Where AI can help underwriters
August 8, 2019 by Adam MalikWhen 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%…
How this brokerage plans to use AI for renewal process
August 7, 2019 by Greg MeckbachAn 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…
One insurance role that could be wiped out by artificial intelligence
July 19, 2019 by Greg MeckbachArtificial 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…
Why brokers should embrace A.I.
July 15, 2019 by Adam MalikSeveral 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…
Canadians don’t think about AI – here’s why brokers should
June 14, 2019 by Adam MalikNearly 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…
The limits of artificial intelligence in insurance
April 11, 2019 by Greg MeckbachArtificial 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…
How to save insurers $1.3 billion a year on claims administration
March 4, 2019 by Greg MeckbachArtificial intelligence will become a “big time saver” for claims adjusters and will eventually allow the industry to save billions a year in costs, one researcher says. For auto claims, insurers are already using AI to make recommendations on whether…
This technology can help attract talent
February 28, 2019 by Greg MeckbachUsing technology like artificial intelligence can help insurers attract the right people and keep them engaged, suggests the head of a major Canadian insurer. “It’s a tough talent market right now across the leading insurance markets in the world. Canada…
This AI tool is a ‘huge priority’ for some insurers
February 27, 2019 by Greg MeckbachChatbots are getting better at answering questions, and many Canadian insurers are taking a serious look at the technology, a fintech analyst said Tuesday. “Quite a few of the major insurers in North America are looking to chatbots as a…
How Zurich can use AI to reduce a broker’s E&O exposure
February 25, 2019 by Greg MeckbachA Toronto-based artificial intelligence (AI) vendor is working with Zurich Canada to reduce errors and omissions risk in commercial insurance policies. Often commercial policies have dozens of pages with several endorsements, which someone needs to read for accuracy before the…
The ‘biggest hurdle’ to making artificial intelligence useful
November 28, 2018 by Greg MeckbachFiguring out what products your customers might buy next or what they are complaining about are two ways you could be using artificial intelligence now, the founder of a big data vendor suggests. “In the future you are going to…
The single most important factor to successful AI adoption
November 24, 2018 by Jason ContantThe key to rebranding as an artificial intelligence (AI) company is tapping into an “ultra-specialized talent pool” with a deep understanding of the field, says the chief science officer at Royal Bank of Canada. “It’s impossible to overstate the importance…