Operations
Before COVID-19 hit Canada in March, George Hodgson, CEO of the Insurance Brokers Association of Alberta, says “a good chunk of habitational personal property was probably doing okay.” At least, outside of the condo market. Brokers are struggling to place condo policies, and if they are finding coverage, “the premiums are much, much higher than […]
July 4, 2020
2 min read
Heading into 2020, Chuck Byrne, executive director of the Insurance Brokers Association of British Columbia (IBABC), thought he’d be spending his time preparing local brokers for their public auto insurer’s adoption of a no-fault system in May 2021. Instead, he’s split his time evenly between two problems: COVID-19 and the strata insurance crisis. “Things were […]
July 3, 2020
Canadian Underwriter recently surveyed 653 home and auto insurance customers, as well as 159 commercial insurance policyholders, all of whom buy their insurance through the broker channel. We asked them to tell us what they thought about the service they were receiving from their brokers. Here is what they told us…
July 2, 2020
12 min read
Tech
Motorists in Ontario, Alberta, Nova Scotia and Newfoundland and Labrador should be allowed to buy pay-per mile insurance, an Insurance Bureau of Canada official says. Those four provinces already allow usage-based insurance, wrote Ryan Stein, IBC’s executive director of auto policy and innovation, in a recent article on LinkedIn. But what this actually means is […]
By Greg Meckbach | June 26, 2020
4 min read
The recession will be long and painful so brokers and insurers need to settle in and do what they do best, property and casualty experts said. And don’t be surprised if some mergers and acquisitions activity push forward as tough times extend. “There’s not a lot of great cheer about a slow recovery. But, simply […]
By Adam Malik | June 26, 2020
3 min read
Employees are working longer and harder in a COVID-19 world than they did before, and it’s raising concerns about burnout — especially when many aren’t making vacation plans, according to a number of recent studies. A recent survey showed that more than 50% of respondents who are working from home because of the COVID-19 pandemic […]
By Adam Malik | June 25, 2020
Yes, times are tough, and brokers’ commercial clients are in a difficult financial situation during an economic recession, but brokers still have to ask their clients to pay their premiums. Brokers need their clients to pay up so that they’re not holding the burden of receivables, said Karen Ritchie, president of Toronto Insurance Council, during […]
By Adam Malik | June 24, 2020
HR
Brokers are advised to be aware of the “second wave” — and that doesn’t refer to the anticipated increase in the number of novel coronavirus infections in the fall. No, brokers are now being cautioned about the new wave of carriers’ coverage changes and adjustments arising from the phased re-opening of Canadian businesses and the […]
By David Gambrill | June 22, 2020
There’s a chance COVID-19 could claim a Canadian insurer, one property and casualty insurance expert believes. “Canada has been blessed for a sustained period with no insurer failings — but there will be one,” warned Alister Campbell, president and CEO of the Canadian Property and Casualty Insurance Compensation Corporation (PACICC). Campbell was speaking as a […]
By Adam Malik | June 22, 2020
Brokerages who use artificial intelligence could find opportunities to upsell based on changes in a client’s lifestyle, according to a software vendor executive. The more data you feed a machine learning model and the more you train it, the better it gets, said Kevin Deveau, managing director of FICO Canada, part of San Jose, Calif.-based […]
By Greg Meckbach | June 18, 2020
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