Ben Munro

Guess who is teaching a course hosted by CSIO - Centre for Study of Insurance Operations? On November 26 at 2pm -3pm EST, Elizabeth Wu will be instructing on "#CyberInsurance Essentials for Brokers: Understanding IT Quality and Risk Coverage." #insurancebrokers #databreaches #ITSecurityAudit #insurancecarriers

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There's a common fear in the Canadian property and casualty insurance industry that AI will replace underwriters. But, Pat Caldwell, chief people officer at the insurtech Send, argues that AI actually supports underwriters by reducing manual data entry and speeding up the onboarding process. AI can quickly provide information on policy coverages and industry terms, helping new hires get up to speed faster. This tech improves underwriters' skills and knowledge, especially with newer policy models. Experienced underwriters might not know about certain systems, but AI helps new analytical talent learn independently. Caldwell notes that while people often fear AI, it usually leads to new roles and skills rather than job losses. He believes AI allows underwriters to focus on high-value tasks, making them more valuable to their organizations in the long run. Read more: https://lnkd.in/gek4jv9G #AI #InsurTech #Insurance #InsuranceIndustry #ArtificialIntelligence #Underwriting #TechInInsurance

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In this article written by Jason Contant for the Canadian Underwriter, he explores whether AI poses a threat to underwriting jobs. Despite common fears that AI might replace underwriters, Pat Caldwell, Chief People Officer at the insurtech Send, argues that AI actually enhances their roles. AI helps underwriters by cutting down on manual data entry and speeding up the learning process for new hires, allowing them to quickly access essential information. This technology boosts data literacy and skill development for both new and experienced underwriters. Caldwell also points out that historical tech advancements show while some jobs change, new opportunities arise. He believes AI should be seen as a tool that supports and improves underwriting work rather than as a threat to it. Read more: https://lnkd.in/gek4jv9G #CanadianUnderwriter #Underwriting #Insurance #InsuranceIndustry #AI #ArtificialIntelligence #TechTrends

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Do your clients have an "empty net" in their financial plan? They do without adequate income protection in place. No DI coverage is like a hockey team without a goalie. A Group LTD plan is only going to provide underperforming defenseman at best. A solid hockey team has all necessary positions adequately covered. A solid financial plan has all necessary products adequately covered. Most financial plans are missing their goalie. . . .

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Intense competition in the market is better for everyone. It makes companies treat their people better It ensures companies provide better service to their customers It ensures companies invest in R&D to make better products It keeps prices in check. As Canadians, we know all too well what happens when a few companies dominate an industry. The amazing thing about P&C insurance (manufacturing as well as distribution) is that there is lots of competition, but also lots of cooperation. It is a great industry where companies can compete to raise our standards, while also partnering with others to build the industry. #competition

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Extra Extra, read all about it....Stackathon? What's that? We're excited to announce that the Insurance Brokers Association of Canada is hosting the first-ever Brokertech Stackathon at the Amplify conference this September in Calgary! This groundbreaking event is set to revolutionize the way brokers approach technology. What is it and Why This is a Game-Changer for Brokers: Stackathon - It's an innovative event where brokers and technology vendors come together to create the ultimate tech stacks for modern insurance operations. It's designed to: 🔗 Cut Through the Tech Noise: Finally, clear guidance on the best tech stacks for both Personal and Commercial lines. 🔗 Boost Efficiency: Discover digital solutions that save time and reduce costs, addressing the staffing challenges faced by every brokerage. 🔗 Innovative Insights: Learn from industry leaders like Tom Reid, IBAC’s Data Exchange (DX) Lead, who will guide you through the latest advancements. 🔗 Peer-Selected Tech: Find out which technologies are being successfully used by your fellow brokers. 🔗 Networking Opportunities: Connect with tech vendors and other brokers to share ideas and build valuable relationships. Don't miss this chance to empower your brokerage with the ultimate tech stack and elevate your operations to the next level. Join us at Studio Bell, Calgary on September 16-17, 2024, and be part of this transformative journey. 🔗 For more information and to register, visit: www.trufla.com/amplify #IBAC #Amplify2024 #BrokerTech #InsuranceInnovation #Trufla #BrokertechStackathon #InsuranceBrokers #TechRevolution

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A surge in high-net-worth individuals presents a major opportunity for insurers to reshape and reimagine how they optimize their clients' wealth. Shawn Goheen teaches readers in, 'Integrating Life Insurance Into Wealth Management.' #insurance #innovation https://lnkd.in/d7tFR7-r

