Insurance Business Canada 6.02 by Key Media

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WWW.INSURANCEBUSINESS.CA ISSUE 6.02 | $12.95

2018

YOUNG GUNS

These 45 young professionals are rewriting the future of Canada’ s insurance industry REPUTATION ON THE LINE

A reputational crisis can sink a company – here’s how to protect your clients

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INNOVATION AT LLOYD’S

What the centuries-old insurer is doing to stay on the cutting edge

REACHING THE NEXT GENERATION

Two millennial brokerage owners reveal how they’re recruiting their peers

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property

casualty

executive and professional lines

marine

builder’s risk

transportation

life sciences

construction

energy

WE CAN TAILOR THAT COVERAGE FOR YOU.

www.bhspecialty.com/can

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PETER

MANSBRIDGE

RICK

MERCER

JUNE 14 | TORONTO | 1 - 6 PM Koerner Hall | Royal Conservatory of Music An exclusive event for our broker partners, Fast Forward will feature inspiring keynote addresses from Canadian icons Rick Mercer and Peter Mansbridge and dynamic discussions with our industryâ&#x20AC;&#x2122;s leading voices. Together weâ&#x20AC;&#x2122;ll examine key issues driving change in our industry including changing weather, customer expectations and new technology.

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TICKETS ARE GOING FAST! Talk to your Business Development Manager or register online today for your chance to attend.

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ISSUE 6.02

CONNECT WITH US Got a story or suggestion, or just want to find out some more information? twitter.com/InsuranceBizCA

CONTENTS

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UPFRONT 04 Editorial

Evolving cyber threats are making brokers more crucial than ever

06 Statistics

PEOPLE

BROKERAGE INSIGHT

SPECIAL REPORT

The millennial owners of Kase Insurance outline how the industry can better reach their generation

FEATURES

WHEN AND WHY TO REBRAND How to tell if it’s time to give your brand a makeover

10 News analysis

Social media has escalated the significance of reputational risk

12 Intelligence

This month’s big movers, shakers and new products

14 MGA update

Emerging risks in the marine space are presenting MGAs with fresh challenges

16 Technology update

Threats and opportunities for brokers in the age of automation

FEATURES 48 Customer-centric innovation Property inspection provider iv3 Solutions highlights how its insurance clients are driving new developments

56 Expert advice

Trevor Maynard, Lloyd’s head of innovation, reveals the new risks that will drive your business in the future

Assessing Amazon’s potential impact on insurance

Why insurance needs entrepreneurs from other industries

Meet 45 superstars – all under the age of 35 – who are poised to become the next leaders of Canada’s insurance industry

INDUSTRY ICON

08 Head to head

18 Opinion

YOUNG GUNS 2018

PEOPLE

Which risks are top of mind for businesses around the world in 2018?

What brokers can do to help clients minimize flood-related losses

PEOPLE

52 FEATURES

WHAT TO CHANGE ABOUT YOUR BUSINESS Three updates every business owner should undertake this year

54 Career path

He dabbled in drag racing and air-traffic control, but Cole Leitch couldn’t help but be pulled back to insurance

55 Other life

Life’s a song for insurance advisor and choir singer Fran Kirby

INSURANCEBUSINESS.CA CHECK IT OUT ONLINE

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UPFRONT

EDITORIAL

Evolving with the risk

n 2017 it was Equifax, FedEx and Uber. In 2018, it’s already been the likes of Boeing and Bell Canada. When hackers infiltrated Bell Canada in January – exposing the information of around 100,000 customers, just eight months after an anonymous cybercriminal illegally accessed the firm’s database and stole email details of around 1.9 million customers – it was yet another timely reminder of why cyber has become the insurance product of the 21st century. The problem brokers face, however, is that the risk is constantly evolving – and that means their knowledge and the insurance products they sell need to constantly evolve, too. Cyber insurance simply isn’t a ‘one size fits all’ coverage. For example, while many companies get coverage for internal system failures, they rarely consider third-party system failures – so if a business is dependent on a third-party provider like a web hosting company or a cloud service, they could be left paying out of pocket without dependent systems failure coverage. Similarly, what if a manu-

“Now we need to prepare companies to help mitigate the potential of a future breach after something happens” facturing system is hacked and malfunctions cause injuries to people in a factory? Again, the client could be left short-changed unless they have contingent bodily injury enhancement as part of their policy. “An effective cyber insurance or cyber risk management approach is a combination of a state-of-the-art insurance policy and a suite of cyber security services,” Jeremy Barnett of NAS Insurance Services told Insurance Business Canada in March. “The industry has made a lot of progression in terms of value-added services in pre- and post-breach areas, but now we need to prepare companies to help mitigate the potential of a future breach after something happens. It’s about covering all bases.” Ultimately it is the broker’s responsibility to ensure clients are considering all cyber eventualities by providing expert knowledge in an area that is new to most and troublesome for all. Here, then, lies the true irony. In this technological age that is often seen as a threat to brokers’ livelihoods, it is the most modern of risks that perhaps most emphasizes their value. Be the expert your clients need, and the dark cloud of cyber may yet offer new rays of hope for your business.

www.insurancebusiness.ca EDITORIAL Managing Editor Paul Lucas Writers Lyle Adriano, Tim Garratt, Alicja Grzadkowska, Lucy Hook, Libby Macdonald, Bethan Moorcraft, Joe Rosengarten, Heather Turner Copy Editor Clare Alexander

CONTRIBUTORS

Geoff Stooke, Paul Nelson, Stephen Barnes

ART & PRODUCTION Designer Joenel Salvador Production Manager Alicia Chin Traffic Manager Ella Dayandante

SALES & MARKETING National Account Manager Eric Langille Business Development Manager Desiree McCue Associate Publisher Trevor Biggs General Manager, Sales John Mackenzie Marketing and Communications Melissa Christopoulos Project Coordinator Jessica Duce

