Industry
The insurance brokerage profession worldwide faced its biggest challenge in the late 1990s with the introduction of direct electronic selling of property and casualty insurance. This period also saw resurgence of the “financial services supermarket” concept of integrated product selling, with regulators adopting stringent licensing requirements on financial intermediaries to enhance consumer protection. Yet, despite […]
By Sean van Zyl, Editor | September 30, 2000
10 min read
The time for discussion is over where e-commerce is concerned, delegates to the recently held E-Strategy “Super Summit” in Toronto were told. Notions that the Internet is a “passing fad” have to be put aside, as consumer expectations push the insurance industry willingly, or unwillingly, online. Speakers at the summit caution that, those who continue […]
By Vikki Spencer | September 30, 2000
7 min read
Home
Faced with a rapidly evolving marketplace driven by new technology advancements, independent brokers and agents across North America have realised the need to step forward with cooperative initiatives to ensure that their profession remains relevant and effective in the new electronic century. The Insurance Brokers Association of Canada (IBAC) and the Independent Insurance Agents of […]
By Mabel Sansom, executive director of the Insurance Brokers Associ | September 30, 2000
5 min read
Over the last several years, the Canadian financial landscape has shifted. In the past, financial services regulation was based on the concept of the traditional “four pillars”. Changes in the marketplace have occurred across geographic, sectoral and jurisdictional boundaries and have caused these pillars to blur. On top of this, the use of new information-based […]
By Dina Palozzi, superintendent of the Financial Services Commissio | September 30, 2000
Insurance regulation is required to protect the interests of consumers. As our industry evolves, calls for common standards and a ‘level playing field’ for the industry continue. When considering changes and new regulatory structures, I believe we would be well served to look at RIBO, its growth and successes as a model for future regulation. […]
September 30, 2000
6 min read
Forensic investigation is hardly an unknown field to the insurance industry. However, an area that seems to garner little attention in claim investigation procedures is forensic entomology -- which could save insurers and insureds millions of dollars. Bug investigations? You have to be kidding. But, as the following case study reveals, insects can reveal many secrets in the process of claims investigation.
By Dael Morris, a forensic entomologist at Insect Investigations | September 30, 2000
Claims
Second quarter 2000 results for Lindsey Morden (TSE: LM) show the global claims adjusting company suffered a net loss of $5.1 million for the three months ending June 30. The loss, which amounts to 43 a share, largely resulted from a decline in claims activity, the directors report. Included in the net loss is $4.9 […]
1 min read
For many years the independent insurance distribution system has longed for a single entry multiple company interface to compete more effectively with direct distribution. The independent system brings many valuable assets to the insurer. Customer knowledge, quality and loyalty, product knowledge, market selection, and professional representation are just a few of the advantages that this […]
2 min read
ING Canada emerged the victor in the longstanding bidding process to acquire broker network consolidator Equisure Financial Network (TSE:EFN). The deal was recently closed at a $7 a share cash offer, pegging the overall value at around $160 million. Subject to regulatory approval, the deal also depends on whether Equisure shareholders are willing to tender […]
With the recent announcement that HSB Group Inc., parent company of the Boiler Inspection and Insurance Company (BI&I), will sell its stakeholding to American International Group Inc. (AIG), staff at BI&I are predicting “business as usual”. Both the management and name of the company will remain, says Gary Young, BI&I vice president. He expects the […]
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