Keyword
COVID-19
How brokerages can avoid the ‘single point of failure’ while workforce is at home
April 30, 2020 by Adam MalikBrokerages need to make sure they’re investing in technology that benefits the brokerage as a whole rather than promoting a silo-type of environment, Steve Whitelaw, vice president of industry and partner relations at Applied Systems, cautioned in a webinar recently.…
How Aon avoided laying off employees
April 30, 2020 by Adam MalikAon Canada employees will see their salaries reduced as part of an effort to ensure that no one at the company is laid off as a result of the economic upheaval created by the COVID-19 pandemic. The brokerage provided Canadian…
Brokers enduring short-term pain for post-pandemic gain
April 28, 2020 by Adam MalikInsurance brokers are facing short-term increased workloads for little — and even negative — reward during the COVID-19 pandemic. But these efforts are laying the groundwork for future prosperity, whether that be in terms of money, trust and recruitment, P&C…
The opportunity insurers are missing as COVID-19 cancels events
April 24, 2020 by Jason ContantAs large sporting and entertainment events get cancelled across Canada and the world as a result of COVID-19, the insurance implications affect not only event organizers themselves, but also promotional partners, licensees and businesses involved in merchandising. While event organizers…
Will the pandemic spawn an industry-wide digital roadmap?
April 23, 2020 by Adam MalikBacking brokers into a corner and forcing them to use just one kind of technology is bad strategy, Joseph Carnevale, president of the Insurance Brokers Association of Ontario (IBAO), warned Wednesday during Canadian Underwriter’s webinar Business Continuity In The Digital…
How to manage the immediate COVID-19 fallout while preparing for a post-pandemic future
April 22, 2020 by Jason ContantIndustry leaders should begin preparing right now for the post-pandemic business environment, while still managing the immediate fallout of COVID-19, two partners of a strategy consulting firm said recently. This includes spending time envisioning the future, developing a strategy to…
How COVID-19 is ramping up insurance needs for telemedicine
April 22, 2020 by Jason ContantCOVID-19 has sharply increased the demand for telemedicine in Canada, and with it comes emerging risks and possible unexpected gaps in coverage for clients. Telemedicine – or using video, audio and other technologies to deliver preventive, diagnostic and treatment services…
Economic risks of returning to normal too quickly
April 22, 2020 by Adam MalikReturning to some sort of normalcy is still some time away, according to one economist. And rushing to do so would likely be worse than waiting. It’s best, experts argue, to wait for public health officials to give the green…
Will more Canadian insurers introduce COVID-inspired D&O exclusions?
April 21, 2020 by Jason ContantThe Canadian insurance industry will struggle with adding exclusions related to COVID-19 in directors and officers (D&O) policies, “particularly in light of the fear that adding them now will suggest past policies did not exclude these issues,” a Toronto lawyer…
What you need to know about clients changing production
April 21, 2020 by Adam MalikA company that makes sweaters can’t flip a switch the next day and start making hospital gowns for frontline healthcare workers before working through important insurance considerations, according to experts. If you have a client looking to shift production —…
How insurance will be hurt by a lagging economy
April 20, 2020 by Adam MalikThe Canadian property and casualty insurance industry is okay — for now. But the longer the global COVID-19 pandemic drags on, the greater the risk that the economic fallout and financial instability will impact the industry’s financial position, warns MSA Research…
Could a homeowner’s policy trigger liability coverage for COVID-19?
April 20, 2020 by Jason ContantA homeowner’s insurance policy will not likely be called upon to respond to a liability claim arising from the transmission of COVID-19, an insurance litigation lawyer said Friday. As such, brokers likely don’t need to take the initiative to advise…