CORPORATE President & CEO Tim Duce Office/Traffic Manager Marni Parker Events and Conference Manager Chris Davis Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil Global CEO Mike Shipley Global COO George Walmsley

Editorial Inquiries paul.lucas@keymedia.com Subscription Inquiries subscriptions@keymedia.com Advertising Inquiries eric.langille@kmimedia.ca desiree.mccue@keymedia.com

KMI Media 312 Adelaide Street West, Suite 800 Toronto, Ontario M5V 1R2 tel: +1 416 644 8740 www.keymedia.com Offices in Toronto, Denver, London, Sydney, Auckland, Manila, Singapore, Bengaluru

Insurance Business Canada is part of an international family of B2B publications and websites for the insurance industry Insurance Business America cathy.masek@keymedia.com T +1 720 316 0151 Insurance Business UK nathan.beach@keymedia.com T +44 20 7193 0935

The team at Insurance Business Canada

Insurance Business Australia peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business NZ peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business Asia peter.smith@keymedia.com.au T +61 2 8437 47OO Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

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4/04/2018 1:12:10 AM

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2018-03-08 10:25 AM 4/04/2018 1:12:22 AM

UPFRONT

STATISTICS

Top business risks in 2018

Canada 1 Business interruption 2 Cyber incidents 3 Natural catastrophes

Business interruption and cyber threats top the list of risks for companies around the globe US BUSINESS INTERRUPTION ranks as the most important risk faced by businesses in Canada and across the globe: 42% of companies surveyed by Allianz for its latest Global Risk Barometer were concerned about a disruption in day-to-day commerce and its potentially disastrous effect on revenues. While business interruption has topped the list for six years in a row, cyber incidents are

$2 million+

Average cost of a business interruption property insurance claim for a large company

10%

Increase in respondents who named cyber incidents as their top concern

now the second biggest threat to businesses worldwide; 40% of companies named cyber threats as their chief risk. This represents a major shift: As few as five years ago, cyber incidents ranked number 15 on the Global Risk Barometer. Rounding out the top three is another risk that’s closely linked to business interruption and was particularly pronounced in 2017: natural catastrophes.

Countries in which cyber incidents ranked as businesses’ top risk

$135 billion Global amount of insured losses from natural catastrophes in 2017

1 Cyber incidents 2 Business interruption 3 Natural catastrophes

A WORLD OF RISK The possibility of business interruption looms large across a variety of regions; many companies across the globe named it first or second on their list of concerns. For the first time this year, companies said cyber incidents were the most likely trigger of business interruption, which helps explain its rise in prominence to one of the top three concerns for most companies.

Source: Allianz Risk Barometer: Top Business Risks for 2018; figures in US$

TOP 10 RISKS

THE COST OF BUSINESS INTERRUPTION

Along with cyber incidents, other risks that jumped in importance this year include new technologies, loss of reputation and climate change.

Business interruption can be caused in many ways – companies named cyber incidents, fire/explosion and natural catastrophes as their top three most feared triggers – but all such incidents take a toll on revenues, as they can easily cost a company millions of dollars.

Business interruption

AVERAGE VALUE OF A BUSINESS INTERRUPTION CLAIM

Cyber incidents Natural catastrophes Market developments Changes in legislation and regulation Fire, explosion New technologies Loss of reputation or brand value

$4.5 MILLION Strike/riot/vandalism*

$5 MILLION

Source: Allianz Risk Barometer: Top Business Risks for 2018

Flood

Energy platform incident*

$900,000

Political risks and violence Climate change/increasing volatility of weather

$1.4 MILLION

Storm

*These incidents are low-frequency/highseverity events

$2 MILLION Fire, explosion

Source: Allianz Global Corporate & Specialty

www.insurancebusiness.ca

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Germany

UK 1 Cyber incidents

1 Business interruption

2 Changes in legislation and regulation 3 Business interruption

2 Cyber incidents 3 Natural catastrophes

Italy

France 1 Business interruption

1 Business interruption

2 Cyber incidents

3 Fire, explosion

3 Natural catastrophes

Japan 1 Business interruption

China

2 Cyber incidents 1 Business interruption

Spain

South Africa

1 Business interruption 2 Natural catastrophes 3 Fire, explosion

3 New technologies

2 Cyber incidents 3 New technologies

1 Cyber incidents 2 Business interruption 3 Changes in legislation and regulation

Australia 1 Cyber incidents

Risk higher than in 2017

2 Business interruption

Risk lower than in 2017

3 Changes in legislation and regulation

No change from 2017

TOP THREE BUSINESS RISKS BY COUNTRY Source: Allianz Risk Barometer: Top Business Risks for 2018

CYBER CONCERNS

RISKS OF THE FUTURE

Despite a constant stream of headlines about data breaches, 54% of companies surveyed by Allianz named cyber incidents as the most underestimated risk facing businesses in 2018. A data breach can impact a company in numerous ways, from business interruption to reputational damage.

The top risks companies expect to face over the next decade underline the growing importance of technology in the modern world.

MAIN CAUSES OF ECONOMIC LOSS AFTER A CYBER INCIDENT

WHAT WILL BE THE TOP THREE RISKS TO BUSINESSES IN THE NEXT 10 YEARS?

50%

Business interruption

40% 30%

Reputational loss

20% 10%

Liability claims

10%

20%

30%

40%

50%

60%

70%

Source: Allianz Risk Barometer: Top Business Risks for 2018

48%

26%

24%

Cyber incidents

New technologies

Climate change/ increasing volatility of weather

Source: â&#x20AC;&#x153;Allianz Risk Barometer: Top Business Risks for 2018

www.insurancebusiness.ca

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UPFRONT

HEAD TO HEAD

How would Amazon entering the industry affect brokers? The online retail giant has started making moves toward offering insurance. Is this potential disruption a pro or con for brokers?

