Segment
Underwriting
5 ways brokers are playing in the online distribution space
April 21, 2021 by Jason ContantSmall and medium-sized brokerages are increasingly getting into the digital game, while larger brokerages are acquiring or partnering with insurtech-focused companies, according to an industry observer. “At Smythe Advisory, we are increasingly seeing innovative use of technology that is either…
Can insurtechs match the financial performance of traditional carriers?
April 19, 2021 by Greg MeckbachLemonade, Root and Metromile have a few things in common, and it’s not just their leading-edge technology. “Their performance has been consistently worse than those of their more traditional [insurance company] peers,” writes Joel Baker, CEO of MSA Research Inc.…
How to build empathetic managers for the hybrid workplace
April 16, 2021 by David GambrillCanadian property and casualty insurance industry leaders have often talked about the importance of managing with empathy during the pandemic, but empathic managers will become even more valuable in the hybrid workplaces that are expected to emerge after the pandemic…
Pandemic lockdowns make the case for pay-as-you-go commercial insurance
April 14, 2021 by David GambrillAuto insurance has introduced pay-as-you-go options for personal clients, but in the era of business shutdowns to prevent the spread of COVID-19, it seems as though commercial lines could use a similar option as well. Brokers in a LinkedIn thread…
The ‘unfair advantages’ in commercial auto
April 13, 2021 by Greg MeckbachNew commercial auto clients may suffer an unfair disadvantage if they operate small truck fleets, an Ontario broker suggests. In Ontario, individual truck drivers who decide to start their own trucking firm may have no option but to have their…
The quaint ‘killer app’ that helps brokers talk to underwriters remotely
April 13, 2021 by Greg MeckbachNot all meetings during a pandemic need to be structured around a videoconference call, commercial insurance experts said during a recent webinar. “I think we all have to be cautious about just loading up our entire agenda with Zoom calls…
Brokers: pay attention to these insurance fraud ‘red flags’
April 7, 2021 by Jason ContantIf your client is trying to rush the insurance buying process or is not concerned about price, that’s often a red flag that the transaction is fraudulent, RSA told Canadian Underwriter recently. “We know the majority of customers aren’t looking…
Number of suspicious claims “at an all-time” high during COVID: RSA
April 6, 2021 by Jason ContantEven though claims volume has significantly decreased during the COVID-19 pandemic, the number of claims flagged for possible fraud investigation remains comparable to pre-pandemic levels, RSA told Canadian Underwriter last week. “From RSA’s perspective… this indicates [claims] with concerning loss…
Explain how AI leads to underwriting decisions, report urges
March 31, 2021 by Greg MeckbachInsurers who use big data and artificial intelligence to make underwriting decisions must be prepared to explain to clients and regulators exactly how they arrived at those decisions, an Insurance Institute of Canada researcher suggests. “A challenge in the application…
The rationale for Intact expanding its commercial appetite
March 26, 2021 by Greg MeckbachMid-sized commercial clients are going to get bigger, so executives with Canada’s largest property and casualty insurer want to continue their expansion in specialty lines. “We are really scaling up our specialty lines capability here in North America,” Intact Financial…
How to detect insurance fraud before the tow truck turf wars start
March 26, 2021 by Jason ContantEarly identification of potential insurance fraud schemes through automation can help prevent scenarios like the towing turf wars in Ontario from spiralling out of control, the CEO and co-founder of FRISS said Wednesday. “I think it is crucial for the…
OSFI results: The good, the bad, and the ugly for Canada’s P&C industry
March 25, 2021 by David GambrillCOVID-19 last year might have been the end of the world as we know it, to riff on a song by R.E.M., but Canada’s P&C insurance industry is doing fine — financially, at least. After a full year of the…