No two insurance policies are the same, and that extends to the way carriers deliver their embedded insurance models, one expert told the Insurance Canada Technology Forum. But before capitalizing on this latest digital sales opportunity, insurers must guarantee their consumers’ needs are at the forefront of the embedded experience, Renée Walkom, chief operating officer […]
By Alyssa DiSabatino | March 6, 2024
4 min read
Ontario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA Exchange. “These are rules that will remain in place, and we’ll continue to supervise against […]
By Phil | March 5, 2024
3 min read
Finding ways to harness your brokerage’s data can improve customers’ expectations and overall satisfaction rates, two brokerage heads shared at the Insurance Canada Technology Forum in Toronto. For example, brokerages tracking and taking action on their internal metrics will find their customers more satisfied with their service, speakers at ICTF2024 said. Zac Sutherland, president […]
By Alyssa DiSabatino | March 4, 2024
3 min read
Product complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to boost cyber insurance sales, they said. “It’s tough to explain. And it’s tough to interpret […]
By Phil | March 1, 2024
3 min read
Commercial insurance brokerage Navacord Corp. has completed its first transaction of the year with a partnership with Winnipeg-based Avant Insurance. Announced Wednesday, the deal with the personal and commercial lines brokerage was effective Feb. 1. Navacord said in a press release the transaction is a “pivotal step in [its] broader expansion plan within the province […]
By Jason Contant | February 29, 2024
2 min read
Robotic process automation (RPA) used to automate brokers’ repetitive tasks has become a much more mainstream technology over the past year or two, the co-founder of software robot tech company Quandri told Canadian Underwriter in an interview. “A couple of years ago, it was really early adopter-type technology,” Quandri co-founder and CEO Jackson Fregeau says. […]
By Jason Contant | February 27, 2024
3 min read
Working five days a week in an insurance office is a thing of the past, industry experts are saying. But P&C industry leaders are still debating whether client experience, workplace culture, and productivity gels with a hybrid work model. “Within insurance and professional services, the client experience is really important,” says Mike Shekhtman, senior regional […]
By Phil | February 22, 2024
3 min read
Despite some consolidators slowing their pace — namely, private equity firms — Canadian insurance brokerage M&A reached a record level of deals in 2023. There were 108 publicly announced deals last year, Smythe LLP, a P&C insurance advisory and consulting firm, reported in its Canadian Insurance Brokerage Industry Update. “This trend represents at least a continuation […]
By Alyssa DiSabatino | February 20, 2024
2 min read
When it comes to ensuring clients have the right products and coverage levels, life insurance brokers are doing things much better than personal lines brokers. But there’s no reason the P&C industry can’t operate at that level. You can’t sell life insurance without first conducting a needs analysis for your client. That stage provides transparency, […]
By Phil | February 15, 2024
3 min read
Softer market conditions reported in some professional liability lines are premature and unjustified, a global reinsurer told September’s National Insurance Conference of Canada (NICC) in Montreal. The NICC reinsurance panel followed a presentation on the global economy by Swiss Re’s chief economist Jerome Jean Haegeli, in which he used letters of the alphabet to stand […]
By Phil | February 15, 2024
3 min read