Topic
Technology
Why the industry needs to trust in AI algorithms
October 26, 2018 by Jason ContantManagers, executives and boards in the insurance industry need to trust in artificial intelligence algorithms, even if they don’t look like traditional models, an Accenture executive told Canadian Underwriter Thursday. Machine learning models can better predict events with a greater…
4 ways AI can improve your performance
October 25, 2018 by Jason ContantArtificial intelligence can be used to better predict weather risk in insurance, such as which customers’ properties may be more affected by severe weather, an Accenture executive said Thursday. One of the four major benefits of AI is enhanced judgement,…
Intact-backed insurtech cracks the Fintech100 list
October 23, 2018 by Greg MeckbachA French robo-broker and an auto insurer backed by Canada’s largest property and casualty carrier are among the insurtechs “driving disruption” in financial services, a report released Tuesday suggests. KPMG announced Tuesday the fifth annual Fintech100, a report that highlights…
Will you soon be selling cyber insurance for automated vehicles?
October 22, 2018 by David GambrillBrokers may wind up selling cyber insurance for automated vehicles by 2040. “Cybersecurity is a red-hot topic in the insurance world,” Sami Shaker, a physicist for Kodsi Forensic Engineering, told brokers attending a presentation on automated cars at the 2018…
What small business clients value about cyber insurance
October 21, 2018 by Jason ContantSmall business clients gravitate to cyber insurance not for the insurance, per se, but for the accompanying services following an incident, a cyber underwriter said recently. “If you think about it in the context of car insurance, they’re buying their…
Where the next big cyberattack could come from
October 17, 2018 by Jason ContantCyber extortionists will soon likely gravitate toward attacks on global or shared infrastructure, a cybersecurity expert predicts. From a cyber insurance perspective, brokers should highlight that the coverage helps organizations manage the risks they can control, as well as the…
How brokers should define cyber to clients
October 16, 2018 by Jason ContantCyber insurance needs to be explained using plain language, rather than by “insurance people using insurance-isms,” a large cyber underwriter said recently. “Part of the problem with cyber is the fact that it’s called cyber,” said Andy Holmes, chief underwriter…
Why feds don’t call bitcoin a currency
October 15, 2018 by Greg MeckbachOne of the biggest risks posed by blockchain-based currencies is financing of terrorism and it is reasonable to ask whether there should be tighter regulation of this technology, federal finance minister Bill Morneau told a Senate committee. Bitcoin is one…
Canadian businesses spent $14B on cybersecurity in 2017
October 15, 2018 The Canadian PressOTTAWA – Statistics Canada says Canadian businesses reported spending $14 billion on cybersecurity in 2017 as they confront greater risks in the digital world. The StatCan survey finds that more than one in five companies said they were impacted by…
How to carve out more time to advise your small business clients
October 14, 2018 by Greg MeckbachSmall business clients want to spend less time filling out insurance application forms and more time getting advice from their brokers, an insurance technology expert says. “Unlike personal insurance, where there is more propensity to go direct, small business owners…
A new, faster way to show your clients their options
October 14, 2018 by Jason ContantBrokers in Canada have a technology platform available that allows them to customize different insurance coverages, or offer next-day service, through a self-serve app. The app provides a base quote for a customer. The broker can then use sliders to…
What brokers need to know about setting up a chatbot
October 11, 2018 by Jason ContantBrokers looking to set up a chatbot on their site should know the core business purpose of the chatbot and how to manage customer expectations, Mitchell & Whale Insurance Brokers said recently. “Do you want it to answer common customer…