Industry
New York-based Starr Companies will begin directly writing a variety of commercial lines in Canada, after receiving regulatory approval. A federal order from the Office of the Superintendent of Financial Institutions has approved Starr Insurance & Reinsurance Ltd., the firm said Monday. Starr has established a branch office in Toronto, and has named Hano Pak […]
By Canadian Underwriter | February 3, 2014
1 min read
Lloyd’s of London has launched a new service for high volume claims as part of its overall “claims transformation program.” The new outsourced Volume Claims Service allows for cost-efficient handling of non-complex claims, Lloyd’s said Monday. The service will be provided by Xchanging and Crawford & Company, “both of whom will operate under upper quartile service […]
Mining companies looking to lay the foundation for long-term business growth through cost-cutting measures would be well-advised not to do so at the expense of risk management, cautions a report issued Monday by global risk adviser, insurance and reinsurance broker Willis Group Holdings. Mining Risk Review 2014 – which, among other things, looks at the […]
3 min read
British telematics-based auto insurance provider Ingenie Services Ltd. announced Monday it has agreed in principle to have its majority shareholder, Quindell Portfolio PLC, buy the remaining shares of Ingenie that Quindell does not already own. “Quindell exercising its option will also allow ingenie to rapidly pursue its strategy for international growth, starting with the launch […]
2 min read
While some retailers are letting customers interact using mobile technologies, social media and self-serve kiosks, one expert says the insurance industry is just starting to grapple with the "omni-channel environment" while another contends that carriers have done little more than move paper-based transaction processes online. One senior IT executive for a property & casualty carrier notes that legacy policy administration computer systems are one obstacle and warns that a distribution strategy involving wireless devices and tablets raises information security concerns.
By Craig Harris, Freelance Writer | January 31, 2014
13 min read
Imagine if Amazon's online book-buying process worked the same way that insurance company portals work. Brokerages with as few as five markets are too busy doing training, managing passwords and keeping procedures current. Several improvements are required.
By Jeff Roy, President and CEO, Excalibur Insurance and Group Member, Innovation Working Group, Organization of Real Time Brokers Implementing Technology (ORBiT) | January 31, 2014
6 min read
A recent ad-hoc survey found that fewer than 1% of brokers work in real time with their insurers and none of them support access to their insureds on a 24-7 basis. Brokers can now operate in real time with their insurer suppliers, but the dedication to take full advantage of the technology is lacking.
By Patrick J. Durepos, President, Keal technology | January 31, 2014
4 min read
NEW YORK – Usernames and passwords of some of Yahoo’s email customers have been stolen and used to gather personal information about people those Yahoo mail users have recently corresponded with, the company said Thursday. Yahoo didn’t say how many accounts have been affected. Yahoo is the second-largest email service worldwide, after Google’s Gmail, according […]
By Canadian Underwriter | January 31, 2014
WINNIPEG – Manitoba Public Insurance had a relatively healthy third quarter, but says it’s still bracing for higher than normal winter claims. MPI recorded net income of more than $64 million for the nine months ending Nov. 30, 2013, compared to just over $15 million for the same period last year. Heather Reichert, MPI’s vice-president […]
By The Canadian Press | January 30, 2014
The Centre for Study of Insurance Operations (CSIO) announced Wednesday that Intact Insurance has obtained CSIO Certification for its electronic documentation solution. “We congratulate Intact Insurance on receiving CSIO Certification for eDocs, signifying its commitment to consistency in standards implementation,” Catherine Smola, president and CEO of CSIO said in the announcement. CSIO Certification is available […]
By Canadian Underwriter | January 29, 2014
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