Operations

From days to minutes: New tech overhauls quote and bind process

The launch of the new broker technology Vyne will eliminate some of the “inefficient steps” that brokers have to take between quoting and binding, potentially reducing the quote and bind process from days or weeks to just minutes, the company says. Prior to the launch of its real-time technology, the process from quote to bind […]

By Jason Contant | June 11, 2018

3 min read

Operations

Are you ensuring your client’s trip doesn’t leave a bad taste?

Part of travelling is trying everything! New food, new experiences. But when those experiences result in the unexpected, that’s when travel insurance becomes a universal need. Here are two reasons why you should recommend travel insurance to your customers: Should I eat that? The only thing worse than having a bad meal is having a […]

By Baxter Hall | June 5, 2018

2 min read

Operations

Economical rolls out Vyne for brokers in select areas

Economical Insurance launched its new broker technology, Vyne, in New Brunswick and Prince Edward Island Monday. For use in personal lines and individually rated commercial auto (IRCA), Vyne is a Guidewire-based computer system aimed at streamlining workflows for brokers. The platform, touted as a way to administer insurance policies with less manual intervention, will launch […]

By Jason Contant | June 4, 2018

1 min read

Operations

Here’s a way small brokerages can afford AI

Budget may not be a big concern for larger companies looking to incorporate artificial intelligence (AI) into their operations, but is AI cost-prohibitive for small, local brokerages? “I don’t think you need a massive budget to do some of this stuff,” said Nick Milinkovich, leader with the insurance analytics practice at McKinsey & Company (Canada). Speaking at […]

By Jason Contant | June 4, 2018

2 min read

Major agreement toward resolving broker-carrier data exchange issues

Key players in Canada’s P&C industry have reached an agreement to pursue an application programming interface (API) hub solution, called the BrokerFlow solution, to solve the current data connectivity gap between insurers and brokers. The “solution phase” is set to commence in June, the Insurance Brokers Association of Ontario (IBAO) has announced. IBAO has been […]

2 min read

How demand in Canada factored into merger of two Lloyd’s brokers

An increased demand from Canadian brokers for more “problem-solving” insurance solutions, such as specialist cyber coverage, is a factor behind the recent merger between Endeavour Insurance Services and SSL Insurance Group. Lloyd’s broker and delegated authority specialist Endeavour recently announced an agreement to merge with fellow Lloyd’s and independent specialist marine broker SSL. The transaction […]

2 min read

Ontario brokers asked to educate election candidates

To prepare for the June 7 Ontario election, brokers should be prepared to explain very basic concepts about the property and casualty insurance industry to political candidates, a former head of the provincial brokers’ association suggests. Many election candidates “don’t have any idea” that the province regulates both the policy wording of the auto insurance […]

2 min read

Broker training underway for new distance-based auto insurance

Brokers selling auto insurance written by the CAA Insurance are now getting trained on a new product targeting low-mileage drivers. All 41 of CAA Insurance’s broker partners “are being trained on all aspects” of MyPace, CAA Insurance president Matthew Turack said Wednesday. MyPace, scheduled to roll out this July, targets vehicles driven fewer than 9,000 […]

2 min read

Do sophisticated water models select against smaller insurers?

The sophistication of technology for rating overland flood could conceivably lead to smaller insurers ending up with a disproportionate share of flood risks on their books in the event of a cat, which could spell trouble for consumers. Insurance Brokers Association of Ontario (IBAO) chairwoman Traci Boland cited the looming issue in remarks made to […]

2 min read