Keyword
Brokers
Why the hard market and COVID-19 shifted brokers’ focus
June 9, 2023 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…
Navacord announces its biggest deal yet
May 24, 2023 by David GambrillNavacord has invested heavily into its wealth management and group benefits capabilities, acquiring RWAM Insurance Administrators Inc and Programmed Insurance Brokers (PIB) Inc. “As Navacord’s largest transaction to date, the partnerships with RWAM and Programmed Insurance Brokers Inc. underscore Navacord’s…
Same rules apply to brokers/insurers designing incentives
May 19, 2023 by David GambrillCanada’s insurance regulators have confirmed insurers and brokers are each expected to comply with new guidance related to designing and managing sales incentive programs, even though the insurer is ultimately responsible for the fair treatment of customers for the full…
Don’t let clients cheap out on cyber coverage
May 10, 2023 Philip PoradoAs high-profile ransomware attacks continue to grab headlines, insurers providing directors and officers (D&O) coverage are concerned private company boards might not be managing cyber risk. “Are they allocating enough funds to cybersecurity? Are they going to have a lawsuit…
Brokers still worry about the hard market, but what’s next?
May 1, 2023 Philip PoradoAlthough Canadian property and casualty (P&C) insurance brokers still call the hard market their greatest challenge, their overall level of concern is gradually waning. So found Canadian Underwriter’s 2023 National Broker Survey, in which more than 150 brokers nationwide expressed…
Brokers optimistic about growth, but support for 2 key M&A strategies declines
May 1, 2023 Philip PoradoWhile property and casualty (P&C) insurance brokers in Canada said they’re optimistic about the future, Canadian Underwriter‘s 2023 National Broker Survey shows declining support for two key brokerage growth strategies, including M&A. When asked about expected financial performance in 2023,…
What our 2023 survey says about broker job satisfaction
May 1, 2023 Philip PoradoBeyond recruiting challenges, data from Canadian Underwriter’s 2023 National Broker Survey show retention will continue to be a major issue for property and casualty (P&C) insurance brokers this year. The survey, answered by more than 150 brokers nationwide, asked about…
Why the P&C broker talent crunch won’t end soon
April 28, 2023 Philip PoradoWhile the hard market’s still a huge challenge for Canada’s broker distribution channel in 2023, finding qualified workers was also top concern for brokers. So said more than 150 nationwide respondents to Canadian Underwriter’s 2023 National Broker Survey. The survey,…
Brokers braced for tough conversations when the economy slips
April 14, 2023 Alyssa Di SabatinoMost economists are still calling for some degree of economic downturn later in 2023. That makes the road ahead uncertain for commercial companies, and many can be expected to seek ways to tighten their belts. For some, cost-cutting measures may…
Why human brokers won’t be replaced by robots
April 13, 2023 by David GambrillResponsible use of artificial intelligence will change the role of broker client services representatives (CSRs), rather than replace them, by effectively putting humans in the position of training, evaluating, and monitoring AI’s interaction with consumers. “Instead of being dominated by…
Sales column: Want a client’s business? Just ask for it
April 5, 2023 Adam MitchellI recently heard radio hosts discussing actor and comedian Pete Davidson’s golden dating resume. They reached the conclusion he’s been in relationships with so many high-profile celebrities like Kim Kardashian and Ariana Grande not because he’s charming, self-deprecating or has…
What’s new with API links between broker and carrier systems?
March 17, 2023 David GambrillBefore the pandemic, brokers started work on a breakthrough application programming interface (API) tech solution, designed to improve communication between a broker BMS and insurance companies’ back-end systems. Where do we stand on this project to date? It’s been a…