Canadian Underwriter

Topic Technology

Phone call from an unknown number - possible scam fraud or phishing
News ClaimsClaims Canada ArchiveCommercialCyberLegalLoss ControlTechnology

Government impersonation, phishing are top financial scams, Interac survey finds

November 30, 2023 by Ritika Dubey - THE CANADIAN PRESS

TORONTO – Government impersonation is one of the most common financial scams plaguing people across Canada, a new survey from payment processing company Interac Corp. has found. The report, released Tuesday, said 42 per cent of survey respondents reported dealing

Row of electric semi trucks at charging stations
News Commercial AutoInsurersQuebecTechnology

Electric truck/bus maker cuts jobs

November 27, 2023 by THE CANADIAN PRESS

MONTREAL – The Lion Electric Co. says it is cutting 150 jobs or about 10% of its total workforce in a move to reduce costs and improve its ability to reach its profitability objectives. Lion Electric chief executive and founder

Businessman using laptop with AI, tech, auto and travel insurance concepts
News ClaimsClaims Canada ArchiveInsurersPersonal HomeTechnology

Why you need to consider embedded insurance

November 23, 2023 by Jason Contant

Embedded insurance not only enhances the customer experience but also provides greater access to data for insurers, speakers said during KPMG’s recent 2023 Insurance Conference in Toronto.  “You unlock a lot of data that will change the way you do

A team planning their user interface development atop a desktop
News ManagementOperationsTechnologyTrusted Advisor

Where you can ease customer buying pain points

November 23, 2023 by Alyssa DiSabatino

P&C firms must simplify their customers’ user experience and reduce overall customer touch points, panellists at Reuters’ Future of Insurance Conference in Toronto shared.  Inefficient processes can have customers bouncing from one app to another, significantly slowing down their insurance

Computer Vision - Conceptual Illustration
News LegalTechnology

Competition Bureau investigating Applied Systems

November 21, 2023 by David Gambrill

Canada’s Competition Bureau has obtained a court order to advance a civil investigation into allegations of anti-competitive conduct by Applied Systems Inc. and its affiliates, including Applied Systems Canada Inc. Both the Competition Bureau and Applied Systems replied in separate

Man hold a light bulb with a strategy icon
News ClaimsClaims Canada ArchiveCommercialInsurersLoss ControlLoss TrendsMergers and AqcuisitionsOperationsTechnology

How the M&A environment will affect carriers’ business models

November 17, 2023 by Jason Contant

Canadian P&C insurance industry carriers and service providers will need to transform their business models to help control claims and operating costs in an M&A environment featuring competing demands for capital, speakers said Thursday at KPMG’s 2023 Insurance Conference in

Global cyberattack
News ClaimsClaims Canada ArchiveCommercialCyberInsurersTechnology

Is it time for a new approach to systemic cyber?

November 10, 2023 by Jason Contant

Systemic cyber risk needs to be tackled with more capacity and ways of dealing with the attritional cyber market, Marc Lipman, president and attorney-in-fact at Lloyd’s Canada, suggested during an industry event last month. “Just like there developed a traditional,

Cybersecurity concept
News BrokersCyberInsurersPersonal HomeTechnology

Is personal cyber the new fire?

November 6, 2023 by Alyssa DiSabatino

Clients are seven times more likely to fall victim to a cybercrime than a house fire.   But while most homeowners realize the need to have a fire extinguisher on hand, or to cover their risks with home insurance, many

Concept of secure medical records
News ClaimsClaims Canada ArchiveCommercialCyberOntarioTechnology

Ontario hospitals warn stolen patient, employee data may be published  

November 2, 2023 by The Canadian Press

Five Ontario hospitals affected by a recent ransomware attack, along with their shared IT provider, are warning patients and staff that their data may be published.   The attack caused an outage of some online services at Bluewater Health, Chatham-Kent Health

AI concept
News Emerging RisksInsurersLiabilityTechnology

Why AI is keeping P&C regulators up at night

October 31, 2023 by Alyssa DiSabatino

Increasingly concerned about biased uses of artificial intelligence, industry regulators are questioning insurers’ ability to explain why they’ve used certain data in their models or how the AI came to its conclusions, experts told the Insurance Bureau of Canada’s Regulatory

Ransom note to convey increase of cybercrime using ransomware
News ClaimsCommercialCommercial AutoCyberEmerging RisksInsurersLegalLiabilityLoss ControlLoss TrendsTechnology

What’s driving rising ransomware attacks

October 30, 2023 by Philip Porado

Ransomware attacks are increasing globally thanks to evolving cybercrime tactics that make it easier for thieves to transfer data from computers or other devices. “Cyber claims frequency has picked up again this year as ransomware groups continue to evolve their

Cyber shield icon
News ClaimsCommercialCyberInsurersTechnology

The most common cyber claims in Canada

October 23, 2023 by Alyssa DiSabatino

Ransomware continues to be one of the top cyber threats to Canadian businesses, even though wire transfer fraud incidents are more expensive on average, according to a recent industry study.  The average ransomware incident costs companies $596,000 USD, accounting for