Legal / Regulation
Recent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use cases are foundational for advancing JSON data standards in the industry,” said Catherine Smola, president […]
By Phil Porado | April 4, 2022
3 min read
Tech
Companies aren't making cybersecurity a priority despite rising threat.
By Phil Porado | April 1, 2022
2 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
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
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
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
Cyber insurtech BOXX Canada names Phil Baker, former board chairman at Beazley Canada, as its new president.
By David Gambrill | February 24, 2022
1 min read
Operations
Why brokers believe Usage-Based Insurance will survive well past the pandemic-induced uptake of the past two years
By David Gambrill | January 19, 2022
KPMG’s Chris Cornell says project management, system implementation, and accessing resources are the biggest challenges, as the start date of the new insurance accounting standard IFRS 17 approaches.
By Jason Contant, Online Editor | October 4, 2021
6 min read
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