Tech
Canada has hundreds of new insurtech startups and some of them can help you give consumers the experience they have come to expect from other industries, speakers suggested during the 2021 A.M. Best Canada Insurance Market Briefing. “I think our industry is looking to insurtech to help us deliver our products to the customer in […]
By Greg Meckbach | September 20, 2021
2 min read
If open banking becomes available to Canadians in 2023, fintechs could find opportunities to cross-sell financial services including insurance, a venture capital expert suggests. Generally speaking, fintechs are looking forward to open banking coming into effect, said Laviva Mazhar, Montreal-based investment associate with Luge Capital, in an interview Monday with Canadian Underwriter. “The access that […]
By Greg Meckbach | August 20, 2021
Mutual insurers support a proposal to prohibit insurers in Canada from using banking data for underwriting, in an initial phase of open banking. However, one industry expert questions whether there is any harm in letting consenting consumers give their own banking data to insurance companies. “If a consumer whose banking data belong to him, wishes […]
By Greg Meckbach | August 10, 2021
3 min read
Open banking should not be used for underwriting insurance, a federally appointed committee said Wednesday. In its final report issued Aug. 4, the Advisory Committee on Open Banking recommended that the “initial phase” of open banking, in Canada, be up and running by January, 2023. Property and casualty insurance brokers have a vested interest in […]
By Greg Meckbach | August 5, 2021
Operations
Gore Mutual has gone live with technology that lets the carrier bind policies for brokers, in minutes in some cases. The Cambridge, Ont.-based property and casualty insurer “has completely changed the operating model for personal lines,” CEO Andy Taylor said last week in an interview with Canadian Underwriter. “In our prior model, which was a […]
By Greg Meckbach | July 26, 2021
Brokers can learn from the classic business parable, Who Moved My Cheese, by adapting to a changing office in the future.
By David Gambrill | July 21, 2021
4 min read
With a large number of employees working from home during the pandemic, commercial clients need some way of assigning a risk score to the cyber exposure posed by their users, software applications, and hardware devices, a Canadian information technology security expert suggests. “In this day and age, many organizations are using SaaS [software as a […]
By Greg Meckbach | July 9, 2021
A court decision in Teksavvy points the way to how to block an online website operated by unlicensed professionals, such as brokers.
By Greg Meckbach | July 8, 2021
6 min read
Legal / Regulation
Nova Scotia motorists could be out of luck when they try to renew their auto insurance if they got caught more than once using a hand-held gizmo when they should be paying attention to the road. In a ruling posted June 30, the province’s utility review board approved an application from The Dominion of Canada […]
By Greg Meckbach | July 6, 2021
Brokers wanting to take advantage of artificial intelligence and machine learning need large amounts of data and to hire the correct experts. If a company wants to effectively build and deploy artificial intelligent and machine learning systems, it needs a large data set, Joe McKendrick wrote in The Data Paradox: Artificial Intelligence Needs Data; Data […]
By Greg Meckbach | June 30, 2021
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