Geoff Stooke

Deepak Soni

Managing director Modern Risk Solutions

Director of commercial intermediary AXA Insurance

“My business would look forward to the prospect of working with Amazon on highly customized insurance solutions for clients across the technology sphere. Most of our clients are technology-enabled and have existing relationships with Amazon through Amazon Web Services [AWS]. In that space, Amazon has been a proven provider of affordable virtual servers that offer scale and active customer and managed services. I am also enamoured of the fact that Amazon has a history of intermediating their services in AWS through their Amazon Partner Network – perhaps Amazon would intermediate their insurance distribution through such partnerships.”

“Both brokers and insurers, especially volume-based personal lines providers, could be impacted by Amazon’s possible entrance into the insurance market. Amazon is renowned for cutting the cost of products and distribution and taking a customer-centric approach built on trust, transparency and convenience, and that is an approach the insurance industry needs to focus on. Any move by Amazon into the industry should be seen as an opportunity. Tough competition, especially from a company with a strong track record, is an opportunity for us to look at our own operating models and how we can evolve in the future.”

Scott Guse

Partner, audit assurance and risk consulting KPMG “When you hear the word ‘Amazon,’ you immediately think disruption. I may be going out on a limb here, but I don’t think Amazon’s entrance to the insurance market will cause any major issues for brokers. A broker’s clients are not retail clients, which are an easier insurance sell; they are SME and larger corporates. Provided the broker is doing their job properly – advising, assisting and adding value to their clients – I would expect their clients will remain loyal. The retail/direct insurers … well, that’s a different question. Yes, it will certainly impact them.”

APPETITE FOR DISRUPTION Speculation abounds about Amazon’s designs on the insurance industry after the online retailer announced a partnership with Berkshire Hathaway and JPMorgan Chase to provide health coverage to the three companies’ US employees. The announcement came on the heels of reported plans by the tech giant to invest in India-based insurtech startup Acko, as well as its recruitment of insurance professionals in London. Any entry into the insurance market by Amazon is likely to equal disruption, according to Capgemini EVP and insurance lead Seth Rachlin. “There’s no digital property that is more pervasive from a retail perspective than Amazon,” he told Insurance Business America late last year. “If they do something beyond [their] warranty business, then it’s likely to be disruptive because people will notice and pay attention.”

www.insurancebusiness.ca

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UPFRONT

HEAD TO HEAD

Business as usual is anything but. Fabian Richenberger, Executive Vice-President, Commercial Insurance

The commercial market has become increasingly complex, but insuring it doesn’t have to be. Economical is deepening our capabilities, refining risk selection and pricing, and simplifying processes. By responding to the needs of our broker partners and today’s customers, we’re creating opportunities for continued growth — yours and ours.

Get ready for the future, with us. economical.com property | auto | business

Economical Insurance includes the following companies: Economical Mutual Insurance Company, The Missisquoi Insurance Company, Perth Insurance Company, Waterloo Insurance Company, Family Insurance Solutions Inc., Sonnet Insurance Company, Petline Insurance Company. ©2018 Economical Insurance. All rights reserved. All Economical intellectual property, including but not limited to Economical® and related trademarks, names and logos are the property of Economical Mutual Insurance Company and/or its subsidiaries and/or affiliates and are registered and/or used in Canada. All other intellectual property is the property of their respective owners.

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4/04/2018 1:13:50 AM

UPFRONT

NEWS ANALYSIS

The risk of a reputation A maelstrom of social media, high stakeholder expectations and public discontent is driving the frequency and severity of reputational crises – and the insurance industry itself is not exempt DUE IN NO small part to the power of social media, both individuals and organizations are increasingly held to account for their actions by the public in today’s world. Now that the average Canadian has a smartphone in their pocket, they also have platform with which to share their grievances with the world – which can be bad news when it comes to companies’ public relations. In an age when an incident can quickly become a viral sensation, organizations are finally waking up to the reality that a reputational crisis is always just a tweet away. Alongside traditional operational risks such as mis-selling, poor product design and failure to protect customer rights or data, businesses today face wider-reaching cultural and societal challenges, too. This was driven home in 2017, in which a

reasons after a video emerged of a passenger being dragged off an overbooked flight. Perhaps most notably, Hollywood heavyweight film studio The Weinstein Company became embroiled in what has since become a major social movement when dozens of sexual assault and misconduct accusations emerged against its now-disgraced co-founder, Harvey Weinstein. The prospect of a reputational crisis today means more than just bad PR, though – it is likely to impact a company’s bottom line. In the five years leading up to 2016, reputational insurer Steel City Re found a 461% increase in corporate reputation-related losses. The growth in the overall frequency and severity of reputational losses has been driven by three factors, according to Steel City Re CEO Dr. Nir Kossovsky. The increasingly

“Reputational risk – because it is linked to expectations and is triggered by disappointment – can emerge suddenly” Nir Kossovsky, Steel City Re number of major brand names encountered significant reputational crises. Pepsi was forced to pull a commercial starring model Kendall Jenner after it was accused of trivializing the Black Lives Matter movement. United Airlines went viral for all the wrong

high expectations of stakeholders (resulting in a progressively low tolerance of failure), the rise in the use and ability of social media to spread both true and false stories, and a growing sense of anger and disappointment among the general populace are all creating

a breeding ground for reputational disasters. Social media in particular has the power to greatly accelerate change, and it’s being used as a “powerful weapon against companies, industries and individuals when they become targets,” Kossovsky says. Insurance companies themselves have not been exempt from being drawn into controversy. Following the February school shooting in Parkland, Florida, that left 17 people dead, a number of corporations cut ties with the National Rifle Association, including insurance giants Chubb and Lockton. Chubb revealed it would stop underwriting NRA Carry Guard, a branded insurance policy for NRA gun owners, though it said the decision was made months before the Parkland shooting. Lockton followed with an announcement that it would no longer sell products with an NRA endorsement.

www.insurancebusiness.ca

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REPUTATIONAL RISK BY THE NUMBERS

