Many wealthy homeowners have risks that are hard to place and may be suited for high-net-worth insurance policies, which can be tailored to reflect differences in contents and lifestyle.
Insurtechs may present a threat to established insurance providers, but an Executive Forum speaker contends that young people should be in the market for a trusted advisor
Insurance brokerage databases for customer insurance policies rely on computer codes to identify elements endorsements, discounts and coverages. But when different insurance companies use different codes for the same element, it can require more work from brokers wanting to analyze the data.
Brokerages of all sizes can gain insight using data analytics if they collect accurate data on clients and operations and leverage government and public information sources.
For both auto and non-auto policies, parties sometimes disagree over whether or not property losses or personal injuries are, ultimately, caused by use or operation of a vehicle.
Insurers have expertise in flood risk and have access to specific property information, but municipalities, with access to infrastructure data, are in a much better position to advise owners on how to assess their land for flood risk.
Insurance regulatory frameworks are becoming disrupted as new technologies and the rise of social media are changing the way insurance is bought and sold.
Brokers need to do more than just sit in their offices for eight hours a day, suggests Brian Purcell, president-elect of the Insurance Brokers Association of Ontario.
A Quebec court recently ruled that obtaining credit reports and replacing accounts are potentially matters for which plaintiffs could be entitled to compensation in a class-action lawsuit arising from a breach of a retailer’s payment card data.
Canadian Underwriter’s inaugural National Broker Survey polled brokers across the country on issues such as technology and attracting qualified professionals.
Consider US$70 billion to US$90 billion. US$15 billion. US$25 billion to US$37 billion. These are just some of the many loss estimates — insured, economic and other — meant to pin down the spiralling, drenched mess that Harvey has created…
The impact of artificial intelligence on the insurance industry is expected to be transformative. To capitalize on all that this offers — and be able to provide customers what they want and need — stakeholders must deftly negotiate technology, industry politics, talent and culture roadblocks to ensure a successful journey.