Canadian Underwriter

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Technology


News RiskTechnology

Man sues Tesla over crash during autopilot mode

October 30, 2018 Mike Schneider - THE ASSOCIATED PRESS

ORLANDO, Fla. – A Florida man says the autopilot feature of his Tesla vehicle failed to detect a disabled car on a highway, leading to a collision that left him with permanent injuries, according to a negligence lawsuit filed Tuesday.

News Technology

Why many early chatbots failed

October 29, 2018 by Jason Contant

Early adopters of chatbot technology, most of which are now closed or dismantled, often did not realize the extent to which you need to train the system, Accenture said last week. “There was this… false sense that the machines would

News InsuranceTechnology

Why the industry needs to trust in AI algorithms

October 26, 2018 by Jason Contant

Managers, 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

News ClaimsInsuranceRiskTechnology

4 ways AI can improve your performance

October 25, 2018 by Jason Contant

Artificial 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,

News Technology

Intact-backed insurtech cracks the Fintech100 list

October 23, 2018 by Greg Meckbach

A 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

News InsuranceTechnology

Will you soon be selling cyber insurance for automated vehicles?

October 22, 2018 by David Gambrill

Brokers 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

News InsuranceMarkets / CoveragesTechnology

What small business clients value about cyber insurance

October 21, 2018 by Jason Contant

Small 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

News RiskTechnology

Where the next big cyberattack could come from

October 17, 2018 by Jason Contant

Cyber 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

News InsuranceMarkets / CoveragesTechnology

How brokers should define cyber to clients

October 16, 2018 by Jason Contant

Cyber 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

News RiskTechnology

Why feds don’t call bitcoin a currency

October 15, 2018 by Greg Meckbach

One 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

News InsuranceTechnology

Canadian businesses spent $14B on cybersecurity in 2017

October 15, 2018 The Canadian Press

OTTAWA – 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

News BrokersTechnology

How to carve out more time to advise your small business clients

October 14, 2018 by Greg Meckbach

Small 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