Legal / Regulation
On top of selling insurance, brokers are also tasked with managing client relationships. But what happens when a client doesn’t mesh with their broker? “Sometimes it just doesn’t work out,” says Jack Mazakian, vice president of Advocis Broker Services. “You’re definitely capable of saying to a client, ‘We cannot serve you anymore,’ for whatever reason. […]
By Alyssa DiSabatino | April 13, 2022
3 min read
Operations
Millennial consumers are about twice as likely to buy insurance online, so the industry needs to make some major tech innovations to keep up with these changing expectations. More than that, communication between brokers and customers need to take a different form, says a young Sudbury, Ont., broker. “Buying policies or servicing policies online is […]
By Alyssa DiSabatino | April 12, 2022
Although 30% of commercial lines clients say they want to hear more from their broker about emerging threats to their business, there may be dissonance between their words and their actions, say broker experts. Commercial lines consumers in Canadian Underwriter‘s 2021 Trusted Advisor Survey say they are seeking emerging risk advice, but P&C brokers […]
By Alyssa DiSabatino | April 7, 2022
Recent publication of API standards for policy inquiries for personal auto, habitational, individually rated commercial automobile (IRCA) and commercial general liability (CGL) are the foundational use cases to begin improving carrier and broker connectivity communications. “These 24 policy inquiry use cases are foundational for advancing JSON data standards in the industry,” said Catherine Smola, president […]
By Phil Porado | April 4, 2022
Seventy-one per cent of the Canadian P&C industry reports being happy with their new hybrid office arrangements, according to a CU poll.
By David Gambrill | March 31, 2022
At 18%, the industry’s return on equity was sky-high for the first three quarters of 2021, but industry observers warn this could be cut in half in two years. While these high profits have reduced solvency risk for most insurers, it’s not all sunshine and rainbows. Property and Casualty Insurance Compensation Corporation (PACICC’s) CEO […]
By Alyssa DiSabatino | March 30, 2022
2 min read
HR
The P&C industry is struggling to find talent to fill the leadership skills gap, but a new program designed to get prospective executives to hit the ground running may be able to help with that. The New Leader Integration program, led in collaboration by University of Toronto’s Rotman School of Management and leadership advisory firm Odgers […]
By Alyssa DiSabatino | March 24, 2022
A former broker's license was suspended for two years after she schemed to to drive uninsured for several months.
By David Gambrill | March 24, 2022
Some financial services have begun to implement solutions to determine if there’s racial bias in lending and credit rating practices – and it may be applicable to the P&C industry. New research by the Casualty Actuarial Society looks to address the potential implications of racial bias in insurance pricing and guide the industry towards proactive solutions. […]
By Alyssa DiSabatino | March 21, 2022
4 min read
Commercial insurance brokers are a step closer to having standards for policy inquiries on certain auto and general liability coverage. The Centre for Study of Insurance Operations (CSIO) said its Innovation and Emerging Technology (INNOTECH) API working groups have published Application Programming Interface (API) standards using Java Script Object Notation (JSON) for individually-rated commercial automobile […]
By Phil Porado | March 18, 2022
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