By Heather Turner, Lead Analyst – Research, ReSource Pro — Positioned at the intersection of retail agents/brokers and insurers, Managing General Agents (MGAs) and Managing General Underwriters (MGUs) have unique vantage points in the distribution ecosystem. As the MGA/MGU channel grows, these companies are investing in technology solutions to support the customer experience for agents/brokers... Read more » The post Roadblock Ahead! MGAs’ Digital Plans Encounter Technology and Cultural Hurdles appeared first on Insurance-Canada.ca ..read more

Commercial lines insurers are courting MGA relationships and the premium lift they can offer with limited technology or underwriting investment Boston, MA (May 3, 2023) – MGAs allow insurers to take advantage of niche market expertise to expand their distribution and grow their business without building the necessary infrastructure. MGA business (measured in premiums) is... Read more » The post Business and Technology Trends: Property/Casualty MGAs appeared first on Insurance-Canada.ca ..read more

New SMA Blog by Tom Benton, Partner, Strategy Meets Action — It would be difficult to dispute how critical core systems are in the insurance business – they are the enablers of significant in-and-out interactions and help drive efficiency and profitability for an insurance company. Today, many insurers and MGAs are accelerating their transformational journeys... Read more » The post Core Systems Are More Critical Than Ever For Enabling Digital Transformation appeared first on Insurance-Canada.ca ..read more

By Brynne Ramella, Content Marketing Manager, ProNavigator — Getting reimbursed for claims is a high priority for your insureds. That puts a lot of pressure on your adjusters. Traditional insurance claims processing involves adjusters working through large volumes of paperwork. Relying on those manual processes or legacy software can lead to wrongful claims, incorrect quotes,... Read more » The post What to Look for in Claims Management Software appeared first on Insurance-Canada.ca ..read more

By Wade Billotte, Fortify — Cyber threat actors, who attack organizations with seeming impunity, have become the boogie man of the technology world. Fear pulls us in a direction that seeks solutions and protection, but, we are always drawn to a natural state of comfort and calmness that everything will be okay. This state of... Read more » The post 7 Fallacies About Cybersecurity Putting Your Business At Risk appeared first on Insurance-Canada.ca ..read more

New SMA Blog by Mark Breading, Partner, Strategy Meets Action — When I was asked in late 2022 and early 2023 about the implications of generative AI for insurance, my reply was always two-fold. First, I advised that it is absolutely a technology space to monitor closely, given the rapid advancement, broad application, and unlimited... Read more » The post How My View of ChatGPT Changed in 90 Days … And What It Means For Insurance appeared first on Insurance-Canada.ca ..read more

by Alex Fuentes, EVP – Strategic Growth & Business Development, Brickeye —  Water damage, concrete rework, environmental impacts – the list of risks associated with construction is extensive. Insurers of high-rise and multi-family building projects are faced with increasing underwriting risk while trying to maintain a healthy loss ratio. Recent “Internet of Things” (IoT) technology... Read more » The post How Insurers Can Protect Loss Ratio with Construction IoT Technology appeared first on Insurance-Canada.ca ..read more

Cyber risk is insurable, if you have the correct data and approach — by Joshua Motta, CEO, Coalition — Cyber threats are among the most pervasive facing most organizations, with cybercrime and cyber insecurity ranked as the 8th most severe global risk, according to the World Economic Forum. Across the insurance industry, there is much... Read more » The post Active Cyber Risk Modeling: A New Approach To Aggregate Risk appeared first on Insurance-Canada.ca ..read more

by Stephen Applebaum and Alan Demers — The title of this article brings to mind two famous quotes from American culture. Mark Twain is reputed to have said, “the reports of my death are greatly exaggerated.” The saying could also apply to the frequent statements made by InsurTech detractors who have recently pronounced its death,... Read more » The post InsurTech: Not Dead, But Different appeared first on Insurance-Canada.ca ..read more

By Celyeste Power, President & CEO, IBC — Canada is becoming a riskier and more dangerous place to live. That’s not an opinion – it’s a fact. Severe weather events in 2022 caused approximately $3.1 billion in insured losses, one of the highest annual totals on record. Disasters affected almost every part of Canada, disrupting... Read more » The post It’s time to invest in a national flood insurance program appeared first on Insurance-Canada.ca ..read more