Businesses and insurers ignore environmental, social and governance (ESG) issues at their peril, an Allianz Global Corporate & Specialty (AGCS) report released this month suggests. “If an ESG issue is not handled or disclosed appropriately by the company or board, it can result in ‘bad news’ in their market, ‘bad news’ for the company share […]
By Melissa Shin | October 19, 2021
3 min read
Successful brokers must balance surging demand for online digital services with a clear recognition that clients want to maintain a strong human connection. “If you force all your clients to go to in-person and on-phone service, you are cutting out a massive percentage of the population. And if you make everybody go through your chatbot […]
By Melissa Shin | October 19, 2021
3 min read
As premiums continue rising and capacity keeps tightening, brokers placing directors and officers (D&O) liability insurance are grappling with an unpredictable market. “The last time we saw a hardening D&O market was during the financial crisis in the late 2000s. But it was not nearly as spiky and unpredictable,” said Brooke Hunter, president & CEO […]
By Melissa Shin | October 14, 2021
2 min read
A large part of a personal trainer’s job is making sure clients do their exercises safely. But personal trainers also need to protect themselves — using insurance. Each year, there are roughly 460,000 reported fitness injuries, according to the U.S. Consumer Product Safety Commission. Some of those injuries could result from working with a personal […]
By Melissa Shin | October 13, 2021
2 min read
There are honest drivers on the roads. In fact, a 2021 survey by ValuePenguin indicates that 78% of consumers say they’ve never lied to their auto insurers. However, 8% have “misinformed” their insurers about the drivers in their households, and 8% have lied about their home addresses. And a 2017 Ipsos poll found that 3% […]
By Melissa Shin | October 12, 2021
3 min read
The digital revolution is expected to spread more rapidly and deeply into the insurance industry over the next few years, despite relatively modest demand from customers to date. “Brokers should be putting digital strategy as part of their overall business strategy moving forward. It is a very important element,” said David Kerr, a partner in […]
By Melissa Shin | October 12, 2021
2 min read
Cyber insurance is set to become as essential as workers’ compensation insurance in the near future, a cyber insurance provider CEO has predicted. Vishal Kundi, CEO and co-founder of Toronto-based cybersecurity and insurance specialist MGA BOXX Insurance, told Canadian Underwriter that he foresees cyber insurance becoming mandatory as it increasingly becomes “vital to most countries’ […]
By Melissa Shin | October 7, 2021
3 min read
Wedding revenues dropped by almost 40% drop in Ontario last year, according to HelloSafe.ca, due largely to the COVID-19 pandemic. Wedding insurance, as a result, was also affected. Pre-pandemic, Front Row Insurance Brokers was receiving about 200 orders a month for third-party general liability, said Mike Groner, the brokerage’s vice president. “That was what forced […]
By Melissa Shin | October 6, 2021
3 min read
Accelerated digitization continues to drive strong M&A activity in P&C, with brokerages that prioritize the customer in their digitization strategies more likely to succeed. “Understanding the customer and how to change the customer experience will be the key differentiator for brokers going forward,” Philip Heywood, partner and national financial services deals leader with PricewaterhouseCoopers (PwC) […]
By Melissa Shin | October 5, 2021
2 min read
Brokers need to be more proactive in reaching out to their business and consumer clients, according to the Canadian Underwriter Trusted Advisor 2021 survey. Only 36% of business respondents — and a considerably smaller proportion of consumers (26%) — said their most recent contact with their broker was broker-initiated. “The numbers don’t surprise me,” said […]
By Melissa Shin | October 5, 2021
3 min read
Walter Neff from the 1944 film Double Indemnity is the quintessential insurance agent. Office-bound and clad in suit, tie and hat, Neff is symbolic of a bygone era. Times have changed, and so have dress codes. “More companies have started moving toward a business casual model versus office attire, where men were required to wear […]
By Melissa Shin | October 1, 2021
3 min read