Commercial brokers and carriers are close to launching real-time data exchange.
Digital technologies and natural catastrophes are top of mind for senior Canadian insurance executives in our 2017 Annual CEO Outlook
Changes to Canada’s property and casualty insurance industry continue to keep industry players on their toes. Be it traditional matters like catastrophe losses, or emerging trends and risks for which little history is available, professionals must remain alert to how many risks can develop and how quickly they can transform.
Risk is all around. Risk professionals are increasingly becoming entrenched in discussions early on regarding how to not only protect company assets and resources should something occur, but to provide insights in advance to beef up preparedness and blunt potential adverse impacts.
With technology disruption well-established on its radar screen, the Toronto Insurance Conference will soon have a Millennial, Rael Levy, at its helm.
Digital fusion looks poised to revolutionize the insurance industry. To join the revolution, insurers need to ensure their core, data and digital capabilities are available as micro-services that can be “fused” together if they expect to be in position to offer customers a truly digital experience. But that also means clearing any hurdles remaining within their systems and operations.
What is needed to create enhanced focus and kick-start more action with regard to the wildfire peril in Canada? Approaches deserving of a look (or a closer look) range from improving stakeholder understanding of the potential related losses to rethinking how the peril needs to be modelled and addressed within insurance policies.
The claims process can be a tense time for insurance professionals involved, with things sometimes getting testy. Should criticism of a claims adjuster be included in an email between a broker and insurer, one in which both the adjuster and customer are also copied, steps need to be taken to correct any wrongs done.
A Nova Scotia ruling exploring the standard of care and “complexity” of risk may offer some relief for insurance brokers, but that should not inspire complacency. While it appeared that the standard of care for brokers had expanded, brokers must clearly understand that standard of care may increase in line with the complexity of the risk.
As fintechs and insurtechs take hold, more than just the tech is changing. Incumbents are joining fintech firms in realizing a digital approach — anchored by strong and agile core systems — is necessary to put customers first. And cultivating that approach from the time customers are young offers promise of customers for life.
Losses from recent hurricanes could top US$100 billion, threatening to wipe out some Cat bonds. Still, reinsurance experts say investor support for new insurance-linked securities remains strong, with any players opting to exit the market expected to be easily replaced.
The global natural catastrophe story for 2017, one that could tell the tale of the largest related losses in history, shows how interconnected each country’s reinsurance market is to the global whole. Reinsurers operating in Canada are advised that, this time around, being part of the whole may demand rethinking risk, pricing and partners.