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Showing posts from February, 2018

Egypt: President directs insurance plan be drawn up for odd job sector

President Abdel Fattah el Sisi has directed the government to outline an overall scheme to provide insurance to millions of seasonal or daily labourers, most of whom have little insurance coverage. from Recent Posts on (MiddleEast) http://ift.tt/2F2Q46t

Turkey: Takaful data disclosed separately for the first time

The Insurance Association of Turkey (TSB) has announced for the first time data related to takaful or participation insurance, showing that total contributions generated in the segment amounted to TRY109.47 million (US$28.8 million) for January 2018. from Recent Posts on (MiddleEast) http://ift.tt/2CPaPwt

Morocco: Major insurer's 2017 net gains dip on motor claims

Net profits at Wafa Assurance, which is among Morocco's largest insurers, reached MAD819 million (US$88.5 million) last year, down by 2.6% from 2016, according to a company statement. from Recent Posts on (MiddleEast) http://ift.tt/2F2r3Z6

Cartoon Mascot Masks Nasty Health Care Feud

Insurers need access to data on connected vehicles: ICTC 2018

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Semi-autonomous vehicles will soon be hitting the roads, posing a number of questions for auto insurers. “Level three [autonomous vehicles] will hit the showrooms this year, and that is a problem,” said Catherine Kargas, vice-president of MARCON, at the Insurance-Canada.ca Technology Conference on Wednesday. “Most insurers don’t even understand what that means,” Kargas said. “How are we going to be able to underwrite these vehicles when they hit the market?” Level three autonomous vehicles are largely capable of driving themselves, but they may require a human driver to take control in certain situations, which will make determining liability difficult when collisions occur. Kargas argued that level three is the most dangerous level of autonomy in cars, noting that tests have shown drivers have trouble reorienting themselves with the road when they’re forced to take control. “For that reason, Google, Ford and other companies have decided that they don’t even want to deliver level ...

Woodruff-Sawyer Names Pasek Assistant Vice President in California

Woodruff-Sawyer & Co. has named Josh Pasek assistant vice president in the property/casualty practice of the firm’s Southern California office. Pasek will be responsible for developing strategic risk management programs for clients, with a focus on industrial companies in the … from News – Insurance Journal http://ift.tt/2F1gplb

Report: Number of Qualified Medical Evaluators in California Workers’ Comp Fell

The number of qualified medical evaluators resolve disputes over California workers’ compensation claim issues fell 20 percent between January 2012 and September 2017, according to a new California Workers’ Compensation Institute study. However, the CWCI study shows that the impact … from News – Insurance Journal http://ift.tt/2FF7yCS

SGI settles out-of-court with two bars that served Catherine McKay

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Saskatchewan Government Insurance (SGI) says it has reached out-of-court settlements with the operators of two separate liquor establishments that served a woman on the evening she drove impaired, causing a collision that killed a couple and their two children. During criminal proceedings, officials revealed that Catherine McKay was served alcohol at the two establishments and was observed by staff to be very intoxicated, on the same day the crash occurred in early January 2016. Related: Distracted driving overtakes drunk driving as top road safety concern: survey In July 2017, SGI took legal action against both the Industrial Kitchen and Lounge Corporation, as well as the Crackers Licensed Cocktail and Dining Room operated by MCDE Holdings. SGI stated that neither had done enough to prevent the customer from driving away from their businesses inebriated, “r esulting in the needless deaths of four innocent people.” McKay pleaded guilty to four counts of impaired driving ca...

SGI settles out-of-court with two establishments that served intoxicated woman

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Saskatchewan Government Insurance (SGI) says it has reached out-of-court settlements with the operators of two separate liquor establishments that served a woman on the evening she drove impaired, causing a collision that killed a couple and their two children. During criminal proceedings, officials revealed that Catherine McKay was served alcohol at the two establishments and was observed by staff to be very intoxicated, on the same day the crash occurred in early January 2016. Related: Distracted driving overtakes drunk driving as top road safety concern: survey In July 2017, SGI took legal action against both the Industrial Kitchen and Lounge Corporation, as well as the Crackers Licensed Cocktail and Dining Room operated by MCDE Holdings. SGI stated that neither had done enough to prevent the customer from driving away from their businesses inebriated, “r esulting in the needless deaths of four innocent people.” McKay pleaded guilty to four counts of impaired driving ca...

