How brokers can take back market share from directs
April 25, 2022 by Jason ContantThere’s plenty of opportunity for the broker channel to be able to take back some market share from the direct side and agent side, says Joseph Carnevale, president of the Insurance Brokers Association of Ontario (IBAO). Brokers can gain a…
Broker independence is alive and well: IBAO president
April 22, 2022 by Jason ContantInsurance Brokers Association of Ontario (IBAO) president Joseph Carnevale is not concerned about a brokerage’s ownership structure, since he sees it playing no part in whether or not brokers are “trusted advisors” to clients. “Every broker in the country is…
Clients likely unaware of criminal websites pretending to sell P&C coverage
January 21, 2022 Greg MeckbachScam artists who set up websites impersonating home and auto insurance brokerages could be taking advantage of uninsured motorists, a former brokerage owner says. In theory, the industry can try to block access to websites operated by unlicensed miscreants purporting…
What FSRA’s changes to auto termination notices mean for insurers
January 18, 2022 by Alyssa DiSabatinoFinancial Services Regulatory Authority of Ontario (FSRA) has changed its approved auto policy forms to align with the government’s amendments to the Insurance Act, in what is widely being considered a welcomed change by the industry. Most notably, this change includes the…
Customers increasingly receptive to digital documents
October 29, 2021 Philip PoradoIt’s not due entirely to the pandemic but brokerage customers are more open to digital documents and focused on convenience, said panellists during an Insurance Brokers Association of Ontario (IBAO) virtual convention session. And whether those documents are delivered by…
Insurer remains committed to specialty auto market
October 27, 2021 by Jason ContantIf you’re looking to place non-standard auto coverage for your client, rest assured that one insurer remains committed to that marketplace. “Through Echelon, we are absolutely committed to being in that, I’ll use the word specialty market. I don’t like…
How important is brokerage size when it comes to broker compensation?
October 27, 2021 by Jason ContantWhen it comes to working with brokerages, embracing the future is more important than size, said Carol Jardine, president of Wawanesa Insurance’s Canadian P&C operations. “A broker who’s embracing the future today might not be that large, but if they…
Broker association exec offers thoughts on returning to the office
July 9, 2021 by Adam MalikHow brokers view their work is changing, and brokerage principals need to keep pace with these new expectations, says an executive at Ontario’s broker association. Employers in industries across the board are figuring out how (and whether) their staff will…
How IBAO is leading brokers to go paperless
January 27, 2021 by Greg MeckbachThe cost and hassle of printing and mailing large insurance policies is one of the drivers towards digitization, suggests the board member of a broker association. Consumers do not want to sift through 75 pages of insurance documents, said Greg…
Will Ontario’s new law result in a flurry of snow removal capacity?
December 9, 2020 by David GambrillOn the day before heavy, wet snow and slush graced the streets of southern Ontario, the provincial government passed a law Tuesday that brokers believe will make it easier for them to find insurance coverage for snow removal contractors. The…
IBAO reacts to possibility of credit unions selling insurance
November 19, 2020 by Greg MeckbachOntario’s broker association is keeping a close eye on a provincial government proposal to relax restrictions on credit unions selling insurance in branches. “We believe there is a public consultation that is going to take place in 2021, so we…
The price you pay for a lack of diversity
November 5, 2020 by Adam MalikIf your brokerage lacks diversity, you may not only be missing out on growth opportunities, but you also are setting yourself up for bad hires, bad decision-making, and reputational harm, a keynote speaker recently told Ontario brokers. Organizations lacking diversity…