Tech
If the federal government goes forward with giving fintechs increased access to consumer financial transaction data, this could encourage large tech players like Amazon and Facebook to get into the insurance business, a Canadian P&C expert suggests. “Nobody ever thought that Facebook would somehow be influential in elections. I think insurance is no different,” said […]
By Greg Meckbach | January 12, 2021
2 min read
Disruptions from the COVID-19 pandemic are putting digital transformation and new product launches high on the agenda of insurance carrier executives, the CEO of a property and casualty insurance software vendor suggests. “When we look at the impact on carriers of COVID, it impacted some segments of business or some lines within the industry,” said […]
By Greg Meckbach | January 11, 2021
Operations
Insurers could distribute coverage through technology firms that adopt the managing general agent model, a Montreal expert for a venture capital fund observes. “Some technology startups are adopting the MGA model to partner with a carrier or reinsurer to distribute their product,” said Laviva Mazhar, investment associate at Luge Capital. “Some tech-driven MGAs are partnering with […]
By Greg Meckbach | January 7, 2021
Buying technology before thinking through the process that the new technology is supposed to enable is one reason why some projects are not well-executed, an insurance digital transformation leader suggested Wednesday. “When you start to think about digitizing things, you actually need to know how the process is supposed to work,” said Anna Foat, director […]
By Greg Meckbach | December 17, 2020
3 min read
Legal / Regulation
As the pandemic continues to plunge Canada’s property and casualty insurance industry deeper into the digital space, regulators are issuing ongoing reminders — and warnings — about how brokers are sharing and storing their clients’ personal data. Most recently, Peter Blodgett, president of the Registered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, issued […]
By David Gambrill | December 15, 2020
With property and casualty insurance carriers reportedly exiting the long-term care (LTC) class of business following a spate of class-action lawsuits related to COVID-19 deaths in nursing homes, insurance underwriters may be interested to know about a new technology in Canada that can monitor compliance with health and safety protocols. The location technology, introduced into […]
By David Gambrill | December 4, 2020
4 min read
Insurers should be allowed to terminate auto policies electronically if consumers consent, the Insurance Brokers Association of Ontario’s CEO says. In its budget document released Nov. 5, the Ontario government said the next phase of its previously-announced “blueprint” for auto insurance changes is to “focus” on several reforms. One of those proposed reforms is “increasing […]
By Greg Meckbach | November 24, 2020
While the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and legacy systems. Panellists at the online conference Future of Insurance Canada, organized by Reuters Events, […]
By David Gambrill | November 3, 2020
HR
Brokers who are concerned about carriers having “too direct” of a relationship with the broker’s customers should consider what service those customers are expecting, an industry consultant suggests. “As an industry, we have a number of places where we have inserted extra steps because of people’s sensitivity or mistrust of each other,” said Bryan Falchuk, […]
By Greg Meckbach | October 27, 2020
With a week to go before Hallowe’en, Ontario brokers heard some spooky stories last week about what happens if a brokerage does not invest in keeping up to date with technology. “Technology is going to be a much more permanent feature of your investment budget, and I don’t think it has to eliminate your margins; […]
By Greg Meckbach | October 26, 2020
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