461%

Increase in corporate reputation-related losses between 2011 and 2016

76%

Percentage of Canadians who believe PR is more important today than it was 10 years ago due to the rise of social media

Less than 24 hours

Time that elapsed before Pepsi pulled its controversial ad starring model Kendall Jenner following a social media backlash Sources: Steel City Re, Nanos Research, Vox.com

“Lockton Affinity has notified the NRA that it will discontinue providing brokerage services for NRA-endorsed insurance programs under the terms of its contract,” the broker said in a tweet.

was allegations of unethical and inappropriate executive behaviour that gained prominence through #MeToo,” Kossovsky says. “At this particular moment, it is the NRA. For corporate leaders responsible for protecting

“Reputation harm insurance ... covers the temporary loss of income while an organization recovers [from a breach]” Jeremy Barnett, NAS Insurance Services According to Kossovsky, companies are acting now because “the fear of economic harm by angry or disappointed stakeholders – what we call reputational risk – is much greater. “Earlier this year, the top reputation risk

the assets of a firm, the lesson is that reputational risk – because it is linked to expectations and is triggered by disappointment – can emerge suddenly with shifts in culture.” As technology continues to advance at rapid speed, cyberattacks and cyber-

crime can also present reputational risks for organizations. As a result, some insurance carriers now offer coverage for financial losses suffered as a result of cybercrime. Responding to a cyberattack can be costly and time-consuming, which can result in a serious domino effect on a business’s bottom line. “Reputation harm insurance not only helps cover the cost of a breach, but also provides funds to cover the temporary loss of income while an organization recovers,” says Jeremy Barnett, senior vice president of marketing at NAS Insurance Services. The message to businesses is clear: In today’s world, a reputational crisis can mean more than just some bad publicity. According to Kossovsky, economic damage from a reputational crisis “can be as great as the damage from a sudden tornado.”

www.insurancebusiness.ca

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UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Acrisure

Beach & Associates

Beach will retain its name and identity and will operate as an independent advisory and transactional broker business within Acrisure

AXA

XL Group

The deal will create the world’s largest P&C commercial lines insurer

Gallagher

Palmer Atlantic

Palmer offers risk management and commercial insurance and is known as a leading trucking insurance specialist

HUB International

Desilets Insurance Brokers

Manitoba-based Desilets offers personal and commercial insurance lines, specializing in the farming industry

HUB International

GMS Insurance

Based in Southwestern Ontario, GMS is an independent benefit consulting firm that focuses on retirement and employee benefits

HUB International

Pointbreak Consulting Group

Pointbreak is an employee benefits and pension consulting firm based in British Columbia

Aviva rolls out new commercial solution

To meet the ever-changing needs of business owners, Aviva Canada has rolled out a new P&C commercial insurance solution. Aviva Enterprise features policies that can be tailored to suit any business in any industry, which allows businesses to sidestep the hassle of having to secure multiple policies. Aviva Enterprise puts all operations on one property & casualty policy, allowing brokers to offer limits and extensions for different segments. The product also includes progressive offerings such as coverage for renewable energy equipment, above- and below-ground utilities, and mental injury.

AXA to acquire XL Group

On March 5, AXA announced it had entered an agreement to acquire 100% of leading property & casualty insurer XL Group. XL Group employs around 7,400 people across the globe and generated US$15 billion worth of gross written premium in 2015. The acquisition is valued at US$15.3 billion. AXA CEO Thomas Buberl described the transaction as “a unique strategic opportunity for AXA to shift its business profile from predominantly L&S business to predominantly P&C business,” adding that the move would enable “the group to become the number-one global P&C commercial lines insurer based on gross written premiums.” The transaction is subject to approval by XL Group shareholders and other customary closing conditions, including required regulatory approvals. It is expected to be finalized during the second half of 2018.

QBE and Huntersure partner for construction PL

QBE North America has formed a strategic program underwriting partnership with Huntersure to offer new professional liability coverage aimed at small to mid-size architectural, engineering and contractor businesses in North America. The product is designed for architects, engineers, surveyors, planners and other design professionals, along with contractors operating in the agricultural, residential, commercial, institutional, industrial, heavy civil and environmental sectors. The coverage will be provided on a non-admitted basis through QBE North America’s A.M. Best A-rated insurance companies.

www.insurancebusiness.ca

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PEOPLE Hiscox enhances its cyber offering

Hiscox has announced the launch of a new cyber industry loss warranty [ILW]. Essentially serving as a hedging mechanism for cyber underwriters, the product helps address the uncertainty around cyber tail risk for reinsurers. ILWs allow organizations to obtain coverage based on the total insured loss of an industry, rather than the losses of an individual insurer. A third party – in this case, the PCS Global Cyber Index – serves as an objective decision-maker on the size of the market loss. ILWs are common within the property reinsurance and retro markets, but Hiscox said that this is the first that responds specifically to cyber losses.

QBE unveils multi-national casualty package

QBE North America is expanding its multi-national offering with a new foreign casualty package targeted at US businesses with international locations. QBE Global Connect expands the company’s multi-national suite of offerings into casualty lines, and is composed of general liability, excess auto and foreign voluntary compensation coverage. “By connecting our strong specialty lines franchise with our property & casualty expertise, we are creating a real distinction within the market,” said QBE North America CEO Russell Johnston.

Allstate Canada adds water protection endorsements

Allstate Canada has introduced new endorsements to give homeowners more options for water coverage. Allstate Water Protection offers limited sewer backup coverage and an enhanced water damage package. The former covers water damage caused by backups on municipal sewer systems, private septic systems and/or sump pump malfunction, while the latter protects against damage due to water overflow from a body of fresh water, heavy rain or rapid accumulation of ground/surface water. The endorsements are available in Ontario, Alberta, New Brunswick and Nova Scotia.

