Legal / Regulation
Open banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane, Payments Canada’s executive director of modernization, said in a recent interview. This is because an […]
By Greg Meckbach | January 20, 2021
3 min read
Operations
Most Canadian P&C insurance industry professionals would like to see more hybrid, flexible working arrangements once the health threat of the global COVID-19 pandemic has subsided. “I’m not really keen to go back to five days a week [in the office],” one Canadian Underwriter reader wrote in an online survey of more than 1,100 Canadian […]
By David Gambrill | January 19, 2021
4 min read
Some Ontario brokers still need to work in their bricks-and-mortar offices amid the strict lockdown imposed Thursday by the provincial government. Although many brokerages are digital and have staff working from home, others are at the “opposite end of the spectrum” in terms of technology adoption, Insurance Brokers Association of Ontario CEO Colin Simpson suggested […]
By Greg Meckbach | January 15, 2021
Manitoba’s brokers will provide input on designing a system for online auto insurance in the province and will be involved in every digital transaction, says the provincial broker association. A recently-signed, five-year agreement between Manitoba Public Insurance (MPI) and the Insurance Brokers Association of Manitoba takes effect Apr. 1, IBAM CEO Grant Wainikka told Canadian […]
By Greg Meckbach | January 14, 2021
2 min read
Quebec brokers can now place commercial coverage with Wawanesa Mutual Insurance Company for policies starting Feb. 1. The Manitoba-based insurer announced Monday that it is offering commercial coverage in Quebec, making good on a promise made to the province’s brokers more than two years ago when Wawanesa announced it would stop writing insurance directly in […]
By Greg Meckbach | January 13, 2021
Tech
If the federal government goes forward with giving fintechs increased access to consumer financial transaction data, this could encourage large tech players like Amazon and Facebook to get into the insurance business, a Canadian P&C expert suggests. “Nobody ever thought that Facebook would somehow be influential in elections. I think insurance is no different,” said […]
By Greg Meckbach | January 12, 2021
Disruptions from the COVID-19 pandemic are putting digital transformation and new product launches high on the agenda of insurance carrier executives, the CEO of a property and casualty insurance software vendor suggests. “When we look at the impact on carriers of COVID, it impacted some segments of business or some lines within the industry,” said […]
By Greg Meckbach | January 11, 2021
As the arrival of vaccines in Canada promise to put an end to the pandemic, insurers and brokers now face the same task as their commercial clients: Creating a business plan for the ‘new normal,’ after the threat of COVID-19 is gone. The task will require some guesswork, say the authors of a Harvard Business […]
By David Gambrill | January 8, 2021
Insurers could distribute coverage through technology firms that adopt the managing general agent model, a Montreal expert for a venture capital fund observes. “Some technology startups are adopting the MGA model to partner with a carrier or reinsurer to distribute their product,” said Laviva Mazhar, investment associate at Luge Capital. “Some tech-driven MGAs are partnering with […]
By Greg Meckbach | January 7, 2021
Imagine future office managers more like orchestra conductors, some management analysts predict. To be clear, not everyone in the P&C industry is sold on whether working purely from home is a sustainable business model once COVID-19 lockdowns are lifted once and for all. Nonetheless, many are discussing — if not preparing for — the end […]
By David Gambrill | January 5, 2021
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