Operations
Insurers should be allowed to terminate auto policies electronically if consumers consent, the Insurance Brokers Association of Ontario’s CEO says. In its budget document released Nov. 5, the Ontario government said the next phase of its previously-announced “blueprint” for auto insurance changes is to “focus” on several reforms. One of those proposed reforms is “increasing […]
By Greg Meckbach | November 24, 2020
2 min read
Legal / Regulation
While the global COVID pandemic may have sharpened the insurance industry’s focus on providing digital solutions to customers quickly, the speed at which the industry can move remains limited by traditional barriers such as a carrier’s organizational culture, regulation, and legacy systems. Panellists at the online conference Future of Insurance Canada, organized by Reuters Events, […]
By David Gambrill | November 3, 2020
3 min read
HR
Brokers who are concerned about carriers having “too direct” of a relationship with the broker’s customers should consider what service those customers are expecting, an industry consultant suggests. “As an industry, we have a number of places where we have inserted extra steps because of people’s sensitivity or mistrust of each other,” said Bryan Falchuk, […]
By Greg Meckbach | October 27, 2020
With a week to go before Hallowe’en, Ontario brokers heard some spooky stories last week about what happens if a brokerage does not invest in keeping up to date with technology. “Technology is going to be a much more permanent feature of your investment budget, and I don’t think it has to eliminate your margins; […]
By Greg Meckbach | October 26, 2020
Tech
Top 5 reasons why commercial lines real-time quoting should be a priority
October 22, 2020
4 min read
When Bob Tisdale started his insurance career in the late 1970s, his employer at the time was just starting to adopt computers. “A lot of people at the time predicted that that was going to be the end of everybody’s job,” said Tisdale, who retired this past summer as president and chief operating officer of […]
By Greg Meckbach | October 20, 2020
Some brokerage staff members could be spending hours each day just searching for information in their carriers’ underwriting manuals – time that could be put to better use, the head of a technology vendor suggests. Some of the longest underwriting manuals are 1,500 pages in length, while most have well over 100 pages, said Joseph […]
By Greg Meckbach | October 5, 2020
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
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
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
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