Insurance Blogs hosted by Canadian Underwriter
Insurance Blogs hosted by Canadian Underwriter
Next week, we will be releasing a new IBM Institute for Business Value study on the insurance industry. Titled “The platform-fueled future,” we surveyed 1,000 insurers across 35 countries on various questions of interest around insurance platforms – on their disruptive impacts, benefits, downsides and how much or how little participation they are envisioning. We […]
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Over the years, we have written several pieces about the state of mergers and acquisitions (M&A) activity in the Property and Casualty (P&C) industry and think it is safe to say the market has been, and will continue to be, robust in the foreseeable…
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Canadian Brokers understand that Contingent Profit Commissions (CPC) are a device that insurance companies use to reward good front-line underwriting, volume of premium business placed and some good claims luck. In simple terms, the better your loss experience and the…
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In human history, we have seen three major revolutions. Agricultural, Industrial and communication revolution which includes computers and internet. Now we are standing at the cusp of 4th revolution which is Artificial Intelligence, beyond analogs and computers. What we are facing now is a whole new ball game that we have never seen before. […]
The post AI- The 4th revolution, are we ready? appeared first on Ehsan Rasul.
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History tells us when ever we mix politics with business, results are nothing but economic devastation and complete collapse of free enterprise. This experiment was done many times in the world’s history when governments jump into running factories, food chains, phone companies, banking and even insurance, but failed again and again. It happened in Soviet […]
The post Insurance system in Alberta, fix it please appeared first on Ehsan Rasul.
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Most of the time we are too busy selling insurance products matching with client’s requests. A prospect ask us for Auto, Home or Business Insurance quote and we quickly jump on it and start preparing the best quote possible to beat the competition and close the sale. Sometimes, when I pause for a few seconds […]
The post Selling Solutions, not products appeared first on Ehsan Rasul.
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The insurance industry is pouring billions of dollars into disruptive InsurTech development in the hopes of meeting rapidly changing customer expectations that have been moulded by the likes of Amazon, Apple, and Google. And, as these companies continue to change…
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The third step in the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) is the implementation of a risk appetite and tolerance statement. This step is meant to set boundaries on how much risk your organization is…
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The blows keep on coming for Wells Fargo. Within a year of their cross-selling scandal, two more scandals have risen to the top of news headlines. In part one of this series, I set out to make good on a…
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The first step in Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) implementation, risk culture and governance, lays the groundwork and defines roles for your risk management function. The second step, risk identification and prioritization, defines an ongoing risk…
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The National Association of Insurance Commissioners adoption of the Risk Management and Own Risk and Solvency Assessment Model Act (RMORSA) of 2015 required insurance organizations to take a broader approach to risk management. I would like to revisit this regulation and…
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In 2015, auto insurance fraud cost Ontario consumers an estimated $1.3 billion – 13% of total auto insurance premiums. This considerable cost suggests that thousands of people are committing this type of crime. How do the perpetrators commit fraud? Exaggerating…
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On March 14, 2017, Microsoft released a critical patch to address a security vulnerability on its Windows operating system. On May 12, eight weeks later, the WannaCry global ransomware attack exploited that exact vulnerability, impacting over 230,000 computers in more…
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Are you interested in knowing the future? I certainly would, the more accurate, the better. (Next week’s winning lottery numbers, anyone?) Unfortunately, as the old Danish proverb goes, “Prediction is very difficult, especially about the future.” My colleague Mark McLaughlin and I gave it a shot anyhow, and you can now read the result in […]
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