Tech
The insurance industry needs a “killer use case” for blockchain that all stakeholders can agree on before moving forward with more widespread adoption, a speaker suggested Wednesday at the Insurance-Canada.ca Technology Conference. “I think we are still on that journey of finding that killer use case where 75% of the market can say, ‘Wow! We […]
By Jason Contant | February 28, 2019
2 min read
Chatbots are getting better at answering questions, and many Canadian insurers are taking a serious look at the technology, a fintech analyst said Tuesday. “Quite a few of the major insurers in North America are looking to chatbots as a way to enhance what they do,” Nick Maynard, a senior analyst for Juniper Research Ltd., […]
By Greg Meckbach | February 27, 2019
If you’re looking to automate at your brokerage or insurance company, scrutinize specific tasks, not entire jobs, recommends a blog from Harvard Business Review. There are three fundamental work characteristics that lend themselves to automation: While virtually all companies are wrestling and experimenting with automation, most are missing the benefits that come from deep and […]
By Jason Contant | February 26, 2019
3 min read
While theft of funds remains a relatively minor source of Canadian cyber claims for one specialist insurer, it is expected to grow as further modernization of payment systems takes place in the country. CFC Underwriting released Friday its 2018 cyber claims data, which found ransomware was the primary driver for claims in Canada. Ransomware accounted […]
A Toronto-based artificial intelligence (AI) vendor is working with Zurich Canada to reduce errors and omissions risk in commercial insurance policies. Often commercial policies have dozens of pages with several endorsements, which someone needs to read for accuracy before the policy is issued to the customer. Someone needs to confirm, for example, that all references […]
By Greg Meckbach | February 25, 2019
Commercial underwriting in the future may expand to encourage more cross-functional and hybrid responsibilities, potentially with engineering, claims, finance or operations, according to a new report from McKinsey & Company’s insurance practice. “To attract younger talent, companies need to recognize that Millennial and Generation Z workers are looking for roles that expose them to a […]
By Jason Contant | February 22, 2019
Legal / Regulation
The Ontario government wants to expand testing of autonomous vehicles in the province. “Our government is taking active steps to open the door for expanded testing related to connected and autonomous vehicles in Ontario,” Michael Parsa, parliamentary assistant to the minister of economic development, job creation and trade, said Tuesday of Bill 66, which was […]
By Greg Meckbach | February 21, 2019
Operations
The percentage of adults 25 and older who live with parents has nearly doubled over the past generation, Statistics Canada reported last week. In 1995, 5% of Canadians aged 25 to 64 (about 900,000 people) shared a residence with one or more of their parents. In 2017, that figure was 9%, or 1.9 million people, […]
By Greg Meckbach | February 20, 2019
NFP Corp., a global insurance brokerage and consultant, has acquired Ontario-based property and casualty brokers Mass Insurance Brokers Limited and Easyway Insurance Brokers Inc (collectively known as Mass). Terms of the deal were not disclosed. NFP announced the deal, which closed last December, in a press release Tuesday. Mass is based in Markham, with additional […]
By David Gambrill | February 20, 2019
EDITOR’S NOTE: The story has been corrected to show that FICOM’s position before the Financial Services Tribunal was that the financial penalties were deemed to be insufficient to deter brokers from misrepresenting facts. A previous version incorrectly stated that FICOM’s position was that the financial penalties were too harsh. Also, Insurance Council of B.C. has […]
By David Gambrill | February 19, 2019
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