NAME

LEAVING

JOINING

NEW POSITION

Donna Barclay

N/A

The Guarantee Company of North America

President and COO, Canada and North America P&C

Pamela Derksen

N/A

Cowan Insurance Group

Vice-president, operations and product development, commercial insurance

Dr. Ben Fox

Ontario Teachers’ Pension Plan

Hiscox Re Insurance Linked Strategies

Manager, ILS investment team

Steven Godfrey

N/A

Jardine Lloyd Thompson Canada

Aviation national specialty leader and managing director

Dogan Kaleli

N/A

Allianz Global Corporate & Specialty

Head of programs business practice

Dan Larkin

PartnerRe

Allianz Global Corporate & Specialty

Northeast zone mid-corporate program director

Jo-Anne MacDonald

Verge Insurance Group

ARAG Services Corporation

CEO

Benjamin Rowley

Hiscox

Chubb Global Markets

Senior underwriter, financial lines

Carrie Trudeau

Crawford & Company

AEGIS London

Claims manager, Canada

Urs Uhlmann

Zurich Canada

XL Catlin

CEO and Canada country manager

Cowan Insurance adds commercial role

Cowan Insurance Group has appointed Pamela Derksen to the newly created position of VP of operations and product development for commercial insurance. Derksen will be responsible for ensuring the effectiveness of all operations supporting Cowan’s commercial insurance business. Derksen has more than 20 years of insurance experience, primarily focused on large commercial business, oil & gas and manufacturing. Prior to joining Cowan, she served as the VP of operations at a large insurer, where she oversaw business operations on large technology projects.

ARAG Services Corporation names new CEO

ARAG Services Corporation has named Jo-Anne MacDonald as its new CEO to replace outgoing CEO Peter Talacek. MacDonald joins the Canadian unit of the ARAG Group from Verge Insurance Group, where she served as VP of sales and marketing. MacDonald has extensive insurance industry experience that includes roles at Chicago Title Insurance Company and First Canadian Title. “I am honoured to be leading ARAG at such an exciting time,” MacDonald said. “The concept of insured legal protection is still relatively young in our country, but the market is growing very quickly and has huge potential.”

www.insurancebusiness.ca

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UPFRONT

MGA UPDATE

How MGAs are tackling new marine risks As the world evolves, both the supply chain and its insurance needs are changing

goods in their care ... at all stages of the global supply chain.” The changing world is forcing marine insurers to consider new exposures such as autonomous vessels and trucks or drone deliveries. Successful insurers and brokers in this space need to have solutions ready to counter these emerging exposures before they result in serious losses.

“The underwriter must understand how raw materials and finished goods are moved around the world”

The ocean cargo market has always been linked closely with the global supply chain. As the world becomes increasingly interconnected, the supply chain and its insurance needs are rapidly evolving, making it more important than ever for underwriters and insurers to keep up with new developments. Success in global ocean marine underwriting, risk engineering, claims management and brokering requires agility, creativity and expertise, according to Pat Hickey, executive vice-president at Aspen Insurance. “A cargo underwriter cannot deliver a

NEWS BRIEFS

customized global insurance solution to their customers without a comprehensive understanding of the global sourcing of raw materials, manufacturing process and staging of finished goods for final distribution,” Hickey says. “In addition, the underwriter must be fluent in logistics and understand how raw materials and finished goods are moved around the world. It can be an extremely challenging process that involves both managing multiple modes of transit … and fully understanding a carrier’s legal or contractual liability for damage to customers’

Aspen discontinues Bermuda property underwriting

Aspen Insurance Holdings has stopped underwriting property insurance on its Bermuda platform. The company said the decision was driven by its significant catastrophe losses in 2017; the unit closed just as the company posted a net loss after tax of US$185 million for the fourth quarter of 2017. Aspen group head of communi cations Steve Colton explained that the Bermuda book of business comprises only a small part of Aspen’s US property insurance book, which should be relatively unaffected by the decision.

Cyber exposure has also emerged as a growing risk within the ocean cargo market and the global supply chain. This was driven home last July, when the NotPetya ransomware attack hit Maersk, causing significant business interruption losses to one of the world’s largest shipping container businesses. “Successful brokers should align themselves with dedicated ocean marine underwriters who have a specialization in cargo and logistics to develop sustainable programs to cover the risks associated with a global supply chain,” Hickey says. “In addition, they should ensure that the selected carrier has an experienced marine risk engineer to help prevent potential claims, as well as experienced cargo and logistics claims adjusters to quickly resolve complex claims anywhere in the world.”

BICO sells control of legal expense business

BICO Risk Management has announced the sale of a controlling interest in its legal expense insurance business, BICO Legal Cost Protection. The buyer is a consortium led by an affiliate of Trebuchet Group Holdings, an investment holding company owned by the founders and principals of Bermuda-based reinsurance company Armour Group. When the deal is finalized, Trebuchet and its affiliates will assume management and supervision of the program. Omega General Insurance will continue as underwriter for the product.

www.insurancebusiness.ca

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Q&A

Cameron Copeland President

Brokers’ role in driving insurance innovation

CAN-SURE UNDERWRITING

Years in the industry 15 Fast fact Prior to joining the insurance industry, Copeland served as a master corporal in the Canadian Armed Forces Reserve

What makes Can-Sure/Beacon different from other MGAs? Can-Sure/Beacon is a full risk underwriting company, meaning we operate like an insurance company, but with supply agreements with carriers in place of treaty agreements with reinsurers. For our broker customers, this means our underwriters and claims examiners are empowered to make decisions and solve insurance problems. We write on our own wordings, and we innovate our coverage to stand out in the marketplace. Our staff is very good at finding solutions and bringing a can-do attitude to the placement process.

How has your ‘two brands, one approach’ model benefited your business so far? Following the merger of Can-Sure and Beacon in 2014, we decided to utilize both brands for the products they were best known for by brokers. Can-Sure became our commercial lines brand, and Beacon became the personal lines brand. This strategy has served us well over the past three years and has allowed us to build a strong common platform internally behind both brands. Heading into 2018, we feel it’s time to bring the brands together and offer our full product line to our relationships across our whole distribution. So, this spring, we will unify our brand to Can-Sure.