India: Insurers urged to price health cover by geography to increase penetration

Health insurers should introduce zone based pricing as one approach towards increasing penetration, says Mr Ashish Mehrotra, Managing Director & CEO of Max Bupa Health Insurance. from Recent Posts on (eDaily) http://ift.tt/2EZDswT

China: Govt urged to take macro view of risks in financial sector

China should adopt a systemic approach to prevent financial risks amid a lack of coordination among different regulatory agencies, a central bank advisor has said. from Recent Posts on (eDaily) http://ift.tt/2COckeh

South Korea: Life performance drives insurance sector's 2017 profits

Insurance companies' preliminary net income for 2017 surged to KRW7.83 trillion (US$7.23 billion), a jump of 33% over KRW1.94 trillion in 2016, according to the Financial Supervisory Service. from Recent Posts on (eDaily) http://ift.tt/2EXemyq

Australia: Terrorism reinsurance pool confirms US$2.4 bln retrocession programme

Australia's terrorism insurance scheme administrator, Australian Reinsurance Pool Corporation (ARPC), has confirmed its retrocession reinsurance programme for the 2018 calendar year. The new A$3.065 billion (US$2.39 billion) retrocession reinsurance programme plus ARPC's net assets and the A$10 billion Commonwealth guarantee, provides continuing scheme capacity to pay claims of more than A$13.4 billion. from Recent Posts on (eDaily) http://ift.tt/2CO1wwC

Bangladesh: Insurance regulator to clamp down on excessive commissions

The Insurance Development and Regulatory Authority (IDRA) is set to crack down on excessive commissions paid by insurance companies in the chase for business. The regulator's concern is that the practice would create unhealthy competition in the insurance industry and retard its development. from Recent Posts on (eDaily) http://ift.tt/2F1ilKy

Germany says its government computers secure after ‘isolated’ hack

from Business Insurance http://ift.tt/2oCW9ey

Ottawa to invest more than $600 million in cybersecurity strategy

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The federal government is investing $507.7 million over the next five years and $108.8 million each year thereafter in a new national cybersecurity strategy to help protect Canadians and their sensitive personal information. Announced in Tuesday’s 2018 federal budget, the government says the strategy will benefit Canadian businesses by creating a trusted go-to-source for cybersecurity information, guiding small to medium-sized enterprises and providing them with resources to stay safe. Related: Cybercrime costs global economy nearly US$600 billion: Report The funds will be divided into three areas: the creation of a new Canadian Centre for Cybersecurity and a National Cybercrime Co-ordination Unit, and further support of the National Cybersecurity Strategy. There are also plans to introduce legislation allowing various government cybersecurity functions to work out of the new centre, reports Investment Executive . The government says one of the strategy’s goals is to enhance it...

Court reversal supports terminated teacher’s ADA charge

A federal appeals court has reversed a lower court and reinstated an Americans with Disabilities Act charge filed by a terminated teacher against the San Diego Roman Catholic Archdiocese, ruling there is evidence to support her claim she was fired because the archdiocese regarded her as disabled. from Business Insurance http://ift.tt/2GQXgi9

Large-scale attack is grave threat to cyber insurance market: Experts

NEW YORK — Cyber attacks that compromise critical infrastructure, industry or systems are an increasingly grave threat, as an event could jolt the cyber insurance market, according to a panel of experts speaking at the first AIR Worldwide Cyber-Casualty Seminar on Tuesday in New York. from Business Insurance http://ift.tt/2F00yDp

