Digitization efforts and consumer choice are at the top of Insurance Bureau of Canada’s (IBC) agenda, the association’s chief strategy officer said last week at an industry event. “We essentially want to look at how does the consumer want to…
Having clear policy wording is one component of the “social” part of environmental-social-governance (ESG) practices, suggests senior official with Canada’s financial services regulator. “It’s increasingly clear that insurers need to focus on policy wording to avoid adverse court decisions as…
Staff retention, professional development and the risk of worker isolation are among the factors the industry needs to think about when deciding on an approach to working remote or in the office. “As the pandemic eases and restrictions are lifted,…
Usage-based insurance (UBI) empowers the customer and takes a lot of the complexity out of the insurance product, a speaker said Wednesday during KPMG’s 30th annual insurance conference. “Personally, I love the idea of usage-based insurance and telematics,” Celyeste Power, chief strategy officer…
While the traditional view of claims is that it sits towards the back of the value chain, that is changing, a speaker said Wednesday during KPMG’s 30th annual insurance conference. The evolving role of claims was one of four macro…
The vast majority of Canadian companies have cyber security protocols in place, yet many still fall behind when it comes to testing their systems, according to new research from KPMG LLP. The Toronto-based firm’s 2021 Cyber Security Poll found that…
Small- and medium-sized enterprises (SME) surveyed by KPMG Canada have identified organic growth as a top strategy, followed by digital technology investments. Of the 505 respondents to KPMG’s Business Outlook Poll, nearly three-quarters (71%) identified organic growth as a top…
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…
The size of your commercial client appears to influence their optimism about the future as Canada’s vaccination program starts to roll out, a trio of recent reports suggests. Bigger commercial clients are feeling a sense of optimism when looking ahead,…
Insurers have talked about the need to be more digital for years now but there is one clear sign that they’re actually following through on their plan, according to a KPMG insurance expert: A significant number of them are investing…
The industry continues to consolidate and pension funds are one major source of capital for insurers, a Montreal-based merger and acquisition expert observes. “One or two notable [carrier M&A] transactions per year has slowly transformed the Canadian landscape, including the…
Aviva Canada CEO Jason Storah has no time for arguing about the validity of climate change and the threats facing the planet that are affecting the insurance industry. Instead of debates about climate change based on speculation and conjecture, he’d…