Topic
Technology
Majority of global financial institutions to ramp up transformation initiatives over next year, Accenture survey finds
June 26, 2017 by Canadian UnderwriterAn Accenture survey of nearly 800 financial services executives across Europe, Asia and North America found that more than half of financial institutions plan to increase their investments in major corporate transformation initiatives, or “change programs,” over the next 12…
35% of top global insurers have appointed a chief digital officer to oversee business transformation: PwC’s Strategy&
June 26, 2017 by Canadian UnderwriterMore than one-third of the world’s top insurance companies have appointed an executive – commonly known as a chief digital officer (CDO) – to oversee the digital transformation of their business, according to a new study from Strategy&, PwC’s strategy…
Air bag maker Takata bankruptcy expected Monday in Japan, U.S.
June 26, 2017 Tom Krisher - THE ASSOCIATED PRESSDETROIT – Drowning in a sea of lawsuits and recall costs, Japanese air bag maker Takata Corp. is expected to seek bankruptcy protection in Tokyo and the United States early Monday. Takata was done in by defective air bag inflators…
AIR Worldwide releases probabilistic crop hail model for Canada
June 26, 2017 by Canadian UnderwriterAIR Worldwide has released what the catastrophe risk modelling firm calls the industry’s first crop hail model to provide stakeholders across the crop insurance value chain with a probabilistic view of the effects of hail on Canadian crops. Currently available…
Cyber line expected to be one of the leading P&C growth areas in the U.S. over the next few years: A.M. Best
June 23, 2017 by Canadian UnderwriterThe cyber line of business is expected to be one of the leading growth areas within the property and casualty space in the United States, with cyber coverages estimated to increase between US$7.5 billion to US$20 billion by 2020, a…
Companies plan to spend more on cloud computing services this year, higher prices among drivers: Clutch
June 23, 2017 by Canadian UnderwriterCompanies are planning to spend more on cloud computing services in 2017, but must be cognizant that anticipated costs could balloon absent appropriate monitoring and use, suggest survey results released this week by Clutch. Reflecting input from 283 IT professionals…
U.S. company launches cloud for insurance, brings drone platform to p&c sector
June 22, 2017 by Canadian UnderwriterCalifornia-based Kespry is moving deeper into vertical markets with its formal entry into the insurance sector south of the border. The move follows extensive field tests and insurance-specific improvements designed together with customers and industry leaders, reports the aerial intelligence…
More use of aircraft voice and data recorders would ‘help identify hazards:’ TSB chair
June 22, 2017 by Canadian UnderwriterThe Transportation Safety Board of Canada is calling on the federal government to make cockpit voice recorders and flight data recorders mandatory on more aircraft and to allow use of the data in safety management systems. “In Canada, only multi-engine,…
Employee awareness, training key to building a solid cyber security culture: Echols
June 22, 2017 by Canadian UnderwriterA little competition could be a good thing, especially when it comes to building a cyber security culture, cyber expert Michael Echols suggested last week during a symposium co-hosted by the Travelers Institute and Economic Club of Canada. Developing a…
Retailers could lose US$71 billion from fraudulent card-not-present transactions in next five years: Juniper
June 21, 2017 by Canadian UnderwriterA number of factors, including click-and-collect fraud, have been identified as contributing to Juniper Research’s forecast that retailers stand to lose US$71 billion globally from fraudulent card-not-present (CNP) transactions over the next five years. Part of a new research issued…
Canadian firms may be overconfident in their cybersecurity preparedness: FICO survey
June 21, 2017 by Canadian UnderwriterCanadian firms, particularly those in the telecommunications sector, may be overconfident in their cybersecurity preparedness, according to a recent survey conducted by research and consultancy firm Ovum for Silicon Valley analytics firm FICO. For the survey, Ovum conducted telephone interviews…
In Transformation
June 21, 2017 Frank Attaie, Associate Vice President, Financial Services Sector, IBM CanadaCanada’s property and casualty insurance industry is undergoing a true transformation, driven in large part by staggering advances in technology and ever-increasing demands. What will the industry look like in 10 years? And what do organizations need to do to ensure they gain a competitive advantage?