Tech
A major pain point for gig-economy entrepreneurs is the traditional process of getting commercial coverage, a Vancouver insurtech CEO suggests. “It is tough being a solo entrepreneur, especially now,” said Jeff McCann, CEO Apollo Insurance Solutions Ltd. “These people are busy. They might want to [buy insurance] at ten 0’clock at night when [brokerage and […]
By Greg Meckbach | June 15, 2021
2 min read
Landlords often require their tenants to have insurance coverage as a condition of the leases, but it could be quite a paper chase to keep track of thousands of tenants and their insurance status. Vancouver-based insurtech and managing general agent Apollo Insurance Solutions Ltd. is trying to crack this nut by letting tenants buy insurance […]
By Greg Meckbach | June 9, 2021
Comparison website vendor Ratehub Inc. is now operating its own property and casualty insurance brokerage. “When it’s our own sales staff, we have the full insight into close ratios and contact ratios,” said Alyssa Furtado, co-CEO of Ratehub Inc. and co-founder of Ratehub.ca, in a recent interview. Ratehub announced June 1 the launch of its […]
By Greg Meckbach | June 7, 2021
Operations
Managing general agents who can place small business coverage digitally through the Lloyd’s market are at a competitive advantage over MGAs using traditional paper-based processes, an insurtech CEO suggests. “We are one of the very few MGAs that has straight through-processing at all,” said Jeff McCann, CEO of Apollo Insurance Solutions Ltd., in a recent […]
By Greg Meckbach | May 31, 2021
While the insurance industry is hearing a lot of messages these days about the importance of experimenting with new digital technologies — i.e. witness the increased use of terms such as “agility,” “nimble,” “pivoting,” and “failing fast” — a business strategy should guide the digital innovation, industry execs say. Brian Falchuk, managing partner of Insurance […]
By David Gambrill | May 20, 2021
3 min read
With the end of the pandemic now a distinct possibility, Canadians are expecting the property and casualty insurance industry to up its game in customer service, industry execs observed in a recent webinar. “The move to digital [in March 2020] was so immediate and so abrupt that…it wasn’t done flawlessly,” Nathan LaFayette, chief insurance officer […]
By David Gambrill | May 19, 2021
Digital has made it easier for Canada’s property and casualty insurance industry to serve customers who wish to purchase a fairly straightforward insurance product, but more emphasis needs to be placed on converting customers who are kicking the tires on more complex insurance purchases, says a P&C industry exec. Specifically, the industry needs to be […]
By David Gambrill | May 18, 2021
The hard market in commercial lines has caused some managing general agents to lose some products, yet more insurance is still being placed through MGAs, panelists told brokers listening to a recent webinar. “I think it’s a perfect way for insurance companies to put back capital into the marketplace … without having to invest in […]
By Greg Meckbach | May 10, 2021
Open banking rules could help create a level playing field between technology companies and the insurance industry, speakers suggested at a recent virtual conference. Bringing in “consumer-directed finance” will help consumers benefit from a broader range of financial products and services, the federal government-appointed Advisory Committee on Open Banking recommended in January 2020. The idea […]
By Greg Meckbach | May 8, 2021
Debates about whether humans or computers are at the centre of innovative insurance products are a red herring — the best way to build an insurance product is an integrated approach using the best of what humans and machines have to offer. “The lesson is to outsource [to computers] the part of human expertise most […]
By David Gambrill | May 4, 2021
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