Keyword
EY
What open banking means for brokers
June 21, 2019 by Greg MeckbachBrokers should see open banking as more of an opportunity than a threat, a partner with EY Canada suggests. Open banking is a system in which consumers could consent to sharing their banking transaction data with other financial services providers,…
How weak insurance sector growth puts technology in the spotlight
January 17, 2019 by Jason ContantExpected weak insurance sector growth in the near-term is fueling the need for efficiency gains through technology and innovation, Ernst & Young Canada said recently. The EY Insurance Outlook 2019 reveals that insurance sector growth is expected to remain weak…
Why insurers should invest in omnichannel strategies
December 19, 2018 by Jason ContantWith strategic investment in digital initiatives and omnichannel, insurers can become more customer-centric, achieve growth and lower costs, Ernst & Young (EY) said recently. Digital and omnichannel is one of five key issues and trends that should be on the…
A researcher’s take on ICBC’s low customer satisfaction scores
December 1, 2017 Greg Meckbach, Associate EditorBritish Columbia’s monopoly auto insurer has little incentive to improve customer satisfaction, and an opposition party member is slamming the ruling New Democratic Party for not implementing recommendations made in July immediately after taking power. Insurance Corporation of British Columbia…
Allianz trials blockchain prototype for the captive insurance market
November 7, 2017 by Canadian UnderwriterInternational insurance transactions can be significantly accelerated and simplified, suggests a trial by Allianz Global Corporate & Specialty (AGCS) involving the successful implementation of a blockchain prototype for the captive insurance market. “We are currently seeing many blockchain applications in…
Making ICBC a co-op one option for B.C., competition must be part of any option selected: taxpayers federation
August 25, 2017 by Canadian UnderwriterThe British Columbia government has options at its disposal to address auto insurance problems in the province – ranging from leaving the Insurance Corporation of B.C. (ICBC) to shuttering the insurer – but all should include reintroduction of competition, concludes a new report commissioned by the Canadian Taxpayers Federation (CTF). CTF argues that “fast and furious changes” are needed in light of the “looming 30% hike to car insurance,” a figure noted in an Ernst & Young LLP (E&Y) report made public last month. Among its many observations, the…
More vehicle crashes, increased injury payouts and higher vehicle repair costs contributing to proposed rate hike: ICBC
August 15, 2017 Jason Contant, Online EditorA greater number of vehicle crashes, increased injury costs and higher vehicle repair costs are all contributing to the increase in proposed insurance rates for drivers in British Columbia, the province’s Crown corporation responsible for auto insurance said on Monday.…
EY report on reforming B.C. auto points to impending restrictions in Australia on auto accident benefits for minor injuries
July 27, 2017 by Canadian UnderwriterA report released April 11 by the Ontario finance ministry “contains many useful learnings” for British Columbia’s government-run auto insurer, Ernst & Young LLP suggested in a report released July 24. In Affordable and Effective Auto Insurance – a New…
Alternate dispute resolution, tripling accident benefits among potential solutions for B.C. auto insurance: EY
July 26, 2017 by Canadian UnderwriterThe process of suing for compensation for motor vehicle accidents “could be made far more efficient” in British Columbia, whose monopoly auto insurer’s basic accident benefits are “low compared to modern medical and rehabilitation costs” in care-based auto insurance schemes…
Insurance Corporation of B.C. financial condition ‘seriously compromised,’ Basic Autoplan needs redesign: EY
July 25, 2017 by Canadian UnderwriterThe premiums charged by British Columbia’s government-run monopoly provider of basic auto insurance are “not high enough” to cover claims, the system is not sustainable and the cost of the average minor bodily injury claim has risen well beyond the…
Tech and talent crunch among six major forces shaping Canadian P&C insurance in 2017: EY
February 28, 2017 by Canadian UnderwriterA “potent combination” of technological change, talent pressure, customer expectations and cyber risks is forcing Canada’s property and casualty (P&C) insurers to embrace innovation more urgently than ever in 2017, according to a new report from EY. EY’s 2017 P&C…
Only 43% of Canadian companies could detect a sophisticated cyberattack, EY study finds
February 15, 2017 by Canadian UnderwriterOnly 43% of Canadian companies could spot a “significant cybersecurity incident,” compared to 50% globally, according to EY’s Global Information Security Survey, released on Wednesday. The survey captured the responses of 1,735 participants around the globe from more than 20…