Topic
Technology
Why fintechs look forward to open banking in Canada
August 20, 2021 by Greg MeckbachIf open banking becomes available to Canadians in 2023, fintechs could find opportunities to cross-sell financial services including insurance, a venture capital expert suggests. Generally speaking, fintechs are looking forward to open banking coming into effect, said Laviva Mazhar, Montreal-based…
Is it okay to use open banking data for underwriting?
August 10, 2021 by Greg MeckbachMutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own…
Banking data should not be used for underwriting insurance: open banking committee
August 5, 2021 by Greg MeckbachOpen banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up…
The impact of Gore Mutual’s new operating model
July 26, 2021 by Greg MeckbachGore Mutual has gone live with technology that lets the carrier bind policies for brokers, in minutes in some cases. The Cambridge, Ont.-based property and casualty insurer “has completely changed the operating model for personal lines,” CEO Andy Taylor said…
Hybrid office: What brokers can learn from the parable, Who Moved My Cheese?
July 21, 2021 by David GambrillOntario brokerage Mitchell & Whale is allowing its staff to return to the office in any way they choose, a hybrid work model inspired by the 1998 best-selling book, Who Moved My Cheese? Authored by Dr. Spencer Johnson, Who Moved…
Look for AI to “hyper-personalize” customer experience in 3-5 years: Aviva exec
July 20, 2021 by David GambrillHyper-personalization of customer experience in three to five years’ time is a big reason why the property and casualty insurance industry is ramping up the use of artificial intelligence and machine learning now, an Aviva Canada tech executive suggests. “I…
New industry anti-fraud group gets its first CEO
July 19, 2021 by Greg MeckbachTerri O’Brien, a former vice president at TD Bank, is now CEO of Équité Association, the anti-fraud organization announced Monday. Équité Association is a new organization that integrates Canadian National Insurance Crime Services (CANATICS) and the IBC’s investigative services division.…
Doubled pricing, two-year recovery predicted for cyber lines, post-COVID
July 13, 2021 by David GambrillBrokers can foresee cyber pricing doubling over the next year — and it could take up to two years after the pandemic is over before the market shows signs of softening again. “I think the price has to reflect the…
How your commercial clients should be monitoring their cyber risk
July 9, 2021 by Greg MeckbachWith a large number of employees working from home during the pandemic, commercial clients need some way of assigning a risk score to the cyber exposure posed by their users, software applications, and hardware devices, a Canadian information technology security…
How to go after online fake brokerages through the courts
July 8, 2021 by Greg MeckbachCanadian courts have the power to try and shut down unlicensed brokers’ Internet sites, though there does not seem to be a simple, sure-fire way to guarantee that Canadians won’t find a fake broker on the web. Teksavvy Solutions Inc.…
Insurer ups distracted driving from minor to major conviction
July 6, 2021 by Greg MeckbachNova Scotia motorists could be out of luck when they try to renew their auto insurance if they got caught more than once using a hand-held gizmo when they should be paying attention to the road. In a ruling posted…
Here’s what you need to do before deploying artificial intelligence
June 30, 2021 by Greg MeckbachBrokers 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…