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The sharing economy is not fully served by the insurance industry right now, but the opportunity is there, Paul Kovacs, founder and executive director of the Institute for Catastrophic Loss Reduction, said on Thursday at the CIP Society Symposium 2017. Kovacs, who is also a research consultant for the Insurance Institute of Canada (IIC) and […]
By Jason Contant | April 9, 2017
4 min read
One Alberta brokerage and two Ontario brokerages announced on Tuesday that they will join BrokerLink, one of the largest Canadian property and casualty insurance brokerages. Alberta-based Full Circle Insurance Ltd. and Ontario brokerages Fairview Insurance Brokers Inc. and Steven Kaluski Insurance Brokers Ltd. announced they would join on Tuesday, BrokerLink reported in a press release. […]
By Canadian Underwriter | April 5, 2017
2 min read
Analytics is the single greatest disruptor to the Canadian insurance industry today, according to 65% of executives polled for a recent survey by Insurance Nexus, a division of FC Business Intelligence. Insurance Nexus reported on Tuesday that it recently surveyed more than 100 insurance executives from across Canada to get a benchmark of “what is […]
By Canadian Underwriter | April 4, 2017
The board of directors of the Insurance Brokers Association of New Brunswick has “voted to suspend a longstanding sponsorship partnership with Aviva Canada,” IBANB said in a release sent Wednesday. On Jan. 18, Aviva announced it is offering “team branded” home and auto insurance directly consumers, in a partnership with Maple Leaf Sports and Entertainment. […]
By Canadian Underwriter | March 29, 2017
American International Group (AIG) announced on Thursday that its president and CEO, Peter D. Hancock, has informed the board of directors of his intention to resign, citing lack of shareholder support. As part of the transition plan, Hancock will remain as CEO until a successor has been named; the board of directors will conduct a […]
By Canadian Underwriter | March 9, 2017
Brokers could provide added value to their customers by suggesting offers that that help save money on home and auto insurance, attendees to the Insurance-Canada.ca Broker Forum (ICBF) heard last week. “Fully 50 to 60% of your customers are saying, ‘this is of interest to me,’” Bill Morris, senior partner with Markham, Ont.-based Navicom Inc. […]
By Jason Contant | March 6, 2017
3 min read
Learning is a life-long process and not just for humans – online chatbots can also continue to learn and become smarter, attendees to the Insurance-Canada.ca Broker Forum (ICBF) heard on Wednesday. Amanda Ketelaars, operations manager with Whitby, Ont.-based Mitchell & Whale Insurance Brokers shared her brokerage’s experience with their chatbot at the ICBF, held at […]
By Jason Contant | March 3, 2017
If an insurer can offer brokers more products, assistance and their brand is recognized by clients, “there is some value there,” Jeff Roy, CEO of Excalibur Insurance Group, suggested on Wednesday at the Insurance-Canada.ca Broker Forum, held at the Allstream Centre in Toronto. Roy was discussing the contentious decision in late January in which the […]
By Jason Contant | March 2, 2017
Competitors outside the property & casualty industry are trying to “bite away” at the P&C market, while fintech is starting to “emerge in spaces where banking isn’t,” a senior executive with a major insurer told industry professionals Tuesday. “Over the last year and a half we have seen a proliferation of fintech companies entering into […]
By Canadian Underwriter | March 1, 2017
An Ontario court has appointed two committees to negotiate the allocation of benefits from a demutualization of Economical Insurance, the Waterloo, Ont.-based insurance carrier announced Friday. No federally regulated P&C insurers have demutualized yet. Canada did not have regulations allowing for federally regulated P&C insurers to demutualize until the summer of 2015. In December, 2015, […]
By Canadian Underwriter | February 24, 2017
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