Topic Brokers
Will consumers soon be able to access policy documents electronically?
September 6, 2018 by Jason ContantHow close is the industry to consistently allowing consumers to access insurance documents electronically, such as by email? “It’s a bit of a hodge podge out there at the moment,” Colin Simpson, CEO of the Insurance Brokers Association of Ontario…
How to handle grieving clients
September 5, 2018 by Jason ContantBrokers are used to responding to clients’ questions about their insurance needs, but are they always able to effectively handle grieving customers? The million-dollar question is how to ensure brokers are building enduring and caring customer relationships, while also protecting…
How much buyers are willing to pay for online books of business
September 5, 2018 by Jason ContantBuyers are pricing in potential future market disruption, such as online distribution, when buying a broker’s books of business, a P&C transaction advisor told Canadian Underwriter Wednesday. Mike Berris, partner and practice group leader with Vancouver-based Smythe Advisory said he…
Best exit strategies for selling your brokerage
September 1, 2018 by Jason ContantLooking to sell your brokerage? Don’t assume your brokerage will eventually sell for an ever-increasing multiple of revenue, or that you will be able to sell at the high end of the current ranges, a P&C advisory and consulting firm…
When a broker leaves a brokerage, who owns the clients?
September 1, 2018 by Jason ContantPersonal relationships with clients are a critical part of a broker’s business. So, when a broker decides to leave a brokerage, who owns the clients — the broker or the brokerage? “Really, the brokerage,” said John Elwick, a partner with Alexander…
How to prevent brokers from poaching clients when they leave the brokerage
August 30, 2018 by Jason ContantInsurance companies or brokerages trying to prevent employees from poaching clients should include precise and specific employment restrictions on time and geography, a commercial litigation lawyer cautioned Wednesday. To draft an enforceable non-solicitation agreement, brokerages should provide realistic parameters on…
How to motivate brokers on the front line
August 30, 2018 by Jason ContantBrokerages looking to better motivate frontline workers should optimize play, purpose and potential, while reducing pressure, a recent experiment suggests. In a blog post for Harvard Business Review, authors Lindsay McGregor and Neel Doshi implemented an experiment to transform the…
Canadian carriers increasingly targeting insurers and brokerages for M&A
August 29, 2018 by Jason ContantCanadian P&C companies are increasingly targeting insurers and brokerages for mergers and acquisitions, although the interest in targeting insurtechs is rising, according to a new report from ratings firm A.M. Best Company. A.M. Best released its market segment report for…
The evolution of the commercial broker
August 28, 2018 by David GambrillCommercial insurance brokers will move beyond their sales role in the future and become true advisors on risk, industry executives predict. Signs of a hardening commercial insurance market provide one impetus for brokers to turn to risk advice to add…
Broker’s licence suspended for taking $8,000 in premiums without authorization
August 27, 2018 by Jason ContantA B.C. broker has had her sales licence suspended for three years after she took approximately $8,000 in premiums without authorization. The broker admitted she took the funds without authorization to pay for a relative’s medical expenses and her intention…
Hub’s Top 3 pot risks
August 23, 2018 by Jason ContantAs cannabis comes closer to being legalized in Canada, Hub International told Canadian Underwriter the three major risks the brokerage has faced while writing cannabis insurance for the past four years. One of them is cash-on-hand, meaning pot producers have money…
Look to utilities, retailers for cyber sales opportunities, suggests new survey
August 22, 2018 by Jason ContantIf you’re looking to sell cyber coverage to big business, focus your efforts on utilities and retailers, suggest the results of a recent survey. The survey of companies with 500 or more employees also found that a growing number of…