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Regulator looking into the ‘black box’ of auto rating models

January 24, 2023 by Jason Contant

Auto insurance rating models are becoming so complex that Ontario’s regulator is looking not only at the inputs of these models, but now the outputs as well, attendees heard at an industry event last week. “There are concerns that these

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News ClaimsInsuranceRisk

Why insurers risk losing millions in premiums without this tech

August 24, 2022 by Alyssa DiSabatino

Millions in insurance premiums each year in Canada could be at risk due to poor claims experiences and process inefficiencies, but artificial intelligence (AI) technologies can mitigate these losses and create efficiencies that bring in more dollars, a new report

Blurred background of a businesswoman. She is reaching out with 5 hand-drawn stars to create a rating.
News InsuranceTechnology

How to improve your customer’s buying experience

March 17, 2022 by Alyssa DiSabatino

Digitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the

A woman's face is lit up by the blue light of the screen she is holding in her hand. It is scanning her face.
News Technology

AI’s new risk: How brokers and insurers can protect clients

February 28, 2022 by Alyssa DiSabatino

Data automation has created an emerging risk: AI can develop unintended biases within its own data that can yield unfair results and potentially harm a client’s business. Although it’s not the only risk associated with AI, the potential for a

BC Place
News Insurance

Montreal-made website uses AI to show impacts of climate change on any address

October 14, 2021 Tara Deschamps - THE CANADIAN PRESS

TORONTO – Imagine Parliament Hill blanketed in orange skies, floodwaters climbing the sides of BC Place stadium or a thick layer of smog fogging the view of Halifax from Citadel Hill. These are all scenes depicted on a website published

News Insurance

Claims talent spread thin? No worries: digitize your claims triage

December 5, 2019 by David Gambrill

With talent spread thin in greying claims departments, insurers are looking to use AI to help digitize their claims triage process and other workflows. Officially, it’s called “intelligent process automation” (IPA),” a combination of workflow processes, automation and artificial intelligence

News InsuranceTechnology

What insurance executives fear will make them go out of business in 5 years

November 27, 2019 by Jason Contant

Forget about attracting talent, keeping up with rapid change, or complying with a myriad of regulations – what’s really keeping insurance executives up at night is scaling artificial intelligence (AI) for their business. According to a recent report from Accenture,

News InsuranceTechnology

Focus on these three areas when developing AI best practices

September 17, 2019 by Jason Contant

Financial institutions looking to adopt and develop best practices on the responsible use of artificial intelligence (AI) should focus on three areas: explainability, bias and diversity, experts say. A new TD Bank Group survey of 1,200 Canadians found that a

News ClaimsInsuranceRestorationTechnology

How AI can help shape a more effective disaster response

June 7, 2019 by Jason Contant

Artificial intelligence (AI) should be used not only to predict what will happen, but to shape and influence that outcome, the president of IBM Canada said Wednesday. “Predicting it is good, but the value that you get as an enterprise

News InsuranceTechnology

How AI can connect the dots between your systems

April 26, 2019 by Jason Contant

Artificial intelligence (AI) should be used to “connect the dots” between different data silos and decisions made within an insurance company, Charles Dugas, head of insurance at Element AI, said last week. The goal is to develop a system that

News InsuranceTechnology

How Intact is promoting Big Data and actuarial training

January 21, 2019 by Jason Contant

Canada’s largest insurer has teamed up with a Quebec university to establish two new chairs in artificial intelligence (AI) and actuarial science. Intact Financial Corporation and Université Laval announced Friday: The Natural Sciences and Engineering Research Council (NSERC)/Intact Financial Corporation

News InsuranceTechnology

Why future AI will involve less data

January 14, 2019 by Jason Contant

Machines and applications with artificial intelligence (AI) capabilities will soon rely less on bottom-up big data and more on top-down reasoning that more closely resembles the way humans approach problems and tasks, Accenture said Monday. “We will have top-down systems