Personalized service is what consumers across Ontario most value in their relationships with P&C brokers, with broker expertise coming in second, found a market research expert speaking at the recent Insurance Brokers Association of Ontario (IBAO) Convention. On the other hand, brokers rank themselves highly for their personalized service and rates, said Erin Kelly, CEO […]
By Alyssa DiSabatino | October 31, 2022
4 min read
Several Canadian commercial P&C brokerages are actively acquiring wealth management, retirement planning and employee benefits firms so they can boost revenues by adding to their product ranges. The simple math suggests a larger product suite — one that brings in verticals beyond property and casualty insurance products — can enhance a brokerage’s bottom line. In […]
By Phil | October 28, 2022
3 min read
Frequent announcements about Canadian P&C brokerages buying retirement and wealth planning advisories raises an interesting question: What do the acquirers offer to the employees of the firms they buy? The short answer is development opportunities, said Terri Botosan, regional president of employee benefits and life at Hub International. Looking past keeping the acquired owners, retaining […]
By Phil | October 27, 2022
3 min read
Portfolio analysis is key to buying or selling brokerages, and some portfolios are more attractive than others, Herb Cline, president of CF2K Strategic Consultants, told a session at the Insurance Brokers Association of Ontario’s recent convention. “The flavor of the day right now, as you’re probably seeing, as you look at insurance acquisition announcements week […]
By Phil | October 26, 2022
3 min read
Is broker ‘independence’ capital-agnostic? Or is broker independence truly a function of who owns the brokerage, be it a broker, an insurance company or a private equity partner? This question has been the source of a longstanding debate between brokers and their insurer partners, with insurers historically taking heat from independent brokers over owning a […]
By David Gambrill | October 25, 2022
4 min read
National associations representing Canadian P&C brokers and insurers are seeking clarification and amendments to proposed regulatory guidance on incentives management, particularly around the costs of incentives within different distribution models. In particular, both Insurance Brokers Association of Canada (IBAC) and Insurance Bureau of Canada (IBC) noted the costs of incentive arrangements vary based on the […]
By Jason Contant | October 25, 2022
3 min read
Much like Amazon, P&C insurance brokers offer consumers distribution, choice and data, a broker executive observed at the Insurance Brokers Association of Ontario (IBAO) convention in Toronto last Thursday. In the same way, brokers offer insureds three things that underpin the offerings of big tech firms like Google, Facebook, Uber and Airbnb, said Sherif […]
By Alyssa DiSabatino | October 24, 2022
3 min read
Amazon in the U.K. has launched a new online store to sell home insurance, prompting Canadian insurance company and broker executives to ask: ‘Could it happen here?’ “In my view, it’s a turning point,” Intact Insurance CEO Louis Gagnon commented Thursday during a panel discussion at the Insurance Brokers Association of Ontario (IBAO)’s 2022 Annual […]
By David Gambrill | October 21, 2022
5 min read
While the worst of the hard market in Canada is gradually drifting behind us and COVID-19 is taking something of a holiday, not all is rosy, especially for commercial lines business. Brokers worked tirelessly over the past several years to assist insurance company partners in explaining and selling premium increases to clients as needed market […]
By Phil | October 21, 2022
2 min read
Brokerages won’t suffer the same downfall as Blockbuster did over a decade ago, says one broker exec, because the broker channel has already begun addressing and responding to one industry blind spot — technology. That said, there are ways that brokerages can further digitize in order to continue providing a value-add to consumers, suggests Sam […]
By Alyssa DiSabatino | October 21, 2022
2 min read