Segment
Brokers
Define the “less hurt” rather than the catastrophically impaired: Cooke
November 9, 2010 by Canadian UnderwriterRegulators should abandon trying to define catastrophic impairment and focus instead on defining those who are “less hurt,” said George Cooke, president and CEO of The Dominion of Canada General Insurance Company.Cooke spoke at an Insurance Brokers of the Toronto…
iClarify pilot program launched in British Columbia
November 8, 2010 by Canadian UnderwriterSCM Risk Management Services (RMS) in partnership with the Insurance Brokers Association of British Columbia (IBABC) launched the pilot of iClarify services in B.C.More than 50 brokerages across the province have been selected to take part in the test phase,…
Ontario MPP introduces bill to ban use of credit scoring in personal property
November 4, 2010 by Canadian UnderwriterInsurance Brokers Association of Ontario (IBAO) is applauding a private members bill that calls for an outright ban on the use of credit scoring in personal lines insurance in Ontario. Liberal MPP Mike Colle introduced private member’s Bill 130: The…
RIBO includes auto reform best practices in spot-checks
November 4, 2010 by Canadian UnderwriterThe Registered Insurance Brokers of Ontario (RIBO) issued a set of Best Practices related to the 2010 auto reforms, and these are now included in the self-regulatory body’s spot checks, RIBO president Al Chamney says. Chamney spoke of RIBO’s initiatives…
The Economical launches “self-serve” online service, through broker Web sites
November 3, 2010 by Canadian UnderwriterThe Economical Insurance Group (TEIG) has launched a Web site allowing consumers to manage their insurance online, through brokers’ Web sites.Insurance On Demand is a broker-branded site allowing consumers to obtain quotes and purchase home, auto, condo and tenant policies…
IBAO urges government to ban credit score use in personal lines
November 2, 2010 by Canadian UnderwriterInsurance Brokers Association of Ontario (IBAO) is urging the Ontario government to ban the use of credit scoring to price home and personal property.IBAO president Bryan Yetman spoke at Queen’s Park as part of the association’s Awareness Day. In his…
AMF orders Trisura to cease issuing replacement guarantee insurance product
November 2, 2010 by Canadian UnderwriterThe Autorité des marches financiers (AMF) has ordered Trisura Guarantee Insurance Company to cease distributing its replacement insurance product.GWPco Inc. and motor vehicle dealers were distributing the product, an AMF release says. GWPco is not authorized to market the replacement…
Willis suggest risk managers take advantage of soft market conditions
November 1, 2010 by Canadian UnderwriterWillis Group Holdings is urging commercial insurance buyers to take advantage of the ongoing soft market conditions in 2011.In its report, Marketplace Realities and Risk Management Solutions, Willis notes several lines remain flat or have experienced rate reductions. These lines…
Move to more open licensing issuance in Saskatchewan may allow directs, banks to purchase brokerages: IBAS
October 25, 2010 by Canadian UnderwriterThe Insurance Brokers Association of Saskatchewan (IBAS) is anticipating a meeting with Tim McMillan, the minister responsible for Saskatchewan Government Insurance (SGI), about the government’s proposed plan to allow the province’s motorists to obtain licenses from agencies that do not…
Blogging a great way to build brand loyalty, attract new customers: Social media expert
October 25, 2010 by Canadian UnderwriterOnline blogging is now more important than ever for attracting new clients and building consumer loyalty to a brand, according to Web consultant and journalist Amber MacArthur. MacArthur, who hosts the CP24 television program Web Nation, was speaking on the…
CEOs, brokers shed light on “the Black Box” of underwriting
October 22, 2010 by Canadian UnderwriterCompanies using predictive models for underwriting may be making it more difficult for the public to understand how their premiums are derived, and thus making it more difficult for brokers to explain the rating process to consumers.CEOs of insurance companies…
Trial lawyer puts brokers on E&O notice, citing a higher duty of care after auto reforms
October 22, 2010 by Canadian UnderwriterThe higher standard of care owed by brokers to consumers as a result of the auto reforms will result in trial lawyers suing brokers “big-time” for failing to properly explain optional benefits to their clients, according to Richard Halpern, partner…