Finding ways to save money isn’t how you make meaningful change in your business. It’s about your people and altering the way they think and work in your company. For many industries – and insurance is no exception – that…
What is contributing to New Brunswick’s skyrocketing loss ratio? According to Canadian Underwriter’s 2019 Statistical Issue, the total (direct) loss ratio for the province last year was 100.8%, up 22 points from 78.8% in 2017. This makes it the highest…
Network, build your brand, develop partnerships and squash procrastination – those are just some of the things young brokers need to do as they move up the ranks. With a room full of young brokers in front of them, expert…
Real, sustainable solutions are needed to curb what’s being called a “devastating” time for some brokers in Alberta. The Insurance Brokers Association of Alberta (IBAA) has put together a task force to come up with ways to resolve what the…
Ontario’s new property and casualty insurance regulator is up and running. Effective June 8, the Financial Services Regulatory Authority of Ontario (FSRA) took over regulatory duties from both the Financial Services Commission of Ontario (FSCO) and the Deposit Insurance Corporation…
Companies looking to enhance their digital strategy should follow a four-step model to deliver a multi-experience rather than an omnichannel experience, Jason Wong, VP analyst at research and advisory firm Gartner, said recently. There are various definitions for omnichannel, but…
Mergers and acquisitions during a hard market are likely to play out differently depending on whether you’re looking at things as a broker or a carrier. On one side, a hard market may be the fuel to keep the fire…
Some brokers and carriers are spending too much time and effort dealing with incoming paper, a former auto underwriter says. While technology advancements mean more forms can be entered electronically through web and mobile apps, brokers nonetheless have data coming…
Alberta-based brokerage Western Financial Group is continuing its strategic expansion into Ontario with its third brokerage acquisition in the province. High River, Alta-headquartered Western acquired EGM Insurance Group effective May 31, Western said in a press release last week. Based…
With a hard market tightening its grip on the insurance industry, brokers will need to be on their toes. They’ll be facing pushback from customers as premiums increase with little relief in sight as there are no signs of the…
How far along is the Canadian insurance industry in terms of cyber product standardization? While some of the standard language for base coverage has become more standardized over the years, there is still an overall general lack of standardization. There…
A British Columbia motorist whose sharp right turn made a bus brake suddenly has lost his dispute with the Insurance Corporation of B.C. Wen Sheng Li was involved in an accident in Vancouver on June 1, 2018. ICBC found him…