For children, the sandbox is a place to build, and experiment without facing the risks and dangers of the real world. But sandboxes of a different type allow start-ups to develop innovative products, services and business models without immediately facing…
If open banking comes to Canada, this could make it easier for fintechs and banks to offer embedded insurance and it will be hard to stop firms from using open banking data for underwriting purposes, a technology executive predicts. Open…
Mutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own…
Open banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up…
For the P&C industry, one of the biggest challenges of going digital is the relatively few times a client interacts with an insurer provider, a fintech webinar speaker suggested Tuesday. When the financial industry started offering electronic cheque deposit, “it…
With the COVID-19 pandemic drastically reducing the frequency of in-person meetings, the new president of the Canadian Association of Mutual Insurance Companies (CAMIC) plans to meet online with each member to hear their concerns. “I am mapping out a plan…
Some brokerage staff members could be spending hours each day just searching for information in their carriers’ underwriting manuals – time that could be put to better use, the head of a technology vendor suggests. Some of the longest underwriting…
Concerns over the risk of COVID-19 transmission could accelerate the changes that technology has been bringing to financial transactions, including contactless payment options, a commercial broker suggests. “Financial services are changing very quickly,” said Mark Morency, senior vice president and…
The COVID-19 pandemic is putting renewed emphasis on digitizing of insurance processes including payments, claims, applications and signatures, a Canadian fintech venture capital executive suggests. “This is a good opportunity for fintech, because the acceleration of innovation in financial institutions…
A sharp rise in venture capital funding to Canadian fintechs has spawned investments in technology intended to improve property and casualty claims management, the insurance leader with PwC Canada suggests. “There has been a broad-stroke move to have significantly more…
Disruption by fintechs will be one driving force behind mergers and acquisitions among insurance brokerages, industry executives say.“I think fintech will help perpetuate this continued consolidation trend because I think at the small end of the market, fintech is viewed…
A French robo-broker and an auto insurer backed by Canada’s largest property and casualty carrier are among the insurtechs “driving disruption” in financial services, a report released Tuesday suggests. KPMG announced Tuesday the fifth annual Fintech100, a report that highlights…