Topic Operations
Insurer requests no change in overall auto rates
June 19, 2023 by Jason ContantDespite cost overruns related to a new digital platform, Manitoba’s public auto insurer is requesting no change in the overall rates for the 2024/25 insurance year. If the province’s Public Utilities Board approves Manitoba Public Insurance’s (MPI) general rate application,…
How broker tech can reduce E&O exposure
June 16, 2023 by Alyssa Di SabatinoA growing wave of retirements means Canada’s property and casualty (P&C) insurance brokerages are losing the knowledge and experience of many of its senior leaders. “Many brokerages run into issues because they don’t have a system for knowledge transfer, which…
How Lloyd’s is addressing MGA pain points
June 13, 2023 by Jason ContantLloyd’s is looking to address a major pain point for MGAs — duplication of compliance requests from syndicates. The insurance marketplace is looking to kickstart and facilitate conversations with syndicates on compliance and due diligence, Jane Harley, head of delegated…
Why the hard market and COVID-19 shifted brokers’ focus
June 9, 2023 by David GambrillCommercial lines in Canada have changed in the aftermath of the pandemic. These days the monolithic ‘hard market’ has evolved into multiple markets differentiated by segmented pricing and best-in-class loss-control measures. And the commercial broker’s role has changed accordingly. After…
Westland appoints industry veteran to new VP role
June 9, 2023 by Jason ContantWestland Insurance has appointed senior industry executive Robert Beauchamp as its new vice president of Quebec operations. Beauchamp will spearhead operations and drive growth in Quebec, the brokerage said in a press release. “This appointment marks Westland’s commitment to expanding…
Will lack of diversity mean the end of your brokerage?
June 7, 2023 by Jason ContantInvesting in diversity, equity and inclusion (DEI) initiatives could literally spell the difference between survival and death for a brokerage, a panellist suggested Tuesday during a Canadian Underwriter webinar. Colette Taylor, chief operating officer at Sovereign Insurance, expressed concern about…
Easy, low-cost ways to improve DEI at your brokerage
June 6, 2023 by Jason ContantBrokerages that might not have resources to embark on large-scale diversity, equity and inclusion (DEI) programs can start small by committing to change, a speaker said Tuesday during a Canadian Underwriter webinar. “If you’re a small brokerage, maybe don’t have…
What Canadian P&C workers look like today
June 5, 2023 by David GambrillCanada’s property and casualty (P&C) insurance industry workers are more diverse, younger, and better-educated than they were five years ago, according to the Insurance Institute of Canada’s 2022-23 demographics research report. Three-quarters of the more than 4,700 Canadian P&C industry…
How a shared-risk approach to tech can keep mutual insurers competitive
June 5, 2023 by Matthew ScottCanada’s mutual insurance industry has been around for as long as the country itself and has innovated over that time. Now it’s driving digital transformation to enable new capabilities, improve service and keep pace with market competition. These changes come…
Knowledge transfer key as senior leaders retire: Demographic report
June 2, 2023 by David GambrillDemographic patterns show an emerging need for knowledge transfer strategies while finding qualified people to fill vacated leadership and management positions due to retirement, according to a survey of industry HR professionals for the Insurance Institute of Canada’s 2022-23 industry…
How hybrid work can increase broker E&O risk
May 31, 2023 by David GambrillWorkplace flexibility, one feature of a hybrid workplace, has proven to be a selling point to attract younger brokers. But the hybrid office makes it difficult to supervise newly recruited brokers to make sure they’re doing things correctly, broker E&O…
How to start up your own independent brokerage
May 29, 2023 by David GambrillIf you want ultimate control and are thinking of starting up your own independent brokerage from scratch, you may want to think it through very carefully and not just jump into the deep end with your eyes closed, brokers advised…