Industry
Temi Seibert (pictured right), director of the Insurance Marketing Communications Association (IMCA) says the organization and its members need to address the changing nature of financial services. The convergence of financial services, multiple distribution channels including the Internet and the increasing importance placed on price by consumers are all affecting the way companies market products. […]
December 31, 2000
1 min read
One area of great confusion that exists in the insurance market in Canada today is the status of group property and casualty coverage. The advantage of group coverage is that it can be sold without a licensed broker being involved. As an increasing number of property and casualty insurance coverages are mass marketed or sold […]
By Brian Reeve, a senior at Cassels Brock & Blackwell LLP | December 31, 2000
6 min read
New Year's Resolution?
By Paul Kovacs, senior vice president of the IBC, and Ian Campbell, | December 31, 2000
5 min read
The Economical Insurance Group’s purchase of Hartford Insurance Co. of Canada should allow the Waterloo-based insurer to expand its U.S. presence, says vice president of marketing and distribution Tom Reikman. The sale, for which financial terms have not been disclosed, brings in about $35 million in premium to Economical. It also opens up a road […]
2 min read
Outsourcing has burst out of the margins for many property and casualty insurers. The Office of the Superintendent of Financial Institutions (OSFI) lists examples of existing and proposed outsourcing arrangements: .Information system management and maintenance (software development, data entry and processing, data centers, facilities management, end-user support, local area networks, help desks). .Document processing (cheques, […]
In the few short years between 1991 and 1998, the cost of healthcare as a percentage of auto claims across Canada rose on average by almost a third to the point where amounts paid out by insurers toward vehicle damage/loss has been dwarfed in comparison. The steep and sudden rise in healthcare costs has prompted […]
By Sean van Zyl, Editor | December 31, 2000
9 min read
First came the “dot.com startups”, then came the “dot.com crashes”. The year that Internet business is expected to break the backbone of traditional business operators has been widely and inaccurately predicted for some time, speakers at the Insurance Information Centre of Canada’s (IICC) recently held executive technology forum acknowledged. However, despite the hype surrounding the […]
In today’s corporate world of cost-cutting, automation, mergers and acquisitions, the biggest challenge facing senior management is dealing with employees who feel “alienated” by events of change. Building a successful “new culture” is no easy task, as many insurance CEOs will testify, however, careful planning from a “top to bottom approach” based on openly communicated […]
By Brenda French-Mullins of Mullins & Associates | December 31, 2000
3 min read
While 2000 was the year that “should have been, but wasn’t” in terms of industry price corrections, Canadian insurance CEOs appear to be approaching the new financial year with a steely and determined discipline. In fact, they should. After two years of dismal financial performance with an industry average return on equity of between 6% […]
Darren Hamilton was elected the incoming president of the Registered Insurance Brokers of Ontario (RIBO) at the organization’s recently held annual general meeting. In his closing remarks, former president Art Despard acknowledged that Canada’s brokerage market is facing significant change, and to remain relevant in such an environment, RIBO will have to be open to […]
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