Tech
It’s a common thing to hear in Canada’s P&C insurance industry: Although auto repair costs will increase in the short term because of advanced safety technologies installed in today’s vehicles, over the long haul, the frequency of incidents should decrease due to advanced driver assistance systems (ADAS) such as collision avoidance, park assist and adaptive […]
By Jason Contant | February 26, 2018
3 min read
Distracted driving and the cost of repairing vehicles equipped with the latest technology are among the reasons RSA Canada is looking to increase auto insurance rates across Canada. “We have seen a trend of increasing frequency [of collisions] which we [attribute] in large part to distracted driving,” Martin Thompson, president and CEO of RSA Canada, […]
By Canadian Underwriter | February 24, 2018
2 min read
OTTAWA – Government and industry insiders have high expectations next week’s federal budget will contain big investments to help Canada reinforce its cybersecurity defences in an age of heightened global threats to businesses, privacy and democracy. A senior government official says Tuesday’s budget is poised to dedicate funding for a multi-departmental effort to strengthen the […]
By Jason Contant | February 23, 2018
4 min read
Cyber insurer Beazley is expecting an increase in cyberattacks that lead to business interruption, especially due to the growth of cloud platforms and connected devices in the workplace. On Wednesday, Beazley released its 2018 Breach Briefing outlining the types of cyberattacks that affected its clients in the United States last year. Of the 2,600 data […]
By Jason Contant | February 22, 2018
The Centre for Study of Insurance Operations (CSIO) has launched its My Proof of Insurance eDelivery solution, enabling CSIO members to send consumers digital policy documents (including proof of auto insurance, or ‘eSlips’) for personal and commercial lines. The announcement comes before many provincial insurance regulators have approved electronic proof of insurance in their jurisdictions. […]
By David Gambrill | February 22, 2018
As payment systems continue to modernize globally and locally, one Canadian insurer says it is hoping to explore opportunities related to its payment infrastructure. While it is not currently using ISO 20022, an international standard that supports electronic payments, Aviva Canada said it is aware of the standard and hoping to explore opportunities in the […]
Newer technology in vehicles is creating the need for a different skill set in collision repair facilities, something that could ultimately affect vehicle repair times for insurers. “This technology that is in the car now from a safety perspective brings in a new skill set that really doesn’t exist in the industry today, which is […]
By Jason Contant | February 21, 2018
Operations
A B.C. broker has been fined $2,500 and ordered to complete a privacy compliance course after it was discovered that she was storing client documents in the locked garage of her home. Her time-honoured, paper-based method of storing documents came under review during an Insurance Council of B.C. investigation into whether she had taken confidential […]
By David Gambrill | February 20, 2018
Addressing the entire vehicle safety system after an auto collision, and not just one component like a sensor, may be contributing to longer auto repair times and higher costs for insurers, Mitchell International said Thursday. Jerry Gastineau, content manager with Mitchell’s editorial department, told Canadian Underwriter the mere fact that a sensor is in a […]
By Jason Contant | February 20, 2018
Artificial intelligence (AI) could be a double-edged sword for Canada’s property and casualty insurance industry, offering several potentially positive outcomes, but at the same time a new cybersecurity threat. AI is consistently touted by the insurance industry for its potential to process claims faster, improve underwriting, and better identify fraud. It can even be used […]
By Jason Contant | February 19, 2018
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