Patio and pool maker cited following worker fatality

The U.S. Occupational Safety and Health Administration said Tuesday it has cited a patio and pool enclosure manufacturer and installer for failing to protect employees from fall hazards, with penalties total $40,096. from Business Insurance http://ift.tt/2F3fCwb

Joyrider takes a detour to workers comp fraud

The wife of the owner of a Nanuet, New York, window tinting business claimed she crashed a client's Mercedes Benz while working on the car, but investigators found she had taken the luxury vehicle out for a joyride, resulting in $45,000 in fraudulent workers compensation medical bills. from Business Insurance http://ift.tt/2FFa6AG

Wisconsin Governor to Sign Health Reinsurance Bill

Wisconsin Gov. Scott Walker plans to sign into law a measure that’s designed to lower health insurance premiums for people buying plans through the Affordable Care Act. Walker announced that he would sign the bill that had bipartisan support. Walker’s … from News – Insurance Journal http://ift.tt/2GTcovp

Iowa Senate passes bill to create comp fraud prosecutor role

The Iowa Senate has approved a bill that would create a special state prosecutor and workers compensation fraud unit to specifically target comp fraud complaints. from Business Insurance http://ift.tt/2GTbaRc

Wisconsin’s SECURA Promotes 5 to New Officer Positions

Appleton, Wisconsin-based SECURA Insurance promoted five leaders to newly created positions: Tamara Bates, regional vice president – Sales; Amy DeHart, vice president – chief actuarial officer; Jennifer Fisher, vice president – Property Claims; Carol Wedig, vice president – Continuous Improvement; … from News – Insurance Journal http://ift.tt/2CPbxK2

Chicago Aldermen Back $20M Settlement in Police ‘Code of Silence’ Case

A Chicago City Council committee has recommended paying a total of $20 million to families of two men who were killed when a drunken off-duty police detective slammed into their car nine years ago. The committee backed the settlement after … from News – Insurance Journal http://ift.tt/2GTa6MP

6 Months After Storm, Texas Launches Harvey Recovery Funds Tracker

Texas has launched a public online tool to track incoming and outgoing funds for Hurricane Harvey recovery, six months after the storm hit and two months after The Associated Press reported that it did not have one. Gov. Greg Abbott … from News – Insurance Journal http://ift.tt/2F2Gc8D

Everest expands forest, logging program to include inland marine

from Business Insurance http://ift.tt/2FDofhN

Oklahoma Highway Safety Agency: Road Debris Increasing Crash Risk

More accidents are being caused by road debris as traffic volume in Oklahoma City increases, a state agency spokeswoman said. Traffic volume increased in the city by 35 to 40 percent over the last two decades, Oklahoma Department of Transportation … from News – Insurance Journal http://ift.tt/2COf9fr

Oklahoma School District Settles Fraud Lawsuit with Food Distributor Sysco

Public school officials in suburban Oklahoma City have approved a private financial settlement with a food distribution company accused of fraudulently overcharging the district by more than $700,000. Terms of the settlement between Yukon Public Schools and the food distributor, … from News – Insurance Journal http://ift.tt/2EYMU3o

Self-insured workers comp bill advances in South Dakota

from Business Insurance http://ift.tt/2owCHRt

Excess insurer prevails in wrongful death coverage dispute

from Business Insurance http://ift.tt/2CO9CWd

QBE North America launches online cyber response tool

QBE North America, an operating division of Australia’s QBE Insurance Group Ltd., will include an online cyber response tool with all its cyber policies, the insurer said in a statement Wednesday. from Business Insurance http://ift.tt/2FI9tqp

Optimum maintains support of IBAC’s Broker Identity Program

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Optimum General is reaffirming its support of the Insurance Brokers Association of Canada’s (IBAC) Broker Identity Program (BIP) at the full partner level. “Optimum is a firm advocate of the key role the independent broker plays in the distribution of insurance,” M. J.-Sebastien Lagarde, vice-president of Optimum’s corporate strategy, said in a news release. “IBAC is an important advocate for the broker channel and is at the forefront as the industry is changing and new challenges arise.” Related: BI&I maintains support of IBAC’s Broker Identity Program IBAC’s BIP program represents approximately 36,000 brokers across Canada. Launched in 1988, it promotes the value and professionalism of brokers to consumers, insurers and governments, and is known by its magenta BIPPER logo. Optimum General is a Canadian holding company encompassing Optimum Insurance, Optimum West and Optimum Farm Insurance. It is part of Optimum Group, which underwrites property and casualty insurance acro...

