Legal / Regulation
Programming errors are cited as the culprit for why some Alberta auto clients have been charged higher rates than those approved by the Automobile Insurance Rate board. Six auto insurers (ultimately owned by Economical, TD Bank and Intact) had to pay a combined total of $725,000 in administrative penalties last year for over-charging, Alberta’s superintendent […]
By Greg Meckbach | October 2, 2020
2 min read
Operations
Specialization continues to be a major growth strategy for brokers, as our third annual National Broker Survey shows. But has the pandemic exposed the limits to specialization…?
October 1, 2020
9 min read
A B.C. broker received a $1,000 fine and was ordered to complete a course in auto insurance for her role in trying to help a man purchase a car for his son-in-law. The provincial broker regulator found that the broker, Lini Outh, had fraudulently transferred the ownership and insurance to the son-in-law without his knowledge […]
By David Gambrill | September 29, 2020
3 min read
If you want to be better than the average brokerage, try explaining coverages through the use of examples and try not making consumers wait for days for answers, the co-founder of an insurtech advises. “Insurance can be somewhat stuffy and not a real pleasant experience,” said Pierce Krol, co-founder of Grande Prairie, Alta.-based Insurely Inc. […]
By Greg Meckbach | September 28, 2020
Tech
Concerns over the risk of COVID-19 transmission could accelerate the changes that technology has been bringing to financial transactions, including contactless payment options, a commercial broker suggests. “Financial services are changing very quickly,” said Mark Morency, senior vice president and financial institutions practice leader for Gallagher Canada. “They were before the pandemic, and interestingly enough, […]
By Greg Meckbach | September 21, 2020
Personal auto insurance brokers who don’t offer an endorsement that would limit an insurer’s right to restrict its coverage to actual cash value could be increasing their errors and omissions risk, a senior broker has cautioned. Alberta and Ontario have optional endorsements to auto policies that insure vehicles up to the actual purchase price instead […]
4 min read
Brokers with more than a decade of experience could be experiencing their first real hard market right now, and they could probably use some advice about how to break bad news during renewals, an Alberta managing general agent (MGA) suggests. “We spend a lot of time as MGAs saying to the younger brokers, ‘Here is […]
By Greg Meckbach | September 18, 2020
Intact Financial Corp.’s latest “tuck-in” brokerage acquisition is part of its ongoing expansion effort in the United States, chief financial officer Louis Marcotte suggested Tuesday. International Bond & Marine Brokerage Ltd. of Hoboken, N.J., announced Sept. 11 it is now part of OneBeacon Insurance Group Holdings Ltd., which Toronto-based Intact acquired in 2017. “It just […]
By Greg Meckbach | September 16, 2020
Okay, so it appears the pandemic crisis will be with us for a long time, with P&C organization employees already feeling uneasy, worn down, and uncertain about many things — their health, job security, sending kids back to school safely, and an unknown timeline for a return to the office, to name a few. To […]
By David Gambrill | September 3, 2020
If you are finding it difficult to place business interruption insurance for restaurants, hotels and event venues, you aren’t alone. Aurora Underwriting Services Inc., an Alberta-based managing general agent and Lloyd’s coverholder, is still placing insurance for restaurants, company owner Nona McCreedy told Canadian Underwriter Monday. But she cannot find a Lloyd’s syndicate who will […]
By Greg Meckbach | September 1, 2020
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