Vancouver-based Fineqia International Inc. has taken an equity allocation in Black Insurance, a Tallinn, Estonia-based digital insurance startup on the blockchain that has set its sights on creating a direct investor-to-broker relationship, bypassing the need for a traditional insurance company.…
Blockchain, the technology behind Bitcoin, does not have a foothold in insurance yet, but it will no doubt disrupt some industries, speakers said last week at a financial industry conference. Blockchain promises “massively new business models,” Andrew Maxwell, director of…
Blockchain is going to put pressure on broker commissions and fundamentally change the way the broker channel does business over the next three to five years, says a past Marsh Canada national executive and management committee member. Blockchain will reduce…
As blockchain-related businesses flourish, they are finding a lukewarm reception in the insurance market. Regardless of the company’s coverage needs, most traditional insurers are reluctant to release capacity and often decline to offer any level of coverage. Let’s look at…
Canadian property and casualty insurers must address their IT data collection systems in order to profit from more IT glamorous solutions such as chatbots, blockchain, artificial intelligence and the Internet of Things (IoT), says Sven Roehl, who facilitates The Cookhouse…
A car crashes into a hydro pole. The driver takes pictures of the damage on a mobile device and sends the photos to the insurer through an app to start a claim. How does the insurer know the photos have…
CALGARY – The Bank of Canada is considering the merits and risks of digital currencies as interest in cryptocurrencies like Bitcoin reaches a fevered pitch. In a research paper released by the central bank Thursday, report authors Walter Engert and…
International insurance transactions can be significantly accelerated and simplified, suggests a trial by Allianz Global Corporate & Specialty (AGCS) involving the successful implementation of a blockchain prototype for the captive insurance market. “We are currently seeing many blockchain applications in…
Cybercriminals are capitalizing on the popularity of blockchain technology by circulating cryptocurrency-themed fraud schemes, according to cybersecurity company Kaspersky Lab’s Spam and Phishing in Q3 2017 report. “While cryptocurrency holders search for new investment opportunities and bitcoin enthusiasts look to…
Sponsors raised $2.8 billion through catastrophe bond transactions that included Canada, “the most robust year in catastrophe bond market history,” Property Claims Services (PCS) said in a new report. Bigger and More Mature: PCS Q3 2017 Catastrophe Bond Report was…
Blockchain technology – which forms the basis for the Bitcoin cryptocurrency – could enable insurers to collaborate with each other when two share the same customer and enable coverages through “smart contracts,” a speaker suggested Thursday at the annual Insurance…
Willis Re is supporting the B3i initiative – the global blockchain effort launched last fall – by becoming a member and taking part in its prototype market testing phase. The announcement follows the successful launch of a working market testing…