Operations
How much does it — or should it — cost you to acquire a new client? Out of many leads you attract to the brokerage, how many of those sales actually close? If you can’t answer these questions, you are already playing catch-up with brokerages and carriers that have a firm grasp of these key […]
By David Gambrill | March 2, 2018
3 min read
Tech
Ontario brokers are attempting to marshal industry-wide support for an API hub solution that would provide real-time data exchange between insurance carriers and the broker channel. “What we’re asking is that the carriers support the [Insurance Brokers Association of Ontario] in a feasibility study,” Adam Mitchell, president of Mitchell and Whale Insurance Brokers, told a […]
By David Gambrill | March 1, 2018
Using artificial intelligence (AI) to understand the likelihood of individual consumers making an auto insurance purchase, insurance broker Kanetix Ltd. was able to achieve a 13% lift on its call volume and lead generation. “AI is something that the Insurance Industry has been talking about for a while,” Janine White, vice-president of marketplaces at Kanetix […]
Brokers tend to forget that insurance is often a “grudge purchase,” and that companies selling goods other than insurance tend to provide the best examples of customer service, speakers said Tuesday at the Insurance-Canada.ca Technology Conference (ICTC). “We [brokers] quickly forget that we sell a product that the consumer doesn’t necessarily want,” Sherif Gemayel, president […]
By Canadian Underwriter | March 1, 2018
2 min read
Machine learning could be used to underwrite faster, reduce fraud and assess vehicle damages more accurately, Lawrence Wong, Munich Re Canada’s director of application development, said Tuesday. Speaking at the 16th annual Insurance-Canada.ca Technology Conference in Toronto, Wong said that artificial intelligence (AI) is here to stay and will augment the way people do the […]
By Jason Contant | February 28, 2018
Although Canada has at least 50 companies that could be described as “insurtech,” the term itself is just a buzzword, speakers suggested Tuesday at the Insurance-canada.ca Technology Conference. “I think the biggest thing of insurtech is the buzzword that is insurtech,” Adam Mitchell, president of Whitby, Ont.-based Mitchell & Whale Insurance Brokers Ltd., said during […]
By Greg Meckbach | February 28, 2018
Industrial control systems (ICS) at manufacturing plants are perfect targets for cybercriminals because they are not designed with security in mind, Zurich Canada’s head of specialty products, Greg Irvine, said recently. Speaking at NetDiligence’s Cyber Risk Summit in Toronto on Feb. 23, Irvine said that business interruption (BI) and contingent business interruption (CBI) related to […]
By Jason Contant | February 27, 2018
Insurance customers are going to start expecting personalized products and services based on data, Andrew Lo, president and CEO of Kanetix Ltd., said during a webinar Thursday. “Our customers are going to expect smart personalization like, ‘Give me the products that I need today,’” Lo said during the Insurance Institute of Canada’s webinar, Innovation in […]
By Jason Contant | February 26, 2018
Clients’ arguments against purchasing cyber insurance can often easily be defused, delegates attending NetDiligence’s Cyber Risk Summit heard Friday. Lindsey Nelson, international cyber team leader with CFC Underwriting, said she is often surprised when she hears companies saying they don’t have a cyber risk or exposure, because they have strong IT controls in place. Insurance […]
The majority of clients that Marsh Canada meets with – anecdotally 70-80% – still don’t understand what a cyber insurance policy does, Jeremiah Tonn, vice president of the brokerage’s cyber practice, said on Friday. Speaking at NetDiligence’s Cyber Risk Summit in Toronto, Tonn provided delegates with a walkthrough of a cyber insurance discussion with a […]
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