Operations
A major shortage of seasoned commercial underwriting staff is impacting broker relationships and productivity, some brokerages have reported
By David Gambrill | February 22, 2022
3 min read
No challenge is more daunting than finding ways to compete with an “overwhelming amount of consolidators" independent brokers say.
By David Gambrill | February 18, 2022
The ongoing war for talent, coupled with the Great Resignation, has forced brokerages to shift their mindset on how they find and recruit talent. And that includes reaching out directly to suitable candidates on social media. Brokerages must begin to communicate their organization’s value in a way that is attractive to candidates, rather than having […]
By Alyssa DiSabatino | February 11, 2022
With some loss ratios peaking around 400% in recent years, underwriting cyber risk has become a challenge for the industry. Brokerage executives discussed whether cyber is becoming uninsurable, and agreed a lack of understanding about technology risk is creating undue exposures, in a Feb. 8 Canadian Underwriter webinar. “Cyber, like a lot of products, […]
By Alyssa DiSabatino | February 10, 2022
M&A
When it comes to expanding your brokerages business, M&A may not always be better than organic growth, said panellists during a Canadian Underwriter webinar on Feb. 8. Doug Morrow, CEO and managing partner, Excel Insurance Group, sent a plea for brokers to maintain their independent brokerages in the face of large-scale M&A activity. He […]
By Alyssa DiSabatino | February 9, 2022
While there is a perception that regulation is a threat to innovation in the Canadian financial services space, that’s not the case, say executives from a fintech hub. “[For] any start-up here in Canada, I think there’s a bit of a discussion around how regulation can hurt innovation, but we truly don’t believe that’s the […]
By Jason Contant | February 8, 2022
Canadian brokers have a leg up on their counterparts in the United States and the U.K. when it comes to digital transformation, a recent survey finds. Seventy-three percent of Canadian brokerages say they have a digital strategy in place, and this number has been increasing year-over-year, according to Applied Systems’ 2021 Digital Technology Adoption Survey. The […]
By Alyssa DiSabatino | February 4, 2022
Globally, the P&C insurance market remains on the hard side, but there are signs of melting, based on the results of the latest Global Insurance Market Index released by Marsh. Global commercial insurance prices increased 13% in 2021 Q4, continuing a trend of moderating rate increases that began in 2021 Q1, Marsh reports. “While this […]
By David Gambrill | February 3, 2022
2 min read
Ontario auto insurance consumers would love the option to purchase a scaled-down auto insurance policy tailored to their individual needs and budgets, a speaker said at an industry event last week hosted by the Financial Services Regulatory Authority of Ontario (FSRA). “Insurers currently are not allowed to offer choice and optionality when it comes to […]
By Jason Contant | February 2, 2022
Principles-based regulation is the right system for private sector innovation, a speaker told an industry event last week. “If you imagine trying to deal with a highly innovative sector based on a very rules-based rigid, detailed system, I think it can be clear why that’s not going to work,” said Dr. Cristie Ford, a professor […]
By Jason Contant | February 1, 2022
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