Canadian Underwriter

Topic
Technology

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News BrokersClaimsCommercial LinesInsuranceLegislation / RegulationRiskTechnology

4 insurance industry trends to watch

May 11, 2022 Tara Kelly

In this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in

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News BrokersCommercial LinesInsuranceMergers and AqcuisitionsTechnology

Legacy systems create IT talent crunch for the industry

May 6, 2022 by Alyssa DiSabatino

The industry’s heavy reliance on outdated legacy systems may be holding it back from modernizing, panellists note during a Canadian Underwriter webinar — and this could be a problem for attracting IT talent.  “Legacy platforms are a big challenge for

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News ClaimsInsuranceMarkets / CoveragesProductsRiskTechnology

Partnership approach needed in current cyber risk landscape

April 25, 2022 by Alyssa DiSabatino

As the cyber landscape and ransom attacks evolve, the onus is on insureds to protect themselves just as much as it is on insurers to provide coverage, says a webinar panellist.  “The archaic method of underwriting risk has shifted dramatically

A young man sits at a desk. He is writing on a notepad with one hand and is scrolling on his phone in the other. He sits in front of a desk with a laptop.
News BrokersInsuranceMarkets / CoveragesTechnology

Key ways to keep up with your millennial consumers

April 12, 2022 by Alyssa DiSabatino

Millennial consumers are about twice as likely to buy insurance online, so the industry needs to make some major tech innovations to keep up with these changing expectations. More than that, communication between brokers and customers need to take a

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News AnnouncementsAssociationsBrokersCommercial LinesInsuranceLegislation / RegulationTechnology

CSIO calls APIs for policy inquiries ‘foundational’

April 4, 2022 Canadian Underwriter Staff

Recent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use

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News InsuranceRiskTechnology

What companies prioritize over cybersecurity

April 1, 2022 Philip Porado

Even as instances of cyberattacks grow in North America and worldwide, business leaders in charge of cybersecurity appear to be putting other priorities first, according to a recent study from cybersecurity firm Trend Micro. It found that if push came

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News AnnouncementsAssociationsBrokersCommercial LinesInsuranceLegislation / RegulationProductsTechnology

Commercial data standards get green light

March 18, 2022 Canadian Underwriter Staff

Commercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published

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News InsuranceTechnology

How to improve your customer’s buying experience

March 17, 2022 by Alyssa DiSabatino

Digitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the

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News BrokersClaimsCommercial LinesInsuranceMarkets / CoveragesRiskTechnology

“Antivirus on steroids:” One way to protect your clients from ransomware

March 16, 2022 by David Gambrill

To help clients detect their cyber exposures, insurers are recommending ‘powerful’ preventative measures such as endpoint detection responses (EDR) — dubbed ‘antivirus on steroids.’ Used in combination with multi-factor authentication, EDR is deemed superior to traditional anti-virus software because the

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News ClaimsClaims CanadaInsuranceRiskTechnology

How insurers are rethinking ransom coverage

March 15, 2022 Jason Contant

Ransomware has long been a thorn in the side for insurers, particularly in recent years. And, although the market will continue to see rate changes in reaction to ransomware losses over the next year, “insurers will be equally focused on

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News Technology

Where your digital investments should go

March 7, 2022 by Alyssa DiSabatino

Insurance companies seeking to make good digital investments need to reevaluate their legacy technology systems, according to survey results from digital intelligence company ABBYY.  As the workplace becomes increasingly digitized, ABBYY’s 2021 Digital Transformation Survey Results finds that the biggest barriers

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News Technology

AI’s new risk: How brokers and insurers can protect clients

February 28, 2022 by Alyssa DiSabatino

Data automation has created an emerging risk: AI can develop unintended biases within its own data that can yield unfair results and potentially harm a client’s business. Although it’s not the only risk associated with AI, the potential for a