Why some brokers may shy away from using an MGA
November 28, 2018 by Jason ContantThe risk of a greater errors and omissions (E&O) exposure is a major reason why some brokers choose not to place business with a managing general agent (MGA), speakers said Tuesday at Insurance-Canada.ca’s MGA Technology Symposium in Toronto. “We don’t…
What carriers want from this insurtech brokerage
November 27, 2018 by Greg MeckbachSome insurers are looking for brokers who can help them use big data to customize products for small businesses, an insurtech founder suggests. “Big data is a loose term,” Mark Morissette, founder and CEO of Foxquilt said Tuesday in an…
How future technology will help brokers, not replace them
November 27, 2018 by David GambrillIn a future characterized by “the trillion-sensor economy,” data will become the foundation of broker innovation, an insurtech innovator said Monday at the 2018 Top Broker Summit, hosted by Canadian Underwriter in Toronto. To prepare, brokers need to build strategies…
How consolidation can “regenerate” MGAs
November 27, 2018 by David GambrillConsolidation could potentially wind up regenerating Canada’s broker channel generally and managing general agents (MGA) specifically, a senior executive told delegates attending the 2018 MGA Symposium in Toronto on Tuesday. Organized by insurance-canada.ca, the event featured a panel of MGA…
Minimum data set for commercial lines finalized
November 24, 2018 by Jason ContantThe Centre for Study of Insurance Operations (CSIO) has finalized the minimum data set for CSIO XML standards in commercial lines, paving the way for implementation of commercial data standards in the broker channel. The minimum data set comprises of…
The secret to appealing to younger Canadian insurance buyers
November 22, 2018 by Jason ContantThinking of abandoning your brick-and-mortar stores to appeal to the tech-savvy younger generations who love to buy everything online? Don’t just yet, suggests new research from broker management system provider Applied Systems and business intelligence research firm ORC International. Instead,…
Quebec broker regulator gets new CEO
November 21, 2018 by Greg MeckbachThe regulator of Quebec’s property and casualty insurance brokers will have a new chief executive officer next week. Anne-Marie Poitras is CEO of Chambre de l’assurance de dommages (ChAD) effective Nov. 29, ChAD announced Wednesday. A former broker and claims adjuster,…
Why these two brokerages rallied around autism
November 20, 2018 by Jason ContantTwo brokerages in Ontario have combined forces to help fund an online platform that provides support and resources to the autism community. Ancaster, Ont.-based Dalton Timmis and Toronto-based RRJ Insurance won the Aviva Community Fund’s (ACF) top ranked broker-supported idea…
How this broker’s exclusive insurer deal went pear-shaped
November 18, 2018 by Greg MeckbachA British Columbia broker that got acquired by a unit of The Co-operators Group Ltd. is in breach of contract with RSA Canada-owned Canadian Northern Shield, an Ontario court has ruled. In 2008, Vancity Insurance Services Ltd. was a brokerage…
Where to find your best brokers
November 16, 2018 by David GambrillThis story is one in a series reporting on the results of 2018 National Broker Survey, conducted by Canadian Underwriter. The survey of more than 800 P&C brokers nationally was designed to identify the success strategies of both producers and principals. Find other instalments in the…
Brokers, do your auto insurers cover HST on capped benefits?
November 14, 2018 by Greg MeckbachBrokers placing Ontario auto coverage should ask insurers whether they are including sales tax when they calculate caps on benefits, a lawyer told Canadian Underwriter Tuesday. Ontario consumers must pay 13% Harmonized Sales Tax on many goods and services. Some…
What to consider when tempted by a ‘shiny’ tech tool
November 13, 2018 by Greg MeckbachBefore deciding whether to buy the latest and greatest technologies, a broker need to understand what problem that technology is actually going to solve, speakers said during a recent technology conference. “A lot of people are trying to sprinkle insurtech…