US subpoenas Mallinckrodt for information on opioid painkillers

from Business Insurance http://ift.tt/2F2wPd6

JLT acquires trade credit and political risk broker

Jardine Lloyd Thompson Group P.L.C. said Wednesday it has acquired International Risk Consultants, a U.S. specialist trade credit and political risk broker. from Business Insurance http://ift.tt/2F0UgiO

Cowan Insurance announces new role on leadership team

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Cowan Insurance Group has announced the appointment of Pamela Derksen to the newly-created role of vice-president of operations and product development, in support of commercial insurance growth. “Pamela’s experience in the insurance industry—specifically in commercial insurance, and her capacity to lead the strategic vision of a department to enable profitable growth align with the goals of this new role,” Cowan’s president Heather McLachlin said in a news release. Related: Trisura executive announces retirement Derksen’s background includes a 20-plus year career in the insurance industry, with a focus on large commercial business, oil and gas, and manufacturing. Her new role at Cowan includes working on the execution of the brokerage’s digital solutions, as well as maintaining operational efficiency and developing talent. Derksen joined Cowan in January 2018. She previously held executive roles with Economical Insurance, where she had worked since 2005. Canadian Insurance To...

California Officials Lacked Good Fire Alert Plan, Report Shows

Officials in a Northern California county were ill-prepared, disorganized and lacked sufficient training when deadly, fast-moving wildfires broke out last October endangering about 100,000 people, according to a report from California emergency managers. Sonoma County officials requested the state review … from News – Insurance Journal http://ift.tt/2FFqelU

Autonomous Car Testing Without Backup Drivers Approved in California

Driverless cars will be tested in California for the first time without a person behind a steering wheel under new rules that state regulators approved Monday for the fast-developing technology. The regulations are a major step toward getting autonomous vehicles … from News – Insurance Journal http://ift.tt/2BWAciP

European cyclone causes $1.8 billion in insured losses: Perils

from Business Insurance http://ift.tt/2GRRblL

QBE North America adds data breach planning services to all cyber policies

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QBE North America says it’s including data breach planning services in all of its cyber policies, to be initially offered through Breach Plan Connect. “A single network attack or data breach can severely disrupt business and have significant financial consequences. Responding quickly and efficiently makes all the difference to a business’ reputation and bottom line,” Steven Anderson, QBE’s vice-president of underwriting, said in a news release. Related: Cybercrime costs global economy nearly US$600 billion: Report Breach Plan Connect is included as part of QBE’s “The Solution for Cyber Risk”, and will offer companies checklists that include best practices to follow in the event of a data breach, specific breach-focused responses and links to the eRiskHub portal—a source offering cyber risk management guidance to help prevent an attack from happening. The cloud-based, customizable Software as a Service is powered by NetDilligence, a cyber risk readiness service provider. “Embed...

