Canadian Underwriter

Topic
Technology

A glowing quantum computer
News InsuranceTechnology

How quantum computing could impact risk management and claims

March 18, 2024 Jason Contant

Quantum computing’s impact on P&C insurance operations will be wide-ranging, say several sources who spoke with CU. Almost every sector and department of the industry could be affected, including actuarial, risk management and underwriting teams, data analytics, IT, claims processing,

Police badge and handcuffs on a computer to represent regulators cracking down on computer crime
News InsuranceTechnology

How quantum computing creates new risks, regulatory issues for insurers

March 14, 2024 Jason Contant

Quantum computing stands at the forefront of data processing technology and, although it remains an open question how it will be regulated, some form of guidelines will be needed. Quantum computers go well beyond a standard binary form of processing

Quantum computing could be a game changer for the insurance industry
News InsuranceTechnology

What quantum computing could mean for insurance

March 12, 2024 Jason Contant

What will the P&C insurance industry do when quantum computers “think,” and behave, more like humans? It’s not as far off as you think. Today, quantum computing is the preserve of national intelligence agencies and the world’s largest technology companies, such

Discussing financial results
News ClaimsClaims CanadaEarnings / RatingsInsuranceMarkets / CoveragesTechnology

How Aviva Canada is handling personal lines’ pressures

March 8, 2024 by Jason Contant

Aviva Canada’s overall combined ratio for 2023 stood at 95.3% (undiscounted) but there was a difference between the year-end combined ratios for personal versus commercial lines.  The insurer’s personal lines combined ratio (COR) last year came in at 99.5%, up

Secure document safety concept
News ClaimsClaims CanadaCommercial LinesEmploymentInsuranceLegalMarkets / CoveragesRiskTechnology

B.C. health authority warns of possible privacy breach after police recover documents

March 8, 2024 The Canadian Press

An RCMP investigation has revealed a possible privacy breach for thousands of employees who worked or work at a health authority in British Columbia’s Interior. Interior Health says police contacted them in January about finding a document during its investigation

Illustration of a cashless, embedded transaction between a consumers and a businessman. Coins are transferring between the phones the hold in their hands
News BrokersCommercial LinesInsuranceMarkets / CoveragesProductsTechnology

Making embedded insurance more customer-centric

March 6, 2024 by Alyssa DiSabatino

No two insurance policies are the same, and that extends to the way carriers deliver their embedded insurance models, one expert told the Insurance Canada Technology Forum.  But before capitalizing on this latest digital sales opportunity, insurers must guarantee their

Car insurance application
News BrokersInsuranceMarkets / CoveragesTechnology

FSRA’s plans for auto coverage regulation

March 5, 2024 Philip Porado

Ontario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA

Woman working with two desktop screens that are displaying circle and bar graph data
News BrokersTechnology

How to use your brokerage’s data to gain and retain clients

March 4, 2024 by Alyssa DiSabatino

Finding ways to harness your brokerage’s data can improve customers’ expectations and overall satisfaction rates, two brokerage heads shared at the Insurance Canada Technology Forum in Toronto.   For example, brokerages tracking and taking action on their internal metrics will

A truck distributing books to Toronto Public Library following a cyberattack
News ClaimsClaims CanadaInsuranceTechnology

How the Toronto library is recovering from a cyberattack, one book at a time

March 1, 2024 Nicole Thompson – The Canadian Press

Hundreds of thousands of books have been freed from a months-long purgatory as scores of staffers race to get them out of storage and back on shelves following a cyberattack that felled the Toronto Public Library’s computer systems in October.

Roadblocks to cyber policy sales
News BrokersInsuranceTechnology

Biggest barriers to selling cyber policies

March 1, 2024 David Gambrill

Product complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to

Illustration of a GenAI robot sitting at a desk and typing on a laptop
News BrokersClaimsInsuranceTechnology

Meet your new underwriting assistant: GenAI

February 28, 2024 by Alyssa DiSabatino

Generative AI (GenAI) won’t replace underwriters, but you can train it to be your underwriting assistant, one AI expert shared at an industry event Tuesday.  “In North America, there are quite a few insurers that are going through proof of

Cyberattack concept
News ClaimsClaims CanadaCommercial LinesInsuranceMarkets / CoveragesTechnology

No evidence that RCMP data was extracted during recent cyberattack: commissioner

February 28, 2024 The Canadian Press

OTTAWA – The head of the RCMP said Tuesday there was no evidence to date that personal or operational information had been pilfered from the national police force’s systems during a recent cyberattack. “Based on information that we’ve gone through,