Tech
The data exchange project needs more carriers on board, says the connectivity lead for Canada’s brokers. The Insurance Brokers Association of Canada (IBAC) announced Mar. 10, 2021, the creation of the Data Exchange Connect Alliance (DXCA). The alliance now has seven insurers: Economical, Wawanesa; SGI; Gore Mutual; The Commonwell; Aviva; and RSA. “DX will not […]
By Greg Meckbach | March 15, 2021
3 min read
For the P&C industry, one of the biggest challenges of going digital is the relatively few times a client interacts with an insurer provider, a fintech webinar speaker suggested Tuesday. When the financial industry started offering electronic cheque deposit, “it was a little bumpy” at first, but eventually consumers got good at it because they […]
By Greg Meckbach | March 9, 2021
2 min read
HR
Underwriters of the future are going to look a lot more like technology trailblazers, data pioneers, dealmakers, portfolio optimizers, and risk detectives, according to a new report by Deloitte. “To remain competitive, insurers should accelerate underwriting transformation,” Deloitte states in its new paper, The Rise of the Exponential Underwriter, released Feb. 25. “They can do […]
By David Gambrill | March 1, 2021
4 min read
Canada’s property and casualty insurance providers are not likely to be affected by aggregators to the same extent as their British counterparts, although brokers could certainly face disruption from technology firms, Intact Financial Corp.’s chief financial officer says. “The biggest threat [to traditional P&C providers] is a strong technology player that has extremely strong customer […]
By Greg Meckbach | February 26, 2021
If your brokerage is bogged down dealing with the new ways your carrier partners are doing business, you aren’t alone. As insurance companies improve their products, introduce paperless initiatives, and upgrade from legacy systems, their broker partners often need to learn new workflows, Steve Earle, president of Bedford, N.S.-based Bauld Insurance Ltd., observed in a […]
By Greg Meckbach | February 23, 2021
To help Canadian organizations accelerate their digital transformations and rapidly become ‘cloud-first’ organizations, Accenture has appointed Jennifer Jackson as Cloud First Lead for Canada. “Jennifer plays a vital role as head of our technology practice in Canada,” Jeffrey Russell, president of Accenture in Canada, said of Jackson’s appointment. “With a track record in leading transformational […]
By David Gambrill | February 5, 2021
Ontario motorists who choose usage-based insurance could now be hit with surcharges if telematics data shows they have risky driving behaviour. The Financial Services Regulatory Authority (FSRA) removed its UBI Guidance this past November, a FRSA spokesperson told Canadian Underwriter Thursday. “Good drivers will be rewarded with lower rates. Drivers with high-risk driving habits may […]
By Greg Meckbach | February 5, 2021
Operations
The cost and hassle of printing and mailing large insurance policies is one of the drivers towards digitization, suggests the board member of a broker association. Consumers do not want to sift through 75 pages of insurance documents, said Greg Kruk, first vice president of the Insurance Brokers Association of Ontario. “They want the ‘Coles […]
By Greg Meckbach | January 27, 2021
Legal / Regulation
Open banking could give insurers better data for credit scoring, suggests an official with the organization that handles clearing and settlement for banks in Canada. “I think we will see more accurate underwriting and more accurate credit scoring,” Andrew McFarlane, Payments Canada’s executive director of modernization, said in a recent interview. This is because an […]
By Greg Meckbach | January 20, 2021
Manitoba’s brokers will provide input on designing a system for online auto insurance in the province and will be involved in every digital transaction, says the provincial broker association. A recently-signed, five-year agreement between Manitoba Public Insurance (MPI) and the Insurance Brokers Association of Manitoba takes effect Apr. 1, IBAM CEO Grant Wainikka told Canadian […]
By Greg Meckbach | January 14, 2021
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