Operations
Digital has made it easier for Canada’s property and casualty insurance industry to serve customers who wish to purchase a fairly straightforward insurance product, but more emphasis needs to be placed on converting customers who are kicking the tires on more complex insurance purchases, says a P&C industry exec. Specifically, the industry needs to be […]
By David Gambrill | May 18, 2021
3 min read
By aiming for a customer experience that consumers expect and receive from non-insurance companies, Mitchell and Whale is planning to become a Top 20 national broker by 2030. “We are not targeting an experience that we know exists inside of insurance,” Adam Mitchell, president of Whitby, Ont.-based Mitchell & Whale, told Canadian Underwriter in an […]
By Greg Meckbach | May 13, 2021
2 min read
As business leaders await an easing of pandemic lockdown restrictions, Aon Plc executives suggest that, going forward, they plan to apply the lessons they’ve learned during COVID-19 regarding collaboration. “We are going to be smart about how we do [travel and entertainment] in the future, as business opens up to in-person meetings,” Aon president Eric […]
By Greg Meckbach | May 11, 2021
Out of all the challenges facing the broker channel right now, the hard market is the biggest one of them of all, according Canadian Underwriter‘s 2021 National Broker Survey. Seventy-four per cent of Canadian P&C insurance brokers who responded to our most recent annual broker survey identified the hard market as their greatest challenge. Canadian […]
By David Gambrill | May 11, 2021
Brokers are currently caught between a pandemic and a hard market, with several insurers predicting that Canada’s hard market cycle in property and casualty insurance will last at least one or two more years beyond the end of the pandemic. And so how are brokers going to draw blood from a stone and place coverage […]
4 min read
Brokers appear to be cutting their insurer partners a bit of slack during the pandemic, with more brokers agreeing this year that insurers are striking a fair balance between the interests of carriers and brokers. Over the past three years, Canadian Underwriter’s annual National Broker Survey has asked brokers to rank their level of agreement […]
Price point and carrier capacity have become increasingly important factors for brokers in recommending insurance coverage to their clients over the past year, according to Canadian Underwriter’s 2021 National Broker Survey. Canadian Underwriter asked 234 Canadian P&C insurance brokers across the country what they considered to be the most important factors for them. Seventy-one per […]
The hard market in commercial lines has caused some managing general agents to lose some products, yet more insurance is still being placed through MGAs, panelists told brokers listening to a recent webinar. “I think it’s a perfect way for insurance companies to put back capital into the marketplace … without having to invest in […]
By Greg Meckbach | May 10, 2021
Tech
Open banking rules could help create a level playing field between technology companies and the insurance industry, speakers suggested at a recent virtual conference. Bringing in “consumer-directed finance” will help consumers benefit from a broader range of financial products and services, the federal government-appointed Advisory Committee on Open Banking recommended in January 2020. The idea […]
By Greg Meckbach | May 8, 2021
Debates about whether humans or computers are at the centre of innovative insurance products are a red herring — the best way to build an insurance product is an integrated approach using the best of what humans and machines have to offer. “The lesson is to outsource [to computers] the part of human expertise most […]
By David Gambrill | May 4, 2021
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