Topic Brokers
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…
Here’s a way small brokerages can afford AI
June 4, 2018 by Jason ContantBudget may not be a big concern for larger companies looking to incorporate artificial intelligence (AI) into their operations, but is AI cost-prohibitive for small, local brokerages? “I don’t think you need a massive budget to do some of this…
Major agreement toward resolving broker-carrier data exchange issues
May 29, 2018 by Jason ContantKey players in Canada’s P&C industry have reached an agreement to pursue an application programming interface (API) hub solution, called the BrokerFlow solution, to solve the current data connectivity gap between insurers and brokers. The “solution phase” is set to…
How demand in Canada factored into merger of two Lloyd’s brokers
May 29, 2018 by Jason ContantAn increased demand from Canadian brokers for more “problem-solving” insurance solutions, such as specialist cyber coverage, is a factor behind the recent merger between Endeavour Insurance Services and SSL Insurance Group. Lloyd’s broker and delegated authority specialist Endeavour recently announced…
Ontario brokers asked to educate election candidates
May 28, 2018 by Greg MeckbachTo prepare for the June 7 Ontario election, brokers should be prepared to explain very basic concepts about the property and casualty insurance industry to political candidates, a former head of the provincial brokers’ association suggests. Many election candidates “don’t…
Broker training underway for new distance-based auto insurance
May 23, 2018 by Greg MeckbachBrokers selling auto insurance written by the CAA Insurance are now getting trained on a new product targeting low-mileage drivers. All 41 of CAA Insurance’s broker partners “are being trained on all aspects” of MyPace, CAA Insurance president Matthew Turack…
How one brokerage helped out a competitor during ‘biblical’ flooding
May 23, 2018 by Jason ContantRecent flooding in Grand Forks, B.C. has not only brought a community together, it has brought two local competing brokerages together as well. Sam Cowan, vice president of sales and marketing with RHC Insurance Brokers Ltd., said that the brokerage’s…
Do sophisticated water models select against smaller insurers?
May 22, 2018 by Jason ContantThe sophistication of technology for rating overland flood could conceivably lead to smaller insurers ending up with a disproportionate share of flood risks on their books in the event of a cat, which could spell trouble for consumers. Insurance Brokers…
Brokers, mutuals split on tactics after ministry’s controversial phone call
May 22, 2018 by David GambrillThe Canadian Association of Mutual Insurance Companies (CAMIC) and the Insurance Brokers Association of Canada (IBAC) are split on tactics regarding a federal government bill that would allow banks to share customer data with fintechs. Which path better protects consumers…
How Saskatchewan brokers are handling the French fries challenge
May 17, 2018 by Greg MeckbachRoughly half the motorists in Saskatchewan lack adequate auto insurance because they are only buying the mandatory minimum required by law from the province’s government-run auto insurer, a broker warns. Saskatchewan’s 70-year-old-plus Auto Fund writes basic minimum liability, damage to…
Behind this brokerage’s plan to build a “best-in-class” employee benefits platform
May 15, 2018 by Jason ContantHub International’s recent acquisition of a brokerage in Quebec is part of its plan to built a “best-in-class” employee benefits platform for Canada, a spokesperson for the Chicago-based global brokerage told Canadian Underwriter Monday. On May 7, Hub International acquired…
Brokers worried that Ontario auto problems will force companies to exit market
May 11, 2018 by Jason ContantBrokers in Ontario are concerned that if auto insurance in the province remains unsustainable, companies may start to leave the market. Traci Boland, chairwoman of the Insurance Brokers Association of Ontario (IBAO), spoke to Canadian Underwriter Thursday about trends in…