Tech
Insurance companies or brokerages looking to acquire another company should perform due diligence not just on the financials of the target firm, but also its regulatory vulnerabilities during the M&A process. “The idea is to identify potential data breaches and cyber security problems before they become your problem,” said the blog Don’t Acquire a Company […]
By Jason Contant | April 23, 2019
3 min read
Managing cyber risk effectively means considering the business objectives and setting rules on who can declare a breach has occurred, speakers told insurance professionals at a recent conference. “There is a big connotation as it relates to the word ‘breach,’” said Michael Eubanks, senior vice president of information technology and chief information officer for the […]
By Greg Meckbach | April 23, 2019
HR
Are you a personal lines specialist who is attracted by the allure of working in commercial lines? You’re not alone. “I think a lot of people often say, ‘Well, I’m in personal lines and I aspire to commercial because it’s more specialized, it’s sexier and it gets more press,’” said David Crozier, president of Markel […]
By Jason Contant | April 22, 2019
2 min read
Operations
As the newly-elected United Conservative Party (UCP) prepares to take power in Alberta, it remains an open question what the victory will mean for the province’s auto insurance companies and brokers. In his electoral victory speech, UCP Leader Jason Kenney proclaimed that “Alberta is open for business,” alluding to the “lowest taxes in Canada,” and […]
By David Gambrill | April 22, 2019
Change can be a “wonderful thing,” but organizations must be aware of its cumulative impact, the president and CEO of CNA Canada said last week at the CIP Society Symposium’s Up Close and Personal session. Imagine an insurance company that launches a bunch of initiatives, all well-organized and planned, well-executed and very successful. But at […]
By Jason Contant | April 17, 2019
Your client may or may not not need a chief security officer [CSO] on its board of directors, but cyber risk should nevertheless be high on its radar screen, speakers told insurance professionals Tuesday. “If the board doesn’t say, ‘Cyber security is our number one risk’ … then the [chief security officer] probably hasn’t done […]
By Greg Meckbach | April 17, 2019
Cyber insurance is a good tool to help clients understand their vulnerabilities, but carriers need to do a better job of pricing according to risk, speakers suggested at a recent conference. “There seems to be a lot of spit-balling on the pricing in the marketplace today and I think for buyers, that’s always problematic,” said […]
Pembridge Insurance Company is asking brokers in four provinces to tell auto clients how much they could save by using a usage-based insurance app. Some motorists do not want usage-based insurance, Bob Tisdale, president of Pembridge, said Friday in an interview. But still, the company encourages its brokers to present a quote from Pembridge as […]
By Greg Meckbach | April 12, 2019
Artificial intelligence has not reached the point where it is replacing humans in the insurance industry because many processes still require human intervention, speakers said at a recent insurance conference. Artificial intelligence is used in some cases for client engagement – with a chatbot for instance, Charles Dugas, head of insurance at Elemental AI, said […]
By Greg Meckbach | April 11, 2019
Brokers need to take ownership of the data they collect to personalize and improve the customer experience, a speaker suggested Tuesday at the CIP Symposium in downtown Toronto. “For the brokers in the room, how does your client feel if they are a client of your office for 10 years and you send them an […]
By Jason Contant | April 11, 2019
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