Operations
This year’s federal budget could keep the restrictions, on banks selling home and auto insurance, for at least another four years. “There was an unexpected positive development in the budget for us,” Peter Braid, CEO of the Insurance Brokers Association of Canada, told Canadian Underwriter Wednesday. “The federal government has signaled in the budget that […]
By Greg Meckbach | April 23, 2021
3 min read
Legal / Regulation
Ontario’s insurance regulator has no plans to regulate fintechs or managing general agents in the near term. “We sort of feel like we have enough on our plates,” said Tim Bzowey, executive vice president of auto/insurance products for the Financial Services Regulatory Authority of Ontario. “It’s not that we’re not paying attention. But I think […]
By Greg Meckbach | April 22, 2021
Tech
Lemonade, Root and Metromile have a few things in common, and it’s not just their leading-edge technology. “Their performance has been consistently worse than those of their more traditional [insurance company] peers,” writes Joel Baker, CEO of MSA Research Inc. All three insurtechs have achieved unicorn status, meaning they each have a market capitalization of […]
By Greg Meckbach | April 19, 2021
2 min read
Failure to install patch updates, relying too much on passwords, and failure to train employees are three sources of cyber security losses all too common among small business clients, a technology vendor suggests. One of the most common cyber security errors among small businesses is failing to install patch updates that are available from an […]
By Greg Meckbach | April 16, 2021
Duuo Insurance is working on a subscription model of buying insurance that gets away from the traditional way of buying annual policies that normally stay pretty much the same until renewal. The vision is an insurance product with different blocks of coverage that the client can pick and choose, and change as needed, without having […]
By Greg Meckbach | April 15, 2021
Search engine optimization (SEO), electronic transactions, and contracts with carriers insuring small to mid-sized enterprises (SMEs) are among the capabilities that made the Breckles Group of Companies attractive to Highcourt Partners. The merger of those two Canadian brokerages, resulting in the formation of the Highcourt Breckles Group, was announced this past Tuesday. The combined firm […]
Auto insurance has introduced pay-as-you-go options for personal clients, but in the era of business shutdowns to prevent the spread of COVID-19, it seems as though commercial lines could use a similar option as well. Brokers in a LinkedIn thread recently discussed the conundrum facing their business clients when they purchase insurance for a year […]
By David Gambrill | April 14, 2021
Not all meetings during a pandemic need to be structured around a videoconference call, commercial insurance experts said during a recent webinar. “I think we all have to be cautious about just loading up our entire agenda with Zoom calls and things like that,” said Stéphane Lespérance, president of commercial risk and health solutions at […]
By Greg Meckbach | April 13, 2021
Navacord has built up a sizeable war chest to fund future mergers and acquisitions. The Toronto-based group of brokerages recently completed $1.05 billion in financing, a portion of which is to be used to take advantage of unspecified “M&A opportunities,” the brokerage announced Mar. 30. “Navacord will use the proceeds from new first and second […]
By Greg Meckbach | April 6, 2021
Carbon removal is poised to become a booming industry over the next 30 years, providing an opportunity for innovative P&C insurers to pioneer in carbon removal insurance products, Swiss Re’s chief risk officer predicts. “By 2050, the industry of carbon removal could actually be as big as the oil and gas industry today,” Patrick Raaflaub, […]
By David Gambrill | April 1, 2021
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