Artificial intelligence can make it nearly impossible for fraudsters to make a false claim appear real, the founder of an A.I. vendor suggests. If an auto insurance claim is fraudulent, A.I. software could pick up on that as long as…
Brokers can set themselves apart by starting a conversation with clients around a relatively new type of coverage: intellectual property (IP) insurance, a specialist insurer told Canadian Underwriter recently. CFC Underwriting said it is seeing more interest in this type…
It can be enticing to jump on board as soon as you hear about the latest and greatest doodad to help your business. But getting distracted by the promises of every insurtech option is something one broker tries to avoid.…
Artificial intelligence may be able to help auto insurers convince regulators to relax certain prohibitions on rate restrictions, the founder of an A.I. vendor suggests. In Ontario, insurers are prohibited from using several factors – such as certain at-fault accidents,…
Despite increased penalties for distracted driving, poll results released Tuesday by Canada’s second-largest auto insurer indicate even more motorists are engaging in this risky behaviour. More than half (53%) of respondents to a survey admit to having driven distracted by…
Internet of Things (IoT) devices can create complications for insurers, potentially including a priority dispute or, worse, an unpaid claim, a specialist carrier told Canadian Underwriter recently. Charlie Murray, international technology team leader with CFC Underwriting, used the example of…
Does a one-size-fits-all basic tech errors and omissions (E&O) policy that covers things like breach of contract or negligence still suffice for an emerging tech company? “Most probably not,” said Charlie Murray, international technology team leader with specialist insurer CFC…
Insurers should consider self-regulating machine learning practices before regulations are imposed on them, a speaker suggested last week at the Connected Insurance Canada conference in Toronto. Moderator Stephen Applebaum, principal at Insurance Solutions Group, asked panelists if regulators understand machine…
Financial institutions looking to adopt and develop best practices on the responsible use of artificial intelligence (AI) should focus on three areas: explainability, bias and diversity, experts say. A new TD Bank Group survey of 1,200 Canadians found that a…
Broker-insurer connectivity took a step forward this week, when the Insurance Brokers Association of Canada (IBAC)’s data exchange working group announced it had completed a first notice of loss (FNOL) transaction in real-time. The working group developed the first FNOL…
Despite research showing that Millennials now make up the largest generational cohort in Canada’s property and casualty insurance industry, the industry still has some work to do to keep Millennials engaged once they’ve made the jump into the profession, according…
If your client suffers a ransomware attack, should they pay the ransom to get their systems up and running again? And if they do pay, does that guarantee the cyber criminals who locked down the systems in the first place…