Topic Brokers
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…
Economical set to roll out ‘full training’ to brokers on Vyne
May 10, 2018 by Greg MeckbachBrokers will soon be able to learn Vyne, Economical Insurance’s Guidewire-based computer system, touted as a way of administering insurance policies with less manual intervention. “Soon we will roll be rolling out full training to 22,000 brokers across the country,”…
Hub acquires Quebec benefits brokerage
May 9, 2018 by Jason ContantHub International has acquired the shares of a Quebec benefits brokerage, a move designed to strengthen benefits and retirement offerings throughout Canada. The Chicago-based global insurance brokerage reported on May 7 that it acquired the shares of Les Avantages Sociaux…
Broker fined after leaving agency with his own book of business
May 8, 2018 by David GambrillA B.C. broker who believed he was leaving one agency for another with his own book of business received a $2,500 fine for a privacy breach when he took a spreadsheet of his clients’ information with him. Before joining his…
Why this broker sold into the independent broker channel
May 6, 2018 by Jason ContantWhen Ron Bagnell was looking to retire, handing over his brokerage to the family was not an option, so he sold into the independent broker channel. “My children had no interest in taking over the business, so I knew that…