Tech
While theft of funds remains a relatively minor source of Canadian cyber claims for one specialist insurer, it is expected to grow as further modernization of payment systems takes place in the country. CFC Underwriting released Friday its 2018 cyber claims data, which found ransomware was the primary driver for claims in Canada. Ransomware accounted […]
By Jason Contant | February 26, 2019
2 min read
A Toronto-based artificial intelligence (AI) vendor is working with Zurich Canada to reduce errors and omissions risk in commercial insurance policies. Often commercial policies have dozens of pages with several endorsements, which someone needs to read for accuracy before the policy is issued to the customer. Someone needs to confirm, for example, that all references […]
By Greg Meckbach | February 25, 2019
3 min read
Commercial underwriting in the future may expand to encourage more cross-functional and hybrid responsibilities, potentially with engineering, claims, finance or operations, according to a new report from McKinsey & Company’s insurance practice. “To attract younger talent, companies need to recognize that Millennial and Generation Z workers are looking for roles that expose them to a […]
By Jason Contant | February 22, 2019
Legal / Regulation
The Ontario government wants to expand testing of autonomous vehicles in the province. “Our government is taking active steps to open the door for expanded testing related to connected and autonomous vehicles in Ontario,” Michael Parsa, parliamentary assistant to the minister of economic development, job creation and trade, said Tuesday of Bill 66, which was […]
By Greg Meckbach | February 21, 2019
With its recent acquisition of getClarity, Opta Information Intelligence is expanding into the area of customer and prospect behaviour. Opta is Canada’s largest property data aggregator and a provider of risk intelligence and loss control services. Its solutions include iClarify (commercial and residential property data), Fire Underwriters Survey (which provides fire insurance grades), and Inspection […]
By David Gambrill | February 14, 2019
Cyber risk awareness is on the rise among corporate directors, who could face liability risk if they are accused of being lax on governance. “Corporate clients are more likely to be aware today, compared to a few years ago, of the personal liability risk of boards in the event of cyber breach or attack,” Brian […]
By Greg Meckbach | February 14, 2019
Merging with or buying digital firms, and cooperating with digital natives rather than trying to fight or resist them, can pay dividends for a majority of businesses, according to a blog published Tuesday by Harvard Business Review. The blog, 3 Digital Strategies for Companies That Have Fallen Behind, was written for businesses in general, but could apply […]
By Jason Contant | February 13, 2019
Months after Canada’s mandatory data breach notification law came into effect on Nov. 1, 2018, the Office of the Superintendent of Financial Institutions (OSFI) is now providing guidance on when to report cyber incidents to the financial regulator. In an advisory for supervisors published in late January that will come into effect Mar. 31, OSFI […]
By Jason Contant | February 12, 2019
Financial institutions looking to verify online users should use “security layers” to help devalue attacks to extract data from legitimate consumers, a Vancouver-based security company recommends. For insurers and banks, security layers with behavioural analytics and passive biometrics can allow them to look across multiple aspects of the user’s interaction. Brokers can advise clients on […]
By Jason Contant | February 1, 2019
Operations
Brokers may not want to invest heavily in social media, but a lot of opportunity exists at little to no cost. “It’s always a question of how do you scale your expertise; by using social media, you can just reach more people,” Jeff McCann, CEO of Digital MGA Marketplace, said in an interview with Canadian […]
By Jason Contant | January 25, 2019
We use cookies to make your website experience better. By accepting this notice and continuing to browse our website you confirm you accept our Terms of Use & Privacy Policy.
