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Here’s what you need to do before deploying artificial intelligence

June 30, 2021 by Greg Meckbach

Brokers wanting to take advantage of artificial intelligence and machine learning need large amounts of data and to hire the correct experts. If a company wants to effectively build and deploy artificial intelligent and machine learning systems, it needs a

News Insurance

Brokerages will need these new skill sets

May 10, 2021 by Greg Meckbach

To compete in a digital world, the insurance industry needs to hire data scientists and computer programmers, Virtual Symposium B.C. attendees heard last week. “Every insurance organization is going to look at new roles that they never had before,” said

News InsuranceRiskTechnology

When humans team up with machines, P&C innovation wins

May 4, 2021 by David Gambrill

Debates about whether humans or computers are at the centre of innovative insurance products are a red herring — the best way to build an insurance product is an integrated approach using the best of what humans and machines have

News Technology

How you can cut down time spent searching underwriting manuals

October 5, 2020 by Greg Meckbach

Some brokerage staff members could be spending hours each day just searching for information in their carriers’ underwriting manuals – time that could be put to better use, the head of a technology vendor suggests. Some of the longest underwriting

News InsuranceTechnology

Why it’s hard to make telematics ‘commercially viable’ in Canada

August 13, 2020 by Greg Meckbach

If regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good

News Technology

Why regulation holds auto insurers back from using advanced modelling

August 4, 2020 by Greg Meckbach

Auto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s

News Technology

The business processes you should automate now

July 17, 2020 by Greg Meckbach

Invoice processing and after-hours self-service are among the processes you could be automating today with advanced computing technologies. Aviva Canada has automated the reconciliation of invoices, the company’s chief claims officer, Bryant Vernon, reported during a Canadian Underwriter webinar Thursday.

News Insurance

How insurtech Lemonade’s IPO is going so far

July 3, 2020 by Greg Meckbach

Despite the pandemic-induced economic downturn, an insurtech that promises tenants quotes within minutes started trading this week on the New York Stock Exchange. Shares of Lemonade Inc. rose sharply July 2, closing at US$69.41, more than double the price at

News InsuranceTechnology

How the industry can take advantage of artificial intelligence

June 18, 2020 by Greg Meckbach

Brokerages who use artificial intelligence could find opportunities to upsell based on changes in a client’s lifestyle, according to a software vendor executive. The more data you feed a machine learning model and the more you train it, the better

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

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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