HR
Brokers are used to responding to clients’ questions about their insurance needs, but are they always able to effectively handle grieving customers? The million-dollar question is how to ensure brokers are building enduring and caring customer relationships, while also protecting the company’s interests, Megan Devine suggested in a blog published earlier this week in Harvard […]
By Jason Contant | September 5, 2018
3 min read
Operations
Buyers are pricing in potential future market disruption, such as online distribution, when buying a broker’s books of business, a P&C transaction advisor told Canadian Underwriter Wednesday. Mike Berris, partner and practice group leader with Vancouver-based Smythe Advisory said he is seeing transactions of five to six times revenue for so-called online books. In one […]
Looking to sell your brokerage? Don’t assume your brokerage will eventually sell for an ever-increasing multiple of revenue, or that you will be able to sell at the high end of the current ranges, a P&C advisory and consulting firm said recently. If that’s the case, what are your best exit strategies? If you’re not […]
By Jason Contant | September 1, 2018
Brokerages looking to better motivate frontline workers should optimize play, purpose and potential, while reducing pressure, a recent experiment suggests. In a blog post for Harvard Business Review, authors Lindsay McGregor and Neel Doshi implemented an experiment to transform the operating model of four stores in a retail organization. To build a genuine sense of […]
By Jason Contant | August 30, 2018
Canadian P&C companies are increasingly targeting insurers and brokerages for mergers and acquisitions, although the interest in targeting insurtechs is rising, according to a new report from ratings firm A.M. Best Company. A.M. Best released its market segment report for Canada Tuesday. It said insurer- and broker-related transactions increased compared to last year. “Insurers and […]
By Jason Contant | August 29, 2018
2 min read
Commercial insurance brokers will move beyond their sales role in the future and become true advisors on risk, industry executives predict. Signs of a hardening commercial insurance market provide one impetus for brokers to turn to risk advice to add value to clients. As commercial insurance premiums in certain lines increase, and as some coverages […]
By David Gambrill | August 28, 2018
Legal / Regulation
A B.C. broker has had her sales licence suspended for three years after she took approximately $8,000 in premiums without authorization. The broker admitted she took the funds without authorization to pay for a relative’s medical expenses and her intention was to repay the insurance agency. She repaid the agency in full within two weeks […]
By Jason Contant | August 27, 2018
As cannabis comes closer to being legalized in Canada, Hub International told Canadian Underwriter the three major risks the brokerage has faced while writing cannabis insurance for the past four years. One of them is cash-on-hand, meaning pot producers have money stolen from their premises. A lot of pot entrepreneurs may be carrying a lot of […]
By Jason Contant | August 24, 2018
Despite increased adoption of cyber coverage over the past year, some segments within Canada's enterprise sector remain underinsured against online threats
By Jason Contant | August 22, 2018
Many brokerage offices are open for business outside of normal working hours but some question whether this is really necessary, given recent advances in web services. “It shouldn’t really matter if your technology is structured properly” whether your brokerage is open on weekends or evenings, said Ken Schindle, president of Thomson-Schindle-Green Insurance and Financial Services […]
By Greg Meckbach | August 20, 2018
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