Segment
Brokers
Western Financial Group appoints Jeff Burke president, CEO
August 29, 2013 by Canadian UnderwriterWestern Financial Group’s board of directors announced Thursday that Jeff Burke will be president effective Sept.1. Burke will also assume CEO responsibilities on Jan.1, 2014, in the first leadership change in Western’s 17-year history. Company founder Scott Tannas will remain as…
FSCO clears auto insurance mediation backlog
August 28, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has eliminated its mediation backlog for disputes related to auto insurance claims, although that does mean that arbitration applications are increasing. As of Aug. 19, the regulator had eliminated the “unprecedented” backlog of…
Arthur J. Gallagher acquires Ottawa benefits broker
August 27, 2013 by Canadian UnderwriterInternational brokerage and risk management firm Arthur J. Gallagher & Co. has announced the acquisition of Dickinson & Associates, an Ottawa-based employee benefits broker and consultant. Terms of the transaction were not disclosed. Founded in 1998, Dickinson & Associates offers a…
Insurers need unified digital communications to become more customer-focused
August 27, 2013 by Canadian UnderwriterEstablishing a unified digital communications platform will be key for insurers looking to evolve into more customer-centric companies, argues a new paper from research firm Strategy Meets Action. Insurers are now devoting “significant energy and resources” into transitioning from product-focused…
Ontario government announces plan to reduce auto insurance rates by 15% within two years
August 23, 2013 by Canadian UnderwriterThe Ontario government has announced the next steps in its plan that it says will reduce auto insurance rates by an average of 15%, a measure it included in this year’s budget. The government said Friday it’s aiming to make…
Growing number of auto insurers using analytics for customer buying behaviour, pricing
August 22, 2013 by Canadian UnderwriterAn increasing number of auto insurance companies in Canada and the United States are using enhanced analytics to understand customer buying behaviour and price products, according to a new study from analytics software firm Earnix. At 48%, larger insurers (with…
Discounts, control over information key drivers for telematics programs
August 21, 2013 by Canadian UnderwriterHalf of consumers are likely to sign up for a usage-based insurance program that would provide at least a 10% discount, while 36% would actually change carriers for that discount, according to new research from LexisNexis Risk Solutions. One in…
FSCO issues liability insurance scam warning
August 20, 2013 by Canadian UnderwriterThe Financial Services Commission of Ontario (FSCO) has issued an advisory warning consumers that an individual called Mark Li Mosse is not licensed to do insurance business in the province. “FSCO has been informed that Mr. Li Mosse sold a…
Broker, agency M&A activity down in first half of 2013
August 16, 2013 by Canadian UnderwriterThere were 122 reported mergers and acquisitions of insurance agencies in Canada and the United States in the first half of the year, down slightly from 133 last year, according to the semi-annual survey from OPTIS Partners. “It was a…
Financial services providers rated worst for customer service in U.K. survey
August 15, 2013 by Canadian UnderwriterConsumers in the United Kingdom taking part in a recent survey put financial services providers at the bottom of the list for offering the highest standards of customer service, note results released Thursday by Aspect Software. From a list of…
Preliminary insured loss estimate for July GTA floods at $850 million, setting new record for Ontario
August 14, 2013 by Canadian UnderwriterThe severe thunderstorm that caused intense rainfall and flash flooding in the Greater Toronto Area July 8 caused more than $850 million in insured property damage, setting a new record in Ontario history. “While these preliminary estimates are staggering, we…
40% of consumers saying no to UBI program, Progressive CEO says: report
August 9, 2013 by Canadian UnderwriterMajor U.S. auto insurer Progressive Corp. is still seeking to get more consumers on board with its usage-based insurance program, Bloomberg reported Thursday. About 40% of potential users of the insurer’s Snapshot program are saying “no way” to the offering, said…