Insurable Interest Canadian Insurance Blog

Toronto, ON (Mar. 13, 2025) – Canadian MGAs and insurers could be missing out on at least half of broker submissions due to incompatible data formats, according to analysis by Insly, a leading provider of low-code insurance software. The analysis highlights significant inefficiencies in broker-insurer and MGA interactions. Currently, brokers submit essential risk information to MGAs and insurers in varied formats—including PDFs, Word documents, Excel sheets, emails, and handwritten notes—many of which underwriters struggle to process efficiently. Insly’s research found that, due to the time and cost of processing this data, underwriting teams currently handle only around 30% to 50% of total submissions received, directly impacting revenue, growth potential, and customer satisfaction. By adopting AI-driven solutions like Insly’s FormFlow, MGAs and insurers can significantly streamline data intake and processing, increasing their capacity to handle broker submissions, reduce turnaround times, and capture more business opportunities. Key findings from Insly’s analysis include: Incompatible Submission Formats: The administrative burden of processing diverse submission formats falls on underwriters, causing significant delays, increased manual processing, potential for manual error, and lost business opportunities. Inefficient Submissions: Manual sorting and prioritisation of broker submissions consume considerable underwriting resources, diverting attention from high-value and complex risks. Excessive Broker...

New York, NY (Mar. 26, 2024) – Accenture is pleased to announce it has made a strategic investment, through Accenture Ventures, in QuSecure™ a leader in post-quantum cybersecurity. Together, Accenture and QuSecure offer comprehensive post-quantum crypto agility solutions to help government agencies and private sector businesses mitigate emerging quantum risks. Headquartered in San Mateo, Calif., QuSecure is a privately held company founded in 2019. QuSecure’s QuProtect software offers an end-to-end quantum security-as-a-service architecture that combines zero-trust, next-generation quantum-resilient technology and crypto agility to protect networks, cloud systems, edge devices and satellite communications against today’s cyberattacks and future quantum threats, all with minimal disruption to existing systems. “Organizations need a reliable, quantum-resilient cybersecurity solution that not only adheres to the National Institute of Standards and Technology’s (NIST) post-quantum encryption standards but that can be easily integrated across all parts of a communications network,” said Tom Patterson, emerging technology security lead at Accenture. “We’re investing in trusted providers like QuSecure to help our clients future-proof their global networks today to protect high-risk data faster.” Post-quantum encryption standards protect a variety of electronic information, such as private email messages and e-commerce transactions. NIST is advising computer system administrators to start transitioning to NIST’s...

Toronto, ON (Mar. 12, 2025) – CSIO is pleased to congratulate Vertafore Canada on achieving CSIO’s eDocs Certification by implementing the 40 updated eDocs codes and descriptions into their SIG Broker Management System (BMS). Vertafore programming the updated eDocs Standards ensures that descriptions are consistently labelled when insurers send eDocs to brokers. This is a significant advantage for brokers as it eliminates the need to open every eDoc to determine if action is required, saving them time and optimizing their workflows. Once the updated eDocs are released into production by their insurer partners, the latest codes and descriptions will be available to brokers in their BMS. “In a rapidly changing insurance landscape, we are firmly committed to integrating modern, simplified technology that drives automation in the broker distribution channel,” said Natasha Joyal, Senior Director of Development at Vertafore Canada. “Having deployed the changes in 2024, we are proud to earn the eDocs Certification as Vertafore Canada continuously strives to provide brokers with every opportunity for further enhancements to customer service and connectivity with insurers.” “CSIO’s eDocs initiative is a key industry priority to increase workflow efficiency for brokers,” said Kathryn Sinclair, Interim President at CSIO. “By implementing the updated eDocs...

How cyber insurance is moving faster, scaling up, and preparing for unknown risks — By Austin Aten, Head of Cyber Pricing, Coalition Inc. — When cyber insurance was first introduced almost 30 years ago, the cyber threat landscape looked much different. We were far less reliant on digital technology and data, it was much more difficult for threat actors to monetize attacks, and penalties for data privacy and cybersecurity failures were still being developed. The actuarial models adapted from traditional insurance were sufficient during the foundational years, but a new era in cyber insurance is upon us. In fact, we’ve been living in it for a while now. The tools and data at our disposal have revolutionized the way we understand risk. Remote access is now the default, not the exception. Cybercriminals operate like businesses. The prevalence of cloud-based technologies and automation makes risk aggregation a real concern. Plus, artificial intelligence (AI) has introduced a whole new set of exposures we’re still trying to understand. Traditional risk models simply can’t keep up with the dynamic cyber risk landscape. We need to retool our approach to actuarial science — and AI can help. With more information and advancements in technology come...