Operations

What this insurtech says are two ways of being better than the average broker

If you want to be better than the average brokerage, try explaining coverages through the use of examples and try not making consumers wait for days for answers, the co-founder of an insurtech advises. “Insurance can be somewhat stuffy and not a real pleasant experience,” said Pierce Krol, co-founder of Grande Prairie, Alta.-based Insurely Inc. […]

By Greg Meckbach | September 28, 2020

2 min read

How vehicle depreciation can create E&O risk

Personal auto insurance brokers who don’t offer an endorsement that would limit an insurer’s right to restrict its coverage to actual cash value could be increasing their errors and omissions risk, a senior broker has cautioned. Alberta and Ontario have optional endorsements to auto policies that insure vehicles up to the actual purchase price instead […]

By Greg Meckbach | September 21, 2020

4 min read

Veteran brokers are seeing their first-ever hard market. What they need to know.

Brokers with more than a decade of experience could be experiencing their first real hard market right now, and they could probably use some advice about how to break bad news during renewals, an Alberta managing general agent (MGA) suggests. “We spend a lot of time as MGAs saying to the younger brokers, ‘Here is […]

By Greg Meckbach | September 18, 2020

3 min read

Intact’s rationale for buying this bond and marine brokerage

Intact Financial Corp.’s latest “tuck-in” brokerage acquisition is part of its ongoing expansion effort in the United States, chief financial officer Louis Marcotte suggested Tuesday. International Bond & Marine Brokerage Ltd. of Hoboken, N.J., announced Sept. 11 it is now part of OneBeacon Insurance Group Holdings Ltd., which Toronto-based Intact acquired in 2017. “It just […]

By Greg Meckbach | September 16, 2020

2 min read