Topic Brokers
“Hey Broker, I need a quote.” Voice technology for brokerages arrives.
June 21, 2018 by Jason ContantAlexa, ask Excalibur Insurance for a car insurance quote. That possibility is just around the corner, as Wawanesa Mutual Insurance Company announced Thursday that it had opened an Innovation Outpost lab in Kitchener, Ont. that will connect customers with brokers…
How a $3-million brokerage increased its premium volume by 2,133% in five years
June 20, 2018 by Jason ContantFear of technology is preventing many brokerages from reaching their strategic objectives, a digital broker said last week at Gore Mutual’s Fast Forward event in Toronto. And it’s a myth, he added, that only large companies can afford to use…
Western Financial moves into central Canada with brokerage acquisition
June 20, 2018 by Jason ContantWestern Financial Group Inc. has acquired its first non-western Canadian brokerage, Axion Insurance Services Inc. Completed on June 19, the deal will allow Western Financial to add 10 Ontario-based locations and approximately 60 insurance experts to its existing network. Kenny…
Why this broker takes exception to usage-based auto insurance app
June 19, 2018 by Greg MeckbachUsage-based insurance has raised the profile of insurers on consumers’ electronic devices, and this could be bad news for some brokers. Several auto insurers are using UBI to offer discounts based on data gather from telematics. That technology lets insurers…
Quebec places number on brokerage distribution agreements with insurers
June 18, 2018 by Jason ContantThe Quebec National Assembly has adopted Bill 141, which will require brokerages in the province to have at least three distribution agreements in place for personal lines with insurers “that are not in the same financial group.” Hypothetically, brokerages could…
New basement flood awareness training for home insurance brokers
June 14, 2018 by Greg MeckbachA course on basement flooding risk will likely be available to Canadian property and casualty insurance brokers within the next year, Blair Feltmate, head of the Intact Centre on Climate Adaptation, told Canadian Underwriter Monday. The Intact Centre also plans…
Are independent brokerages in Canada adopting digital technology?
June 13, 2018 by Jason ContantWhile independent brokerages in four countries (including Canada) are not fully embracing digital technology in 2018, Canadian brokerages are showing an increased adoption of cloud hosting, according to a new annual report from software vendor Applied Systems. Applied released Tuesday…
How brokerages should handle employees’ use of social media
June 13, 2018 by Greg MeckbachNegative public reaction to some high-profile Twitter and Instagram posts raises the question of whether insurance brokerage owners should monitor the personal social media accounts of their workers. “We don’t police our staff’s Facebook pages,” reports Calgary brokerage owner Robyn…
The key for brokers to stand out from the competition
June 11, 2018 by Greg MeckbachFor property and casualty insurance brokers, providing “exceptional customer service” is at least as important as the insurance products themselves, suggests one underwriter. “There are a lot of people out there who sell insurance,” Jenny Hallahan, manager of underwriting for…
From days to minutes: New tech overhauls quote and bind process
June 10, 2018 by Jason ContantThe launch of the new broker technology Vyne will eliminate some of the “inefficient steps” that brokers have to take between quoting and binding, potentially reducing the quote and bind process from days or weeks to just minutes, the company…
Broker fined after backdated coverage confusion
June 7, 2018 by Jason ContantA veteran Manitoba broker who had no binding authority was fined $2,500 by the provincial regulator for confirming a client’s coverage before he had even sent an application to the insurer, apparently on the assumption that the insurer would backdate…
Economical rolls out Vyne for brokers in select areas
June 4, 2018 by Jason ContantEconomical Insurance launched its new broker technology, Vyne, in New Brunswick and Prince Edward Island Monday. For use in personal lines and individually rated commercial auto (IRCA), Vyne is a Guidewire-based computer system aimed at streamlining workflows for brokers. The…