Stone Creek Insurance Agency Opens Washington Office, Adds Staff

Stone Creek Insurance Agency Inc. has opened a new office in the Paulsen building in downtown Spokane, Wash. and added several insurance professionals to staff the new location. Thomas Lynch has also been named vice president of operation for Stone … from News – Insurance Journal http://ift.tt/2FFfYdl

Indiana House approves drug formulary bill

The Indiana House of Representatives has approved a bill to adopt an Official Disability Guidelines workers compensation drug formulary. from Business Insurance http://ift.tt/2F2gDVc

Sports Play Beats Age as Indicator of New Drivers’ Ability: Study

New male teen drivers are better than new male drivers in their 20s and male and female students who play sports are better drivers than those who do not. Video game experience, on the other hand, does not have any … from News – Insurance Journal http://ift.tt/2F0txmv

Liberty Mutual Net Income Fell in 2017 Due to Catastrophes, Commercial Auto, Taxes

Liberty Mutual reported $17 million in net income for 2017, down substantially from more than $1 billion in 2016. The insurer pointed to catastrophe losses, adverse development in its commercial automobile business and a charge related to the Trump tax … from News – Insurance Journal http://ift.tt/2F2vsXC

Three more ride-hailing companies coming to Winnipeg

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Four ride-hailing companies are looking to roll in Manitoba. But they don’t include well known companies such as Uber and Lyft. Related: TappCar happy to operate under MPI’s rules Both companies say MPI’s insurance plan for ride-hailing services is not economically feasible. That hasn’t stopped Edmonton-based TappCar, which says its drivers will be ready to offer rides on Friday. In addition, InstaRyde, Cowboy Taxi and U2GO are all working with MPI to get vehicles insured. Canadian Insurance Top Broker is now on Facebook ( facebook.com/TopBrokerMag )  as well as LinkedIn ( linkedin.com/company/citopbroker ) and Twitter ( twitter.com/CITopBroker ) . Follow us for easy access to the top P&C news you need to know. from Canadian Insurance http://ift.tt/2ovZTiM

Pennsylvania’s Radian Group Announces Two Executive Appointments

Radian Group Inc., a Philadelphia, Penn.-headquartered provider of private mortgage insurance, risk management products and real estate services to financial institutions, has announced two executive appointments. Derek Brummer has been promoted to the newly created position of senior executive vice … from News – Insurance Journal http://ift.tt/2t2XOQe

Judge Nixes Medical Benefits Challenge to Federal Marijuana Laws

A judge on Monday dismissed a lawsuit challenging federal laws criminalizing marijuana as unconstitutional, saying the five plaintiffs had failed to pursue changes in the drug’s legal status by first going through the Drug Enforcement Administration. U.S. District Judge Alvin … from News – Insurance Journal http://ift.tt/2CskcGv

Job cuts to follow as JLT plans restructure

from Business Insurance http://ift.tt/2oDcgsB

Landslides Close Roads, Damage Vehicles in Pittsburgh Area

Landslides in the Pittsburgh, Penn., area closed roads and damaged vehicles. Allegheny County officials said Saturday a Duquesne Heights landslide prompted closure of a street and evacuation of a home after materials slid down a slope against the home. Another … from News – Insurance Journal http://ift.tt/2BZ079U

Judge Denies Wells Fargo Bid to Dodge Shareholder Lawsuit

A federal judge denied Wells Fargo & Co.’s request to dismiss a shareholder lawsuit triggered by the bank’s plummeting stock price after it admitted in 2016 to creating millions of fake accounts, starting the worst financial scandal in its modern … from News – Insurance Journal http://ift.tt/2EY9yZH

Pennsylvania District Reopens After Fire Destroyed, Damaged Several Buses

Schools are reopening in a Pennsylvania district where a fire destroyed or damaged more than two dozen school buses. Classes were canceled after the fast-moving blaze broke out Friday at a Parkland school district garage in South Whitehall, near Allentown, … from News – Insurance Journal http://ift.tt/2CqMXn8

Australia Orders Recall of 2.3M Vehicles with Takata Air Bags

Australia has ordered the recall of 2.3 million vehicles fitted with Takata Corp air bags that have been linked to deaths worldwide, in the country’s biggest compulsory product recall. The manufacturers of the vehicles will have to pay for the … from News – Insurance Journal http://ift.tt/2FEnxRo