Do you have any new developments or upcoming products or services in the works?

Veteran surety underwriter retires from Trisura

Trisura Guarantee Insurance’s vice-president of surety business, Janet Mascitelli, retired on March 1 from a successful 32-year career in the insurance industry. Mascitelli joined Trisura back in 2006 when it was still a startup, and she was instrumental in helping develop and lead the fledgling company’s surety team. Prior to joining Trisura, Mascitelli was a financial analyst at GCNA, eventually transitioning into the role of contract surety underwriter; she was one of the few women in the surety sector at the time.

In addition to unifying the brand, we have many new products to launch this year. We will introduce coverage for travel trailers, and we will launch a new portal for quote-to-bind convenience for our broker partners.

Which current insurance trends are you keeping an eye on? Consolidation, compliance, auto pricing and digitization have created a landscape where there are fewer larger carriers and brokers, and we feel this will be the landscape for the next while. Brokers need their suppliers to have scale so they have access to those benefits. Carriers need scale to be able to buffer the investments in auto pricing and technology and to provide stable premium rates over time.

Do you think online distribution models could overtake the work brokers and MGAs do? Brokers offer education, choice, convenience and professional advice. If the online models offer these attributes, then they can change the shape of insurance distribution over time. That said, people have to be behind the online innovation, and brokers are best positioned to be those people. So I think we will see innovation through digitization brought to consumers by brokers, and MGAs/ MGUs will maintain their place as valuable suppliers to brokers if we bring solutions, products and digital services that help them in this journey.

Burns & Wilcox partners with hockey star

Burns & Wilcox has announced its sponsorship of Justin Abdelkader, alternate captain and left wing of the Detroit Red Wings. Abdelkader is Burns & Wilcox’s third professional sports ambassador; the company had previously announced a sponsorship deal with the Red Wings last September. “Justin Abdelkader’s leadership on and off the ice match the distinctive, competitive qualities of the more than 2,000 associates at Burns & Wilcox,” said Alan Jay Kaufman, chairman, president and CEO of parent company H.W. Kaufman Group.

Newline Group expands into Canada

Newline Group has announced the establishment of a new service company, Newline Canada Insurance, which will be based in Toronto. The firm will be led by chief underwriting officer James Benson and will operate as a coverholder for Newline Syndicate 1218 at Lloyd’s. “Establishing local offices in key territories is a part of our ongoing strategy to be closer to our distribution partners and our clients,” said Carl Overy, CEO of Newline Group. “Canada represents an important market for Newline.”

www.insurancebusiness.ca

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS QBE adds data breach planning to cyber offering

QBE North America has announced it will include data breach planning services in all of its cyber policies. The firm will initially offer the services through Breach Plan Connect as part of The Solution for Cyber Risk, its comprehensive cyber risk product suite. This will give customers the ability to access the plan whenever needed in response to a cyber event. “Embedding this product in our cyber policies will ensure that our policyholders will have the tools they need when they are at their most vulnerable moments,” said Steven Anderson, VP of underwriting at QBE.

Marsh signs up for open-source blockchain initiative

Marsh has joined the Enterprise Ethereum Alliance [EEA], an opensource blockchain initiative. Boasting more than 400 member companies, EEA aims to create open industry standards and frameworks for blockchain applications, particularly those based on the Ethereum platform. Marsh is the first insurance broker to be a part of the alliance. As a member of the EEA, the company will play an active role in EEA’s Insurance Working Group and the Digital Identity Working Group by collaborating with other members and encouraging the adoption of blockchain applications.

Zurich helps develop cybersecurity standards

Zurich is teaming up with Citigroup and the Depository Trust & Clearing Corporation [DTCC] to develop cybersecurity standards for fintech companies. A meeting at January’s World Economic Forum laid the

groundwork for the joint initiative; the move comes amid calls by regulators such as the US Securities and Exchange Commission for tougher cyber defenses. “We all live and die by each other; the weakest link in the chain is the highest point of vulnerability,” said Michael Bodson, president and chief executive of DTCC.

Aviva partners with virtual claims company Snapsheet

Aviva Canada has formed a partnership with US-based Snapsheet to create a convenient app-based virtual claims system. Aviva’s customers can take photos of vehicle damage and submit the pictures through Aviva’s Snapsheetpowered app, AvivaExpress. From there, Snapsheet’s team of appraisers will inspect the damage using specialized software and engagement tools to come up with an estimate for repair costs. According to Aviva, the Snapsheet technology will allow customers to settle claims 20% to 40% faster than through traditional channels.

Northbridge Financial moves to digital claims payments

Northbridge Financial will no longer be paying claims with paper cheques; instead, the firm will use the Mastercard Send platform via the Dream Payments Hub to provide payouts to policyholders. The collaboration between Mastercard Send and Canada-based Dream Payments allows policyholders to have digital claims cheques deposited directly into the financial accounts of their choice. “Getting people money directly into their bank accounts when they need it most will go a long way in helping us better respond to our customers’ needs in crisis situations,” said Northbridge SVP of customer experience and innovation Ilda Dinis.

