Keyword
fintech
Ontario regulatory sandbox helps fintechs develop digital insurance products
January 14, 2022 Clinton d’Souza, Marsh CanadaFor children, the sandbox is a place to build, and experiment without facing the risks and dangers of the real world. But sandboxes of a different type allow start-ups to develop innovative products, services and business models without immediately facing…
Why open banking could ‘terrify’ brokers
October 8, 2021 by Greg MeckbachIf open banking comes to Canada, this could make it easier for fintechs and banks to offer embedded insurance and it will be hard to stop firms from using open banking data for underwriting purposes, a technology executive predicts. Open…
Is it okay to use open banking data for underwriting?
August 10, 2021 by Greg MeckbachMutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own…
Banking data should not be used for underwriting insurance: open banking committee
August 5, 2021 by Greg MeckbachOpen banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up…
Why insurance apps need to be extremely simple to learn
March 9, 2021 by Greg MeckbachFor the P&C industry, one of the biggest challenges of going digital is the relatively few times a client interacts with an insurer provider, a fintech webinar speaker suggested Tuesday. When the financial industry started offering electronic cheque deposit, “it…
Meet the new Canadian Association of Mutual Insurance Companies president
October 22, 2020 by Greg MeckbachWith the COVID-19 pandemic drastically reducing the frequency of in-person meetings, the new president of the Canadian Association of Mutual Insurance Companies (CAMIC) plans to meet online with each member to hear their concerns. “I am mapping out a plan…
One broker’s bold prediction about contactless payment options
September 21, 2020 by Greg MeckbachConcerns over the risk of COVID-19 transmission could accelerate the changes that technology has been bringing to financial transactions, including contactless payment options, a commercial broker suggests. “Financial services are changing very quickly,” said Mark Morency, senior vice president and…
Four opportunities COVID provides for fintechs
April 23, 2020 by Greg MeckbachThe COVID-19 pandemic is putting renewed emphasis on digitizing of insurance processes including payments, claims, applications and signatures, a Canadian fintech venture capital executive suggests. “This is a good opportunity for fintech, because the acceleration of innovation in financial institutions…
Three reasons fintech is driving brokerage acquisitions
December 11, 2019 by Greg MeckbachDisruption by fintechs will be one driving force behind mergers and acquisitions among insurance brokerages, industry executives say.“I think fintech will help perpetuate this continued consolidation trend because I think at the small end of the market, fintech is viewed…
Brokers await regulations on bank fintech changes
May 17, 2019 by Jason ContantAs the federal government drafts regulations related to recent Bank Act amendments, the Insurance Brokers Association of Canada (IBAC) is confident that the fundamental aspects of their position have been upheld. Bill C-74, which received royal assent in June 2018,…
Intact-backed insurtech cracks the Fintech100 list
October 23, 2018 by Greg MeckbachA French robo-broker and an auto insurer backed by Canada’s largest property and casualty carrier are among the insurtechs “driving disruption” in financial services, a report released Tuesday suggests. KPMG announced Tuesday the fifth annual Fintech100, a report that highlights…
Brokers, mutuals split on tactics after ministry’s controversial phone call
May 22, 2018 by David GambrillThe Canadian Association of Mutual Insurance Companies (CAMIC) and the Insurance Brokers Association of Canada (IBAC) are split on tactics regarding a federal government bill that would allow banks to share customer data with fintechs. Which path better protects consumers…