Topic Operations
Explain how AI leads to underwriting decisions, report urges
March 31, 2021 by Greg MeckbachInsurers who use big data and artificial intelligence to make underwriting decisions must be prepared to explain to clients and regulators exactly how they arrived at those decisions, an Insurance Institute of Canada researcher suggests. “A challenge in the application…
3 pieces of advice before selling your brokerage
March 29, 2021 by Jason ContantHighlighting which areas of your brokerage can run without you is a crucial exercise for any broker principals who want the sale of their brokerage to be a happy and fulfilling event, according to information adapted from a recent Harvard…
What would a hybrid workplace even look like?
March 26, 2021 by David GambrillCanadian property and casualty insurance professionals would like a more flexible, hybrid workplace, a recent survey shows, but the question for employers now is what such an arrangement might look like. About 87% of the more than 1,150 P&C insurance…
OSFI results: The good, the bad, and the ugly for Canada’s P&C industry
March 25, 2021 by David GambrillCOVID-19 last year might have been the end of the world as we know it, to riff on a song by R.E.M., but Canada’s P&C insurance industry is doing fine — financially, at least. After a full year of the…
Fewer brokers in 10 years, insurance exec predicts
March 24, 2021 by Adam MalikBrokers may not disappear over the next 10 years but their ranks will definitely thin out, an insurance brokerage executive predicted during a recent webinar. Commoditization of the insurance industry will cut out transactional procedures that many brokers find themselves…
Hardest-hit businesses call for extension of federal wage, rent
March 24, 2021 by Jordan Press and Joan Bryden - THE CANADIAN PRESSOTTAWA – The federal Liberals are facing calls from some of the hardest-hit businesses in the pandemic to use the coming budget to extend emergency relief programs beyond June, saying many will still need help even as the economy picks…
The demographic suffering most during remote work
March 23, 2021 by Jason ContantVery young workers at your brokerage or insurance company are the “overlooked demographic” that may be suffering the most as we pass the one-year anniversary of working from home during the pandemic, according to a recent survey from Microsoft Corp.…
2020 results: Did Canada’s insurers “outrun the bear” of claims inflation?
March 23, 2021 by David GambrillCanada’s P&C insurance industry survived the pandemic year of 2020 in good financial health, although some insurers wound up with healthier balance sheets than others, according to financial data published in the forthcoming MSA Research Q4-2020 Outlook Report. “The Canadian…
What’s next in IBAC’s data exchange API pipeline
March 22, 2021 by Greg MeckbachAt least one insurer plans to offer an application programming interface (API) intended to help brokers quote and bind coverage for small businesses without the aggravation of having to log into different insurer portals or send emails or faxes. Unica…
COVID’s impact on the Canadian P&C industry’s capital base
March 22, 2021 by David GambrillCOVID-19 may have affected the earnings of individual P&C insurers unevenly, but the industry’s overall capital base reached the unparalleled height of $52.6 billion during the first three quarters of 2020, according to the Property and Casualty Insurance Compensation Corporation…
How vaccine rollout impacts commercial risk management
March 22, 2021 by Greg MeckbachIf your commercial clients are bringing more workers back into the office, risk managers might be curious as to whether returning workers have received any of their COVID-19 vaccine shots. But before your clients ask their employees about their vaccine…
How COVID has influenced usage-based auto insurance adoption
March 19, 2021 by Greg MeckbachMotorists who are driving fewer kilometres than they were before the pandemic are more likely to select usage-based auto insurance, Intact Financial Corp. observes. “COVID has pushed consumers to recognize that maybe UBI would be a tool that will immediately…