Topic Technology
Toronto Zoo says staff personal info stolen in ransomware cyberattack
January 18, 2024 by The Canadian PressTORONTO – The Toronto Zoo says it believes personal information of its current, former and retired employees was stolen in a ransomware cyberattack first detected earlier this month. The zoo says the information includes past earnings information, social insurance numbers,…
How insurtechs can stand out in a crowded P&C market
January 17, 2024 by David GambrillMarket 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…
Quantum computing: How could it be regulated?
January 16, 2024 by Jason ContantCanadian 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…
Regulator seeks industry feedback on AI, quantum computing
January 5, 2024 by Jason ContantCanada’s financial services supervisory regulator is seeking input from federally regulated financial institutions (FRFIs) on how they are adopting artificial intelligence (AI)/machine learning (ML) into their operations. The Office of the Superintendent of Financial Institutions (OSFI) and the Financial Consumer…
Cybersecurity issue delays in-person classes at Newfoundland’s Memorial University
January 3, 2024 by The Canadian PressST. JOHN’S, N.L. – A Memorial University campus in western Newfoundland is the latest Canadian post-secondary institution to be grappling with what officials are calling a “cybersecurity incident.” The beginning of most in-person classes for the winter semester at Memorial’s…
2024 Executive Outlook | Greg Purdy, Rival Insurance Technology
December 27, 2023 by Canadian Underwriter StaffAt 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…
2024 Executive Outlook | Philomena Comerford, Baird MacGregor
December 19, 2023 by Canadian Underwriter StaffPhilomena Comerford, president, CEO, Baird MacGregor Technology will continue to change the way we work, presenting both productivity opportunities and oversight challenges for our industry and our workforce. Artificial intelligence (AI) has the potential to vastly improve our industry’s efficiency, allowing us…
Transport Canada says Tesla recall will affect roughly 193,000 cars in Canada
December 14, 2023 by The Canadian PressOTTAWA – Tesla’s recall over its autopilot function will affect about 193,000 vehicles in Canada. Transport Canada says Tesla will provide an over-the-air software update to fix the advanced driver assistance features. Transport Canada says the recall will be added…
4 ways ChatGPT could worsen cyber risk
December 14, 2023 by Jason ContantLanguage models like ChatGPT could be used by bad actors to re-write software code and better prepare phishing emails, a cyber specialist warned recently. The state-of-the-art language generation model is capable of understanding and generating human-like text based on a…
How insurance premium financing enhances client relationships
December 13, 2023 by Jeffrey PsiukCanadian brokerages aren’t taking full advantage of an opportunity to arrange premium financing for their clients, particularly for commercial policies covering broad-based risks. In Canada, only 15% of brokered premiums are financed. By comparison, the U.K. rate is 20%, and…
Why most of your commercial clients are underinsured by at least 30%
December 12, 2023 by Jason ContantAccurate valuation and occupancy data points remain top challenges for commercial broker submissions, according to Greg McCutcheon, president of Canada’s largest property data provider, Opta Information Intelligence. In this inflationary environment, keeping up with valuations and ensuring commercial property brokers…
Private equity firm acquires digital brokerage
December 8, 2023 by Jason ContantPrivate equity firm Southampton Financial Inc. has announced its acquisition of Ontario-based digital insurance brokerage aha insurance. Launched in 2017, Waterloo, Ont.-based aha insurance offers consumers the ability to quote, purchase and manage car and home insurance policies entirely online.…