Topic
Technology
4 insurance industry trends to watch
May 11, 2022 Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…
Legacy systems create IT talent crunch for the industry
May 6, 2022 by Alyssa DiSabatinoThe industry’s heavy reliance on outdated legacy systems may be holding it back from modernizing, panellists note during a Canadian Underwriter webinar — and this could be a problem for attracting IT talent. “Legacy platforms are a big challenge for…
Partnership approach needed in current cyber risk landscape
April 25, 2022 by Alyssa DiSabatinoAs the cyber landscape and ransom attacks evolve, the onus is on insureds to protect themselves just as much as it is on insurers to provide coverage, says a webinar panellist. “The archaic method of underwriting risk has shifted dramatically…
Key ways to keep up with your millennial consumers
April 12, 2022 by Alyssa DiSabatinoMillennial consumers are about twice as likely to buy insurance online, so the industry needs to make some major tech innovations to keep up with these changing expectations. More than that, communication between brokers and customers need to take a…
CSIO calls APIs for policy inquiries ‘foundational’
April 4, 2022 Canadian Underwriter StaffRecent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use…
What companies prioritize over cybersecurity
April 1, 2022 Philip PoradoEven as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came…
Commercial data standards get green light
March 18, 2022 Canadian Underwriter StaffCommercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published…
How to improve your customer’s buying experience
March 17, 2022 by Alyssa DiSabatinoDigitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the…
“Antivirus on steroids:” One way to protect your clients from ransomware
March 16, 2022 by David GambrillTo help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the…
How insurers are rethinking ransom coverage
March 15, 2022 Jason ContantRansomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on…
Where your digital investments should go
March 7, 2022 by Alyssa DiSabatinoInsurance companies seeking to make good digital investments need to reevaluate their legacy technology systems, according to survey results from digital intelligence company ABBYY. As the workplace becomes increasingly digitized, ABBYY’s 2021 Digital Transformation Survey Results finds that the biggest barriers…
AI’s new risk: How brokers and insurers can protect clients
February 28, 2022 by Alyssa DiSabatinoData 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…