Founder and CEO Phil Edmundson has found a new direction with Corvus Insurance Holdings Inc., his latest venture in an industry where he has already made a significant mark.

B.C.’s Supreme Court has allowed a bad faith claim to proceed against the Insurance Corporation of B.C. in the case of a Ferrari repair that cost the government insurer almost $800,000 — about $100,000 more than what the car was worth.

A telematics software company has noticed there’s a shift underway in a key market. “At the beginning, we were working with the underwriter in an insurance company talking about pricing,” said Nino Tarantino, CEO of Octo Telematics North America. “But now, for all our insurance partners, the guys from claims are involved.”

Risk managers concerned about insurance exclusions should consider asking their brokers to brief senior managers explaining what exactly the insurance covers and what it excludes, a Willis Towers Watson executive advises.

Manufacturing has changed monumentally with the introduction of new technologies and automated capabilities. Workers are now empowered and assisted by machines and digital automation of commercial organizations is something the insurance industry has had to keep a close eye on.

Fraudsters will always find a way to cheat the system. All lines of business are vulnerable to the crime, including insurance, and organizations worldwide face the sometimes cumbersome task of continuously fortifying their operations to keep the tricksters at bay.

Businesses operating in regulated industries, especially in the financial services sector, are facing greater fraud risks than ever before.

As the insurance industry grapples with how to survive in a changing business, third-party administrators [TPAs] need to consider the expansion of their services to meet the needs of insureds. These claims administration firms are the industry’s ‘sleeping giant.’

Nothing affects carriers’ bottom lines like claims; too many are not just capable of wiping out company margins but can jeopardise company survival full stop.

From high praise to a spiraling crash, opioid-based pain medications are out of favor. Once thought to be the solution to chronic pain, opioids opened the door to an even bigger and scarier addiction epidemic — one that menaces the workers’ comp industry and the population in general.

‘If it ain’t broke, don’t fix it’ is a mindset that’s potentially limiting growth in the US workers’ compensation insurance industry.

2017 will be remembered as the landmark year for digital transformation of claims processing within the property/casualty insurance industry.

Three employees of a Hollywood-based water restoration contractor have been ordered to turn over three years of cellphone records as part of a Heritage Insurance lawsuit accusing the contractor of obtaining trade secrets from a Heritage “mole.”

On February 8 I had the pleasure of attending the Insurance Business America’s Millennials in Insurance Conference in New York where I learned from some of the most engaging industry experts and the Millennials themselves about what the industry is doing to attract and retain new employees.

On the surface, it may seem redundant to think that underwriters are averse to loss. After all, our job is to make sure the policies we write for our respective companies earn more in premium than the claims and expense dollars that are paid.