October 26, 2017 by Greg Dalgetty, Editor
Martin Thompson, president and CEO of RSA Canada, says it’s incumbent upon insurers and brokers to have clearly defined roles.
“The key thing is we need to understand the roles between insurers and brokers,” Thompson said at the IBAO Convention in Ottawa on Thursday. “There’s a huge amount of overlap—we do the same thing twice almost everywhere.”
Thompson said RSA is zeroing in on what it can do to make brokers’ work less redundant.
“That’s why we’ve focused so much on pricing and analytics,” he said. “We see our job as underwriting, pricing risk and handling claims. The service delivery comes from the broker, and therefore what we have to do is make sure we’re working together effectively to make that happen.”
Thompson also said there’s a need for industry-wide technology standards to facilitate the ease of doing business for brokers.
“The only way the industry is going to be successful is if we get to a common standard,” he said. “If we all went off and did our own thing, we’d make the job of brokers incredibly difficult and complex.”
That, Martin says, is why RSA has partnered with the Centre for Study of Insurance Operations (CSIO).
“Our strategy has been partnering with CSIO and working toward developing industry-standard APIs and making sure we’re actively involved in doing that.”
This story was originally published by Canadian Insurance Top Broker.