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Artificial intelligence can help insurers’ streamline claims processing

By Kate McCaffery | May 7, 2024, 10:40 a.m.

Photo: rawpixel.com

The technology also presents new ethical dilemmas.

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Headlines

Canadians open to artificial intelligence advice – even when unsound

Hurricane Debby event is the costliest in Quebec’s history

Construction insurance capacity grows while pricing remains stable

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Canadians open to artificial intelligence advice – even when unsound

Construction insurance capacity grows while pricing remains stable

Marine insurers particularly exposed to geopolitical risks

Self-reported mental health declines among children

AM BEST

Dedicated reinsurance capital rose in 2023

Global reinsurers saw positive underwriting results in 2023

Global healthcare reinsurance premiums continue to rise

Global reinsurers generate strong results in 2023

Investment

Industry job vacancies jump more than 37 per cent in May

Hurricane season not expected to impact reinsurer’s credit ratings

iA Financial Group acquires 115,000 policies

Insurers should abandon fossil fuels, say investors

Regulation

Coalition asks regulators to allow adjuster reciprocity across the country

Licensing for managing general agencies: the consultation period ends

Ontario proposes additional Insurance Act amendments

Ontario ministry scrutinizes preferred provider networks

Strategy

Intact nearly triples profit in Q2 2024

Term life insurance policies see the highest increase in 2023

Applied Systems acquires artificial intelligence firm

Ontario ministry proposes managing general agency licensing regime

Technology

Business and technology consolidation creating opportunities for cyber criminals

Poor integration of current technologies hinders pricing

Coalition reviews 2023 claims results

Average insurtech deal doubles in size

Analytic

Hurricane Debby event is the costliest in Quebec’s history

Canadian life application activity flat in August

Actuaries climate index rose in early 2024

Nearly half of Canadians have difficulty meeting day-to-day expenses

Artificial intelligence

Who is most likely to commit insurance claims fraud?

Economic conditions impacting service providers

Pension investment returns positive in the second quarter of 2024

ChatGPT’s impact on cybersecurity examined

Disciplinary Decisions

Continuing education lapse and lack of criminal charge disclosure warrant sanctions

Council cancels license without hearing

Life and general insurance agent assessed fines for both licenses

Six years of missing errors and omissions insurance costs agency