Tech
Guidewire Software Inc. is “not interested” in building a services organization and is touting its new analytics and data services group to insurance buyers. The new analytics and data services group – formed after the acquisition in 2017 of modelling provider Cyence Inc. – could potentially offer new products that do not necessarily require customers to […]
By Greg Meckbach | September 10, 2018
3 min read
The importance of obtaining cyber insurance has again hit home, following the release of a report that found by mid-2018, Canada was the country with the third most cyber incidents in the world and ninth most exposed records. Last month, Risk Based Security in Richmond, Va. reported data as of June 30 showing the United […]
By Jason Contant | September 7, 2018
2 min read
Operations
How close is the industry to consistently allowing consumers to access insurance documents electronically, such as by email? “It’s a bit of a hodge podge out there at the moment,” Colin Simpson, CEO of the Insurance Brokers Association of Ontario (IBAO), told Canadian Underwriter Wednesday. Simpson was responding to a question about how close the […]
By Jason Contant | September 6, 2018
HR
Brokers are used to responding to clients’ questions about their insurance needs, but are they always able to effectively handle grieving customers? The million-dollar question is how to ensure brokers are building enduring and caring customer relationships, while also protecting the company’s interests, Megan Devine suggested in a blog published earlier this week in Harvard […]
By Jason Contant | September 5, 2018
Buyers are pricing in potential future market disruption, such as online distribution, when buying a broker’s books of business, a P&C transaction advisor told Canadian Underwriter Wednesday. Mike Berris, partner and practice group leader with Vancouver-based Smythe Advisory said he is seeing transactions of five to six times revenue for so-called online books. In one […]
Looking to sell your brokerage? Don’t assume your brokerage will eventually sell for an ever-increasing multiple of revenue, or that you will be able to sell at the high end of the current ranges, a P&C advisory and consulting firm said recently. If that’s the case, what are your best exit strategies? If you’re not […]
By Jason Contant | September 1, 2018
Brokerages looking to better motivate frontline workers should optimize play, purpose and potential, while reducing pressure, a recent experiment suggests. In a blog post for Harvard Business Review, authors Lindsay McGregor and Neel Doshi implemented an experiment to transform the operating model of four stores in a retail organization. To build a genuine sense of […]
By Jason Contant | August 30, 2018
Canadian P&C companies are increasingly targeting insurers and brokerages for mergers and acquisitions, although the interest in targeting insurtechs is rising, according to a new report from ratings firm A.M. Best Company. A.M. Best released its market segment report for Canada Tuesday. It said insurer- and broker-related transactions increased compared to last year. “Insurers and […]
By Jason Contant | August 29, 2018
If you’re an insurance organization looking to adopt innovative new technology such as artificial intelligence, you’ll want to avoid the “broken arrow” approach to implementation. In some instances, organizations may put the cart before the horse, with IT departments developing a new technology first, and then subsequently trying to bend organization’s existing processes to conform […]
By David Gambrill | August 29, 2018
MONTREAL – Air Canada says 20,000 customers may have had their personal information improperly accessed due to a breach in its mobile app, prompting a lock-down on all 1.7 million accounts until consumers change their passwords. The airline says it detected unusual login activity last week and tried to block the hacking attempt, locking the […]
By The Canadian Press | August 29, 2018
1 min read
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