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.
Will autonomous vehicles change litigation? While the answer to that question is surely “yes,” a deeper dive is needed to fully grasp what related developments could mean for property and casualty insurance. Longer term, a simpler system overall for addressing liability in auto claims is anticipated.
The connected home, including smart appliances, is transforming everyone’s lives. What are the challenges, risks and risk management strategies to address this transformation?
Scott Treasure, incoming president of the Insurance Brokers Association of Canada, understands that staying committed to core principles offers a strong foundation for moving forward.