HR
The insurance industry may not be known for technological innovation, but there is a future for brokers who are willing to change, speakers said Tuesday during the annual general meeting of the Insurance Brokers of Toronto Region. “The only thing that’s consistent in the insurance industry is change,” said Frank Silla, incoming IBTR president and […]
By Jason Contant | March 29, 2016
3 min read
Tech
Self-driving cars could translate into significantly lower premiums and profits in the long-term for auto insurers as the number of accidents declines dramatically, Moody’s Investors Service said on Tuesday. A new report from Moody’s – titled P&C Insurance – Global: Self-Driving Cars Could Send Auto Insurance Industry Skidding – noted that while self-driving cars will […]
By Canadian Underwriter | March 29, 2016
2 min read
An increasingly uncertain business climate means finance departments have just four to five years to modernize if they are to meet the rising expectations of the organizations they serve, suggests a report issued Tuesday by Deloitte. Chief financial officers (CFOs) “need to unlock the value of their finance teams by shifting them away from generating […]
4 min read
Legal / Regulation
Concerns regarding cyber risk, interest rates and the economy remain prominent among insurers, according to the latest quarterly survey from A.M. Best Company. The Best’s Special Report, released on Thursday, included several hundred responses, representing property and casualty (70.4%), life & annuity (22.2%) and health (5.3%) insurers, with the remaining 2.1% identifying themselves as surety, […]
By Canadian Underwriter | March 28, 2016
Operations
Barry Penner, QC brings his legal skills and considerable experience with the Government of British Columbia – including as the province’ longest-serving environment minister – to his new duties as chair of the Insurance Corporation of B.C.’s (ICBC) Board of Directors. Penner’s appointment – which runs Mar. 31, 2016 to Mar. 31, 2019 – was […]
By Canadian Underwriter | March 23, 2016
WASHINGTON – In a major reversal, the Obama administration said Tuesday it will bar oil drilling in the Atlantic Ocean, a move cheered by environmentalists and consistent with the United States president’s aggressive steps to deal with climate change. U.S. Interior Secretary Sally Jewell made the announcement on Twitter, declaring that the administration’s next five-year […]
By Canadian Underwriter | March 15, 2016
DETROIT – With hopes of speeding development of self-driving cars, General Motors has acquired a small software company that’s been testing vehicles on the streets of San Francisco. The Detroit automaker says it purchased Cruise Automation, a 40-person firm that was founded just three years ago. The move, coupled with GM’s in-house research, should help […]
By Canadian Underwriter | March 11, 2016
Although less than a third (29%) of responding organizations are currently using the Internet of Things (IoT), an additional 14% are planning to implement it in the coming 12 months, according to a survey released on Thursday by Gartner Inc. An additional 21% of respondents plan to implement it after 2016, said Gartner, a Stamford, […]
By Canadian Underwriter | March 4, 2016
Economical Insurance is planning to expand its distribution strategy, becoming a multi-channel organization, with the launch sometime later this year of a separately branded direct channel, says company spokesperson Doug Maybee. “This new branded direct channel is going to operate completely independently from our broker channel,” Maybee, Economical Insurance’s manager of public and media relations, […]
By Canadian Underwriter | January 27, 2016
1 min read
The biggest disruptor in insurance distribution and service in the United States in the past few years may be email, according to a survey of 150 agents and brokers from 43 states. While mobile and social media “get all the buzz,” the surprising biggest disruptor may be email, research and advisory firm Novarica said on […]
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