Legal / Regulation
A former broker's license was suspended for two years after she schemed to to drive uninsured for several months.
By David Gambrill | March 24, 2022
3 min read
Operations
Some financial services have begun to implement solutions to determine if there’s racial bias in lending and credit rating practices – and it may be applicable to the P&C industry. New research by the Casualty Actuarial Society looks to address the potential implications of racial bias in insurance pricing and guide the industry towards proactive solutions. […]
By Alyssa DiSabatino | March 21, 2022
4 min read
Commercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published Application Programming Interface (API) standards using Java Script Object Notation (JSON) for individually-rated commercial automobile […]
By Phil Porado | March 18, 2022
2 min read
Tech
Digitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the first step is to “put the customer back at the center of everything.” When […]
By Alyssa DiSabatino | March 17, 2022
Add a single flood map to the wish lists of several brokers, who are having a tough time dealing with individual insurance companies competing on flood maps. A Canada-wide flood map has yet to be implemented across the industry, and so many insurers have commissioned their own maps. But if one insurer’s flood map shows […]
By Alyssa DiSabatino | March 16, 2022
Insurance companies seeking to make good digital investments need to reevaluate their legacy technology systems, according to survey results from digital intelligence company ABBYY. As the workplace becomes increasingly digitized, ABBYY’s 2021 Digital Transformation Survey Results finds that the biggest barriers to digital transformation in the industry are: Sixty-one per cent of 1,220 surveyed companies said […]
By Alyssa DiSabatino | March 7, 2022
An Alberta broker has been fined for failing to transfer her broker’s license when her brokerage came under new ownership.
By David Gambrill | March 3, 2022
HR
The Insurance Institute of Canada is celebrating 1,201 Chartered Insurance Professional (CIP) graduates this year, the highest number of graduates in any year since it was established in 1899. “In a typical year, we graduate about 900 to 1,000 new CIPs, so that’s [at least] a 20% jump in the number of graduates, which […]
By Alyssa DiSabatino | March 3, 2022
Data automation has created an emerging risk: AI can develop unintended biases within its own data that can yield unfair results and potentially harm a client’s business. Although it’s not the only risk associated with AI, the potential for a machine to become biased with its data is definitely a concern for insurers. AI bias […]
By Alyssa DiSabatino | February 28, 2022
In an ever-evolving digital world, artificial intelligence — a technology that mimics human cognition by learning from experience, identifying patterns and deriving insights — is becoming widely adopted by companies. In fact, AI adoption has skyrocketed in the 18 months before September 2021, Harvard Business Review reports. And a quarter of respondents in one PwC […]
By Alyssa DiSabatino | February 25, 2022
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