Robots aren’t replacing brokers Despite disruptive trends and changing consumer habits, insurance brokers remain relevant and resilient Direct-to-consumer and self-service insurance models have become all the rage with consumers. Insurance aggregators are helping drive the direct insurance model by allowing customers to easily find the coverage that suits their specific needs, while insurtech firms are increasingly finding new ways to automate the insurance process. A recent report from IBM found that 81% of insurance companies said they have either invested in or are already working with insurtech businesses. The same report also noted that 56% of insurers said insurtechs present an opportunity to improve customer relationships through technologies such as AI. So does this mean brokers will soon be losing their jobs to robots? Johannes Pastor, national sector leader of insurance for KPMG Canada, doesn’t think so. “The Canadian insurance industry is heavily dependent upon insurance brokers,” he says. “The myth that brokers will be crossed out of the value chain is simply not true.” In KPMG’s recently released Canadian Insurance Industry Opportunities & Risks Report, insurers cited “focusing on brokers/ intermediaries and their needs” as one of their top business opportunities. But Pastor stresses that brokers and carriers must find new ways to connect with and provide value for consumers in order to stay

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Q&A

relevant. This could mean using Big Data capabilities to offer bespoke products and services, or investing in new technology to improve the customer experience. “Brokers are under pressure to redefine

“The threat to brokers is very real, but there’s also enormous opportunity for them to reinforce their value” their value proposition in the supply chain for consumers and insurers alike,” Pastor says. That said, consumers still appreciate the service brokers can provide, says Stephen Smith, partner in audit and financial services at KPMG Canada. “Canadian consumers value the broker’s role in the insurance transaction,” he says. “It’s a fundamental part of the industry, and it differentiates Canada from other parts of the world, where we’re seeing a much greater presence of insurance aggregators.” KPMG’s report highlighted the fact that evolving consumer expectations are driving innovations such as automation, while also pressuring an industry that is strictly regulated and still clings to legacy operations. In other words: Brokers need to up their customercentric game to set themselves apart from insurance-selling robots. “The threat to brokers is very real,” Smith says, “but there’s also enormous opportunity for them to reinforce their value and think outside the box in terms of how they interact with customers.”

Nive Mahalingam Regional manager, Canada ZYWAVE

Career highlight Helping more than 200 Canadian brokerages across multiple provinces improve their organic growth

Commodity or trusted advisor? What products does Zywave offer that are particularly relevant to today’s brokers? Zywave grew from a brokerage ourselves. We understand the need to help brokers move away from being a commodity to being a trusted advisor. Our solutions bridge the disconnect between how typical brokers sell and what clients are looking for in a broker. Yes, they need guidance with the placement of insurance, coverages and appropriate limits, [but they also] need help in addressing their business exposures and navigating the complexities of compliance. Our Broker Briefcase, powered by the MyWaveConnect platform, is designed to help brokers win new accounts, make retention easy and train their team with the insurance industry’s most powerful sales, marketing and education growth platform.

A recent Aon report found that employee engagement in Canada has experienced a decline in recent times, driven by disruptors such as new technologies and business approaches. What are your thoughts on the matter? We view technology as the vehicle to deliver value, enhance the client experience and drive employee engagement. The right technology partner can empower employees to make a change, to engage clients, to accomplish their initiatives. It is the power of the human relationship; it is the power of showing businesses how they are truly different and providing an excellent customer experience. Technology just makes it easier to provide value. Every new efficiency due to technology comes with a potential erosion in that human touch. We have to be cognizant of that fact.

What do you think of the increasing role of automation in the insurance space? Technology disruption has occurred in several other industries, including banking and travel agencies. Adaptation is key. The industry is seeing a rampant rise in automation in the personal lines and small-business commercial spaces. These online purchasing engines continue to program buyers to merely focus on price. Technology can also be a good disruptor – one that empowers brokers to bring more value and insight to the table, affecting price at the end of the day and doing so in an efficient manner. AI won’t be a replacement for agents, but it has an opportunity to be an enhancement. Harness the power of AI, and all will benefit.

What other emerging technologies do you think have the potential to disrupt insurance, for good or otherwise? Blockchain has the power to create a decentralized, transparent and trustworthy process of procuring insurance, managing claims, reducing fraud and other efficiencies. This technology may sound like it’s replacing a lot of the broker’s role, and it might. Brokers will need to adapt and evolve. These changes bring opportunities for brokers.

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UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email insurancebusiness@kmimedia.ca

Rise of the entrepreneur A confluence of opportunity, diversification and technological innovation has led established business icons to embed themselves in the global insurance industry, writes Geoff Stooke DESPITE BEING one of the world’s largest and oldest industries, insurance’s pioneers are for the most part unknown to us, with the exception of Edward Lloyd and his coffeehouse. The leaders who have shaped insurance in the past haven’t become household names, unlike those at the helm of other industries such as banking, fashion, consumer goods and technology. However, that is changing in the face of an emerging trend: the entry of the futurist or business icon into the field of insurance. I refer to them as insurance superentrepreneurs – these innovators have already dominated another industry vertical, and they now have their sights firmly fixed on reshaping insurance. The most recent high-profile business leader to make headway into the industry is Amazon’s Jeff Bezos, and I am genuinely excited to see what this icon can achieve and what innovation his enterprise will bring to our market. A more established super-entrepreneur is Jack Ma of Ali Baba. In 2017, Ma, via his investment arm Ant Financial, along with Tencent Holdings and the Ping An Insurance Group, went public with Zhong An, the first wholly online P&C insurer in Hong Kong. The business was primarily focused on insurance solutions for shipping, freight and returned goods (something I’m sure Amazon is watching closely), but Zhong An’s long-term aim is to reshape the insurance industry via the use of technology across

every element of the value chain. Shia Wininger, well known in tech circles as co-founder and chief technology officer of freelancer site Fiverr, has also turned his attention to the insurance industry by co-founding the paradigm-shifting Lemonade. The market entry of Lemonade, a customer-centred technology solution that

after success elsewhere. Buffett’s love of the insurance ‘float’ for investment purposes is well documented, and he has demonstrated time and time again that his value-investing principles have been fundamental to his and Berkshire Hathaway’s success. I have no doubt that we are only seeing the beginning of this continued movement of entrepreneurs into the insurance industry. As members of the industry, we are participating in a sacred historical transaction that has been quietly supporting modern progress, commerce and economy for centuries. When tradespeople needed support as they left farms behind, the insurance guild of the Middle Ages was founded. When new worlds were discovered, insurance protected ships. When Blaise Pascal and Pierre de Fermat pioneered a theory of probability, insurance gave that theory meaning with a social purpose. In our own time, when fire has ravaged or storms have hit, our industry has come to the fore. Wherever there is risk and fear, insurance will always strive to mitigate it.

