Topic
Technology
How online policy administration could put brokers at risk
October 18, 2019 by Greg MeckbachWhen clients want to make policy changes online, brokers have a vested interest in being in the loop, suggests a consultant who advises insurance companies. More customers these days are expecting their insurance providers to give them the same kind…
How this city made basement flooding risk predictions more precise
October 17, 2019 by Greg MeckbachBrokers wanting to find out how likely their client’s basement will be flooded might want to ask whether the insurance companies are using data from the municipality in their flood maps. “A lot of residents have indicated concerns with purchasing…
Applied Systems acquires Policy Works
October 15, 2019 by Jason ContantApplied Systems announced Tuesday it has acquired Policy Works, a major platform for commercial lines business in Canada. The acquisition will extend Applied’s position within the commercial lines market segment, driving greater connectivity and automation for commercial lines brokerages and…
Don’t count on Canada-wide, high-resolution flood modelling anytime soon
October 10, 2019 by Greg MeckbachFlood maps with a resolution of two metres would be ideal, but don’t expect anything like this Canada-wide anytime soon. The current standard for the spacing of a topographic grid for regional mapping and modelling is 30 metres, as the…
5 lessons for M&A newbies, courtesy of serial acquirers
October 10, 2019 by Jason ContantWhat are some of the best practices in mergers and acquisitions (M&A)? David Hunt, senior director of mergers and acquisitions at Willis Towers Watson, said in a recent blog that newcomers can learn from the best serial acquirers. While not…
Brokers react to public auto insurer’s online ambitions
October 9, 2019 by Greg MeckbachMotorists in Manitoba should be able to get online insurance services – such as change of address – but brokers should have some involvement in these processes, an official with the province’s brokers’ association told Canadian Underwriter Wednesday. “We are…
Where Aviva Canada stands on broker connectivity
October 8, 2019 by Jason ContantHow long will it be before brokers’ and insurers’ systems are able to connect efficiently? “This is still a two- to three-year journey for the industry to have really-slick, direct connectivity,” predicts Jason Storah, CEO of Aviva Canada. Storah spoke…
Why artificial intelligence should be able to detect auto fraud
October 7, 2019 by Greg MeckbachArtificial intelligence can make it nearly impossible for fraudsters to make a false claim appear real, the founder of an A.I. vendor suggests. If an auto insurance claim is fraudulent, A.I. software could pick up on that as long as…
The emerging risk that presents an opportunity for all commercial brokers
October 4, 2019 by Jason ContantBrokers can set themselves apart by starting a conversation with clients around a relatively new type of coverage: intellectual property (IP) insurance, a specialist insurer told Canadian Underwriter recently. CFC Underwriting said it is seeing more interest in this type…
Managing insurtech temptation
September 30, 2019 by Adam MalikIt can be enticing to jump on board as soon as you hear about the latest and greatest doodad to help your business. But getting distracted by the promises of every insurtech option is something one broker tries to avoid.…
One way to convince regulators to relax auto rate rules
September 27, 2019 by Greg MeckbachArtificial intelligence may be able to help auto insurers convince regulators to relax certain prohibitions on rate restrictions, the founder of an A.I. vendor suggests. In Ontario, insurers are prohibited from using several factors – such as certain at-fault accidents,…
What the latest distracted driving numbers from Desjardins mean
September 24, 2019 by Greg MeckbachDespite increased penalties for distracted driving, poll results released Tuesday by Canada’s second-largest auto insurer indicate even more motorists are engaging in this risky behaviour. More than half (53%) of respondents to a survey admit to having driven distracted by…