Canadian Underwriter


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New app centralizes and digitizes the entire insurance lifecycle

November 1, 2018 by Jason Contant

An artificial intelligence company based in Montreal has launched an application to centralize and digitize the entire insurance lifecycle. Koïos Intelligence, which develops AI tools designed specifically for the finance and insurance industries, unveiled Olivo at the Fintech Forum at

News InsuranceTechnology

Why the industry needs to trust in AI algorithms

October 26, 2018 by Jason Contant

Managers, executives and boards in the insurance industry need to trust in artificial intelligence algorithms, even if they don’t look like traditional models, an Accenture executive told Canadian Underwriter Thursday. Machine learning models can better predict events with a greater

News ClaimsInsuranceRiskTechnology

4 ways AI can improve your performance

October 25, 2018 by Jason Contant

Artificial intelligence can be used to better predict weather risk in insurance, such as which customers’ properties may be more affected by severe weather, an Accenture executive said Thursday. One of the four major benefits of AI is enhanced judgement,

News BrokersInsuranceTechnology

Five pillars of brokerage digital transformation

October 9, 2018 by Jason Contant

More Canadian brokerages are moving towards a fully digital experience as consumer expectations are driving demand for faster, more efficient service, a broker management system (BMS) provider said Monday. “More brokers are moving to a completely connected experience from internal

News CatastrophesClaimsClimate Change

Why your clients are increasingly exposed to wildfire losses

September 28, 2018 by Greg Meckbach

Climate change has turned the risk of wildfire into a year-round peril in Western Canada, a geography expert says. In the past, wildfire season started in April or May and ended some time in October, said Dominic Ford, senior geospatial

News InsuranceTechnology

Analytics expert warns against ‘data hoarding’

September 26, 2018 by Greg Meckbach

Electronic data can be a powerful tool and is not expensive to store, but it’s only useful if you have a strategy behind it, speakers said during this week’s Insurance Analytics Canada Summit. “If you don’t have a data strategy,

News CatastrophesTechnology

Must-have for insurers to underwrite overland flood

September 26, 2018 by Greg Meckbach

Artificial intelligence and data analytics is one reason some Canadian insurers are underwriting residential flood coverage, speakers said Tuesday during an industry conference. “Here is an opportunity that we took to really look at the massive data sets we worked

News RiskTechnology

How cyber risk managers can detect something that does not look right

September 25, 2018 by Greg Meckbach

Machine learning – which some brokers use to make chatbots – can also help companies improve cyber risk by flagging abnormal activity. Machine learning is a type of artificial intelligence, which mimics human cognition and activities, such as identifying patterns.

News InsuranceTechnology

Canadian firms fall behind in adoption of artificial intelligence: Forbes

September 25, 2018 The Canadian Press

MONTREAL – A new report says artificial intelligence deployment has not yet been a “real success” for Canadian companies, in spite of the country’s reputation as an AI hotbed. The study from Forbes Insights ranks Canada last out of 10

News BrokersInsuranceTechnology

How artificial intelligence can help brokers close sales

September 20, 2018 by Greg Meckbach

Artificial intelligence could help a brokerage figure out how likely a prospective client is to actually buy insurance. At least that’s what officials with Surex Direct are hoping. Magreth, Alta.-based Surex Direct places home, auto and commercial lines and says

News ClaimsInsuranceTechnology

The trade-off to using artificial intelligence to speed up claims

August 29, 2018 by Greg Meckbach

Canadian insurers wanting to handle claims like Lemonade are going to have to accept some trade-offs, a Claims Summit speaker said Tuesday. New York City-based Lemonade Insurance Company uses artificial intelligence and says it can handle some claims in three

News InsuranceTechnology

Artificial intelligence a ‘work in progress’ in marine insurance

August 27, 2018 by Greg Meckbach

Some insurers are considering how artificial intelligence could help underwrite marine risks. Although big data has been around for years, “what has changed with AI is just using bigger more disparate data sets which go across different domains – for