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Four steps insurers must take for increased productivity

August 19, 2019 by Jason Contant

In today’s digital and rapidly changing market environment, insurers must take a more aggressive and structural approach to productivity to make significant progress, said a new report from management consulting firm McKinsey & Company. “Historically, pulling a clear-cut set of

News Insurance

Five bold moves insurers can take to increase profits

June 25, 2019 by Jason Contant

Economic profit is unevenly distributed among insurance companies, but five bold moves can help carriers catch up, McKinsey & Company said in a paper released late last week. These moves include shifting resources between businesses, reinvesting a substantial share of

News Commercial LinesInsuranceTechnology

What the commercial underwriter of the future might look like

February 22, 2019 by Jason Contant

Commercial underwriting in the future may expand to encourage more cross-functional and hybrid responsibilities, potentially with engineering, claims, finance or operations, according to a new report from McKinsey & Company’s insurance practice. “To attract younger talent, companies need to recognize

News InsuranceMarkets / Coverages

Is investing in AI worth it for Canadian insurance carriers?

June 12, 2018 by Jason Contant

While the vast majority (94%) of Canadian insurance professionals surveyed believe that artificial intelligence (AI) will transform the insurance industry, the jury is still out on whether carriers are receiving a return on investment from analytics yet. Insurance Nexus released

News InsuranceTechnology

Patience urged of insurers who don’t see value in their early AI investments

June 5, 2018 by Jason Contant

Despite all the hype about artificial intelligence (AI), and the significant investment in it, most global insurers don’t think they are getting value from their investment. In fact, 85 per cent of more than 1,000 global executives polled by McKinsey

News BrokersInsuranceMarkets / CoveragesTechnology

Here’s a way small brokerages can afford AI

June 4, 2018 by Jason Contant

Budget may not be a big concern for larger companies looking to incorporate artificial intelligence (AI) into their operations, but is AI cost-prohibitive for small, local brokerages? “I don’t think you need a massive budget to do some of this

News InsuranceMergers and AqcuisitionsTechnology

Incumbent insurers should rethink businesses, embrace opportunity in digital technology: McKinsey & Company

March 9, 2017 by Canadian Underwriter

The insurance industry is not impregnable and companies would be well-advised to reinvent themselves by incorporating digital technology and allowing it to become a catalyst, suggests a new report issued Thursday by McKinsey & Company. Some executives “know that staying

News InsuranceProfessional Development

RMS appoints Mike Pritula as president, effective March 1

February 14, 2017 by Canadian Underwriter

Risk Management Solutions, Inc. (RMS) announced on Tuesday that it has appointed industry veteran Mike Pritula as president, effective March 1. Pritula will lead RMS’ client service and market development, advancing the company’s role in delivering value to enable its

News InsuranceMergers and AqcuisitionsTechnology

Most companies unprepared for emergence of autonomous vehicles: Munich Re survey

July 19, 2016 by Canadian Underwriter

Most companies are unprepared for the emergence of autonomous vehicles (AVs), with 64% of polled risk managers saying that their companies have done nothing to prepare for the emergence of these vehicles in the auto market, according to a Munich