Burns & Wilcox Canada acquires specialty MGA
March 7, 2019 by Jason ContantH.W. Kaufman Group and Burns & Wilcox Canada announced Thursday they have acquired Toronto-based TRU Transportation Risk Underwriters Ltd., a managing general agency with unique transportation expertise. TRU will become part of B&W Canada, a flagship organization of Kaufman and…
Wawanesa’s plan to innovate at scale
March 7, 2019 by Jason ContantHaving a flexible and accommodating schedule is key to incorporating innovation into an organization, the director of Wawanesa Mutual Insurance Company’s Innovation Outpost said recently. Last June, Wawanesa opened its Innovation Outpost lab in Kitchener, Ont. One of the first…
How Aviva Canada’s profitability fared in 2018
March 7, 2019 by David GambrillEditor’s Note: This version of the article includes a correction showing that operating profit was flat at £46 million (approximately Cdn$82 million in 2018, and Cdn$78 million in 2017). A previous version incorrectly showed the operating profit of 46 million…
The impact of legacy systems on AI implementation
March 5, 2019 by Jason ContantLegacy systems have long been the scourge of the industry and they are one of the things standing in the way of artificial intelligence (AI) implementation, a speaker suggested last week at the Insurance-Canada.ca Technology Conference in Toronto. “There’s a…
One simple way to reduce the severity of barn fires
March 4, 2019 by Jason ContantEnhancing building codes to include early detection systems could help generate a faster response in the case of farm fires, said Ken Worsley, who leads Cowan Insurance Group’s national agri-commercial industry practice. Early response systems include things like heat, fire…
Maurice Tulloch appointed CEO of Aviva plc
March 4, 2019 by Jason ContantMaurice Tulloch, the former president and CEO of Aviva Canada from 2009-13, has been appointed CEO of the London, U.K.-based Aviva plc, effective Monday. Tulloch joined Aviva in 1992 and was appointed to the board of Aviva plc in June…
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…
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…
The new, darker social engineering threat
February 28, 2019 by Jason ContantNeed another reason to convince your clients to take a look at cyber insurance? One good starting point is keeping them informed on the latest cyber threats. One such risk is a new, darker strain of social engineering called “sextortion”…
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 this insurer did to address IFRS 17 requirements
February 27, 2019 by David GambrillSSQ Insurance has partnered with analytics firm SAS to help further their efforts towards IFRS 17 compliance. The new International Financial Reporting Standard (IFRS 17) standardizes reporting requirements for financial firms internationally, with the intent to improve financial transparency. But…
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.…