How insurers could centralize consumer data — and why they might not
May 5, 2021 by Greg MeckbachThe industry could potentially evolve towards an “open insurance strategy,” similar in concept to open banking, whereby consumers allow third parties access to their insurance data, an insurtech CEO suggests. In Europe, open banking gives consumers access to their banking…
The limits of data collection: Making a case for pounding the pavement
April 20, 2021 by Jason ContantTo provide an excellent customer experience for your clients, data can only take you so far, the digital director of a brokerage said recently during the CIP Society Symposium’s virtual conference. Sometimes brokers simply have to hit the pavement to…
Hackers don’t care about your client’s data. Here’s what they really care about…
March 8, 2021 by Jason ContantBusinesses falling victim to cyberattacks often don’t realize that the value of data they store is not what’s important to hackers, it’s the value of the data to the company, Crawford & Company (Canada) said in a recent whitepaper. “It…
P&C industry needs better data about distracted driving
January 28, 2021 by Adam MalikThere’s a fairly significant gap between what government agencies have to say about distracted driving and what data companies are able to capture, and that is playing a role in the ineffective portrayal and messaging around the seriousness of people…
RCMP commits to changes in how it collects, uses information about protesters
December 18, 2020 Jim Bronskill - THE CANADIAN PRESSOTTAWA – The RCMP has agreed to revamp its policies on the collection and use of information about protesters after a watchdog expressed fresh concerns, a notable shift from the police force’s position only months ago. RCMP Commissioner Brenda Lucki…
5 must-haves for your brokerage data system
December 3, 2020 by Jason ContantBeing able to collect better data regarding sales and customer behaviour are obvious reasons to upgrade the data system at your brokerage, but there are other benefits, Vancouver-based P&C insurance consulting firm Smythe Advisory said in a blog published Tuesday.…
BlackBerry shares soar in wake of Amazon deal to develop vehicle data platform
December 2, 2020 The Canadian PressWATERLOO, Ont. – Shares in BlackBerry Ltd. gained as much as 63.9 per cent in intraday trading on Tuesday following news of a deal with Amazon Web Services to develop and market BlackBerry’s intelligent vehicle data platform, called IVY. The…
Why the brewing battle over vehicle data ownership matters to insurers
August 28, 2019 by Adam MalikCollision claims are approaching “a new era” of data collection, intensifying the debate between the insurance industry and vehicle manufacturers over who owns the data. Thanks to the advent of connected vehicles, data generated in these cars provide valuable information…
How innovation changes the underwriter’s job
March 6, 2019 by Greg MeckbachTechnology and data will change the underwriter’s job but will not eliminate it, suggests Russell Johnston, chief executive officer for North America of QBE Insurance Group Limited. “At the end of the day, people still make the decisions,” Johnston said…
Why Ozzy Osbourne is a factor for actuaries to consider
December 10, 2018 by Greg MeckbachProperly segmenting data within an “ocean” of information can make the difference between champ and chump, speakers suggested at KPMG’s recent insurance conference. “I think the biggest change that most people are grappling with is the amount of data that…
Minimum data set for commercial lines finalized
November 24, 2018 by Jason ContantThe Centre for Study of Insurance Operations (CSIO) has finalized the minimum data set for CSIO XML standards in commercial lines, paving the way for implementation of commercial data standards in the broker channel. The minimum data set comprises of…
How to take better advantage of data science
October 9, 2018 by Jason ContantCorporate leaders are becoming convinced of the wide-ranging impact that effective data collection can have on the bottom line, and insurance companies and brokerages are no exception. This impact can be felt across the organization, from tracking daily reports against…