Topic
Technology
The top threat facing Canadian businesses
April 29, 2019 by Jason ContantCyber attacks and data breaches are the Number 1 threat to businesses in North America, according to Aon plc’s newly released 2019 Global Risk Management Survey. Aon surveys thousands of risk managers across 60 countries and 33 industries every two…
What a liberal arts gaming enthusiast can bring to the cyber security table
April 29, 2019 by Greg MeckbachA priest or minister could help your client manage cyber risk, and it’s not by praying that cyber criminals will leave your client alone. “My latest three hires have been a theologian, a political scientist and somebody who has their…
How AI can connect the dots between your systems
April 26, 2019 by Jason ContantArtificial intelligence (AI) should be used to “connect the dots” between different data silos and decisions made within an insurance company, Charles Dugas, head of insurance at Element AI, said last week. The goal is to develop a system that…
How tech will change the way you price risk
April 25, 2019 by Jason ContantInsurance risk categories in the future will become so small they will become very difficult to price properly, a speaker predicted earlier this month at the CIP Society Symposium in Toronto. The number of distinct risk transfer categories appears to…
M&A tip: how to avoid acquiring a “data lemon”
April 23, 2019 by Jason ContantInsurance companies or brokerages looking to acquire another company should perform due diligence not just on the financials of the target firm, but also its regulatory vulnerabilities during the M&A process. “The idea is to identify potential data breaches and…
Help your client overcome the stigma of the “breach” word
April 23, 2019 by Greg MeckbachManaging cyber risk effectively means considering the business objectives and setting rules on who can declare a breach has occurred, speakers told insurance professionals at a recent conference. “There is a big connotation as it relates to the word ‘breach,’”…
Should your clients have a chief security officer on the board?
April 17, 2019 by Greg MeckbachYour client may or may not not need a chief security officer [CSO] on its board of directors, but cyber risk should nevertheless be high on its radar screen, speakers told insurance professionals Tuesday. “If the board doesn’t say, ‘Cyber…
Cyber pricing: Have carriers got it right?
April 17, 2019 by Greg MeckbachCyber insurance is a good tool to help clients understand their vulnerabilities, but carriers need to do a better job of pricing according to risk, speakers suggested at a recent conference. “There seems to be a lot of spit-balling on…
How usage-based insurance affects this carrier’s profits
April 12, 2019 by Greg MeckbachPembridge Insurance Company is asking brokers in four provinces to tell auto clients how much they could save by using a usage-based insurance app. Some motorists do not want usage-based insurance, Bob Tisdale, president of Pembridge, said Friday in an…
The limits of artificial intelligence in insurance
April 11, 2019 by Greg MeckbachArtificial intelligence has not reached the point where it is replacing humans in the insurance industry because many processes still require human intervention, speakers said at a recent insurance conference. Artificial intelligence is used in some cases for client engagement…
Applied Systems acquires TechCanary
April 10, 2019 by Jason ContantBroker management system provider Applied Systems announced Wednesday it has acquired TechCanary. TechCanary is a cloud-based insurance customer relationship management (CRM) system built natively on the Salesforce.com platform for brokerages, managing general agencies (MGA), wholesalers and insurers. Details of the…
The downside risk of machine learning
April 8, 2019 by Greg MeckbachMachine learning and artificial intelligence can create liability risk if it makes decisions that would be inappropriate or even illegal if a real person made them, a risk expert warns. “If you train an algorithm with data that has underlying…