Topic Trusted Advisor
How to help your commercial clients align coverages with rising insured values
June 10, 2022 by Philip PoradoSteep inflation means brokers should consider approaching commercial clients about mid-term adjustments in insured values. “We’re definitely seeing more awareness around inadequate insurance-to-value ratios,” said Paul Gallately, assistant vice president of risk control with Travelers Canada. “It comes down to…
Where M&A strategies are leading brokerages, big or small
June 6, 2022 by Jason ContantLarge Canadian P&C brokerages continue to make national expansion a component of their acquisition strategies. National brokerage Navacord partnered with Abatis Risk Management (Abatis Gestion de Risques inc.) in March, which was Navacord’s first partnership in Quebec, according to Navacord…
How brokers can help small business clients replace escrow agreements
May 31, 2022 by Jason ContantM&A insurance can help small and medium-sized enterprises (SMEs) avoid the need for an escrow agreement, but many small business owners aren’t aware of this possible solution. Escrow agreements are commonly found in M&A deals in the SME segment (deals…
Where have all the good underwriters gone?
May 12, 2022 by Gloria CilliersFor years, insurers have poached commercial underwriters from one another amid M&A activity, an aging population and hard/soft markets. But that’s left the industry with less seasoned talent and slower investment in acquisition, training and retention. “Suddenly, more so than…
4 insurance industry trends to watch
May 11, 2022 by Tara KellyIn this third calendar year marked by the pandemic, emerging trends in data collection and security require insurance policy offerings to keep pace with client needs. We can count on innovation and technology to keep reshaping the insurance sector in…
3 lessons about brokers’ obligations to insureds
May 6, 2022 by Harmon C. HaydenA broker has an obligation to help clients understand policy specifics and avoid coverage gaps, and it’s not necessarily going to save them if the client hasn’t reviewed the policy, the British Columbia Court of Appeal found recently in Alvaro…
Brokers must close perceived value gap
November 22, 2021 by Jeff BucksteinRespondents to Canadian Underwriter’s Trusted Advisor 2021 survey sent a clear message to brokers: many, they believe, should improve their service. Rating on a scale of zero to ten under the category Net Promoter Score (NPS), the likelihood they would…
Digital growth demands new broker skill and training
November 15, 2021 by Jeff BucksteinThe ongoing digital revolution, accelerated by the COVID-19 pandemic, will continue to have a major impact on the way brokers provide services. Canadian Underwriter’s Trusted Advisor 2021 survey found 80% of business clients and 73% of personal clients said online…
Brokers adapting to pandemic, hard market adversity
November 8, 2021 by Jeff BucksteinBrokers have adapted well to the unprecedented challenges posed by the worst global pandemic in more than a century, on top of a hard insurance market, according to the Trusted Advisor 2021 survey by Canadian Underwriter. Brokers are “a very…
Hard market conditions tough on client-broker perceptions
November 1, 2021 by Jeff BucksteinHard markets are not only tough on the entire insurance industry, they can also disrupt the way brokers are perceived by their clients. Canadian Underwriter’s Trusted Advisor 2021 survey contained several responses that revealed low levels of satisfaction and the…
Trusted Advisor survey calls for more proactive broker contact
October 5, 2021 by Jeff BucksteinBrokers need to be more proactive in reaching out to their business and consumer clients, according to the Canadian Underwriter Trusted Advisor 2021 survey. Only 36% of business respondents — and a considerably smaller proportion of consumers (26%) — said…
How will brokers fit into new online distribution models?
August 30, 2021 by Jason ContantEditor’s Note: This story has been updated to include feedback from the Insurance Corporation of British Columbia. Brokers will need to determine where they fit in as more consumers move to online and point-of-sale transactions, said Sarah Thompson, chief…