Brokerage M&A deals heat up in Winter
December 5, 2018 by Jason ContantBrokerage mergers and acquisitions (M&A) are ramping up in Canada, with two separate deals in Ontario and Saskatchewan announced Tuesday. In Ontario, Burrows Insurance Group Inc., located in Peterborough and Oshawa, Ont., joined BrokerLink. In Saskatchewan, Andrew Agencies Ltd. acquired…
The real risk to SMEs from data breaches
December 4, 2018 by Jason ContantChanges to Canadian privacy laws expose small and medium-sized enterprises (SMEs) in Canada to potentially higher compliance costs and civil liability in the event of a data breach, according to a new report from commercial insurer Aon. On Nov. 1,…
Why smaller is better for MGAs looking to innovate
December 3, 2018 by Jason ContantSometimes even simple technological changes can help managing general agencies (MGAs) become more innovative, a software provider said last week at Insurance-Canada.ca’s MGA Technology Symposium in Toronto. “What everybody should be thinking about critically is where is my company today…
Training will be mandatory for semi-truck drivers in this province
December 3, 2018 Ryan McKenna - THE CANADIAN PRESSREGINA – The Saskatchewan government is introducing mandatory training for semi-truck drivers almost eight months after the Humboldt Broncos bus crash. Starting in March, drivers seeking a Class 1 commercial license will be required to undergo at least 121.5 hours…
Forget about blockchain and AI. Get your website up first.
November 30, 2018 by Jason ContantThinking about dabbling in blockchain or artificial intelligence (AI) at your managing general agency (MGA)? It’s probably best to focus on taking smaller steps first. “There’s a whole set of first steps that are being overlooked,” said Jeff McCann, CEO…
Public sector expertise factors into brokerage’s merger with Aon
November 30, 2018 by Jason ContantA Montreal-based commercial brokerage will soon join Aon Canada’s public sector practice. Aon reported Tuesday that Lemieux, Ryan and Associates will join the practice in Montreal as of Jan. 1, 2019. Lemieux, Ryan and Associates is a licensed general insurance…
Will the entire insurance industry soon move to APIs?
November 29, 2018 by Jason ContantCanada’s P&C industry will eventually move to using API (application programming interface) in its entirety, predicts the CEO of a technology company that helps brokers automate their workflows. “I think you’re literally looking at the monolithic system; there’s going to…
Landlord sued over $16,000 water leak wins appeal
November 28, 2018 by Greg MeckbachA major water leak from a Surrey, British Columbia strata unit has spawned debate among judges over whether landlords are liable in such cases. Crystal Thomas was renting a condo unit in Surrey in the summer of 2015. A large…
Why this commercial line is unprofitable
November 27, 2018 by Greg MeckbachCommercial brokers could see fewer carriers offering directors and officers (D&O) liability in the future. That’s because “market consolidation is something that you might see on the carrier side,” said Ian Fraser, assistant vice president of technology, cyber and professional…
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…
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…
How your clients should be addressing fraud risk
November 23, 2018 by Greg MeckbachCommercial clients who do business over the Internet can reduce fraud risk if they have more than one way of verifying people’s identity, a major credit bureau suggests. “Any industry that is in the online channel has an opportunity to…