Canadian Underwriter

Topic
Technology


News InsuranceTechnology

Three reasons for insurers to modernize their IT systems

November 12, 2019 by Jason Contant

Insurance 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,

News Commercial LinesTechnology

Computer woes continue for government after cyber attack

November 7, 2019 The Canadian Press

IQALUIT, 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

News InsuranceTechnology

Next round of reusable data services aims to solve this problem

November 6, 2019 by Greg Meckbach

When 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

News Commercial LinesTechnology

Why your commercial book will start getting a lot more rejections

November 6, 2019 by Greg Meckbach

Insurers 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

News BrokersInsuranceMergers and AqcuisitionsTechnology

The pros and cons of consolidation in the tech vendor space

November 6, 2019 by Jason Contant

When 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

Feature Technology

Amazon aspirations

November 4, 2019 Adam Malik, Managing Editor

Be like Amazon, experts tell the P&C industry. But is it realistic for brokers and insurers to mimic the retailing giant’s online sales model?

News InsuranceTechnology

Data exchange: does it make sense for the insurer to compete with the mail service?

November 1, 2019 by Greg Meckbach

Imagine 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

News ClaimsClaims CanadaRiskTechnology

Desjardins revises data theft impact numbers, says 4.2 million affected

November 1, 2019 Julien Arsenault - THE CANADIAN PRESS

MONTREAL – 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

News InsuranceTechnology

How much investors have sunk into insurtech

October 25, 2019 by Greg Meckbach

Insurtechs like one Canadian startup in particular are letting brokers provide better service, but the sector as a whole contains some money pits for investors, Willis Towers Watson suggested in a report released Wednesday. “Unquestionably a good number of InsurTechs

News BrokersInsuranceTechnology

Aviva’s approach to the small business portal experience

October 25, 2019 by Jason Contant

Brokers have long expressed concerns about digital portals, from been kicked out as they near the end of a submission to the amount of time it takes to log into each insurer’s portal. In Canadian Underwriter’s recently-released 2019 National Broker

News InsuranceTechnology

How this insurer is using an online game format to reduce teen driver collisions

October 24, 2019 by Jason Contant

Manitoba Public Insurance (MPI) is using an online game format in an attempt to help reduce collisions among teen drivers. The MPI-developed Driver Z online platform and curriculum is organized on a map that spans six zones. By completing elessons,

News InsuranceLegislation / RegulationTechnology

How Intact is changing usage-based auto insurance in one province

October 21, 2019 by Greg Meckbach

Intact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end