Canadian Underwriter

Topic Technology

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Why open banking could ‘terrify’ brokers

October 8, 2021 by Greg Meckbach

If open banking comes to Canada, this could make it easier for fintechs and banks to offer embedded insurance and it will be hard to stop firms from using open banking data for underwriting purposes, a technology executive predicts. Open

News CommercialCyberEmerging RisksTechnology

Here are your security blindspots in the new hybrid workplace

October 5, 2021 by Jason Contant

The hybrid workplace increases your client’s cyber risk exposure, as cybercriminals have spotted new opportunities with a distributed workforce and are determined to exploit soft spots associated with remote work, HP suggests. According to the HP Wolf Security Blurred Lines

News BrokersMergers and AqcuisitionsOperationsTechnology

Mass personalization can enhance customer experience: PwC Canada

October 5, 2021 by Canadian Underwriter Staff

Accelerated digitization continues to drive strong M&A activity in P&C, with brokerages that prioritize the customer in their digitization strategies more likely to succeed. “Understanding the customer and how to change the customer experience will be the key differentiator for

News ClaimsCommercialCyberTechnology

7 in 10 Canadian organizations facing ransomware attacks paid demands: survey

October 5, 2021 by Salmaan Farooqui - THE CANADIAN PRESS

Cybersecurity experts say a new poll that suggests nearly 70 per cent of Canadian organizations facing a ransomware attack last year paid the demands is evidence that such payments should be made illegal. Of the businesses surveyed, 17 per cent

News Business InterruptionCommercialCyberEmerging RisksTechnology

Will cyber insurance rates double in the next couple years?

October 4, 2021 by Jason Contant

Prices in the cyber re/insurance market could rise sharply between 2021 and 2023, in some cases doubling from current levels, according to a report from S&P Global Ratings. “Depending on the region and [terms and conditions], policyholders could expect rate

Businessman with stack of office files
News BrokersOperationsTechnology

Digitization is ‘much more than going paperless,’ panel says

September 30, 2021 by Canadian Underwriter Staff

Going digital doesn’t simply mean going paperless — it’s about the end-to-end customer experience, panellists participating in a Canadian Underwriter webinar advised. “When we talk about going paperless, it’s much broader and more robust than simply not mailing out paper

News Emerging RisksEnvironmentalTechnology

Regulator expects more frequent volatility in financial sector

September 30, 2021 by Ian Bickis - THE CANADIAN PRESS

TORONTO – The head of Canada’s banking regulator warned Wednesday of the potential for increased volatility in the global financial system as risks, especially around climate change and digital finances, are on the rise. “My new responsibility requires that I

News CommercialMergers and AqcuisitionsOperationsTechnology

Buy or build: What surveyed Canadian businesses prefer

September 29, 2021 by Jason Contant

Small- and medium-sized enterprises (SME) surveyed by KPMG Canada have identified organic growth as a top strategy, followed by digital technology investments.  Of the 505 respondents to KPMG’s Business Outlook Poll, nearly three-quarters (71%) identified organic growth as a top

Togetherness concept
News BrokersMergers and AqcuisitionsTechnology

Strong M&A activity driven by massive push for scale, digitization: PwC Canada

September 27, 2021 by Canadian Underwriter Staff

The race to achieve scale, connect digitally with customers and realize synergies are driving continued strong M&A activity in P&C insurance, a recent PricewaterhouseCoopers (PwC) Canada report suggests. Valuations remain at “historic highs” for insurance brokers and MGAs, bringing new

Businessman Standing At Edge Of Cliff
News ClaimsCommercialCyberEmerging RisksMGAsSupply ChainTechnology

Which cyber risks lurk on the horizon?

September 23, 2021 by Canadian Underwriter Staff

As brokers grapple with an evolving cyber insurance market, one managing general agent is looking ahead to help the industry keep pace. George Bozanin, managing partner and head of business development with Coalition Insurance Canada, told Canadian Underwriter the post-pandemic

News Claims TechnologyInsurersOperationsTechnology

How insurtech is making ‘significant inroads’

September 20, 2021 by Greg Meckbach

Canada has hundreds of new insurtech startups and some of them can help you give consumers the experience they have come to expect from other industries, speakers suggested during the 2021 A.M. Best Canada Insurance Market Briefing. “I think our

A Computer System Hacked Warning
News BrokersCyberMGAsTechnology

Understanding cyberattack techniques can improve your game

September 20, 2021 by Canadian Underwriter Staff

Knowing the most common cybersecurity attacks can help brokers better advise their clients on risk mitigation strategies, a Canadian cyber insurance provider has said. Selling cyber policies remains a concern for many brokers, who are struggling to keep up with