Topic
Technology
IBAO’s stance on electronic termination of coverage
November 24, 2020 by Greg MeckbachInsurers should be allowed to terminate auto policies electronically if consumers consent, the Insurance Brokers Association of Ontario’s CEO says. In its budget document released Nov. 5, the Ontario government said the next phase of its previously-announced “blueprint” for auto…
So you’re going digital. How much speed do you need?
November 3, 2020 by David GambrillWhile the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and…
How COVID could change adjusting for good
October 29, 2020 by Greg MeckbachThe COVID-19 pandemic has permanently changed the way property insurance clients want their claims handled, a technology vendor suggests. “COVID has been the awakening for many companies,” said James Swayze, Toronto-based executive for Canada at CoreLogic Inc. After COVID-19 was…
How ‘extra steps’ can make for a bad customer experience
October 27, 2020 by Greg MeckbachBrokers who are concerned about carriers having “too direct” of a relationship with the broker’s customers should consider what service those customers are expecting, an industry consultant suggests. “As an industry, we have a number of places where we have…
What carriers are telling brokers who don’t invest in technology
October 26, 2020 by Greg MeckbachWith a week to go before Hallowe’en, Ontario brokers heard some spooky stories last week about what happens if a brokerage does not invest in keeping up to date with technology. “Technology is going to be a much more permanent…
40-year industry vet discusses his take on tech: Does it help or hinder?
October 20, 2020 by Greg MeckbachWhen Bob Tisdale started his insurance career in the late 1970s, his employer at the time was just starting to adopt computers. “A lot of people at the time predicted that that was going to be the end of everybody’s…
How a smart phone can drive efficiency in the claims process
October 19, 2020 by Greg MeckbachUsing a smart phone to take pictures of property damage as soon as it happens could speed up the claims process and reduce fraud risk, the head of a Canadian claims technology vendor suggests. “The best way to drive efficiency…
How COVID-19 has changed cyber underwriting
October 19, 2020 by Greg MeckbachWith loss ratios in the Canadian cyber insurance market skyrocketing, purchasing cyber without having to answer a whole bunch of questions may become a thing of the past. In the recent past, if a client was not very large, or…
Why this client can only recover $50,000 on a $2.7-million commercial crime claim
October 16, 2020 by Greg MeckbachAn electronics distributor that lost nearly $2.7-million because its accounts payable staff were duped by fraudsters cannot claim under policy wording covering funds transfer fraud, a Quebec court has ruled. In Future Electronics Inc. (Distribution) Pte Ltd. v. Chubb Insurance…
How you can cut down time spent searching underwriting manuals
October 5, 2020 by Greg MeckbachSome brokerage staff members could be spending hours each day just searching for information in their carriers’ underwriting manuals – time that could be put to better use, the head of a technology vendor suggests. Some of the longest underwriting…
Why insurers incurred penalties for over-charging Alberta auto clients
October 2, 2020 by Greg MeckbachProgramming errors are cited as the culprit for why some Alberta auto clients have been charged higher rates than those approved by the Automobile Insurance Rate board. Six auto insurers (ultimately owned by Economical, TD Bank and Intact) had to…
Fight continues over proposal to acquire property data provider CoreLogic
October 1, 2020 by Greg MeckbachA proxy battle is underway for control of the corporate parent of Canadian insurance technology vendor Symbility. Hedge fund advisor Senator Investment Group said Wednesday it is asking shareholders of CoreLogic Inc. to vote this November in favour of replacing…