Gallagher to buy Jardine Lloyd Thompson’s aerospace operations
March 4, 2019 by Greg MeckbachArthur J. Gallagher & Co. announced Monday it has agreed to buy the global aerospace operations of Jardine Lloyd Thompson Group plc. If the deal goes through, about 250 JLT employees worldwide would join Gallagher. Monday’s announcement comes six months…
Why less is better for digital transformation
March 1, 2019 by Jason ContantCompanies looking to undergo a digital transformation should follow the expression “more is not always better” when it comes to selecting system integrators and vendors, a speaker said Wednesday at the Insurance-Canada.ca Technology Conference in Toronto. During the transformation process,…
Why the insurance industry needs a “killer use case” for blockchain
February 28, 2019 by Jason ContantThe insurance industry needs a “killer use case” for blockchain that all stakeholders can agree on before moving forward with more widespread adoption, a speaker suggested Wednesday at the Insurance-Canada.ca Technology Conference. “I think we are still on that journey…
What real-time, broker-carrier connectivity might cost
February 27, 2019 by David GambrillNinety insurance companies working with Ontario’s broker channel would be looking at a total investment of $4 billion over five years to conform to the CSIO XML standards required for an industry-wide, real-time data exchange solution between brokers and carriers.…
This global carrier could re-enter the Canadian retail insurance market
February 27, 2019 by Greg MeckbachSeventeen years after selling its personal lines business to the insurer now known as Intact, Zurich Canada has ambitions to re-enter the “retail” space, but it remains to be seen how it would do that or what form it would…
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…
These three work tasks make the most sense to automate
February 26, 2019 by Jason ContantIf you’re looking to automate at your brokerage or insurance company, scrutinize specific tasks, not entire jobs, recommends a blog from Harvard Business Review. There are three fundamental work characteristics that lend themselves to automation: Repetitive vs. variable work –…
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…
How much business Sonnet writes for Economical
February 22, 2019 by Greg MeckbachDirect writer Sonnet accounted for about 5% of Economical Insurance‘s premiums in 2018, the Waterloo, Ont. mutual reported Thursday. “While Sonnet requires additional scale to achieve profitability, we now have sufficient insights and experience to improve performance, and we have…
Fines struck for B.C. brokers who issued false receipts to insurers in toll bridge fiasco
February 19, 2019 by David GambrillEDITOR’S NOTE: The story has been corrected to show that FICOM’s position before the Financial Services Tribunal was that the financial penalties were deemed to be insufficient to deter brokers from misrepresenting facts. A previous version incorrectly stated that FICOM’s…
Atlantic Canada brokerage acquires family-owned operation
February 15, 2019 by Jason ContantArchway Insurance, one of Atlantic Canada’s largest brokerages, has announced the acquisition of family brokerage George Mitchell Insurance in Liverpool, N.S. Amherst, N.S.-headquartered Archway announced the acquisition Thursday. Effective Feb. 28, 2019, Archway’s latest acquisition brings its number of locations…
How to keep clients happy if their auto premiums skyrocket
February 15, 2019 by Greg MeckbachA huge hike in auto rates does not mean your client has to be disgruntled. “There are things that insurers can do to soften the blow when [auto] insurance rate actions need to be taken,” Tom Super, director of the…