Tech
Insurtech is beginning to bring policyholders inside the “black box” of insurance to understand how their decisions are influencing their own costs, said a new report on the macro themes redefining the industry. Insurtech has increased access to real-time data and improved transparency in tailored pricing. Taken together, this has begun to positively inform and […]
By Jason Contant | December 18, 2019
3 min read
TORONTO – Government privacy commissioners are investigating a data breach at LifeLabs, one of Canada’s largest medical services companies, after hackers gained access to the personal information of up to 15 million customers. Most of its customers are in B.C. and Ontario, with relatively few customers in other locations, the company said Tuesday. “I’m sorry […]
4 min read
Operations
Cyber insurance policies still tend to be confusing for brokers, but there are three areas that they should focus on, recommends Nathan Rose, senior underwriter and business development specialist with Burns & Wilcox Canada. This includes: 1) policies that have encryption exclusions related to mobile devices; 2) retroactive cover; and 3) voluntary notification, Rose told […]
By Jason Contant | December 16, 2019
2 min read
Brokerages that want to get ahead don’t need to look any further than one important tool: Data. And to ignore it means not only falling behind but falling off the map entirely, one expert warns. To not just provide a better client experience but also improve the overall health and efficiency of the business, brokers […]
By Adam Malik | December 16, 2019
Legal / Regulation
As open banking makes it easier for other players to access your clients’ financial data, now is the time for insurance professionals start thinking about how they can take advantage of this new model, an actuary advises. “A number of you have banking arms,” said Houston Cheng, actuary and senior manager at KPMG Canada, at […]
By Greg Meckbach | December 11, 2019
HR
Brokers are finding they have to educate themselves more on the legal and technical side of cyber rather than on the cyber insurance policy itself, a speaker said recently at Insurance Bureau of Canada’s Commercial Insurance Symposium. “What we’ve noticed is we’ve really had to take on more of an advisory and consulting role around […]
By Jason Contant | December 11, 2019
Disruption by fintechs will be one driving force behind mergers and acquisitions among insurance brokerages, industry executives say.“I think fintech will help perpetuate this continued consolidation trend because I think at the small end of the market, fintech is viewed as a threat,” said Rod Campbell, director and CEO of brokerage Jones Brown Inc., during […]
Canada’s largest property and casualty insurer plans to be ready for companies from outside the industry who could disrupt the brokerage side of personal lines insurance. “On the distribution side of things, I think one needs to expect that players with big brands, better know-how and insight of customers and great experience might disrupt distribution,” […]
By Greg Meckbach | December 10, 2019
Technology should enhance your anti-fraud strategy, not replace it. Here’s why...
By Dan McKenzie, Principal Solution Architect, Financial Crimes, SAS | December 6, 2019
Brokers need to focus their cyber insurance selling efforts on more than just traditional privacy risks and tailor them to specific industries, a specialist insurer said Wednesday. “Cyber is about way more than just privacy and if you explain to your clients that cyber risk exists outside the realm of just privacy, there’s much more […]
By Jason Contant | December 6, 2019
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