JLT Acquires U.S. Trade Credit and Political Risk Broker IRC

Global broker Jardine Lloyd Thompson Group (JLT) has acquired International Risk Consultants (IRC), a U.S. broker specializing in specialist trade credit and political risk insurance. Based in Columbus, Ohio, and operating across U.S., Brazil, China and Hong Kong, IRC provides … from News – Insurance Journal http://ift.tt/2CrzPy4

Uber’s comp-style program could feed into worker classification dispute

Uber launched a program last year providing workers comp-like coverage, but the move could raise questions about worker classification and entitlement to benefits if other gig economy firms follow suit. from Business Insurance http://ift.tt/2BW5syp

Earthquake in Papua New Guinea Causes ‘Massive Disruptions’

Severe damage to phone networks and roads from a powerful earthquake in Papua New Guinea was hindering efforts to assess the extent of the destruction Tuesday, although officials in the remote central region feared dozens of people may have been … from News – Insurance Journal http://ift.tt/2HUyS0I

Bees Endangered by Neonicotinoid Pesticides: EU Food Safety Regulator

Wild bees and honeybees are put at risk by three pesticides from a group known as neonicotinoids, Europe’s food safety watchdog said on Wednesday, confirming previous concerns that prompted an EU-wide ban on use of the chemicals. The European Food … from News – Insurance Journal http://ift.tt/2ovBv0O

Commercial Insurance Prices Rise in Q4 2017, Reversing 4½ Years of Rate Cuts: Marsh

Average global insurance pricing in the fourth quarter of 2017 increased for the first time since Q1 2013, driven largely by global property insurance pricing following the third quarter’s large catastrophe losses, according to Marsh’s latest Market Index report. The … from News – Insurance Journal http://ift.tt/2HOthJf

Admiral reports growth in 2017

However its Confused.com aggregator sees profits slip following marketing and product development spend. from Insurer - insuranceage.co.uk http://ift.tt/2CONCdy

Mexican insurers' report profit despite cat losses

Mexico's insurance regulator said that local insurers' net profit surpassed 47 billion Mexican pesos ($2.5 billion) in 2017 despite recent catastrophe losses. from Business Insurance http://ift.tt/2ox2OrH

Diesel car ban likely to hit small businesses

German industry associations said that a ban on diesel cars is likely to hit tradesmen and small businesses and harm the country's auto industry. from Business Insurance http://ift.tt/2F4aZla

Axa Brazil's premiums rise more than 50%

Brazil-based insurer Axa Seguros S.A.'s premiums grew 52% to more than 1 billion Brazilian real ($309 million) in 2017 from BRL 658 million in 2016. from Business Insurance http://ift.tt/2ovBBVZ

Insurers to benefit from improved regulations despite economic headwinds: Moody's

U.S.-based ratings agency Moody's Investors Service Inc. said that insurers in the Gulf Cooperation Council region face economic headwinds, however improving regulations will offset the negative impact from low oil prices and exposure to volatile investments. from Business Insurance http://ift.tt/2EZoqqP

UAE reinsurance broker receives approval from Lloyd's of London

U.A.E.-based SHIELDS Reinsurance Brokers Ltd. has become a Lloyd's of London approved broker, with effect from Feb. 20. from Business Insurance http://ift.tt/2CORECD

Cybercrime top concern: PwC

Research by U.K.-based consultancy firm PricewaterhouseCoopers International Ltd. found that 26% of South African organizations expect cybercrime to become the most disruptive form of economic crime in the next two years. from Business Insurance http://ift.tt/2F1y6Ba

Kenyan insurers face deadline to boost core capital

Kenya's Insurance Regulatory Authority has given general insurers a three-month deadline, expiring in June, to boost their core capital requirements to 600 million Kenyan shillings ($6 million). from Business Insurance http://ift.tt/2CNf4bP

FBD's pre-tax profit surges more than 350%

Ireland-based insurer FBD Holdings P.L.C.'s pre-tax profit grew 355% to €50 million ($61.5 million) in 2017 from €11 million in 2016. from Business Insurance http://ift.tt/2EZrUJO

