Tech
Top 5 reasons why commercial lines real-time quoting should be a priority
By Catherine Smola, president, CEO, Centre for Study of Insurance Operations | October 22, 2020
4 min read
When Bob Tisdale started his insurance career in the late 1970s, his employer at the time was just starting to adopt computers. “A lot of people at the time predicted that that was going to be the end of everybody’s job,” said Tisdale, who retired this past summer as president and chief operating officer of […]
By Greg Meckbach | October 20, 2020
3 min read
Some brokerage staff members could be spending hours each day just searching for information in their carriers’ underwriting manuals – time that could be put to better use, the head of a technology vendor suggests. Some of the longest underwriting manuals are 1,500 pages in length, while most have well over 100 pages, said Joseph […]
By Greg Meckbach | October 5, 2020
2 min read
Legal / Regulation
Programming errors are cited as the culprit for why some Alberta auto clients have been charged higher rates than those approved by the Automobile Insurance Rate board. Six auto insurers (ultimately owned by Economical, TD Bank and Intact) had to pay a combined total of $725,000 in administrative penalties last year for over-charging, Alberta’s superintendent […]
By Greg Meckbach | October 2, 2020
Operations
If you want to be better than the average brokerage, try explaining coverages through the use of examples and try not making consumers wait for days for answers, the co-founder of an insurtech advises. “Insurance can be somewhat stuffy and not a real pleasant experience,” said Pierce Krol, co-founder of Grande Prairie, Alta.-based Insurely Inc. […]
By Greg Meckbach | September 28, 2020
Concerns over the risk of COVID-19 transmission could accelerate the changes that technology has been bringing to financial transactions, including contactless payment options, a commercial broker suggests. “Financial services are changing very quickly,” said Mark Morency, senior vice president and financial institutions practice leader for Gallagher Canada. “They were before the pandemic, and interestingly enough, […]
By Greg Meckbach | September 21, 2020
If regulators continue to prohibit auto insurers from imposing surcharges when they detect risky driving behaviour through telematics, it will be difficult for usage-based insurance to be commercially viable, an Aviva Canada data science expert suggests. “Telematics is a good way to offer competitive pricing to customers who drive safely and to low-mileage customers, especially […]
By Greg Meckbach | August 13, 2020
For large commercial brokerages, video conferences can work at least as well as in-person meetings when placing business for large accounts, if Aon PLC’s recent experience is any indication. “With the investment we have been making in technology, we are using video capability to actually get closer to clients and to get closer to market […]
By Greg Meckbach | August 12, 2020
Auto insurers could potentially use artificial intelligence to improve risk segmentation but some of the newer modelling techniques may not be a good fit with the way rates are currently regulated, a data science expert for one insurer suggests. Ontario’s Financial Services Regulatory Authority announced July 21 it is creating a Technical Advisory Committee for […]
By Greg Meckbach | August 4, 2020
Blockchain has been around for a while, in cryptocurrency for example, but the property and casualty industry needs to work together and agree on what brokerages and carriers should use blockchain for, speakers said on a recent webinar. “Blockchain is a community or industry type of initiative. One person can’t do blockchain by themselves,” said […]
By Greg Meckbach | July 20, 2020
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