Topic
Technology
What these ‘non-traditional’ insurance products will look like
November 19, 2019 by Greg MeckbachAs 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…
The many roads to successful IFRS 17 implementation
November 18, 2019 by Jason ContantWhen 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…
Government computers slowly returning to normal after ransomware attack
November 15, 2019 The Canadian PressIQALUIT, 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…
One collateral benefit of IFRS 17
November 14, 2019 by Jason ContantInsurers 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…
The downside for brokers of better commercial flood mapping
November 13, 2019 by Greg MeckbachCommercial 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…
Three reasons for insurers to modernize their IT systems
November 12, 2019 by Jason ContantInsurance 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,…
Computer woes continue for government after cyber attack
November 7, 2019 The Canadian PressIQALUIT, 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…
Next round of reusable data services aims to solve this problem
November 6, 2019 by Greg MeckbachWhen 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…
Why your commercial book will start getting a lot more rejections
November 6, 2019 by Greg MeckbachInsurers 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…
The pros and cons of consolidation in the tech vendor space
November 6, 2019 by Jason ContantWhen 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…
Data exchange: does it make sense for the insurer to compete with the mail service?
November 1, 2019 by Greg MeckbachImagine 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…
Desjardins revises data theft impact numbers, says 4.2 million affected
November 1, 2019 Julien Arsenault - THE CANADIAN PRESSMONTREAL – 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…