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artificial intelligence

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News InsuranceTechnology

How to insure emerging tech companies

September 27, 2023 Jason Contant

Technology companies today can run the gamut from those resembling traditional manufacturers to others dabbling in artificial intelligence or emerging tech – which are more difficult to insure. This variety means both insurers and brokers need to thoroughly understand a

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News BrokersInsuranceTechnology

How artificial intelligence benefits brokers

August 31, 2023 Adam Mitchell

We’ve all seen stories about AI and what programs like ChatGPT will mean for the future of work. The general consensus – for now at least – is that it won’t replace insurance brokers. But as this technology becomes more

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News ClaimsCommercial LinesInsuranceTechnology

Who’s at fault when AI’s driving a cargo ship?

June 29, 2023 Philip Porado

It’s 2035 and a maritime court has convened to determine who’s at fault when a seagoing vessel made an error in passage planning – a safety exercise that maps a voyage from start to finish, including harbour navigation and docking.

A metal robot hand is reaching out and pressing a key on a laptop.
News ClaimsInsuranceRisk

Why insurers risk losing millions in premiums without this tech

August 24, 2022 by Alyssa DiSabatino

Millions in insurance premiums each year in Canada could be at risk due to poor claims experiences and process inefficiencies, but artificial intelligence (AI) technologies can mitigate these losses and create efficiencies that bring in more dollars, a new report

A woman's face is lit up by the blue light of the screen she is holding in her hand. It is scanning her face.
News Technology

AI’s new risk: How brokers and insurers can protect clients

February 28, 2022 by Alyssa DiSabatino

Data automation has created an emerging risk: AI can develop unintended biases within its own data that can yield unfair results and potentially harm a client’s business. Although it’s not the only risk associated with AI, the potential for a

News Insurance

Insurers come out of COVID looking at AI-based claims tech

July 7, 2021 by Adam Malik

Now that the global pandemic has expedited the use of artificial intelligence in auto insurance claims processing, carriers are left with a simple choice, according to one industry AI expert — invest or be left behind. The promise of processing

News InsuranceTechnology

Here’s what you need to do before deploying artificial intelligence

June 30, 2021 by Greg Meckbach

Brokers wanting to take advantage of artificial intelligence and machine learning need large amounts of data and to hire the correct experts. If a company wants to effectively build and deploy artificial intelligent and machine learning systems, it needs a

News Insurance

Brokerages will need these new skill sets

May 10, 2021 by Greg Meckbach

To compete in a digital world, the insurance industry needs to hire data scientists and computer programmers, Virtual Symposium B.C. attendees heard last week. “Every insurance organization is going to look at new roles that they never had before,” said

News Technology

Why regulation holds auto insurers back from using advanced modelling

August 4, 2020 by Greg Meckbach

Auto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s

News Technology

The business processes you should automate now

July 17, 2020 by Greg Meckbach

Invoice processing and after-hours self-service are among the processes you could be automating today with advanced computing technologies. Aviva Canada has automated the reconciliation of invoices, the company’s chief claims officer, Bryant Vernon, reported during a Canadian Underwriter webinar Thursday.

News Insurance

How insurtech Lemonade’s IPO is going so far

July 3, 2020 by Greg Meckbach

Despite the pandemic-induced economic downturn, an insurtech that promises tenants quotes within minutes started trading this week on the New York Stock Exchange. Shares of Lemonade Inc. rose sharply July 2, closing at US$69.41, more than double the price at

News InsuranceTechnology

How the industry can take advantage of artificial intelligence

June 18, 2020 by Greg Meckbach

Brokerages who use artificial intelligence could find opportunities to upsell based on changes in a client’s lifestyle, according to a software vendor executive. The more data you feed a machine learning model and the more you train it, the better