Tech
Auto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s Financial Services Regulatory Authority announced July 21 it is creating a Technical Advisory Committee for […]
By Greg Meckbach | August 4, 2020
3 min read
Operations
The acquisition of Willis Towers Watson plc by Aon plc is on track to close in less than a year as Aon officials don’t seem concerned the deal will be blocked by competition regulators. “We are exactly on track with our original time period,” which is to close the deal during the first half of […]
Shortly after the World Health Organization declared the novel coronavirus to be a global pandemic, when Canadian P&C insurance industry employees first started to work from home remotely to avoid the spread of the virus, Canadian Underwriter asked brokers in a poll to describe acts of leadership or compassion they had witnessed. “One of our […]
By David Gambrill | July 30, 2020
Legal / Regulation
A former broker who has vowed never to return to the insurance industry has been ordered to pay a $5,000 civil fine for claiming to be a CE instructor when he had not in fact taught the course he claimed he had. Sean Ronson Nethercott was formerly a Level 2 general insurance broker and a […]
By David Gambrill | July 22, 2020
Blockchain has been around for a while, in cryptocurrency for example, but the property and casualty industry needs to work together and agree on what brokerages and carriers should use blockchain for, speakers said on a recent webinar. “Blockchain is a community or industry type of initiative. One person can’t do blockchain by themselves,” said […]
By Greg Meckbach | July 20, 2020
Invoice processing and after-hours self-service are among the processes you could be automating today with advanced computing technologies. Aviva Canada has automated the reconciliation of invoices, the company’s chief claims officer, Bryant Vernon, reported during a Canadian Underwriter webinar Thursday. As a result of that automation, Aviva was able to increase the number of rebates […]
By Greg Meckbach | July 17, 2020
A “lack of appropriate office procedures,” in addition to a “casual” approach to handling a client file, led to a series of miscues that resulted in coverage not being bound for a married couple who reported a theft of their property in a storage facility while moving their residence, the B.C. Insurance Council has found. […]
By David Gambrill | July 15, 2020
4 min read
Canada’s most easterly province had a tough start to 2020, says Kelly Hickman, president of South Coast Insurance in St. John’s. The province’s brokers have been working through a tough commercial market. They’re seeing “tighter underwriting restrictions, and less capacity,” says Hickman. On a positive note, following a lengthy auto review, the province introduced changes […]
By Canadian Underwriter Staff | July 13, 2020
2 min read
A Manitoba broker was recently fined $2,000 after obtaining premium relief for a client within hours of being told by the regulator that he was unlicensed to act as a broker. On Dec. 19, 2018, Darcy Dion Boguski completed the Insurance Council of Manitoba (ICM)’s online licence application to obtain a supplemental insurance licence with […]
By David Gambrill | July 10, 2020
As provincial governments across Canada begin to fire up their local economies in staged phases, Canadian businesses are asking their brokerages for advice on how to re-open safely. Aon Canada is already engaged in these sorts of their discussions with their clients. Three company representatives recently talked to Canadian Underwriter about the questions that clients […]
By David Gambrill | July 8, 2020
5 min read
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