January 4, 2019 by Canadian Underwriter
Canadian Underwriter approached Canadian P&C industry executives with two questions:
1) What is the single most important change the industry must make looking forward into 2019?
2) How might this change be brought about?
Their answers, featured in our 2019 Executive Outlook, may provide you with insight as you set your own agenda for change.
Rowan Saunders, President & CEO, Economical Insurance
Our industry is in transition. The market cycle is changing as insurers target greater profitability in 2019. We are simultaneously managing more natural disasters, experiencing an increase in the number and severity of auto collisions, and understanding how best to leverage new technology. We are evaluating the impact of vehicle automation, cannabis legalization, and the sharing economy on our industry. At the center of all this change is our customer, who is looking for a simple way to purchase insurance and understand their coverage.
As an industry, it’s important to focus on the customer as we head into 2019. Collectively, insurers and brokers need to educate and advise customers through upcoming product and pricing changes in order to give them peace of mind; they need to know that the things they value most are protected. At Economical, we are innovating and making investments across our business to support the experience that customers expect. At the same time, we need to focus on profitability as we continue our path to becoming a public company, ensuring that we keep one step ahead of the industry and continue to be capable and relevant when our customers need us in the future.
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