Operations
Almost all large firms in the United States buy their property and casualty insurance through either Marsh, Aon or Willis Towers Watson, the latter two of the ‘Big Three’ having market share of more than 40% in property and liability insurance, the U.S. Department of Justice says. This is among the reasons the DOJ announced […]
By Greg Meckbach | June 17, 2021
3 min read
Risk and insurance professionals need to address two common client misunderstandings about how the property and casualty insurance industry works, a risk professional suggested to Canadian Underwriter Tuesday. First, clients may not fully understand the interconnectedness of the P&C industry, Steve Pottle, chairman of the Rims Canada Council (RCC), said in an interview. Second, many […]
By David Gambrill | June 16, 2021
4 min read
Tech
A major pain point for gig-economy entrepreneurs is the traditional process of getting commercial coverage, a Vancouver insurtech CEO suggests. “It is tough being a solo entrepreneur, especially now,” said Jeff McCann, CEO Apollo Insurance Solutions Ltd. “These people are busy. They might want to [buy insurance] at ten 0’clock at night when [brokerage and […]
By Greg Meckbach | June 15, 2021
2 min read
Landlords often require their tenants to have insurance coverage as a condition of the leases, but it could be quite a paper chase to keep track of thousands of tenants and their insurance status. Vancouver-based insurtech and managing general agent Apollo Insurance Solutions Ltd. is trying to crack this nut by letting tenants buy insurance […]
By Greg Meckbach | June 9, 2021
Comparison website vendor Ratehub Inc. is now operating its own property and casualty insurance brokerage. “When it’s our own sales staff, we have the full insight into close ratios and contact ratios,” said Alyssa Furtado, co-CEO of Ratehub Inc. and co-founder of Ratehub.ca, in a recent interview. Ratehub announced June 1 the launch of its […]
By Greg Meckbach | June 7, 2021
Managing general agents who can place small business coverage digitally through the Lloyd’s market are at a competitive advantage over MGAs using traditional paper-based processes, an insurtech CEO suggests. “We are one of the very few MGAs that has straight through-processing at all,” said Jeff McCann, CEO of Apollo Insurance Solutions Ltd., in a recent […]
By Greg Meckbach | May 31, 2021
Editor’s notes: This story has been updated to include additional information from Allstate. Insurance Bureau of Canada announced in 2020 that its members are offering reductions in auto insurance premiums for consumers whose driving habits have changed significantly. You can read that story here. Canada’s P&C insurance industry should follow the example of the banking […]
By Adam Malik | May 31, 2021
22 min read
Hidden Ace Brokerage, which purports to be “fighting high insurance rates” in the greater Toronto area, and says it “takes pride in delivering the quotes that insurance companies don’t want you to see,” is not authorized to place home or auto insurance in Ontario, warns the Registered Insurance Brokers of Ontario. One feature of the […]
By Greg Meckbach | May 30, 2021
HR
BFL Canada’s founder, Barry F. Lorenzetti, is giving $500,000 to establish the Barry F. Lorenzetti Centre for Women Entrepreneurship and Leadership at Concordia University in Montreal and to endow research grants and scholarships for undergraduate and graduate students. “Entrepreneurship involving women is fundamental for creating new jobs and contributing to the social and economic growth […]
By David Gambrill | May 27, 2021
While the insurance industry is hearing a lot of messages these days about the importance of experimenting with new digital technologies — i.e. witness the increased use of terms such as “agility,” “nimble,” “pivoting,” and “failing fast” — a business strategy should guide the digital innovation, industry execs say. Brian Falchuk, managing partner of Insurance […]
By David Gambrill | May 20, 2021
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