p&c and reinsurance sectors that demand notice and response.

Under Attack
Enabled by the rapid increase of worldwide digital integration, cyber crime is growing quickly and costing the global economy billions of dollars. The current situation necessitates that efforts to combat cyber crime must include incorporating post-attack and risk transfer strategies.

E&O & CGL: Let's Work Together
Ensuring that coverage is available when it is needed most - when there is a claim - requires careful consideration of both Errors and Omissions (E&O) and Commercial General Liability (CGL) policies beforehand. What E&O and CGL policies cover separately and in conjunction with each other can make all the difference.

UBI Taking Hold
A new consumer survey from Towers Watson shows the Canadian market is ready for widespread adoption of usage-based insurance. But with the range of related products now available and consumer acceptance high, Canada could be a prime market for expansion of UBI.

Changing Resilience
Attendees of the 40th Annual RIMS Canada Conference heard views on the many risks currently facing Canadian organizations. These range from cyber crime to business interruption, pollution coverage in directors' and officers' liability insurance policies and even the possibility of active shooters.

Better to Receive
Receivables insurance could spell the difference between protecting a company's cash flow and threatening its very existence. Still, it is estimated that Canada's market penetration with companies that could buy receivables insurance is less than 10%.


Departments

Cover story

Things Connected
The Internet of Things is a bridge between the old economy of bricks, mortar and physical objects and the new economy of mobile devices, data networks and analytic engines. It is estimated that billions of "things" will be linked to the Internet within the next five years through sensors located in cars, homes and businesses. How will this connectivity and data affect insurance companies, brokers and consumers?

Opinion/Analysis

Evolving Geo-Risk Research
Climate change and new severe-weather patterns pose challenges for insurers, reinsurers and society itself. The need to understand and respond to the risks ahead places increasing importance on the evolving discipline of geo-risk research.

Profile

The Long Run
"I like solving problems for people," Hancock says, calling it not only fun, but also rewarding, when "someone comes to you with an insurance problem and you figure it out for them and give them what they need."

Evolving with Customers
Michael Brattman, president-elect of the Insurance Brokers Association of Ontario, emphasizes the importance of owning the future by collaborating with a variety of partners.

Editorial