Tech
As market conditions start to become more challenging in personal home, auto and commercial property lines, how can carriers and brokerages maintain a healthy, profitable book of business? “To me, there are three possible strategies,” says Greg McCutcheon, president of Opta Information Intelligence, an SCM company. “One is, you have to have an ability to […]
By David Gambrill | January 24, 2019
3 min read
Canada’s largest insurer has teamed up with a Quebec university to establish two new chairs in artificial intelligence (AI) and actuarial science. Intact Financial Corporation and Université Laval announced Friday: The ELC will train future actuaries in the digital, computing and statistical methods they need to make the most of big data in the insurance […]
By Jason Contant | January 22, 2019
Expected weak insurance sector growth in the near-term is fueling the need for efficiency gains through technology and innovation, Ernst & Young Canada said recently. The EY Insurance Outlook 2019 reveals that insurance sector growth is expected to remain weak in the near-term, demanding greater focus on technology and innovative initiatives to optimize costs and […]
By Jason Contant | January 17, 2019
2 min read
Operations
A San Francisco-based firm calling itself a “mobile-first” property and casualty insurance brokerage might start placing home and auto coverage in Canada. Canadian Underwriter asked Karn Saroya, CEO of Cover Financial Inc., whether his insurtech plans to expand into Canada. “We do expect that we will be writing business, mostly likely the auto or home […]
By Greg Meckbach | January 16, 2019
Information technology is one driving force behind mergers and acquisitions involving property and casualty insurance brokerages. Acquiring new products, talent and technology are among the reasons behind M&A activity in P&C insurance, said Georges Pigeon, a Montreal-based partner with KPMG’s transaction services group. “Increasingly if I look back over last the 10 to 15 years, […]
Legal / Regulation
HALIFAX – A pair of reports slam the Nova Scotia government for failing to protect personal information, saying the risk management around its freedom-of-information website was inadequate and a privacy breach last year was preventable. In his report released Tuesday following a nine-month investigation, provincial Auditor General Michael Pickup says the breach was a “very […]
By Greg Meckbach | January 15, 2019
Machines and applications with artificial intelligence (AI) capabilities will soon rely less on bottom-up big data and more on top-down reasoning that more closely resembles the way humans approach problems and tasks, Accenture said Monday. “We will have top-down systems that don’t require as much data and are faster, more flexible, and, like humans, more […]
By Jason Contant | January 14, 2019
Canada’s largest property and casualty insurer is checking to see whether some of its auto insurance clients are using their phone while driving. If your auto client is insured by Intact under its My Driving Discount program, Intact can detect mobile phone use, company officials told Canadian Underwriter. “There are different levels of phone usage […]
By Greg Meckbach | January 11, 2019
DETROIT – Toyota is recalling 1.7 million vehicles in North America to replace potentially deadly Takata front passenger air bag inflators. The move announced Wednesday includes 1.3 million vehicles in the U.S. and is part of the largest series of automotive recalls in the nation’s history. Takata inflators can explode with too much force and […]
By Greg Meckbach | January 10, 2019
Asset managers don’t want hackers attempting to impersonate them. Here’s a golden opportunity to minimize their exposure
By Greg Meckbach, Associate Editor | January 7, 2019
4 min read
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