AIG, National Indemnity ink reinsurance agreement covering long-tail prior-year commercial casualty
January 20, 2017 by Canadian UnderwriterAmerican International Group Inc. said Friday it “expects a material prior year adverse development charge” during the three months ending Dec. 31, 2016 and that National Indemnity Company (NICO) has agreed to reinsure 80% of losses on certain reserves for…
How to Be Ready for Make or Break Claim Moments
December 8, 2016 Dara Banga, president, DSB ClaimsLast May, someone in remote Alberta started a wildfire that swept through Fort McMurray, took out the power grid, destroyed more than 2,000 homes, traveled 590,000 hectares to Saskatchewan, halted regional oil production, and raged for roughly three months before…
Insurer profitability, broker expertise key drivers of customer satisfaction in large commercial insurers in Canada and U.S.: J.D. Power study
December 5, 2016 by Canadian UnderwriterThe key variables driving overall commercial insurance customer satisfaction in Canada and the United States are insurer profitability and broker expertise, according to the J.D. Power 2016 Large Commercial Insurance Study. The survey, which provides an “independent and objective” measure…
Incumbent insurers need to understand the “ABCs of insurtech,” Novarica says
December 1, 2016 by Canadian UnderwriterIncumbent insurers need to understand the “ABCs” of insurtech – Analytics Arms Dealers, Beneficial Bots, Creative Carriers and Digital Distributors – to get a better grasp of the space, according to a new executive brief from Boston-based research and advisory…
Global insurtech market forecast to grow at compound annual growth rate of more than 10% between 2016 and 2020, new report suggests
November 24, 2016 by Canadian UnderwriterThe global insurtech market is forecast to grow at a compound annual growth rate of more than 10% between 2016 and 2020, according to a new report from global technology research and advisory company Technavio. The market research report, titled…
Zurich Insurance announces plans to position itself for future, new profitability targets
November 17, 2016 by Canadian UnderwriterZurich Insurance Group plans to build on customer relationships, simplify the business and significantly reduce costs as part of its renewed focus on increasing business profitability and delivering high-quality earnings over the 2017-2019 period, the global insurer announced Thursday. “In…
Advanced analytics and other emerging technologies revolutionizing public sector agencies: Accenture
November 16, 2016 by Canadian UnderwriterAdvanced analytics and other emerging technologies are revolutionizing the way governments and public service agencies are trying to address citizen demands, helping to overcome persistent challenges such as regulatory compliance, outdated legacy IT infrastructures and organizational cultures, according to a new…
Canadian insurers ‘in a tough time for investments,’ A.M. Best analysts warn
November 15, 2016 Greg Meckbach, Associate EditorMergers and acquisitions in the reinsurance sector sometimes involve carriers acquiring managing general agents, while in Canada, M&As have involved insurers trying to “beef up certain parts of their enterprise,” analysts from A.M. Best Company Inc. suggested at a recent…
Use of digital channels increasing, but technology can’t fully replace human connections during auto claims process: J.D. Power U.S. study
October 27, 2016 by Canadian UnderwriterMillenials’ customer satisfaction with the auto insurance process in the United States, while still the lowest among all generations, is improving and carrying the rest of the industry with it, according to the J.D. Power 2016 U.S. Auto Claims Satisfaction…
Reaping the Whirlwind
October 11, 2016 Emily Atkins, EditorTornado gives Doerr Claims Services a quick start
Stopping Claims Churn with Customer-Centric Strategies
September 19, 2016 Dara Banga, President & Chief Adjusting Officer, DSB ClaimsCustomer loyalty. It’s the Holy Grail for any business, isn’t it? Yes, every business owner wants as many sales as possible. But most business owners want something more than one-time customers. They want raving, lifetime fans who will identify with…
AIG Innovation Challenge for Canadian-based startups in Toronto on Dec. 9
September 13, 2016 by Canadian UnderwriterAIG Canada, in partnership with the Consulate General of Canada in San Francisco and Silicon Valley, will be hosting the AIG Innovation Challenge on Dec. 9 in Toronto. AIG Canada will select 10 Canadian-based startups to pitch their products, services…