Operations

CSIO calls APIs for policy inquiries ‘foundational’

Recent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use cases are foundational for advancing JSON data standards in the industry,” said Catherine Smola, president […]

By Phil | April 4, 2022

3 min read

Operations

How Canada’s P&C industry is reacting to the hybrid office

Seventy-one per cent of Canada’s P&C industry reports being happy with their new hybrid office arrangements, according to a Canadian Underwriter online poll. Almost 46% reported being ‘very satisfied’ with moving to hybrid work, while a further 26% were satisfied. Only 11% reported being either dissatisfied or very dissatisfied with their current hybrid office arrangements. […]

By David Gambrill | March 31, 2022

3 min read

Operations

Industry’s return on equity sky-high in 2021

At 18%, the industry’s return on equity was sky-high for the first three quarters of 2021, but industry observers warn this could be cut in half in two years. While these high profits have reduced solvency risk for most insurers, it’s not all sunshine and rainbows. Property and Casualty Insurance Compensation Corporation (PACICC’s) CEO […]

By Alyssa DiSabatino | March 30, 2022

2 min read

Operations

Brokers say stress may cause them to leave industry, survey finds

Being an insurance broker has always come with its share of stress but verbatim responses to Canadian Underwriter‘s 2022 National Broker Survey found specific mentions of its impact on work satisfaction. One respondent who indicated they were highly like to leave the industry in the next three years summed it up simply: “Too much stress.” […]

By Phil | March 29, 2022

3 min read

Emerging trends in broker compensation

In the midst of the ‘Great Reshuffle,’ brokerage principals are finding employee-recognition programs a better way to compensate brokers for good performance. Fifty-three per cent of the 119 brokerage managers participating in Canadian Underwriter’s 2022 National Broker Survey touted employee-recognition programs as the best way to motive broker performance. “Recognition is such a powerful tool […]

3 min read

One way for the P&C industry to train new young leaders

The P&C industry is struggling to find talent to fill the leadership skills gap, but a new program designed to get prospective executives to hit the ground running may be able to help with that. The New Leader Integration program, led in collaboration by University of Toronto’s Rotman School of Management and leadership advisory firm Odgers […]

3 min read

What happens when a broker schemes to drive uninsured…

A former B.C. broker has been disciplined after she cancelled an auto insurance transaction and then affixed the cancelled sticker to her car’s licence plate, essentially allowing her to drive uninsured for several months. The former broker, whose licence has been revoked, has informed the Insurance Council of B.C. that she has moved to Alberta […]

3 min read

Talent crunch getting tighter, broker survey shows

Finding qualified talent is the biggest challenge facing almost seven out 10 Canadian brokerages right now. And the talent crunch is getting even tighter. Sixty-nine per cent of brokers report finding qualified workers their biggest challenge – a 7% increase over when the pandemic began two years ago, according to Canadian Underwriter’s 2022 national survey […]

2 min read

What can P&C insurance learn from racial bias in other financial services?

Some financial services have begun to implement solutions to determine if there’s racial bias in lending and credit rating practices – and it may be applicable to the P&C industry. New research by the Casualty Actuarial Society looks to address the potential implications of racial bias in insurance pricing and guide the industry towards proactive solutions. […]

4 min read

Top 3 concerns of Canadian brokers

Canada’s hard market continues to be the Number 1 concern of brokers right now, but with the end of many COVID restrictions, brokers are starting to worry more about the growth of direct-to-consumer distribution models. Market consolidation is slowly but steadily gaining steam as the Number 3 top challenge to the broker channel. In its […]

3 min read