Segment
Brokers
New president, chief operating officer for Lussier Dale Parizeau
August 22, 2019 by Jason ContantQuebec brokerage Lussier Dale Parizeau (LDP) has announced the appointment of Michel Laurin as president and chief operating officer, effective Sept. 9. Laurin has held executive positions and worked with major companies in the insurance and financial services sectors for…
One reason why there’s little relief in sight for auto rates
August 21, 2019 by Adam MalikVehicle technology is designed to reduce crashes – or at least, the severity – but insurance brokers shouldn’t expect to be able to offer their clients any relief when it comes to their premiums. That’s because all the technology going…
How brokerage commissions are trending in today’s market
August 21, 2019 by Jason ContantWhat are the trends in brokerage commissions in the Canadian P&C insurance space? Brokerage compensation arrangements have definitely tightened, with average producer compensation closer to 33% to 35%, plus benefits, a P&C transaction advisor told Canadian Underwriter Tuesday. “This might…
Why Alberta-based brokerage is expanding in Ontario
August 20, 2019 by Greg MeckbachThe reaction by insurers to the 5% rate cap on Alberta auto insurance is one reason Surex.com Ltd. is aggressively expanding in Ontario. “We have doubled down on Ontario because of the market out west,” said Matt Alston, co-founder and…
How smaller brokerages can survive in a mega-merger environment
August 16, 2019 by Jason ContantAs mergers and acquisitions ramp up in the Canadian P&C space, smaller brokerages will need to go for scale or niche to survive, brokers say. “As of late, with Wawanesa buying Western Financial, NFP buying a half-dozen really big brokers,…
What makes for a profitable brokerage in Canada?
August 16, 2019 by Jason ContantWhen it comes to brokerage profitability, size matters. Common characteristics of the most profitable Canadian brokerages are laid out in a recent report from P&C advisory and consulting firm Smythe Advisory. The Property & Casualty Insurance Brokerage Report 2019 analyzes…
Considering a career change? Look before you leap, say industry experts
August 15, 2019 by Adam MalikThe grass continues to appear greener on the other side for Canadian workers, but disgruntled employees are not always ready to make the jump, a new survey has found. Before brokers venture off towards greener pastures, they should keep a…
Is the entertainment tech in vehicles cancelling out the safety tech?
August 14, 2019 by Adam MalikBrokers looking to give their customers any positive news on rates potentially coming down shouldn’t get their hopes up. That’s because industry experts believe there’s little indication that we’ll see fewer collisions on roads despite all the safety technology found…
What’s driving brokerage M&A in Canada?
August 13, 2019 by Jason ContantWhat does the current market look like for merger and acquisition (M&A) activity in the Canadian P&C brokerage space? “The current market is primarily being driven by underwriters and private equity (PE) investors,” wrote Mike Berris, partner and practice group…
Digital pink cards get green light in third province
August 13, 2019 by Adam MalikA third Canadian province has been given the go-ahead for electronic proof of insurance for drivers. The Alberta government gave the OK for drivers to show their pink cards in a digital format through their smartphone this week, following the…
The first step in determining whether AI could pay off
August 12, 2019 by Greg MeckbachThinking of investing in artificial intelligence so you can automate tasks that are wasting workers’ time? Many brokerages have processes that could be improved through machine learning, suggested Christopher Wynder, director of product marketing for capture and original equipment manufacturing…
How brokers can overcome barriers to cross-selling
August 9, 2019 by Jason ContantWhat are some of the biggest barriers facing brokers looking to cross-sell? Access to market, high rates and underwriting practices (such as asking 30-40 questions on a renter’s policy) are the main culprits, said Jeff Roy, president and CEO of…