Comparing insurance contracts? How AI can help expedite the process
March 5, 2018 by Jason ContantGlobal reinsurer Swiss Re is employing artificial intelligence (AI) to trace relationships between insurance contracts, all the way down to a single clause, allowing underwriters to process a submission much faster. Mike Fitzgerald, senior insurance analyst with financial consulting firm…
Why this digital broker does not fear directs
March 2, 2018 by David GambrillDigital brokerages have a big marketing advantage over the directs, Dario Battista, president and CEO of isure said Wednesday at the Insurance Canada Technology Conference in Toronto. “We’re not really concerned about the direct markets, quite frankly,” he said. “We’re…
One easy way to reduce ransomware risk
March 2, 2018 Greg Meckbach, Associate EditorRisk managers who teach employees what suspicious email looks like can drastically reduce the risk of being hit with ransomware, a commercial insurer executive said Wednesday. Ransomware is when criminals hack into computer systems, encrypt files and demand a ransom…
Intact, Fairfax discuss impact of interest rate hike on income
February 27, 2018 by Greg MeckbachWith interest rates at historic lows, Canadian property and casualty insurers rely more on underwriting profits to keep profitable than they have in the past. What difference would a rate hike make to insurers? A one percentage point rise in…
What customers will soon expect from insurance carriers
February 26, 2018 by Jason ContantInsurance customers are going to start expecting personalized products and services based on data, Andrew Lo, president and CEO of Kanetix Ltd., said during a webinar Thursday. “Our customers are going to expect smart personalization like, ‘Give me the products…
These simple questions can defuse your client’s resistance to cyber
February 26, 2018 by Jason ContantClients’ arguments against purchasing cyber insurance can often easily be defused, delegates attending NetDiligence’s Cyber Risk Summit heard Friday. Lindsey Nelson, international cyber team leader with CFC Underwriting, said she is often surprised when she hears companies saying they don’t…
A broker’s walkthrough of cyber insurance with a client
February 25, 2018 by Jason ContantThe majority of clients that Marsh Canada meets with – anecdotally 70-80% – still don’t understand what a cyber insurance policy does, Jeremiah Tonn, vice president of the brokerage’s cyber practice, said on Friday. Speaking at NetDiligence’s Cyber Risk Summit…
“We really don’t need to buy another company:” Fairfax CEO
February 21, 2018 by Greg MeckbachSeven months after buying the majority of Allied World Assurance Company Holdings AG, Toronto-based Fairfax Financial Holdings Ltd. does not have any immediate plans to buy more insurance companies for the time being. “We really don’t need to buy another…
Artificial Intelligence, the latest cybersecurity threat
February 19, 2018 by Jason ContantArtificial intelligence (AI) could be a double-edged sword for Canada’s property and casualty insurance industry, offering several potentially positive outcomes, but at the same time a new cybersecurity threat. AI is consistently touted by the insurance industry for its potential…
This is what your cyber policies should focus on
February 1, 2018 by Jason ContantBusiness interruption should be the focus of cyber insurance policies nowadays, Lindsey Nelson, international cyber team leader with CFC Underwriting, said to Canadian Underwriter in an interview on Monday. “I think it might be a matter of insurers are really…
New training ground for P&C industry’s future managers
January 30, 2018 by David GambrillThere’s a new training ground in Canada for insurance professionals interested in fast-tracking themselves into entry-level management positions at insurance companies, adjusting firms and brokerages. Humber College in Toronto is halfway through its inaugural, two-semester P&C Insurance Management Postgraduate Program,…
The limits of leadership: CU broker poll results
January 30, 2018 by David GambrillFor all the potential of a new insurance company executive to influence a broker’s business, do leadership changes at an insurer really matter? Or, as one broker put it in a recent poll by Canadian Underwriter, “who cares about big…