Industry
With the recent finalization of the federal government’s proposed financial services reform legislation packaged under Bill-38 — set to be tabled before parliament in the fall — independent property and casualty insurance brokers have heaved a collective sigh of relief that the long fought battle to prevent banks from retailing insurance products through branches appears […]
July 31, 2000
7 min read
Risk
The old adage 'you have to spend money to make money' should be taken to heart by today's insurance companies, say the industry's claims managers. Canada's top insurers agree that customer service is the name of the game, and claims handling the key to keeping customers on board. Companies that sacrifice customer service in the name of cost saving are in danger of paying the price in the long run.
4 min read
The Toronto Society of Fellows hosted its 6th annual charity ball recently at the Toronto Marriott Eaton Centre. The black-tie affair, which included dinner, dancing, a silent auction and a live auction hosted by CITYTV’s Gord Martineau, raised $150,000 for the Starlight Children’s Foundation and drew a capacity crowd of more than 540 people. Christina […]
1 min read
Listening to the words of the financial services regulators, at both the provincial and federal levels, it would appear that a dim light is beginning to show at the end of the long tunnel of regulatory reform — an issue which numerous lobby organizations from across the insurance industry have been striving toward for years. […]
Reforming company management structures to deal with the rapidly evolving marketplaces of financial services formed the central focus of the International Insurance Association Inc.’s (IIA) 36th annual conference, which was recently held in Vancouver. The prime drivers of change impacting across international borders of the insurance market — and steadily drawing together the pillars of […]
9 min read
When reviewing the role of insurance commissioners in Canada and the U.S., one must wonder why they became involved in rate approvals. The original role of the insurance commissioner was apolitical, to make sure that companies were properly capitalized, were adequately reinsured, and followed the regulations. The role of the commissioners has since been extended […]
5 min read
Regulatory harmonization, multi-licensing, mergers and consolidations. In a world of rapid change, ongoing education has become a key survival tool of the new insurance landscape. Whether driven by consumers, regulators or employers, the trend is moving toward increasingly higher levels of education and lifelong learning. Efforts are being made industry-wide to provide the kind of […]
Aging infrastructure, cut budgets and a blind political eye. With increasing pressure to cut taxes, Canada’s federal and provincial governments have for decades reduced investment and maintenance expenditure in public infrastructure. Repeatedly, reports have been issued of the resulting dangerous conditions of roads and highways throughout the provinces, all of which have garnered little response […]
Sitting at the head table in the hotel’s convention room, I felt a quick stab of uncertainty. I had agreed to be a guest speaker at this broker management seminar staged by our provincial brokers’ association. As my company’s senior marketing representative, it was part of my job to maintain strong links to brokers. However, […]
8 min read
There’s an old saying “what you don’t know can’t hurt you.” But, in the insurance business today, this adage no longer holds true–what you don’t know can definitely hurt your organization’s bottom-line. The danger comes in not knowing some of the more important information for strategic and successful decision making. For instance, which policyholders pose […]
3 min read
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