Segment
Vendors
Want to offer real-time claims payments? Start planning now
February 19, 2018 by Jason ContantCanadian insurance companies should start to plan now how they will implement ISO 20022, an international standard that supports electronic payments, the chief operating officer of Payments Canada told Canadian Underwriter Wednesday. “Your large insurance companies… ought to be thinking…
How red tape is bringing telematics to a standstill
February 14, 2018 by Jason ContantRestrictions imposed on how insurers price usage-based insurance pricing (UBIP) are hampering innovation in the insurance industry, the Insurance Bureau of Canada (IBC) told Canadian Underwriter Monday. Canadian Underwriter asked IBC on Monday for examples of red tape that could…
Portals are dead. Brokers have moved on to real-time.
February 13, 2018 by David GambrillAs insurers move away from their legacy systems and onto more flexible platforms such as Guidewire and Duck Creek, the days appear numbered for portal solutions. Real-time data exchange is now front and center as a priority for the Insurance…
LCBO chooses Shopify to run online cannabis sales
February 12, 2018 The Canadian PressTORONTO – The Ontario government has inked a deal to use Shopify Inc.’s e-commerce platform for cannabis sales online and in stores as part of its plan to be the province’s sole distributor of legal recreational marijuana. The Ontario Cannabis…
Why are electronic pink slips being held up in Ontario?
February 8, 2018 by Jason ContantOntario’s insurance regulator, the Financial Services Commission of Ontario (FSCO), is still examining some of the complexities surrounding electronic proof of auto insurance (EPAI) before approving their use in the province, offering no timetable to launch EPAI in Ontario. “As…
Why brokers placing cyber should ask about outbound firewall rules
February 5, 2018 Greg Meckbach, Associate EditorWhile brokers are usually not computer geeks, those who place cyber insurance can ask some basic questions to gauge their clients’ risk and figure out whether they overlooked a major security precaution known in tech jargon as outbound firewall rules.…
This is what your cyber policies should focus on
February 1, 2018 by Jason ContantBusiness interruption should be the focus of cyber insurance policies nowadays, Lindsey Nelson, international cyber team leader with CFC Underwriting, said to Canadian Underwriter in an interview on Monday. “I think it might be a matter of insurers are really…
What happens to your clients’ outdated pink slips?
January 29, 2018 by Jason ContantWhen Nova Scotia became the first jurisdiction in Canada to allow electronic proof of automobile insurance (EPAI), it opened up a whole new world for insurers to offer the digitized pink slips to their consumers. Nova Scotia’s move “will be…
What is creating confusion in the cyber insurance market?
January 25, 2018 by Jason ContantThe lack of understanding around what is covered and how products are priced continues to sow confusion in the cyber insurance market. Robin Shufelt, assistant vice president of technology and cyber with The Sovereign General Insurance Company (a member of…
The cyber extortion threat that your policies may overlook
January 24, 2018 by Jason ContantA new cyber threat has emerged and it’s something that cyber insurance policies may not even cover. Proactive extortion occurs when a cybercriminal contacts a selected company, by email or even “snail mail,” and informs the company that it has…
Buying a cyber policy? Make sure it’s retroactive
January 24, 2018 by Jason ContantWhen it comes to cyber insurance policies in Canada, retroactivity is noticeably absent from coverage, a cybersecurity expert told Canadian Underwriter Tuesday. Consider the following example: unbeknownst to a business, malware had existed in the organization’s computer system since November…
Ontario technology hubs key for GM Canada’s plans for driverless cars
January 22, 2018 David Paddon - THE CANADIAN PRESSMARKHAM, Ont. – General Motors of Canada sees Ontario’s strength in advanced technologies as strategically important for its plans for creating safe, driverless vehicles in the near future, its CEO said Friday at the launch of a new software centre…