XL Catlin partners with AI start-up Cytora
October 4, 2017 by Canadian UnderwriterXL Catlin’s internal innovation team Accelerate announced that it is working with Cytora, a United Kingdom-based insurtech start-up that uses artificial intelligence (AI) and open source data to improve the way insurers quantify, select and price risk. A joint press…
Brakes tapped on ridesharing in B.C. despite election promises to allow Uber
October 4, 2017 Dirk Meissner - THE CANADIAN PRESSVICTORIA – An election promise to bring ridesharing to British Columbia by the end of the year has taken a detour as the NDP government says safety of passengers and operators comes first. Transportation Minister Claire Trevena said Tuesday the…
Cybercrime drains US$11.7 million per business annually, up 62% in five years, study finds
September 29, 2017 by Canadian UnderwriterThe average cost of cybercrime globally climbed to US$11.7 million per organization, a 23% increase from US$9.5 million reported in 2016, according to new research from Accenture and the Ponemon Institute. The year-over-year increase also represents a “staggering” 62% increase…
Shifting liability related to autonomous vehicles among challenges for risk managers: RIMS speaker
September 29, 2017 Jason Contant, Online EditorShifting liability and “the period of intersection” between conventional vehicles and fully autonomous vehicles (AVs) will be among the challenges facing risk managers in the future, attendees to the RIMS Canada Conference heard earlier this week. Consider “public road liability”…
Federal bill aims to address ‘regulatory challenges’ of disruptive vehicle technologies
September 22, 2017 by Canadian UnderwriterLegislation under consideration by the House of Commons “would increase the flexibility” of federal law to address automated and connected technologies used in vehicles, a member of parliament suggested Wednesday. “Shifts in the global technology landscape are placing a growing…
Quebec, Ontario and California join forces on climate change
September 22, 2017 by Canadian UnderwriterQuebec Premier Philippe Couillard, Ontario Premier Kathleen Wynne and California Governor Jerry Brown have signed an agreement linking the carbon markets of the two provinces and one state. Couillard hosted Wynne and Brown in Quebec City on Friday. By signing…
79% of U.S. insurance CEOs confident of growth prospects, 82% looking to disrupt: KPMG study
September 15, 2017 by Canadian UnderwriterThe majority of insurance company CEOs in the United States – 79% – are confident about the growth prospects of their organizations over the next three years as they are looking to innovate processes and implement new technologies in response…
Wave of new digital technology confronting most insurance sectors: report
September 14, 2017 by Canadian UnderwriterA wave of new digital technology is confronting most insurance sectors and, while disruptive, the insurtech movement presents more technology-related opportunities than witnessed before, according to the 2017 World Insurance Report (WIR). The report, released on Wednesday by Capgemini and…
OneEleven and Aviva Canada to host Canada’s “first ever” DisasterTech Hackathon
September 12, 2017 by Canadian UnderwriterOneEleven, described as “North America’s largest scaleup innovation hub,” and Aviva Canada have announced that a 48-hour DisasterTech Hackathon will be held next month in Toronto. The event will kick off at OneEleven’s office at 325 Front St. West in…
Free online offering hopes to bolster catastrophe modelling understanding
September 5, 2017 by Canadian UnderwriterWhat has been described as the first free and neutral open online catastrophe modelling course was launched today to help those working in climate change and disaster loss mitigation, academia and insurance better understand the use of models in nat-Cat…
Insurers have ‘hidden behind’ regulators: Executive Forum speaker
August 30, 2017 Greg Meckbach, Associate EditorTechnological innovation is not among the goals of some government regulators overseeing insurance markets, but some can be persuaded to allow innovation if a determined insurance provider presents “a good case study,” speakers suggested Tuesday at the Insurance-Canada.ca Executive Forum. “We as insurers have hidden behind the regulators for a long time and have said, ‘Gosh, I would love to do that but I won’t be allowed to,” said David Crozier, president and chief executive officer of Everest Insurance Company of Canada. “We…
Data the engine for innovation to improve business, serve customers, speaker suggests
August 30, 2017 by Angela StelmakowichOrganizations can be the driving force behind innovation that transforms their operations and helps them better serve customers, but those advances will increasingly rely on having a store of good data available, it was suggested Tuesday during the 5th Annual…