Canadian Underwriter

Topic Technology

Quantum computing could be a game changer for the insurance industry
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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

Discussing financial results
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How Aviva Canada is handling personal lines’ pressures

March 8, 2024 by Jason Contant

Aviva Canada’s overall combined ratio for 2023 stood at 95.3% (undiscounted) but there was a difference between the year-end combined ratios for personal versus commercial lines.  The insurer’s personal lines combined ratio (COR) last year came in at 99.5%, up

Secure document safety concept
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B.C. health authority warns of possible privacy breach after police recover documents

March 8, 2024 by The Canadian Press

An RCMP investigation has revealed a possible privacy breach for thousands of employees who worked or work at a health authority in British Columbia’s Interior. Interior Health says police contacted them in January about finding a document during its investigation

Woman working with two desktop screens that are displaying circle and bar graph data
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How to use your brokerage’s data to gain and retain clients

March 4, 2024 by Alyssa DiSabatino

Finding ways to harness your brokerage’s data can improve customers’ expectations and overall satisfaction rates, two brokerage heads shared at the Insurance Canada Technology Forum in Toronto.   For example, brokerages tracking and taking action on their internal metrics will

A truck distributing books to Toronto Public Library following a cyberattack
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How the Toronto library is recovering from a cyberattack, one book at a time

March 1, 2024 by Nicole Thompson – The Canadian Press

Hundreds of thousands of books have been freed from a months-long purgatory as scores of staffers race to get them out of storage and back on shelves following a cyberattack that felled the Toronto Public Library’s computer systems in October.

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

Cyberattack concept
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No evidence that RCMP data was extracted during recent cyberattack: commissioner

February 28, 2024 by The Canadian Press

OTTAWA – The head of the RCMP said Tuesday there was no evidence to date that personal or operational information had been pilfered from the national police force’s systems during a recent cyberattack. “Based on information that we’ve gone through,

Businessman using a computer and dashboard RPA
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Why brokers are embracing the ‘bots

February 27, 2024 by Jason Contant

Robotic process automation (RPA) used to automate brokers’ repetitive tasks has become a much more mainstream technology over the past year or two, the co-founder of software robot tech company Quandri told Canadian Underwriter in an interview. “A couple of

Autonomous car sensor system concept for safety of driverless mode car control
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Safety tech in cars isn’t reducing insurers’ claims costs

February 27, 2024 by David Gambrill

Much has been made of the new electronic safety tech in cars, but it doesn’t seem to be making a dent in auto insurers’ claims costs, according to a new report by “You might expect that with more safety

Saving coins to represent high cost insurance coverage for cyber attacks
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Pricing still affects brokers’ ability to sell cyber

February 27, 2024 by David Gambrill

To the surprise of no one in the broker channel, the ongoing hard market in cyber still plays a significant role in why clients decline to buy coverage. About 40% of brokers responding to a recent CU survey selected ‘Price

Air Canada Boeing 777 taking off from Vancouver International Airport during sunset. Date: Feb 11, 2022
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Air Canada chatbot error shows liability implications of AI

February 21, 2024 by Alyssa DiSabatino

Air Canada has been ordered to uphold a policy fabricated by its AI customer chatbot in a recent Civil Resolution Tribunal (CRT) dispute.   The decision is a cautionary tale for why clients need to be sure their AI chatbots

COVID-19 hacker
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Inadequate security led to breach that compromised Canadians’ info: watchdog

February 16, 2024 by Jim Bronskill – The Canadian Press

OTTAWA – Government departments lacked adequate protections to fend off a “sophisticated and co-ordinated” cyberattack that compromised the sensitive information of tens of thousands of Canadians, the federal privacy watchdog has found. In a report tabled Thursday, privacy commissioner Philippe