Regulatory guidance should recognize broker independence, insurers say
October 4, 2018 by Greg MeckbachWhen it comes to market conduct in the property and casualty industry, the regulations should recognize that brokers are independent, an Insurance Bureau of Canada spokesperson says. A guidance paper explaining regulators’ “overarching expectations” on market conduct for brokers, agents…
Economical wins insurance technology award for Vyne platform
September 26, 2018 by Jason ContantEconomical Insurance has won Insurance Nexus’ Canadian Insurance Carrier of the Year 2018 award for its Guidewire-based computer system Vyne. The carrier of the year award recognizes the insurer who has made the biggest advances in implementing analytics and artificial…
Cirque du Soleil’s director of risk management receives top honours
September 24, 2018 by David GambrillMichel Rodrigue, Cirque du Soleil’s director of risk management and insurance, has received this year’s Donald M. Stuart award, Canada’s highest honour for risk management. Based in Montreal, Cirque du Soleil is an entertainment company that produces spectacular theatrical shows…
Canadian carriers increasingly targeting insurers and brokerages for M&A
August 29, 2018 by Jason ContantCanadian P&C companies are increasingly targeting insurers and brokerages for mergers and acquisitions, although the interest in targeting insurtechs is rising, according to a new report from ratings firm A.M. Best Company. A.M. Best released its market segment report for…
How to avoid the “broken arrow” approach to new technology
August 29, 2018 by David GambrillIf you’re an insurance organization looking to adopt innovative new technology such as artificial intelligence, you’ll want to avoid the “broken arrow” approach to implementation. In some instances, organizations may put the cart before the horse, with IT departments developing…
The evolution of the commercial broker
August 28, 2018 by David GambrillCommercial insurance brokers will move beyond their sales role in the future and become true advisors on risk, industry executives predict. Signs of a hardening commercial insurance market provide one impetus for brokers to turn to risk advice to add…
Why Canadian insurers want to play in a “regulatory sandbox”
August 27, 2018 by Jason ContantThe Insurance Bureau of Canada (IBC) wants a “regulatory sandbox” for the P&C insurance industry, something currently not accessible to insurers. “Sandboxes relax specific legal and regulatory requirements to create a safe and conductive space for innovative ideas, enabling companies…
Insurance technology awards make final call for entries
August 22, 2018 by Greg MeckbachTwo yet-to-be named Canadian firms, which are using information technology to get “intelligence” from insurers’ data, will be recognized next month in Toronto. Insurance Nexus is accepting nominations for Canadian Insurance Carrier of the Year and Canadian Insurance Innovator of…
The better way to sell insurance to Millennials
August 20, 2018 by Jason ContantIf the insurance industry wishes to sell more products to Millennials, the industry must adapt to what Millennials want, and not the other way around, according to a recent white paper from Cake & Arrow, a New York City-based agency…
Innovation, yes. But don’t forget to manage the risks.
August 10, 2018 by Jason ContantWhile Canadian organizations are investing in emerging technologies and innovation, few of them are managing the associated risks, a report from PwC Canada suggests. Jennifer Johnson, a partner and national financial services leader with PwC Canada, says that when she…
Zurich Canada names new CEO
August 7, 2018 by Jason ContantZurich Insurance has appointed Saad Mered as CEO and chief agent of Zurich Canada, effective Oct. 1, 2018. Mered is currently chief claims officer for Zurich Insurance Group. He will be assuming the chief agent role from David Levinson, who…
How Ontario’s new government needs to handle the auto file
August 6, 2018 by Jason ContantAlthough Ontario’s new Progressive Conservative government has not publicly disclosed its plans for auto insurance reform, the industry’s trade association has some thoughts on where it should go. Pete Karageorgos, director of consumer and industry relations with Insurance Bureau of…