Keyword
Claims
Why construction insurance rates are starting to climb
July 12, 2021 by Adam MalikCanada’s lack of skilled workers means construction projects may not be hitting the mark in terms of quality and craftsmanship, leading to the greater likelihood of an insurance claim. It’s already happening, observes Darren Tasker, head of energy and construction…
Insurers come out of COVID looking at AI-based claims tech
July 7, 2021 by Adam MalikNow 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…
Lytton fire raises questions about possible subrogation
July 5, 2021 by David GambrillAs the British Columbia Wildfire Service works with the RCMP to investigate the cause of a fire last week that burned down 90% of the village of Lytton, preliminary reports that the fire originated in the town — and not…
Old equipment causing new problems for insurers
June 30, 2021 by Adam MalikInsurers are getting a front-row seat in learning the risks that come from aging renewable energy-producing equipment, says an industry expert. The last 15 years have seen a spark in growth in the area of renewable energy development, particularly in…
The future clients want to see in auto claims processing
June 21, 2021 by Adam MalikAfter an initial surge, the number of clients taking advantage of virtual claims processing has dipped. For insurers, now is a critical time to evaluate their processes and figure out how to properly provide a touchless experience, says a recent…
Restoration firms beware: Did clients authorize payment for your work?
June 14, 2021 by David GambrillA recent flood damage claim in B.C. speaks to the importance of getting in writing from clients exactly what restoration services have been authorized for payment, be it a repair or a full investigation into the cause of the water…
Estimator’s COVID dilemma: Photos of auto damage not enough, in-person visit not allowed
June 11, 2021 by David GambrillIt’s an auto insurance estimator’s Catch-22. A B.C. small claims tribunal recently downplayed expert evidence based on photos taken in an auto collision shop because the estimator didn’t conduct an in-person inspection of the vehicle — even though pandemic lockdown…
Are your condo clients covered for ‘special assessment’ costs?
June 2, 2021 by David GambrillIn an age when a condo corporation’s insurance may not provide enough coverage for an insured loss, brokers can help their clients by advising condo unit owners about the merits of special assessment insurance, one lawyer suggests. “It is important…
In a virtual world, don’t lose your humanity: insurer exec
June 1, 2021 by Adam MalikAs the world gets more and more virtual, don’t forget how to be human, an insurer executive urged during a recent webinar. Technology should be used to enhance the industry’s relationship with clients, rather than act as a replacement, explained…
Should insurers (and others) be banned from making cyber ransom payments?
May 30, 2021 by David GambrillEditor’s Note: A previous verison of this article incorrectly stated that a cyberattack against AXA had happened after AXA’s announcement that it was suspecnding insurance coverage in France for ransomeware extortion payments. In fact, as per a Financial Times report…
Why businesses shouldn’t take an adversarial stance towards their claimants
May 8, 2021 by Adam MalikBusinesses risk damaging their brand’s reputation if they take a confrontational approach to claimants, risk experts warned during a recent virtual conference. In addition to paying out more for the claim, a company playing hardball may also wind up losing…
How to prevent a minor loss from turning into a huge claim
May 3, 2021 by Adam MalikAlthough American inventor and Founding Father Benjamin Franklin was not referring to insurance when he penned the famous words “time is money,” today’s risk managers should take the expression to heart if they wish to reduce their companies’ claims costs.…