Why insurance professionals should offer wealth management solutions
December 20, 2017 Greg Meckbach, Associate EditorProperty & casualty insurance providers wanting to improve client retention could offer more “holistic advice” and better “product density” by offering wealth management, some insurance executives say. Brokerages can provide a “broader value proposition” to clients by offering them home,…
Unidentified car claim: Court seeks ‘science’ in expert report
December 18, 2017 by Canadian UnderwriterThe Supreme Court of British Columbia has tossed out the report of a forensic engineer, which supported the public insurer’s position in an unidentified car case, saying the report relied too heavily on expert opinion and not enough on “science.”…
Using social media to make monthly insurance payments
December 15, 2017 David Gambrill, Editor-in-ChiefImagine clients paying you their monthly car insurance payments through social media such as Facebook’s Instant Messenger, Google+ or Apple messaging service. It may not be as far away as you think. The most recent annual study by Payments Canada,…
Court clarifies confusion around “involvement” of unidentified car
December 15, 2017 David Gambrill, Editor-in-ChiefOntario’s Court of Appeal has rejected a claim for excess coverage against State Farm Mutual Insurance Company, reconciling a jury’s seemingly contradictory answers to questions about the “involvement” of an unidentified driver. Carlota Montepeque was driving two passengers in her…
Trial lawyers doubt standard treatment plans will help auto insurers
December 15, 2017 Greg Meckbach, Associate EditorOntario’s call for standard treatment plans in auto accident benefits might well do the opposite of what was intended — increase claims disputes and provide no benefit to insurers, personal injury lawyers say. In his Fair Auto Insurance Plan, released…
Looking Under the Hood
December 15, 2017 Emily Atkins, EditorOntario’s mandatory auto insurance system needs more than a tune-up
‘Lots of people don’t like telematics,’ insurer reports
December 14, 2017 Greg Meckbach, Associate EditorOpportunities for “broker-driven” usage-based auto insurance are likely to be down the road, but brokers are telling a large Canadian mutual that their insurance customers don’t want their insurers monitoring how they use their vehicles. “Our brokers are advising us…
Industry encouraged to offer discount for using cellphone blockers
December 11, 2017 Greg Meckbach, Associate EditorVehicle owners who install smart phone-blocking apps should get a break on insurance rates, some industry groups contend. British Columbia’s government-owned auto insurer says it will roll out telematics devices designed to block drivers from using their wireless phones on…
Octo completes acquisition of Willis Towers Watson’s UBI assets
December 11, 2017 David Gambrill, Editor-in-ChiefOcto Telematics, a global provider of telematics for the auto insurance industry, has completed its acquisition of the usage-based insurance (UBI) assets of Willis Towers Watson. Octo’s acquisition includes Willis Towers Watson’s DriveAbility solution and the DriveAbility Marketplace. Geoff Werner…
Does a winter tire discount get drivers to install winter tires?
December 11, 2017 Greg Meckbach, Associate EditorOntario’s mandatory auto insurance discount for winter tires has not been in place long enough to figure out whether it reduces insured losses, but one safety expert compares winter tire skeptics to flat-earthers. The Financial Services Commission of Ontario (FSCO)…
Does your claims app verify the car crash photos you’re getting?
December 8, 2017 David Gambrill, Editor-in-ChiefA car crashes into a hydro pole. The driver takes pictures of the damage on a mobile device and sends the photos to the insurer through an app to start a claim. How does the insurer know the photos have…
How autonomous vehicles can reduce your claims payouts
December 8, 2017 Jason Contant, Online EditorMore autonomous and semi-autonomous vehicles on the road could potentially result in lower-speed collisions, resulting in a lower severity of damage, a collision repair industry expert told Canadian Underwriter recently. “As we start to see some of these advanced driver…