Topic
Brokers
One emerging threat to your business clients’ supply chains
March 13, 2024 by Alyssa DiSabatinoGeopolitical conflict is wreaking havoc on your business clients’ supply chains, a new Marsh report finds. It’s required businesses to find better ways to mitigate or transfer specific risks before they develop into something of concern, according to Marsh…
Ex-broker suspended for misusing client’s credit card
March 13, 2024 by David GambrillA former B.C. broker has been suspended for three years after making unauthorized purchases on a client’s credit card, the Insurance Council of B.C. has ruled. The province’s broker regulator ordered the suspension in February 2024, after finding that Maninder…
Do gig-driver clients have the right auto coverage?
March 11, 2024 Philip PoradoWith accident claims up sharply post-pandemic, transportation network companies (TNCs) like Uber, Lyft and others are aggressively managing the insurance coverage they offer to gig drivers to ensure they have a handle on fraud. “You’re going to get some claims…
Why your clients may want to change their auto coverage now
March 11, 2024 by Alyssa DiSabatinoThere’s a 37% chance your clients are making changes to their driving routines, and that means they may need to update their auto coverage, according to a recent survey by RatesDotCa. Canadians who are planning to make changes to…
Two firms complete Ontario acquisitions
March 8, 2024 Philip PoradoBrokerLink announced its acquisition of Owen Sound, Ont.-based Hanbidge & Bowman Ltd. Insurance Professionals. The deal was effective Mar. 1, the company said said in a Mar. 5 press release. Hanbidge and Bowman Insurance was established in 1947 and provides…
Industry responds to FSRA’s plan for insurer MGA supervision
March 7, 2024 by Alyssa DiSabatinoPotential risks stemming from P&C insurers’ managing general agent (MGA) outsourcing practices have caught the eye of Ontario’s insurance regulator, and it’s looking for feedback from stakeholders on a supervision plan. Insurers and MGAs alike have begun to weigh…
Making embedded insurance more customer-centric
March 6, 2024 by Alyssa DiSabatinoNo two insurance policies are the same, and that extends to the way carriers deliver their embedded insurance models, one expert told the Insurance Canada Technology Forum. But before capitalizing on this latest digital sales opportunity, insurers must guarantee their…
FSRA’s plans for auto coverage regulation
March 5, 2024 Philip PoradoOntario’s auto insurers shouldn’t expect changes to the ‘take all comers’ or Unfair or Deceptive Practices Act rules, Michelle Dodokin, head of auto insurance supervision at Ontario’s Financial Services Regulatory Authority (FSRA), told a breakout session at Monday’s 2024 FSRA…
What the P&C industry should tell clients about preventing auto theft
March 5, 2024 by Alyssa DiSabatinoWhile the federal government is chipping away at a plan to combat auto theft nationwide, P&C professionals can advise their clients now to help them protect their vehicles, experts said during a Canadian Underwriter webinar last week. “We call it…
How to use your brokerage’s data to gain and retain clients
March 4, 2024 by Alyssa DiSabatinoFinding ways to harness your brokerage’s data can improve customers’ expectations and overall satisfaction rates, two brokerage heads shared at the Insurance Canada Technology Forum in Toronto. For example, brokerages tracking and taking action on their internal metrics will…
Why clients are missing insurance payments — and risk policy cancellation
March 4, 2024 by Jason ContantOne Ontario brokerage has seen an increase in the number of clients missing insurance payments as well as cancellation notifications from insurers for non-payment. For Mitch Insurance, the number of clients missing insurance payments has increased 104% since 2019. While…
Biggest barriers to selling cyber policies
March 1, 2024 David GambrillProduct complexity remains a huge obstacle to selling cyber insurance to neophyte business clients, brokers told Canadian Underwriter in a January online survey. A stronger emphasis on cyber education — to clients, brokers, and underwriters alike — is critical to…