Canadian Underwriter

Topic Claims Technology

Quantum computing could be a game changer for the insurance industry
News Claims TechnologyCommercialInsurersTechnology

What quantum computing could mean for insurance

March 12, 2024 by Jason Contant

What will the P&C insurance industry do when quantum computers “think,” and behave, more like humans? It’s not as far off as you think. Today, quantum computing is the preserve of national intelligence agencies and the world’s largest technology companies, such

Illustration of a GenAI robot sitting at a desk and typing on a laptop
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Meet your new underwriting assistant: GenAI

February 28, 2024 by Alyssa DiSabatino

Generative AI (GenAI) won’t replace underwriters, but you can train it to be your underwriting assistant, one AI expert shared at an industry event Tuesday.  “In North America, there are quite a few insurers that are going through proof of

Data analytics
News Claims TechnologyCommercialInsurersOperationsTechnology

Why you need to know the limits of your underwriting models

February 13, 2024 by Jason Contant

Vendors of underwriting models need to be transparent about the models’ limitations so underwriters and actuaries can understand where these limits could come into play, a speaker said last week at the CatIQ Connect conference in Toronto. Every single data

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KPMG buys insurance claims practice

February 2, 2024 by Jason Contant

Professional services firm KPMG in Canada has purchased an insurance claims practice that offers income replacement benefit and related calculations, as well as commercial loss claims calculations for insurance companies and their customers. The acquisition of the claims practice of

Business calculations
News ClaimsClaims Canada ArchiveClaims TechnologyInsurersLegalLicensingLoss ControlOntario

Regulator revokes healthcare provider licence for insurance fraud 

January 29, 2024 by Jason Contant

Ontario’s financial services regulator has revoked the healthcare service provider licence of a Markham clinic and imposed administrative penalties against the clinic and two individuals in connection with fraudulent billing practices.  The Financial Services Regulatory Authority of Ontario (FSRA) revoked

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How insurtechs can stand out in a crowded P&C market

January 17, 2024 by David Gambrill

Market dynamics are making it tougher for start-up insurtechs to find willing insurance company partners, and some say digital specialization is the key for insurtechs to make their way into the squeezed P&C industry. “Focus on specific differentiation,” advises Marcus

Concept of quantum computing
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Quantum computing: How could it be regulated?

January 16, 2024 by Jason Contant

Canadian financial services regulators have the emerging technology of quantum computing on their radar, but questions remain around its potential regulation. “Regulating quantum computing, especially in the context of the insurance industry, is complex due to the technology’s novelty and

Removing damaged drywall
News ClaimsClaims TechnologyConstructionInsurersLoss ControlLoss TrendsPersonal Home

Can higher lodging costs cut restoration losses?

January 12, 2024 by Philip Porado

Insurers looking to reduce home restoration claims costs should find ways to avoid tearing out walls, flooring, rugs, trim and other major construction components. One insurer’s launched a program to do just that. The approach will lead to a “1%

Greg Purdy
News Claims TechnologyCyberTechnology

2024 Executive Outlook | Greg Purdy, Rival Insurance Technology

December 27, 2023 by Canadian Underwriter Staff

At a high level, we expect 2024 to be a challenging year for the industry. We have no clear picture on where interest rates may land when approximately half of Canadian mortgages renew in 2025, and we have historic levels

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How the industry’s talent war shapes insurance education

September 21, 2023 by David Gambrill

Property and casualty insurance education is adapting to meet the needs of the industry’s desire for ‘plug-and-play’ talent that can hit the ground running, one panelist told a Live with CU presentation last week. More specifically, educational bodies are entering

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UBI app offers quarterly price adjustments for drivers

September 14, 2023 by Jason Contant

Definity Financial Corporation has launched a usage-based insurance (UBI) product it describes as the first-ever to offer quarterly price adjustments based on recent driving scores. “We wanted to make sure drivers were able to benefit quickly from their safe driving

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News B.C.ClaimsClaims TechnologyInsurersLoss TrendsPersonal AutoQuebecTechnology

What insurers pay to repair EVs

September 11, 2023 by David Gambrill

Although electric vehicles in Canada cost an average of $1,328 more to repair than vehicles with internal combustion engines (ICE), EVs are less likely to be written off as a total loss, says a Mitchell report. The cost of the