Operations
The sophistication of technology for rating overland flood could conceivably lead to smaller insurers ending up with a disproportionate share of flood risks on their books in the event of a cat, which could spell trouble for consumers. Insurance Brokers Association of Ontario (IBAO) chairwoman Traci Boland cited the looming issue in remarks made to […]
By Jason Contant | May 22, 2018
2 min read
Tech
Artificial intelligence may make for a wonderful sound bite, but insurance providers need to use this emerging technology to cut costs and serve customers better, two financial services executives warn. The financial services industry is “still at a stage where AI is about companies coming out with sexy sound bites,” Kamana Tripathi, vice president of […]
By Greg Meckbach | May 22, 2018
Legal / Regulation
The Canadian Association of Mutual Insurance Companies (CAMIC) and the Insurance Brokers Association of Canada (IBAC) are split on tactics regarding a federal government bill that would allow banks to share customer data with fintechs. Which path better protects consumers is a subject of hot debate. The tactical divergence became obvious after a representative of […]
By David Gambrill | May 22, 2018
3 min read
The large body of regulations known as maritime law should be addressed before or in concert with insurance considerations when it comes to autonomous vessels, British Columbia-based author Blake Desaulniers told Canadian Underwriter last week. “That large body of regulations and laws will have to be addressed before you can effectively address the insurance considerations […]
By Jason Contant | May 21, 2018
Roughly half the motorists in Saskatchewan lack adequate auto insurance because they are only buying the mandatory minimum required by law from the province’s government-run auto insurer, a broker warns. Saskatchewan’s 70-year-old-plus Auto Fund writes basic minimum liability, damage to or loss of an insured’s vehicle and also covers first-party medical costs and income replacement […]
By Greg Meckbach | May 17, 2018
Leading innovation in your brokerage? Here are 6 steps for successfully directing change in your organization without making waves.
By Kris Hackney, Executive Vice President, Customer Experience, Applied Systems | May 17, 2018
Applied Systems has released its Applied Rating Index, measuring the quarterly premium rate trends being experienced by consumers, brokerages and insurers across the Canadian market. Stephane Lacasse, vice president of product management for Canada and rating products with Applied, told Canadian Underwriter in a briefing before the index’s release Wednesday that the rate insights will […]
By Jason Contant | May 16, 2018
HR
Tired of attending yet another insurance industry cocktail event, idly stirring your drink with a swizzle stick and talking to everyone you already know? Go ahead and skip that schmooze-fest. There’s a better way to meet new people. High-stakes shared activity is more likely to draw you together with new people, according to David Burkus, […]
By David Gambrill | May 15, 2018
The CIP Society Ethics Series THE ETHICAL DILEMMA The owner of a suburban insurance brokerage reviews the firm’s monthly production figures and is pleased with a recent spike in sales. Over the past several years, his brokerage has been very consistent in terms of premium allocation by carrier and by product line, almost to within […]
By The CIP Society - Insurance Institute of Canada | May 15, 2018
5 min read
Risk managers for companies transferring money outside of Canada might want to check the social media profiles of workers in their accounting departments. Criminals sometimes research the social media profiles of workers at financial institutions and people who have authority to make payments, Stephanie Zee, global payments regulatory head at Citigroup Inc., suggested at a […]
By Greg Meckbach | May 15, 2018
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
