Canadian Underwriter

News InsuranceTechnology

Why solvency regulator is concerned about ‘black box’ underwriting

December 4, 2019 by Greg Meckbach

Concerned about whether “black box” underwriting methods based on artificial intelligence are good for your clients? So is Canada’s federal insurance regulator. “We get a lot of questions around AI and what are we to do about it,” said Neville

News Commercial LinesTechnology

Why your commercial book will start getting a lot more rejections

November 6, 2019 by Greg Meckbach

Insurers who replace underwriters with computers are rejecting a lot of small business applications for reasons that are unclear to the brokers, a commercial broker suggests. “I think that insurers will start to realize that the black boxes are actually

News ClaimsClaims CanadaInsuranceLegalTechnology

Why artificial intelligence should be able to detect auto fraud

October 7, 2019 by Greg Meckbach

Artificial intelligence can make it nearly impossible for fraudsters to make a false claim appear real, the founder of an A.I. vendor suggests. If an auto insurance claim is fraudulent, A.I. software could pick up on that as long as

News InsuranceLegislation / RegulationTechnology

One way to convince regulators to relax auto rate rules

September 27, 2019 by Greg Meckbach

Artificial intelligence may be able to help auto insurers convince regulators to relax certain prohibitions on rate restrictions, the founder of an A.I. vendor suggests. In Ontario, insurers are prohibited from using several factors – such as certain at-fault accidents,

News Insurance

How good are estimates of industry-wide insurance fraud?

September 20, 2019 by Greg Meckbach

Insurers really don’t know how much money fraud is costing them. “In Ontario, we have to rely on other jurisdictions to try and quantify it because we are so lousy at it,” said Gordon Rasbach, former vice president of property

News Insurance

The first step in determining whether AI could pay off

August 12, 2019 by Greg Meckbach

Thinking of investing in artificial intelligence so you can automate tasks that are wasting workers’ time? Many brokerages have processes that could be improved through machine learning, suggested Christopher Wynder, director of product marketing for capture and original equipment manufacturing

News Insurance

Where AI can help underwriters

August 8, 2019 by Adam Malik

When nearly half of your time is taken up doing mundane – but essential – tasks, one expert believes it’s time to embrace a better way. Carlos Benfeito, Montreal-based head of insurance products at Element AI, noted that about 40%

News Insurance

How this brokerage plans to use AI for renewal process

August 7, 2019 by Greg Meckbach

An online-only brokerage is working on an artificial intelligence tool that would alert staff if a client whose situation has changed could now get a better deal on their insurance. Magreth, Alta.-based surex.com Ltd. recently developed a prototype of an

News Insurance

One insurance role that could be wiped out by artificial intelligence

July 19, 2019 by Greg Meckbach

Artificial intelligence is going to have a big impact on adjusters, actuaries and insurance agents, but it won’t necessarily kill their jobs, an AI expert suggests. But lower-skilled jobs may be in jeopardy. “Jobs at call centres are going to

News Brokers

Why brokers should embrace A.I.

July 15, 2019 by Adam Malik

Several industries may fear the impact of new technology in the workplace, but at least one Canadian broker says insurance brokers have every reason to welcome it. Artificial intelligence, for example, would allow brokers to drop the mundane tasks that

News BrokersInsuranceProfessional Development

Canadians don’t think about AI – here’s why brokers should

June 14, 2019 by Adam Malik

Nearly six out of 10 Canadian employees believe artificial intelligence will have no impact on their jobs, according to a recent survey. Brokers would be wise to not side with the majority. As AI becomes more refined, it will be

News InsuranceTechnology

The limits of artificial intelligence in insurance

April 11, 2019 by Greg Meckbach

Artificial intelligence has not reached the point where it is replacing humans in the insurance industry because many processes still require human intervention, speakers said at a recent insurance conference. Artificial intelligence is used in some cases for client engagement