Segment
Brokers
Alternate Channels
February 1, 2014 Craig Harris, Freelance WriterWhile some retailers are letting customers interact using mobile technologies, social media and self-serve kiosks, one expert says the insurance industry is just starting to grapple with the “omni-channel environment” while another contends that carriers have done little more than move paper-based transaction processes online. One senior IT executive for a property & casualty carrier notes that legacy policy administration computer systems are one obstacle and warns that a distribution strategy involving wireless devices and tablets raises information security concerns.
Electronic Signatures
February 1, 2014 Catherine Smola, President and CEO, Centre for Study of Insurance OperationsElectronic signatures make workflow less cumbersome. They can also produce an audit trail for each transaction and provide proof that the customer received and read the documentation before he or she signed it.
Tear Down This Wall
February 1, 2014 Jeff Roy, President and CEO, Excalibur Insurance and Group Member, Innovation Working Group, Organization of Real Time Brokers Implementing Technology (ORBiT)Imagine if Amazon’s online book-buying process worked the same way that insurance company portals work. Brokerages with as few as five markets are too busy doing training, managing passwords and keeping procedures current. Several improvements are required.
Use What You Have
February 1, 2014 Patrick J. Durepos, President, Keal technologyA recent ad-hoc survey found that fewer than 1% of brokers work in real time with their insurers and none of them support access to their insureds on a 24-7 basis. Brokers can now operate in real time with their insurer suppliers, but the dedication to take full advantage of the technology is lacking.
Delay Tactics
February 1, 2014 The CIP Society of the Insurance Institute of CanadaWhat should a broker do upon discovering that a producer has intentionally failed to advise clients about a necessary document or piece of information until a sales contest was under way, in order to ensure that new sales were revealed during contests? In doing so, clients felt they were fully covered when, in fact, they were not. Brokers agree this violates RIBO’s rules.
The View Ahead
February 1, 2014 Greg Meckbach, Associate EditorAuto insurance, severe weather, profitability and interest rates were among the topics discussed at CW Consulting’s Crystal Ball in January. Among other issues, industry executives explained why the data gleaned from their telematics devices identify them as bad drivers.
Moves and Views
February 1, 2014 by Canadian Underwriter1 David Richards [1] has been appointed chief executive officer of JLT Canada, part of the Jardine Lloyd Thompson Group, risk specialists and employee benefit consultants. Having more than 20 years of experience in the insurance and risk management industry,…
Driving Efficiency
January 31, 2014 Darcy Gorchynski, Director of Business Development, Audatex CanadaHow insurers and adjusters can capitalize on data insight and partnerships in collision repair
Manitoba Public Insurance bracing for higher than normal winter claims
January 30, 2014 THE CANADIAN PRESSWINNIPEG – Manitoba Public Insurance had a relatively healthy third quarter, but says it’s still bracing for higher than normal winter claims. MPI recorded net income of more than $64 million for the nine months ending Nov. 30, 2013, compared…
Intact gains CSIO certification for eDocs
January 29, 2014 by Canadian UnderwriterThe Centre for Study of Insurance Operations (CSIO) announced Wednesday that Intact Insurance has obtained CSIO Certification for its electronic documentation solution. “We congratulate Intact Insurance on receiving CSIO Certification for eDocs, signifying its commitment to consistency in standards implementation,”…
Telematics program sales see 61% increase since 2012 among British drivers
January 29, 2014 by Canadian UnderwriterBehaviour-based auto insurance sales have increased 61% since June 2012, and is expected to rise, the British Insurance Brokers’ Association said this week. BIBA contends that telematics programs can result in insurance savings of as much as 25% for British…
Financial services commission in NB launches new web resource for insurance questions, fraud prevention
January 29, 2014 by Canadian UnderwriterThe Financial and Consumer Services Commission in New Brunswick has launched a new web resource to help answer common questions related to the insurance industry and financial sector and provide tips for avoiding fraud. The online public awareness campaign is the…