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innovation

News InsuranceMarkets / CoveragesRiskTechnology

The future of carbon removal insurance: As big as oil and gas?

April 1, 2021 by David Gambrill

Carbon removal is poised to become a booming industry over the next 30 years, providing an opportunity for innovative P&C insurers to pioneer in carbon removal insurance products, Swiss Re’s chief risk officer predicts. “By 2050, the industry of carbon

News Insurance

Opinion: This is where insurance companies need to look to be ready for tomorrow’s customers 

March 18, 2021 Anthony Grosso, EIS

The acceleration of digital transformation in the pandemic era means insurance companies need to evolve, and that starts with reimagining your core technology systems. Over the insurance industry’s long history, a key hallmark has been its promise of peace-of-mind, trust

News AssociationsBrokersTechnology

IBAO’s stance on electronic termination of coverage

November 24, 2020 by Greg Meckbach

Insurers should be allowed to terminate auto policies electronically if consumers consent, the Insurance Brokers Association of Ontario’s CEO says. In its budget document released Nov. 5, the Ontario government said the next phase of its previously-announced “blueprint” for auto

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Insurtechs urge P&C industry to keep foot on the gas with innovation

August 17, 2020 by Adam Malik

Innovation in the insurance industry has shown to be critical over the last number of months, and insurtechs are urging brokers and carriers not to lose the momentum they’ve established. Insurtechs called for closer collaboration between the property and casualty

News InsuranceProfessional DevelopmentTechnology

The latest in P&C professional development training: How to be innovative

February 3, 2020 by Jason Contant

Canadian insurance professionals want to learn how to be innovative, and they are enlisting the help of a Canadian-based open innovation centre to explore the new frontier of design thinking. “Design thinking revolves around a deep interest in developing an

News InsuranceTechnology

You’re insuring the cars. Why not sell or lease them, too?

January 29, 2020 by Jason Contant

Here’s a crazy thought: What if customers bought or leased vehicles directly from an insurer instead of going to an auto dealership? Insurers are exploring such a scenario right now, Sven Roehl, co-founder of Cookhouse Labs in Toronto, told Canadian

News InsuranceLegislation / RegulationProducts

This regulator’s new approach to innovation

October 11, 2019 by Jason Contant

Ontario’s new financial regulator wants to encourage innovation by allowing new product or distribution ideas on a trial basis. “Because if you don’t allow people to iterate… then it’s easier for them not to come in,” Mark White, CEO of

News InsuranceMarkets / CoveragesProducts

Does product innovation require a change in coverage?

September 13, 2019 by Jason Contant

Remarkable product innovation can occur without really ever changing the core coverage of the product, Marc Lipman, chief operating officer at AIG Insurance Company of Canada, said Tuesday at the Connected Insurance Canada conference. He used the example of travel

News BrokersInsuranceTechnology

Where do the most innovative ideas come from? Not your CEO

August 29, 2019 by Adam Malik

The next time you’re brainstorming the next big idea, don’t extend a meeting invite to your executives. Instead, make sure as many of your frontline staff members as possible are there. The thing about great ideas, said Aly Dhalla, co-founder

News Insurance

You don’t always have to be first in innovation

May 29, 2019 by Adam Malik

If you ain’t first, you’re last. That’s the mantra Ricky Bobby lives by in the movie Talladega Nights as a race car driver. But when it comes to innovation, if you ain’t first, you’re probably better off. It can be

News InsuranceTechnology

Steps to scale innovation at your company

March 8, 2019 by Jason Contant

Scaling innovation across a business can be a challenge, as most organizations start innovation in a “pocket, team or lab,” a speaker said late last month at the Insurance-Canada.ca Technology Conference. Simon Chan, head of corporate innovation thought leadership at

News InsuranceTechnology

Wawanesa’s plan to innovate at scale

March 7, 2019 by Jason Contant

Having a flexible and accommodating schedule is key to incorporating innovation into an organization, the director of Wawanesa Mutual Insurance Company’s Innovation Outpost said recently. Last June, Wawanesa opened its Innovation Outpost lab in Kitchener, Ont. One of the first