Vancouver-based insurtech Apollo Insurance has laid off approximately 25% of its workforce of about 125 people across Canada, according to one source familiar with the matter. Employees were told during a 9 a.m. meeting, Pacific Time, according to the source,…
Former Beazley Canada board chairman Phil Baker is now president of global cyber insurtech BOXX Canada. Baker also will be responsible for delivering BOXX’s insurance strategy globally as its global head of insurance. The Toronto-based and privately-held company helps businesses,…
Accelerated digitization continues to drive strong M&A activity in P&C, with brokerages that prioritize the customer in their digitization strategies more likely to succeed. “Understanding the customer and how to change the customer experience will be the key differentiator for…
Canada has hundreds of new insurtech startups and some of them can help you give consumers the experience they have come to expect from other industries, speakers suggested during the 2021 A.M. Best Canada Insurance Market Briefing. “I think our…
Insurtechs are playing a game of collaboration and not combativeness within the insurance industry, the chief executive officer of an online commercial insurance brokerage said recently. “If you look at every insurtech, we pretty much always have to partner with…
Insurance companies, generally risk-averse, are not used to seeing failure — something they need to get used to when they work with insurtechs that are trying to create a better system for them, says one insurtech leader. Insurers come to…
The hard market in commercial lines has caused some managing general agents to lose some products, yet more insurance is still being placed through MGAs, panelists told brokers listening to a recent webinar. “I think it’s a perfect way for…
Collecting high-resolution images, making it easy to report a loss, and integrating the service providers into the claims process are claims innovations carriers need to bring in if they are not already, InsurTech North speakers suggested last week. “Make it…
When it comes to shopping for insurance online, the consumer experience will vary across platforms, something that isn’t always discussed when the industry talks about digitizing its customer experience. The matter came up recently during ‘Key Touchpoints in the Customer…
Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial…
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…
While the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and…