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Straight Talk about the Insurance Industry: Thriving in an Economy Tailored to Ensure Their Success They should thank governments for a framework that allows them to make such profits. Why doesn’t IBC allow comments on its’ Posts?!? Here are some observations. Critical Assessment: 1. Market Position: - Regulatory Advantage: Insurance companies thrive due to favourable regulations. Their profits are almost guaranteed by mandatory policies (e.g., auto insurance). - Government Support: Mandatory insurance laws ensure constant demand, reducing business risks compared to other sectors. 2. Economic Contribution vs. Dependence: - Reliance on Economy: The industry’s GDP and job contributions depend heavily on overall economic health. During downturns, they offset risks with higher premiums for consumers. - Indirect Subsidies: Investments in government bonds act as low-risk, high-return subsidies, further stabilizing the industry. 3. Job Creation and Quality: - Job Quality: The report boasts 297,000 jobs but doesn’t detail their quality. Are these high-paying and secure, or mostly low-wage roles? - Gender Statistics: While 60% of employees are women, it's important to see if they hold leadership roles or are in lower-level positions. 4. *Tax Contributions: - Tax Burden: The $12 billion tax contribution should be weighed against the industry’s total revenue. Are there significant tax breaks that reduce their effective tax rate? - Comparison: Are insurance companies paying their fair share compared to similar industries? 5. **Public Policy Influence:** - Self-Interest: The industry’s advocacy for policies like national flood insurance may primarily benefit them by expanding their market and reducing payout risks. - Policy Impact:Their influence can shape regulations to their advantage, possibly at the expense of consumer protection. 6. Investment Strategies: - Safe Investments: Heavy investments in government bonds ensure steady returns with minimal risk but do not necessarily foster economic innovation or growth. Conclusion: While contributing to economic growth, the P&C insurance industry benefits from a favourable regulatory framework and government policies. Their economic contributions should be viewed critically, considering their privileged market position.

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Life insurance carriers are embracing a greenfield approach to digital transformation, developing new products and channels while phasing out legacy systems. How will advancements in generative AI, machine learning, and automation in underwriting and distribution usher in a new era for carriers? Join my colleagues Karen Monks and Nicolas Michellod for Celent's Life Insurance: Technology Trends Previsory 2025 webinar to find out. Register today: https://lnkd.in/efaDemiH #TechTrends #AI #insurance

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And that’s a wrap on our Wawanesa roundtable event, 𝘛𝘩𝘦 𝘊𝘰𝘮𝘮𝘦𝘳𝘤𝘪𝘢𝘭 𝘔𝘢𝘳𝘬𝘦𝘵: 𝘛𝘩𝘦 𝘊𝘩𝘢𝘯𝘨𝘪𝘯𝘨 𝘖𝘱𝘱𝘰𝘳𝘵𝘶𝘯𝘪𝘵𝘺. We had an informative discussion about the evolution of commercial insurance, and enjoyed connecting with broker partners to reflect on the insights delivered by our panel. We look forward to continuing the conversation about key topics that affect insurers, brokers, and Canadian businesses alike. #WawanesaCommercialMarket

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As we approach 2025, the Canadian insurance markets for both commercial and personal lines present distinct contrasts, driven by a myriad of factors ranging from natural catastrophes to market dynamics.

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This is a great share and exemplifies the need for enhanced data quality management to actually achieve or improve AI outcomes. Minimizing point solutions in key areas of the business in favour of a platform approach that can leverage ALL data sources and actually resolve the entities to get effective use of data is critical to a C-360, UW, Perpetual Risk Scoring, Claims Fraud Prevention/Detection, pricing models etc. #dataquality #insurance #ai Quantexa

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Brokers and business owners: this is excellent information put out by IBC and Mahan Azimi. Very useful! I can say that many of the controls mentioned have helped reduce loss ratios across Ridge Canada Cyber Solutions Inc.’s portfolio. Reach out to one of our underwriters for more information. #cyberinsurance

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🌟 Exciting News! 🌟 B4E Insurtech has been recognized as one of the Top 7 Life Insurance Companies and Startups in Canada 🎉 Ready to experience top-notch insurance services? Read the Article to learn more about our services! #B4EInsurtech #LifeInsurance #Canada https://wix.to/psAxeUR

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Artificial Intelligence (AI) is revolutionizing industries worldwide, and Canada’s insurance sector is no exception. From streamlining operations to enhancing risk assessment, AI is driving efficiency and innovation. However, its integration into the insurance landscape also raises critical questions about fairness, transparency, and the potential for bias in decision-making. Let's talk about it. 604-317-6755.

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Insurers have long sold their products through third-party networks and affinity partnerships. But competitive, technological, regulatory and market shifts have fundamentally changed the nature – and increased the importance – of ecosystems. Learn more. https://ow.ly/QTgE30sHLrY #EYCanada #ShapeTheFutureWithConfidence

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“AI has made cyber attacks easier to automate and harder to detect and can pose a real threat to the integrity and security of any business,” said Mahan Azimi, Manager, Catastrophic Risk Policy, Insurance Bureau Canada , in a news release. “With AI applications and new technology becoming more numerous and widely used by cyber criminals, there is a growing need for business owners to improve their cyber resilience.” According to a new survey conducted by Insurance Bureau of Canada (IBC), two-thirds (65%) of surveyed small and medium-sized business owners and decision makers in Canada are concerned AI/new technology will make it harder to protect against cyber risks.

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