Tech
TORONTO – Government privacy commissioners are investigating a data breach at LifeLabs, one of Canada’s largest medical services companies, after hackers gained access to the personal information of up to 15 million customers. Most of its customers are in B.C. and Ontario, with relatively few customers in other locations, the company said Tuesday. “I’m sorry […]
By Jason Contant | December 18, 2019
4 min read
Operations
Brokers and carriers are trying to simplify the insurance binding process and that’s potentially leaving clients in precarious positions when it comes to claims time, warns one award-winning broker. “It used to be that people had to decide how much to insure their contents for. Now we take can all his decisions away from [him] […]
By Adam Malik | December 17, 2019
2 min read
As we near the end of 2019, the trend in brokerage acquisitions shows no sign of slowing down. In the past week-and-a-half, one Ontario brokerage purchased another Ontario brokerage, a different brokerage bought a managing general agency, a large brokerage expanded its group employee benefits book through a merger, and another large brokerage bought an […]
By Jason Contant | December 17, 2019
3 min read
Cyber insurance policies still tend to be confusing for brokers, but there are three areas that they should focus on, recommends Nathan Rose, senior underwriter and business development specialist with Burns & Wilcox Canada. This includes: 1) policies that have encryption exclusions related to mobile devices; 2) retroactive cover; and 3) voluntary notification, Rose told […]
By Jason Contant | December 16, 2019
Brokerages that want to get ahead don’t need to look any further than one important tool: Data. And to ignore it means not only falling behind but falling off the map entirely, one expert warns. To not just provide a better client experience but also improve the overall health and efficiency of the business, brokers […]
By Adam Malik | December 16, 2019
The Lawrie Insurance Group has announced that Bob Lawrie will assume the role of CEO and David Leadbetter the role of president of the property and casualty brokerage effective Jan. 1, 2020. Founder Dan Lawrie will serve as chair over the next couple of years in the transition of the company leadership to the next […]
A husband and wife working in the same brokerage are the latest to have been caught in the dragnet of the B.C. toll bridge fiasco, which has already resulted in licence suspensions for a handful of the province’s brokers. In this case, however, both members of the couple received elevated disciplinary penalties because they used […]
By David Gambrill | December 13, 2019
HR
If you find yourself exhausted at the end of the day at your brokerage and yet feeling like you didn’t actually accomplish anything, you’re not alone. It’s likely because you’re distracted, either by others or yourself. “Constant distraction leaves a trail of scattered thoughts and partly-done tasks in its wake,” said Maura Thomas, an award-winning […]
By Jason Contant | December 12, 2019
Legal / Regulation
As open banking makes it easier for other players to access your clients’ financial data, now is the time for insurance professionals start thinking about how they can take advantage of this new model, an actuary advises. “A number of you have banking arms,” said Houston Cheng, actuary and senior manager at KPMG Canada, at […]
By Greg Meckbach | December 11, 2019
Brokers are finding they have to educate themselves more on the legal and technical side of cyber rather than on the cyber insurance policy itself, a speaker said recently at Insurance Bureau of Canada’s Commercial Insurance Symposium. “What we’ve noticed is we’ve really had to take on more of an advisory and consulting role around […]
By Jason Contant | December 11, 2019
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