Topic
Technology
Why regulation holds auto insurers back from using advanced modelling
August 4, 2020 by Greg MeckbachAuto 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…
Why blockchain is not ubiquitous yet in insurance
July 20, 2020 by Greg MeckbachBlockchain has been around for a while, in cryptocurrency for example, but the property and casualty industry needs to work together and agree on what brokerages and carriers should use blockchain for, speakers said on a recent webinar. “Blockchain is…
The business processes you should automate now
July 17, 2020 by Greg MeckbachInvoice 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.…
How IBC would change auto insurance regulation in four provinces
June 26, 2020 by Greg MeckbachMotorists in Ontario, Alberta, Nova Scotia and Newfoundland and Labrador should be allowed to buy pay-per mile insurance, an Insurance Bureau of Canada official says. Those four provinces already allow usage-based insurance, wrote Ryan Stein, IBC’s executive director of auto…
How the industry can take advantage of artificial intelligence
June 18, 2020 by Greg MeckbachBrokerages 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…
Game-changer: SGI CANADA and CSSI pilot real-time Data Exchange for policy change requests
June 18, 2020 Custom Software Solutions Inc.REGINA, SK AND VIDEN, MB, JUNE 18, 2020/insPRESS/ – SGI CANADA and Custom Software Solutions Inc. (CSSI) are pleased to announce they are piloting the first real-time, personal lines policy change request transaction in Canada, starting and ending in the broker…
How insurance company websites just beat out brokers in a U.S. consumer satisfaction study
June 15, 2020 by David GambrillFor the first time in two decades, insurance company websites in the United States have become a more popular place for consumers to buy their auto insurance than through the broker channel, a U.S. auto insurance consumer satisfaction study has…
Self-driving cars may not reduce as many crashes as you think: report
June 10, 2020 by Adam MalikInsurers expecting the rise of autonomous vehicles to lower collisions may not get the results they were hoping for, according to a new report. It turns out that self-driving vehicles might prevent only about one-third of all collisions, says the…
Q&A: Business Continuity in the Digital Age
June 2, 2020 by David GambrillMany insurance professionals in the Canadian property and casualty insurance industry are taking a long-term view of the global novel coronavirus pandemic, seeing a world beyond the point at which a vaccine is developed and the virus no longer presents…
Q&A: Business Continuity in the Digital Age
May 29, 2020 by David GambrillIt’s often been said that insurance is a “people business,” but establishing and maintaining personal relationships is challenged by social distancing requirements to prevent the spread of a global pandemic. Certain professional roles within the industry are perhaps more suited…
Contactless payment in a pandemic: There’s an app for that
May 29, 2020 by David GambrillRetail clients of brokers and insurers can now prevent the spread of the novel coronavirus by taking advantage of digital, contact-free payment methods now available on mobile apps. Increasingly, businesses will have to operate within the health and safety guidelines…
These types of businesses are in serious need of a cyber policy
May 28, 2020 by David GambrillWith ransomware and financial fraud on the rise, smaller businesses in Canada are vulnerable, particularly less-sophisticated organizations that move large amounts of money. For smaller brokerage houses selling cyber, examples of your next opportunities may be car dealers, people involved…