Canadian Underwriter

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Technology

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How privacy breach lawsuit could get more expensive for Equifax

March 25, 2019 by Greg Meckbach

Equifax may have to defend itself against separate privacy class action lawsuits in at least two Canadian provinces as a result of a cyber breach in 2017. A cyber insurance claim can be triggered when a client is subject to

News ClaimsTechnology

What ransomware attacks cost your clients

March 21, 2019 by Jason Contant

Brokers selling cyber insurance may want to pay attention to a recent statistic: the average financial cost of downtime to a Canadian business following a ransomware attack is 7.5 times higher than the average ransom requested per incident. Canada not

News InsuranceRiskTechnology

How BC Hydro fares in managing its cyber security risk

March 20, 2019 by Jason Contant

British Columbia’s electric utility is managing its cyber security risk for system components that must conform to mandatory reliability standards, but not for components to which the standards do not apply, the province’s auditor general has found. “We concluded that

News Technology

What 5G technology means for the insurance and collision repair industries

March 18, 2019 by Jason Contant

The promise of 5G technology was one of the top stories coming out of this year’s Consumer Electronics Show. But what does that mean for the insurance and collision repair industries? A massive increase in connected devices that respond seemingly

Feature AdjustersRiskTechnology

Taking Flight

March 15, 2019 Kabir Shaal, Co-founder, VP of Client Services, Drone Software Canada Inc.

Planning to use drone technology? 3 considerations that will help your ROI to take off

News InsuranceTechnology

What insurtechs can learn from hackathons

March 13, 2019 by Greg Meckbach

Editor’s Note: This article has been updated. A previous version incorrectly stated that duuo was launched at Slice Labs’ launch studio in Toronto. CU apologizes for the error. If you want to develop a new digital insurance product, it shouldn’t

News InsuranceTechnology

Insurtech seeks to bring the ‘Uber-Netflix-Spotify-Amazon’ experience to commercial clients

March 11, 2019 by Greg Meckbach

An insurtech with offices in Ontario is looking for commercial and personal lines carriers who want to sell insurance the way Spotify sells music. “We are talking to several Canadian insurers who have an interest in launching new products” Philippe

News InsuranceTechnology

Steps to scale innovation at your company

March 8, 2019 by Jason Contant

Scaling innovation across a business can be a challenge, as most organizations start innovation in a “pocket, team or lab,” a speaker said late last month at the Insurance-Canada.ca Technology Conference. Simon Chan, head of corporate innovation thought leadership at

News InsuranceTechnology

Wawanesa’s plan to innovate at scale

March 7, 2019 by Jason Contant

Having a flexible and accommodating schedule is key to incorporating innovation into an organization, the director of Wawanesa Mutual Insurance Company’s Innovation Outpost said recently. Last June, Wawanesa opened its Innovation Outpost lab in Kitchener, Ont. One of the first

News InsuranceTechnology

How innovation changes the underwriter’s job

March 6, 2019 by Greg Meckbach

Technology and data will change the underwriter’s job but will not eliminate it, suggests Russell Johnston, chief executive officer for North America of QBE Insurance Group Limited. “At the end of the day, people still make the decisions,” Johnston said

News InsuranceMarkets / CoveragesTechnology

The insurance implications of digital healthcare

March 5, 2019 by Jason Contant

As the digital healthcare market continues to evolve, the insurance industry in Canada should consider gaps or exclusions in current policies and the need for a bespoke option. Digital healthcare will include a focus on two areas: Telemedicine – remote

News InsuranceTechnology

The impact of legacy systems on AI implementation

March 5, 2019 by Jason Contant

Legacy systems have long been the scourge of the industry and they are one of the things standing in the way of artificial intelligence (AI) implementation, a speaker suggested last week at the Insurance-Canada.ca Technology Conference in Toronto. “There’s a