Keyword
artificial intelligence
Why insurers risk losing millions in premiums without this tech
August 24, 2022 by Alyssa DiSabatinoMillions 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…
AI’s new risk: How brokers and insurers can protect clients
February 28, 2022 by Alyssa DiSabatinoData 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…
Insurers come out of COVID looking at AI-based claims tech
July 7, 2021 by Adam MalikNow that the global pandemic has expedited the use of artificial intelligence in auto insurance claims processing, carriers are left with a simple choice, according to one industry AI expert — invest or be left behind. The promise of processing…
Here’s what you need to do before deploying artificial intelligence
June 30, 2021 by Greg MeckbachBrokers wanting to take advantage of artificial intelligence and machine learning need large amounts of data and to hire the correct experts. If a company wants to effectively build and deploy artificial intelligent and machine learning systems, it needs a…
Brokerages will need these new skill sets
May 10, 2021 by Greg MeckbachTo compete in a digital world, the insurance industry needs to hire data scientists and computer programmers, Virtual Symposium B.C. attendees heard last week. “Every insurance organization is going to look at new roles that they never had before,” said…
Why regulation holds auto insurers back from using advanced modelling
August 4, 2020 by Greg MeckbachAuto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s…
The business processes you should automate now
July 17, 2020 by Greg MeckbachInvoice processing and after-hours self-service are among the processes you could be automating today with advanced computing technologies. Aviva Canada has automated the reconciliation of invoices, the company’s chief claims officer, Bryant Vernon, reported during a Canadian Underwriter webinar Thursday.…
How insurtech Lemonade’s IPO is going so far
July 3, 2020 by Greg MeckbachDespite the pandemic-induced economic downturn, an insurtech that promises tenants quotes within minutes started trading this week on the New York Stock Exchange. Shares of Lemonade Inc. rose sharply July 2, closing at US$69.41, more than double the price at…
How the industry can take advantage of artificial intelligence
June 18, 2020 by Greg MeckbachBrokerages who use artificial intelligence could find opportunities to upsell based on changes in a client’s lifestyle, according to a software vendor executive. The more data you feed a machine learning model and the more you train it, the better…
Technology Outlook 2020
February 3, 2020 Greg Meckbach, Associate EditorWhat major technology trends do you foresee in the property and casualty insurance industry in 2020? What new technologies will be on the brokers’ radar? We put these questions to a number of tech experts; their responses will inform your strategic thinking about tech.
Electronic claims triage
January 15, 2020 David Gambrill, Editor in ChiefTrying to figure out which claim is best-suited to which adjuster? Now technology can do that for you
Why your commercial book will start getting a lot more rejections
November 6, 2019 by Greg MeckbachInsurers who replace underwriters with computers are rejecting a lot of small business applications for reasons that are unclear to the brokers, a commercial broker suggests. “I think that insurers will start to realize that the black boxes are actually…