Segment
Consumers
Open banking in Canada could help insurers with credit scoring
January 20, 2021 by Greg MeckbachOpen banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane,…
Bank of Canada keeps key rate at 0.25 per cent, warns of economic decline in 2021
January 20, 2021 Jordan Press - THE CANADIAN PRESSOTTAWA – The Bank of Canada says the national economy will go in reverse for the first quarter of 2021, hammering the hardest-hit workers again on the path to a recovery that rests on the rollout of vaccines. Workers in…
What can go wrong when do-it-yourself clients try to replace home water heaters
January 19, 2021 by Greg MeckbachSome homeowner clients could get in trouble if they try to replace water heaters themselves, by following do-it-yourself handyman advice they find somewhere on the Internet. Many home insurance policies specifically require that water heater installation be done by a…
What’s missing from driverless vehicle rollout plan
January 19, 2021 by Greg MeckbachDriverless vehicles need to have some way of communicating with police, fire and ambulance responders, an auto manufacturers’ group said in a recent report. First responders have ways of handling situations they encounter in traffic but there are no “common…
A primer on business planning for the ‘new normal’ after COVID
January 8, 2021 by David GambrillAs the arrival of vaccines in Canada promise to put an end to the pandemic, insurers and brokers now face the same task as their commercial clients: Creating a business plan for the ‘new normal,’ after the threat of COVID-19…
Proposed rule would allow insurers to offer rebates and incentives to Ontarians
January 8, 2021 by Greg MeckbachOntario’s insurance regulator is looking for feedback from the public on a proposal to relax the rules prohibiting unfair or deceptive acts, allowing insurers to offer rebates and incentives to consumers under certain circumstances. “If you talk to insurance companies…
The ‘strange and new opportunity’ for insurance from open banking
January 4, 2021 by Greg MeckbachIf Canada proceeds with so-called “consumer-directed finance,” technology firms could potentially get access to consumers’ insurance data, a Microsoft Canada expert told brokers during a recent webinar. The federal finance department appointed its Advisory Committee on Open Banking in 2018.…
Why so many digitization projects fail
December 17, 2020 by Greg MeckbachBuying technology before thinking through the process that the new technology is supposed to enable is one reason why some projects are not well-executed, an insurance digital transformation leader suggested Wednesday. “When you start to think about digitizing things, you…
Honda recalls 130,000 vehicles in Canada
December 17, 2020 The Canadian PressMARKHAM, Ont. – Honda says it will recall 130,000 vehicles in Canada, including certain Fit, Civic, Accord, Insight and Acura ILX models, after announcing a similar recall of 1.4 million vehicles in the U.S. The automaker says 96,761 of the…
Another win for wedding vendors in a COVID cancellation dispute
December 16, 2020 by Greg MeckbachA British Columbia couple who cancelled their August 2020 wedding due to pandemic concerns is not entitled by a force majeure (an ‘Act of God’) clause to a refund of $4,000 they paid the would-be venue in advance. The province’s…
Taming Social Inflation
December 16, 2020 Adam Malik, Managing EditorSocial inflation essentially describes insurers’ increasing legal costs. Why insurers are pinning this primarily on the rise of litigation funding
Defying The Grinch may cost your clients home insurance coverage
December 11, 2020 by David GambrillAre your clients tempted to defy The Grinch who stole Christmas and have large holiday gatherings during the pandemic regardless of what public health orders might say? You might want to tell them about pandemic exclusions in their home insurance…