Operations
Brokers don’t appear to be as enthusiastic about generating new business through referrals as they were before the pandemic, according to Canadian Underwriter’s 2021 National Broker Survey. In fact, brokers’ support for almost all traditional means to generate new business has waned over the past three years, the 2021 survey results show. And while the […]
By David Gambrill | April 13, 2021
3 min read
Tech
Not all meetings during a pandemic need to be structured around a videoconference call, commercial insurance experts said during a recent webinar. “I think we all have to be cautious about just loading up our entire agenda with Zoom calls and things like that,” said Stéphane Lespérance, president of commercial risk and health solutions at […]
By Greg Meckbach | April 13, 2021
2 min read
For Canadian brokerage principals, interest in mergers and acquisitions as a growth strategy increased dramatically in September 2020, during the second wave of the pandemic, but seems to have cooled somewhat since then, according to the results of Canadian Underwriter’s 2021 National Broker Survey. That said, even with the statistical dip early this year, brokers’ […]
By David Gambrill | April 12, 2021
Navacord has built up a sizeable war chest to fund future mergers and acquisitions. The Toronto-based group of brokerages recently completed $1.05 billion in financing, a portion of which is to be used to take advantage of unspecified “M&A opportunities,” the brokerage announced Mar. 30. “Navacord will use the proceeds from new first and second […]
By Greg Meckbach | April 6, 2021
Carbon removal is poised to become a booming industry over the next 30 years, providing an opportunity for innovative P&C insurers to pioneer in carbon removal insurance products, Swiss Re’s chief risk officer predicts. “By 2050, the industry of carbon removal could actually be as big as the oil and gas industry today,” Patrick Raaflaub, […]
By David Gambrill | April 1, 2021
Insurers who use big data and artificial intelligence to make underwriting decisions must be prepared to explain to clients and regulators exactly how they arrived at those decisions, an Insurance Institute of Canada researcher suggests. “A challenge in the application of machine learning and artificial intelligence in insurance involves explainability,” senior researcher Paul Kovacs wrote […]
By Greg Meckbach | March 31, 2021
At least one insurer plans to offer an application programming interface (API) intended to help brokers quote and bind coverage for small businesses without the aggravation of having to log into different insurer portals or send emails or faxes. Unica Insurance is working on an API to quote and bind small business for the reusable […]
By Greg Meckbach | March 22, 2021
Motorists who are driving fewer kilometres than they were before the pandemic are more likely to select usage-based auto insurance, Intact Financial Corp. observes. “COVID has pushed consumers to recognize that maybe UBI would be a tool that will immediately re-price [auto coverage] based on how much driving they are doing, and therefore made it […]
By Greg Meckbach | March 19, 2021
The data exchange project needs more carriers on board, says the connectivity lead for Canada’s brokers. The Insurance Brokers Association of Canada (IBAC) announced Mar. 10, 2021, the creation of the Data Exchange Connect Alliance (DXCA). The alliance now has seven insurers: Economical, Wawanesa; SGI; Gore Mutual; The Commonwell; Aviva; and RSA. “DX will not […]
By Greg Meckbach | March 15, 2021
To increase female representation in the C-suite, the property and casualty insurance industry needs to make it easier to balance home responsibilities and up its game in promoting insurance as a career for young people, a Nova Scotia broker suggests. “We tend to feel most comfortable with and promote people like us,” said Gina McFetridge, […]
By Greg Meckbach | March 11, 2021
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