Using technology like artificial intelligence can help insurers attract the right people and keep them engaged, suggests the head of a major Canadian insurer. “It’s a tough talent market right now across the leading insurance markets in the world. Canada…
Chatbots are getting better at answering questions, and many Canadian insurers are taking a serious look at the technology, a fintech analyst said Tuesday. “Quite a few of the major insurers in North America are looking to chatbots as a…
A Toronto-based artificial intelligence (AI) vendor is working with Zurich Canada to reduce errors and omissions risk in commercial insurance policies. Often commercial policies have dozens of pages with several endorsements, which someone needs to read for accuracy before the…
Using artificial intelligence, brokers can gain valuable insights from data, but making decisions based on those insights might be easier said than done. “There is an issue that all companies struggle with. It’s one thing to gain insights out of…
Figuring out what products your customers might buy next or what they are complaining about are two ways you could be using artificial intelligence now, the founder of a big data vendor suggests. “In the future you are going to…
Climate change has turned the risk of wildfire into a year-round peril in Western Canada, a geography expert says. In the past, wildfire season started in April or May and ended some time in October, said Dominic Ford, senior geospatial…
Electronic data can be a powerful tool and is not expensive to store, but it’s only useful if you have a strategy behind it, speakers said during this week’s Insurance Analytics Canada Summit. “If you don’t have a data strategy,…
Artificial intelligence and data analytics is one reason some Canadian insurers are underwriting residential flood coverage, speakers said Tuesday during an industry conference. “Here is an opportunity that we took to really look at the massive data sets we worked…
Machine learning – which some brokers use to make chatbots – can also help companies improve cyber risk by flagging abnormal activity. Machine learning is a type of artificial intelligence, which mimics human cognition and activities, such as identifying patterns.…
If you’re an insurance organization looking to adopt innovative new technology such as artificial intelligence, you’ll want to avoid the “broken arrow” approach to implementation. In some instances, organizations may put the cart before the horse, with IT departments developing…
Canadian insurers wanting to handle claims like Lemonade are going to have to accept some trade-offs, a Claims Summit speaker said Tuesday. New York City-based Lemonade Insurance Company uses artificial intelligence and says it can handle some claims in three…
Some insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains – for…