InsurTech Futures: Axa partners with Brolly on car insurance product

New policy to launch in March via Brolly's smartphone app. from Insurer - insuranceage.co.uk http://ift.tt/2CNolkb

Profits up at Gocompare in 2017

Aggregator reports 4.7% growth in insurance revenue. from Insurer - insuranceage.co.uk http://ift.tt/2FDFKPf

Ding Dong! The Obamacare Tax Penalty Is(n’t) Dead

Europe’s Storm Friederike (aka David) to Cost Insurers €1.5B (US$1.8B): PERILS

The initial insured price tag for Extratropical Cyclone Friederike, also known as David, is an estimated €1.5 billion (US$1.8 billion), according to PERILS, the independent Zurich-based organization that provides industry catastrophe insurance data. The event caused significant property damage across … from News – Insurance Journal http://ift.tt/2FcJdGy

To boldly go…

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“Tea, Earl Grey, hot.” If, like me, you watched a lot of Star Trek: The Next Generation back in the day, you’ll get that reference. And if you didn’t? Well, I’m sorry, but reading this editorial might be a tough slog for you. For the non-Trekkies out there, I’ll try to summarize this as quickly (and painlessly) as possible. On TNG , the Starship Enterprise was equipped with these devices called replicators, which could produce any kind of food or beverage you wanted out of thin air. All you had to do was ask. Romulan ale, tranya, prune juice—you name it, the replicator made it. Now, Captain Picard’s favourite beverage was—you guessed it—tea. Specifically, Earl Grey, served hot. There were many scenes in the show where he’d ask the replicator for a cuppa with his usual “Tea, Earl Grey, hot” refrain. I grew up watching TNG and the idea of having a replicator blew my mind. You’d think I’d have been more impressed by the spaceships, the phasers or the transporters. But no—I wanted ...

Consumers embrace voice assistants at CES 2018

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This year’s Consumer Electronics Show (CES) highlighted how voice assistants will be showing up in more and more homes in 2018. It all started two years ago, when Amazon began shipping its Echo smart speaker with its voice assistant, Alexa. Google soon followed with its version of the smart speaker, Google Home, in December 2016. After gaining millions of users south of the border, both are now available in Canada. Amazon finally made the Echo available to Canadians in December 2017—but not before Google beat them to it months earlier in July of last year. For the past two years at CES, the conversation has been dominated by Amazon as technology makers showcase their products working with Alexa. This year, however, Google came to CES in full force to go head-to-head with Amazon. Insurance brokers need to pay attention to the smart speaker trend. According to Steve Koenig, senior research director at the Consumer Technology Association, voice assistants like the smart speaker will ...

A milestone for digital pink slips

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In January, Nova Scotia’s Office of the Superintendent of Insurance issued a bulletin approving the use of digital proof of auto insurance, becoming the first province in the country to do so. “I believe it’s something the industry is looking for, I think consumers are looking for it, and I think it’s a step forward in technological evolution,” Jennifer Calder, the province’s deputy superintendent of insurance, told Canadian Insurance Top Broker . In 2015, a report commissioned by the Centre for Study of Insurance Operations (CSIO) found that regulators in Canada could approve the use of digital pink slips via bulletin. Nova Scotia’s bulletin includes guidelines for insurers and brokers on the implementation of digital pink slips. “It’s basically the guiding principles outlining the expectations of the insurance industry should they choose to offer electronic proof of auto insurance,” Calder said. “If their platform meets the requirements that we’ve outlined, then that would be acc...

