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How much ICBC expects to save by using new anti-fraud software

May 31, 2018 by Jason Contant

The Insurance Corporation of British Columbia (ICBC) expects to save $43 million this fiscal year and another $59 million the following fiscal year by using specialized anti-fraud software that the public insurer implemented in 2017. “And that’s on top of

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How AI can help you find the hot sales leads

May 30, 2018 by Jason Contant

Looking for a hot lead? Why not let a machine do that for you? Brokers and insurance companies can use artificial intelligence (AI) to cull prospects who are showing a keen interest in buying insurance products, Andrew Lo, president and

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Major agreement toward resolving broker-carrier data exchange issues

May 29, 2018 by Jason Contant

Key players in Canada’s P&C industry have reached an agreement to pursue an application programming interface (API) hub solution, called the BrokerFlow solution, to solve the current data connectivity gap between insurers and brokers. The “solution phase” is set to

News InsuranceMarkets / CoveragesTechnology

Locomotive recorder legislation law takes aim at railway risk managers

May 29, 2018 by Greg Meckbach

A new federal law passed Thursday is intended to mandate the videotaping of locomotive crews in order to let railway risk managers help prevent accidents. Bill C-49, The Transportation Modernization Act, was signed Thursday into law by Governor General Julie

News Technology

Why North America is the costliest for SMB data breaches

May 28, 2018 by Jason Contant

North America is the most expensive location for a small and medium-sized business (SMB) to suffer a data breach, with SMBs in Canada and the United States also having the highest recovery cost, according to a new study. This year’s

News InsuranceMarkets / CoveragesTechnology

Forget insurtechs: your next competitors will be Google, Amazon, and Facebook

May 27, 2018 by Jason Contant

Just under one-third of customers globally (22.8% in Canada) are willing to buy insurance products from “BigTech” companies such as Amazon, Facebook and Google, a new report has found, suggesting a greater need for traditional insurance providers to “develop future-ready

News InsuranceMarkets / CoveragesTechnology

Here’s one way that lower auto insurance rates could increase profits

May 24, 2018 by Greg Meckbach

With new technology-driven auto insurance on the horizon, some motorists will drive less and buy insurance from carriers who target low-mileage vehicles, the founder of a comparison shopping provider suggests. Several Ontario auto insurers will probably launch products similar to

News InsuranceLegislation / RegulationTechnology

Dozens of North American securities regulators target cryptocurrency schemes

May 23, 2018 The Canadian Press

TORONTO – Dozens of North American securities regulators have joined forces to investigate and warn investors about cryptocurrency-related schemes. Operation Cryptosweep includes more than 40 regulators in the U.S. and Canada, including the Ontario Securities Commission, which issued a release

insPRESS AnnouncementsInsuranceTechnology

Mennonite Mutual Insurance Co. (Alberta) Ltd. joins Mutual Concept Computer Group’s Client Community by initiating their Insurance Business Solution implementation

May 22, 2018 Mutual Concept Computer Group Inc.

CALGARY, May 22, 2018 /insPRESS/ – Mennonite Mutual Insurance Co. (Alberta) Ltd. (MMI) has become a member of the MCCG Community and commenced their Insurance Business Solution (IBS®) implementation project.  MMI has partnered with MCCG to ‘kick off’ their digital

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How you can make artificial intelligence more than just a ‘sexy sound bite’

May 22, 2018 by Greg Meckbach

Artificial intelligence may make for a wonderful sound bite, but insurance providers need to use this emerging technology to cut costs and serve customers better, two financial services executives warn. The financial services industry is “still at a stage where

News InsuranceLegislation / RegulationMarkets / CoveragesTechnology

The challenge with insuring autonomous ships

May 20, 2018 by Jason Contant

The large body of regulations known as maritime law should be addressed before or in concert with insurance considerations when it comes to autonomous vessels, British Columbia-based author Blake Desaulniers told Canadian Underwriter last week. “That large body of regulations

Feature Technology

Steering change

May 17, 2018 Kris Hackney, Executive Vice President, Customer Experience, Applied Systems

Leading innovation in your brokerage? Here are 6 steps for successfully directing change in your organization without making waves.