Canadian Underwriter

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Technology


News InsuranceMarkets / CoveragesTechnology

Why Canadians don’t want to buy insurance from Amazon, Facebook or Google

June 5, 2018 by Jason Contant

Canadians are less likely than others around the world to buy insurance products from “BigTech” companies such as Amazon, Facebook and Google. Not that other consumers from around the world are in a big rush to buy their insurance from

News InsuranceTechnology

Patience urged of insurers who don’t see value in their early AI investments

June 5, 2018 by Jason Contant

Despite all the hype about artificial intelligence (AI), and the significant investment in it, most global insurers don’t think they are getting value from their investment. In fact, 85 per cent of more than 1,000 global executives polled by McKinsey

News BrokersInsuranceTechnology

Economical rolls out Vyne for brokers in select areas

June 4, 2018 by Jason Contant

Economical Insurance launched its new broker technology, Vyne, in New Brunswick and Prince Edward Island Monday. For use in personal lines and individually rated commercial auto (IRCA), Vyne is a Guidewire-based computer system aimed at streamlining workflows for brokers. The

News InsuranceTechnology

Ontario Election 2018: Trailing Liberals promise auto insurance discounts

June 4, 2018 by Greg Meckbach

Polls show the Ontario Liberals will not likely govern the province after the election this Thursday but, for what it’s worth, a vote for Liberal candidates is a vote for insurance discounts for motorists who use apps intended to discourage

News InsuranceLegislation / RegulationTechnology

How home insurers could be on the hook for cyber bullying

June 4, 2018 by Greg Meckbach

Cyber bullying, which can result in liability claims under home insurance policies, will soon be grounds for lawsuits in Nova Scotia. The Nova Scotia government is now “on the verge” of bringing Bill 27 into force, law student Brayden McDonald

News BrokersInsuranceMarkets / CoveragesTechnology

Here’s a way small brokerages can afford AI

June 4, 2018 by Jason Contant

Budget may not be a big concern for larger companies looking to incorporate artificial intelligence (AI) into their operations, but is AI cost-prohibitive for small, local brokerages? “I don’t think you need a massive budget to do some of this

News InsuranceLegalTechnology

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

News InsuranceTechnology

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

News AssociationsBrokersInsuranceTechnology

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