Operations
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
Insurance brokers suffer significant work stress.
By Phil | March 29, 2022
3 min read
Brokerage principals are finding employee-recognition programs a better way to compensate brokers for good performance.
By David Gambrill | March 25, 2022
HR
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 […]
By Alyssa DiSabatino | March 24, 2022
Legal / Regulation
A former broker's license was suspended for two years after she schemed to to drive uninsured for several months.
By David Gambrill | March 24, 2022
Finding qualified talent is the biggest challenge facing almost seven out 10 Canadian brokerages right now.
By David Gambrill | March 23, 2022
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. […]
By Alyssa DiSabatino | March 21, 2022
4 min read
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 […]
By David Gambrill | March 21, 2022
Commercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published Application Programming Interface (API) standards using Java Script Object Notation (JSON) for individually-rated commercial automobile […]
By Phil | March 18, 2022
Tech
Digitization is not slowing down, and so brokers and carriers need to improve customer service and a user’s online customer experience (CX), suggests a recent white paper by Reuters. According to the authors of Next Wave Insurance: Daring to be Different, the first step is to “put the customer back at the center of everything.” When […]
By Alyssa DiSabatino | March 17, 2022
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