Canadian Underwriter

Topic
Technology

News InsuranceProductsTechnology

What these ‘non-traditional’ insurance products will look like

November 19, 2019 by Greg Meckbach

As an increasing number of your clients come from cohorts younger than Generation X, the availability of non-traditional insurance products is going to increase, an insurtech industry watcher suggests. “I think we are increasingly going to see the development of

News InsuranceRiskTechnology

The many roads to successful IFRS 17 implementation

November 18, 2019 by Jason Contant

When trying to implement an IFRS 17 solution in your insurance company, should you start fresh with a new solution, integrate into your existing systems, enlist the aid of a third-party provider or some or all of the above? The

News Technology

Government computers slowly returning to normal after ransomware attack

November 15, 2019 The Canadian Press

IQALUIT, Nunavut – The Nunavut government is slowly returning to normal nearly two weeks after its computer systems were paralyzed by a cyber attack. Dean Wells, the territory’s chief information officer, says departments are beginning to come back online. Government

News InsuranceTechnology

One collateral benefit of IFRS 17

November 14, 2019 by Jason Contant

Insurers who go beyond just mere compliance with IFRS 17 into data optimization are reaping the benefits, including expanded capabilities with advanced analytics, machine learning and artificial intelligence, speakers said Wednesday at an industry event. The rich dataset collected from

News BrokersInsuranceTechnology

The downside for brokers of better commercial flood mapping

November 13, 2019 by Greg Meckbach

Commercial brokerages are going to have to start buying the same data on commercial flood risk that insurance carriers are already buying, says a Toronto commercial broker. Insurers tend to have data on the claims history of commercial property, and

News InsuranceTechnology

Three reasons for insurers to modernize their IT systems

November 12, 2019 by Jason Contant

Insurance companies can capture the following three benefits by transforming their business model and modernizing their core IT systems, according to a new paper from management consulting firm McKinsey & Company. Increased gross written premiums and reduced churn – Flexible,

News Commercial LinesTechnology

Computer woes continue for government after cyber attack

November 7, 2019 The Canadian Press

IQALUIT, Nunavut – The government of Nunavut is still struggling with computer systems paralyzed by a cyber attack last weekend. “Network recovery is ongoing as the (territory) works to uncover information, prepare recovery plans and work on department priorities,” said

News InsuranceTechnology

Next round of reusable data services aims to solve this problem

November 6, 2019 by Greg Meckbach

When a corporate client’s policy is up for renewal, it can take a lot of time and effort to get a claims run request, a Toronto commercial broker suggests. The commercial claims run is a report, on a client, showing

News Commercial LinesTechnology

Why your commercial book will start getting a lot more rejections

November 6, 2019 by Greg Meckbach

Insurers who replace underwriters with computers are rejecting a lot of small business applications for reasons that are unclear to the brokers, a commercial broker suggests. “I think that insurers will start to realize that the black boxes are actually

News BrokersInsuranceMergers and AqcuisitionsTechnology

The pros and cons of consolidation in the tech vendor space

November 6, 2019 by Jason Contant

When there is consolidation in the industry, concerns about the erosion of choice is common. And the tech vendor space is no different. On Oct. 15, Applied Systems announced the acquisition of Policy Works, a major platform for commercial lines

News InsuranceTechnology

Data exchange: does it make sense for the insurer to compete with the mail service?

November 1, 2019 by Greg Meckbach

Imagine if each insurance company set up its own courier service to compete with Canada Post, instead of having a common carrier for the industry. Joseph Carnevale conjures up this scenario to illustrate why it’s a bad idea for every

News ClaimsClaims CanadaRiskTechnology

Desjardins revises data theft impact numbers, says 4.2 million affected

November 1, 2019 Julien Arsenault - THE CANADIAN PRESS

MONTREAL – The Desjardins Group data theft is much more widespread than first thought and actually hit 4.2 million members, the banking co-operative’s chief executive said Friday. Guy Cormier told a news conference the revised number – which represents the