Tech
Insurers who replace underwriters with computers are rejecting a lot of small business applications for reasons that are unclear to the brokers, a commercial broker suggests. “I think that insurers will start to realize that the black boxes are actually kicking out a lot of business that maybe does have a few issues, but an […]
By Greg Meckbach | November 7, 2019
3 min read
Operations
When there is consolidation in the industry, concerns about the erosion of choice is common. And the tech vendor space is no different. On Oct. 15, Applied Systems announced the acquisition of Policy Works, a major platform for commercial lines business in Canada. About six months prior, the vendor acquired TechCanary, a cloud-based insurance customer […]
By Jason Contant | November 7, 2019
Be like Amazon, experts tell the P&C industry. But is it realistic for brokers and insurers to mimic the retailing giant’s online sales model?
By Adam Malik, Managing Editor | November 4, 2019
6 min read
Imagine if each insurance company set up its own courier service to compete with Canada Post, instead of having a common carrier for the industry. Joseph Carnevale conjures up this scenario to illustrate why it’s a bad idea for every insurer to have its own method of delivering data to brokers electronically. “I don’t think […]
By Greg Meckbach | November 1, 2019
Insurtechs like one Canadian startup in particular are letting brokers provide better service, but the sector as a whole contains some money pits for investors, Willis Towers Watson suggested in a report released Wednesday. “Unquestionably a good number of InsurTechs are genuinely adding value,” Willis Towers Watson said in its quarterly insurtech briefing. But nearly […]
By Greg Meckbach | October 25, 2019
2 min read
Brokers have long expressed concerns about digital portals, from been kicked out as they near the end of a submission to the amount of time it takes to log into each insurer’s portal. In Canadian Underwriter’s recently-released 2019 National Broker Survey, brokers were asked what insurers could do to provide the broker’s small business customers […]
By Jason Contant | October 25, 2019
Manitoba Public Insurance (MPI) is using an online game format in an attempt to help reduce collisions among teen drivers. The MPI-developed Driver Z online platform and curriculum is organized on a map that spans six zones. By completing elessons, attending classes and practicing with a supervising driver, students can progress through the map and […]
By Jason Contant | October 24, 2019
Legal / Regulation
Intact Insurance is making some key changes to its usage-based insurance (UBI) product for motorists in Nova Scotia. Essentially, the company is requiring continual monitoring of an insured’s driving behaviour rather than having the same discount apply until the end of the policy term. With usage-based insurance (UBI), motorists in several provinces can get discounts […]
By Greg Meckbach | October 21, 2019
When clients want to make policy changes online, brokers have a vested interest in being in the loop, suggests a consultant who advises insurance companies. More customers these days are expecting their insurance providers to give them the same kind of online experience they get from other industries, said Chris Cornell, KPMG Canada’s national sector […]
By Greg Meckbach | October 18, 2019
Brokers wanting to find out how likely their client’s basement will be flooded might want to ask whether the insurance companies are using data from the municipality in their flood maps. “A lot of residents have indicated concerns with purchasing insurance coverage and having significant difficulty in finding coverage that meets their needs,” said Andrew […]
By Greg Meckbach | October 17, 2019
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