Tech
When it comes to shopping for insurance online, the consumer experience will vary across platforms, something that isn’t always discussed when the industry talks about digitizing its customer experience. The matter came up recently during ‘Key Touchpoints in the Customer Journey,’ a panel discussion held Friday at InsurTech North, a conference produced by MSA Research. […]
By Greg Meckbach | April 23, 2021
2 min read
Legal / Regulation
Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial Services Regulatory Authority of Ontario. “It’s not that we’re not paying attention. But I think […]
By Greg Meckbach | April 22, 2021
3 min read
Lemonade, Root and Metromile have a few things in common, and it’s not just their leading-edge technology. “Their performance has been consistently worse than those of their more traditional [insurance company] peers,” writes Joel Baker, CEO of MSA Research Inc. All three insurtechs have achieved unicorn status, meaning they each have a market capitalization of […]
By Greg Meckbach | April 19, 2021
Failure to install patch updates, relying too much on passwords, and failure to train employees are three sources of cyber security losses all too common among small business clients, a technology vendor suggests. One of the most common cyber security errors among small businesses is failing to install patch updates that are available from an […]
By Greg Meckbach | April 16, 2021
Duuo Insurance is working on a subscription model of buying insurance that gets away from the traditional way of buying annual policies that normally stay pretty much the same until renewal. The vision is an insurance product with different blocks of coverage that the client can pick and choose, and change as needed, without having […]
By Greg Meckbach | April 15, 2021
Not all meetings during a pandemic need to be structured around a videoconference call, commercial insurance experts said during a recent webinar. “I think we all have to be cautious about just loading up our entire agenda with Zoom calls and things like that,” said Stéphane Lespérance, president of commercial risk and health solutions at […]
By Greg Meckbach | April 13, 2021
Carbon removal is poised to become a booming industry over the next 30 years, providing an opportunity for innovative P&C insurers to pioneer in carbon removal insurance products, Swiss Re’s chief risk officer predicts. “By 2050, the industry of carbon removal could actually be as big as the oil and gas industry today,” Patrick Raaflaub, […]
By David Gambrill | April 1, 2021
Insurers who use big data and artificial intelligence to make underwriting decisions must be prepared to explain to clients and regulators exactly how they arrived at those decisions, an Insurance Institute of Canada researcher suggests. “A challenge in the application of machine learning and artificial intelligence in insurance involves explainability,” senior researcher Paul Kovacs wrote […]
By Greg Meckbach | March 31, 2021
Operations
At least one insurer plans to offer an application programming interface (API) intended to help brokers quote and bind coverage for small businesses without the aggravation of having to log into different insurer portals or send emails or faxes. Unica Insurance is working on an API to quote and bind small business for the reusable […]
By Greg Meckbach | March 22, 2021
Motorists who are driving fewer kilometres than they were before the pandemic are more likely to select usage-based auto insurance, Intact Financial Corp. observes. “COVID has pushed consumers to recognize that maybe UBI would be a tool that will immediately re-price [auto coverage] based on how much driving they are doing, and therefore made it […]
By Greg Meckbach | March 19, 2021
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