Taking paper out of the process

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There’s an acknowledged semi-truth in insurance: it’s typically the last industry to take advantage of new technologies. But that’s now changing, with insurers taking digital steps to help their brokers not only enhance workflows, but gain new business. According to a 2016 Accenture technology report, 51% of insurers plan to pursue digital initiatives with new digital partners over the next two years. “Both insurers and brokers are looking for efficiencies in business and looking to technology to help as much as it can,” says Matt Baynton, vice-president, surety (national), with Trisura Guarantee Insurance Co. “[Technology] amplifies brokers’ existing way of doing business,” adds Sachin Rustagi, director of digital with Gore Mutual. And the trickle-down effect benefits the consumer, too. “Consumers are comparing their insurance technology to other technology,” says Chris Harness, senior vice-president, solutions delivery, with Northbridge Financial. “We’re seeing that insureds ar...

Cyber risks in oil and gas

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On June 27, 2017, a malicious cyberattack crippled Ukraine’s hospital networks, banks and government services within a matter of hours. So relentless was the attack on the country’s data infrastructure that Oleh Derevianko, the head of Kiev-based cybersecurity firm Information Systems Security Partners (ISSP), wasn’t sure how to label it. “At first, I thought it was an APT (Advanced Persistent Threat),” Derevianko later told the BBC. “But soon I realized that we needed a new term to describe what was happening.” Derevianko isn’t the only one failing to come to terms with a new world order in cyber risk. Once confined to data privacy and protection, cyber risk has also become a central concern for any industry moving toward advanced automation of operations. Hackers, meanwhile, are becoming more sophisticated and better funded, and are often politically or financially motivated to disable, disrupt and coerce, rather than merely steal data. It would later be revealed that Ukraine was...

‘‘Hey Google, get me a car insurance quote.”

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For decades—longer than this writer’s lifetime—science fiction films have predicted a world with talking computers. First there was Robby the Robot in Forbidden Planet . Then, before you knew it, machines that could talk were commonplace in sci-fi, from HAL in 2001: A Space Odyssey to the talking computer—known simply as “Computer”—in various iterations of Star Trek . Now, at long last, we are finally living in a world with real, honest-to-goodness talking computers. What was once science fiction has become science fact, and a glorious achievement for humankind. We’ve not only had the ability to talk to our smartphones for years, but we’ve now got smart speakers in our homes, with the recent arrivals of Google Home and Amazon Alexa in Canada. Thanks to these devices, many of life’s inconveniences are now things of the past. Can’t be fussed to turn your lights on and off by hand? Don’t feel like getting up to change the temperature on your thermostat? Not willing to budge to turn...

Insuring M&A deals

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It’s been a helluva year for mergers and acquisitions in Canada. According to Crosbie & Company, there were 716 M&A deals—valued at $63 billion—in the third quarter of 2017 alone, building solidly on the 724 deals worth $64 billion in the previous quarter. The Toronto-based investment bank said the results (as of press time) marked the sixth consecutive quarter where activity increased year over year. In total, there were 2,211 deals, an 11% jump from the 1,992 in the first three quarters of 2016 (although the overall value of the transactions dropped). Driving the increased interest in M&A, at least in part, is the growing number of private equity and pension fund deals, both on the buy side and sell side. According to PwC Canada, the average deal size rose by approximately 20% in 2017 for those deals with disclosed values. This reaffirms four key factors are at play: the market is highly competitive, bidding is aggressive, multiples are rising steadily, and, there is ...

Milestones in AI

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Canadians can now use voice commands to hear the news, get weather updates and play music, thanks to the recent launches of Amazon Alexa and Google Home. Interestingly, the Canadian insurance industry has already entered the smart home space, with Aviva launching a skill on Amazon Alexa and insurance marketplace Kanetix offering car insurance quotes through Google Home. In light of this (and before you can say “OK Google”), we thought we’d take a look at some of the biggest AI milestones from the last 50 years. CHATBOTS The very first chatbot hit the scene in 1966 and was able to mimic human conversation with pre-programmed responses. These days, chatbots are used by insurers and brokers alike. ROOMBA The autonomous robot vacuum cleaner loved by humans—and felines—was first introduced in 2002 by iRobot. Roombas now have the ability to create navigational maps of homes through the use of their cameras, sensors and software. SELF-DRIVING CARS One of the first autonomous vehicl...