Operations
Quebec brokers can now place commercial coverage with Wawanesa Mutual Insurance Company for policies starting Feb. 1. The Manitoba-based insurer announced Monday that it is offering commercial coverage in Quebec, making good on a promise made to the province’s brokers more than two years ago when Wawanesa announced it would stop writing insurance directly in […]
By Greg Meckbach | January 13, 2021
2 min read
Tech
If the federal government goes forward with giving fintechs increased access to consumer financial transaction data, this could encourage large tech players like Amazon and Facebook to get into the insurance business, a Canadian P&C expert suggests. “Nobody ever thought that Facebook would somehow be influential in elections. I think insurance is no different,” said […]
By Greg Meckbach | January 12, 2021
Disruptions from the COVID-19 pandemic are putting digital transformation and new product launches high on the agenda of insurance carrier executives, the CEO of a property and casualty insurance software vendor suggests. “When we look at the impact on carriers of COVID, it impacted some segments of business or some lines within the industry,” said […]
By Greg Meckbach | January 11, 2021
As the arrival of vaccines in Canada promise to put an end to the pandemic, insurers and brokers now face the same task as their commercial clients: Creating a business plan for the ‘new normal,’ after the threat of COVID-19 is gone. The task will require some guesswork, say the authors of a Harvard Business […]
By David Gambrill | January 8, 2021
4 min read
Insurers could distribute coverage through technology firms that adopt the managing general agent model, a Montreal expert for a venture capital fund observes. “Some technology startups are adopting the MGA model to partner with a carrier or reinsurer to distribute their product,” said Laviva Mazhar, investment associate at Luge Capital. “Some tech-driven MGAs are partnering with […]
By Greg Meckbach | January 7, 2021
Imagine future office managers more like orchestra conductors, some management analysts predict. To be clear, not everyone in the P&C industry is sold on whether working purely from home is a sustainable business model once COVID-19 lockdowns are lifted once and for all. Nonetheless, many are discussing — if not preparing for — the end […]
By David Gambrill | January 5, 2021
3 min read
Buying technology before thinking through the process that the new technology is supposed to enable is one reason why some projects are not well-executed, an insurance digital transformation leader suggested Wednesday. “When you start to think about digitizing things, you actually need to know how the process is supposed to work,” said Anna Foat, director […]
By Greg Meckbach | December 17, 2020
Legal / Regulation
As the pandemic continues to plunge Canada’s property and casualty insurance industry deeper into the digital space, regulators are issuing ongoing reminders — and warnings — about how brokers are sharing and storing their clients’ personal data. Most recently, Peter Blodgett, president of the Registered Insurance Brokers of Ontario (RIBO), the province’s broker regulator, issued […]
By David Gambrill | December 15, 2020
Compensation models based on performance continue to rise in popularity. A look at what some brokerages are doing and why…
December 12, 2020
The onset of the COVID-19 pandemic made it difficult to raise money from major banks to finance mergers and acquisitions, but well-run brokerages will still be attractive to buyers, suggests an expert in brokerage valuation. “When COVID hit, the banks retreated [from financing corporate deals], and one would expect they would,” said Steven Frye, a […]
By Greg Meckbach | December 10, 2020
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