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…
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…
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…
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…
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…
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…
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,…
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…
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…
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…
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…
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…