Operations
Key players in Canada’s P&C industry have reached an agreement to pursue an application programming interface (API) hub solution, called the BrokerFlow solution, to solve the current data connectivity gap between insurers and brokers. The “solution phase” is set to commence in June, the Insurance Brokers Association of Ontario (IBAO) has announced. IBAO has been […]
By Jason Contant | May 29, 2018
2 min read
An increased demand from Canadian brokers for more “problem-solving” insurance solutions, such as specialist cyber coverage, is a factor behind the recent merger between Endeavour Insurance Services and SSL Insurance Group. Lloyd’s broker and delegated authority specialist Endeavour recently announced an agreement to merge with fellow Lloyd’s and independent specialist marine broker SSL. The transaction […]
Tech
A new federal law passed Thursday is intended to mandate the videotaping of locomotive crews in order to let railway risk managers help prevent accidents. Bill C-49, The Transportation Modernization Act, was signed Thursday into law by Governor General Julie Payette. A section mandating video and voice recorders on most train locomotives does “not come […]
By Greg Meckbach | May 29, 2018
3 min read
HR
What direction do you see your insurance career taking over the next five years? Are you on a path to the C-suite or other leadership role? Alternatively, do you have a more entrepreneurial vision for either starting a company or joining a startup? Perhaps you see yourself developing a game-changing new product. Or, you may […]
By Baxter Hall | May 29, 2018
To prepare for the June 7 Ontario election, brokers should be prepared to explain very basic concepts about the property and casualty insurance industry to political candidates, a former head of the provincial brokers’ association suggests. Many election candidates “don’t have any idea” that the province regulates both the policy wording of the auto insurance […]
By Greg Meckbach | May 28, 2018
North America is the most expensive location for a small and medium-sized business (SMB) to suffer a data breach, with SMBs in Canada and the United States also having the highest recovery cost, according to a new study. This year’s annual Kaspersky Lab Corporate IT Security Risks survey, On the Money: Growing IT Security Budgets […]
By Jason Contant | May 28, 2018
Just under one-third of customers globally (22.8% in Canada) are willing to buy insurance products from “BigTech” companies such as Amazon, Facebook and Google, a new report has found, suggesting a greater need for traditional insurance providers to “develop future-ready operating models to satisfy evolving customer preferences.” The World Insurance Report 2018, released earlier this […]
With new technology-driven auto insurance on the horizon, some motorists will drive less and buy insurance from carriers who target low-mileage vehicles, the founder of a comparison shopping provider suggests. Several Ontario auto insurers will probably launch products similar to CAA Insurance’s MyPace, Justin Thouin, co-founder and CEO of LowestRates.ca, said Thursday in an interview. […]
By Greg Meckbach | May 24, 2018
Brokers selling auto insurance written by the CAA Insurance are now getting trained on a new product targeting low-mileage drivers. All 41 of CAA Insurance’s broker partners “are being trained on all aspects” of MyPace, CAA Insurance president Matthew Turack said Wednesday. MyPace, scheduled to roll out this July, targets vehicles driven fewer than 9,000 […]
By Greg Meckbach | May 23, 2018
Legal / Regulation
TORONTO – Dozens of North American securities regulators have joined forces to investigate and warn investors about cryptocurrency-related schemes. Operation Cryptosweep includes more than 40 regulators in the U.S. and Canada, including the Ontario Securities Commission, which issued a release about the investigation Tuesday. “Operation Cryptosweep contributes to our ongoing efforts to raise awareness about […]
By The Canadian Press | May 23, 2018
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