“These innovators have already dominated another industry vertical, and they now have their sights firmly fixed on reshaping insurance” uses artificial intelligence and behavioural economics to improve the experience of those buying homeowner’s and renter’s insurance, is so far the most overt confluence of emerging technology and the risk-transfer business. The insurance super-entrepreneur is by no means an entirely new phenomenon. Business icon Warren Buffett has successfully positioned himself as a prominent provider of consumer and business P&C insurance for some time via Geico/Berkshire Hathaway Specialty Insurance Group, demonstrating the application of that wonderful Wayne Gretzky quote about moving to “where the puck is going, not where it has been.” Warren Buffett has an innate understanding of where to be positioned in any industry sector, so it’s no surprise to me that he was the real first mover into insurance

I want the great entrepreneurs outside the industry to know just how important and meaningful insurance is to society and modern progress. Perhaps one day those entrepreneurs who continue to provide me inspiration – Julia Hartz, Robin Li, Ev Williams, Jack Dorsey, Sara Blakey, Reid Hoffman, Peter Thiel, Sean Parker, Brian Chesky, Travis Kalanick, Daniel Ek, Ryan Hoover, Mark Zuckerberg and even Elon Musk – might consider positioning themselves within insurance to support current or future ventures.

Geoff Stooke has more than 10 years of experience in the insurance industry and currently serves as managing director of Modern Risk Solutions.

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4/04/2018 1:17:14 AM

PEOPLE

INDUSTRY ICON

AT THE FOREFRONT OF CHANGE Trevor Maynard, head of innovation at Lloyd’s, talks about working to ensure that insurance can keep up with the ever-evolving global risk landscape

IN 1688, Edward Lloyd’s London coffeehouse was as a hub for information regarding shipping. The evolution of Lloyd’s over the next three centuries consolidated its status as the center of the global insurance market. But despite its storied history, Lloyd’s is hardly encumbered by its past. On the contrary, the Lloyd’s team works tirelessly to ensure it remains at the forefront of innovation, and Trevor Maynard heads up the team charged with those endeavours. “We’re trying to create an environment where innovation can flourish in the Lloyd’s market,” Maynard says. One of his innovation team’s chief responsibilities is horizon-scanning, and that has produced a great deal of information on emerging risks. “We’ve done reports on liability exposure management, which is a really tough problem in the insurance industry,” Maynard says. “We can do natural catastrophe exposure management very easily now – there are lots of great models – but liability is a lot more difficult.” Last year, Lloyd’s published a report, in collaboration with Arium, that set out a new data-driven methodology allowing insurers and reinsurers to model liability exposure probability across their entire portfolios – something the insurer says was previously not possible. Maynard also points to the efforts of Lloyd’s data lab team in exploring new technologies. “They’ve been looking at various

proofs of concept, [focusing on] things like artificial intelligence,” he says. In addition to the work Lloyd’s itself is undertaking, Maynard says the insurer encourages the market, giving other companies space to lead innovation. “We’re trying to understand how the new economy is going to function in a highly digitized and connected world,” he says, “and then thinking about the products the insurance industry needs to offer in such an environment.”

And, of course, it assumes everyone will do the things they said they would do.” Referencing the pledge in the agreement to cut greenhouse gas emissions with a view to capping global warming at 3 degrees Celsius, Maynard says, “We really need to get it down below 2 degrees to avoid some very nasty effects – starting now, but getting worse and worse this century.” Naturally, cyber risk is also a major focus for the innovation team at Lloyd’s. “Cyber insurance is one of the big ones that we’ve

“We’re trying to understand how the new economy is going to function in a highly digitized and connected world, and then thinking about the products the insurance industry needs to offer in such an environment” Key concerns In terms of emerging risks, Maynard cites climate change – a risk he’s been watching closely for the past 12 years – as the one that concerns him most. “The world is rapidly changing, and you’ve got perils that have been known about for years, but they’re becoming more destructive,” he says. “Climate change is affecting the strength of hurricanes, we firmly believe. Although we have the Paris Agreement, it still doesn’t go far enough.

been involved in in recent times,” Maynard says. “Lloyd’s is certainly one of the largest providers of cyber insurance in the world, and if you look at our list of outputs, we’ve produced a whole string of work on cyber to try to quantify the risk.” That work includes the 2015 Business Blackout report, a joint effort with the University of Cambridge’s Centre for Risk Studies, which analyzed the insurance implications of a major cyberattack on the US power grid. It estimated the total impact

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PROFILE Name: Trevor Maynard Company: Lloydâ&#x20AC;&#x2122;s of London Title: Head of innovation Based in: London Fast fact: Maynard has a masterâ&#x20AC;&#x2122;s degree in pure mathematics from the University of Warwick and a PhD in statistics from the London School of Economics

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PEOPLE

INDUSTRY ICON

on the US economy of such an attack would be $243 billion, but it could hit more than $1 trillion in the most extreme version of the scenario. More recently, research by Lloyd’s and Cyence detailed that a cyberattack could potentially trigger $53 billion of economic losses – roughly equivalent to a natural catastrophe along the lines of 2012’s Superstorm Sandy. “The key thing that came out of that report was how much of [the risk] was not insured,” Maynard says. “It was only about 10% that was insured.”

“It’s exciting times,” he says. “We think it’s very important as a group that we horizonscan, because if you want to be ready for a society in five to 10 years, you need to start changing now and anticipating it.” The Internet of Things is a major focus for Lloyd’s, which plans to publish a report next year devoted to the subject. Maynard’s team will also pursue further work around the sharing economy and look at developments in the mining industry. “They’re innovating themselves,” he says, “and we think it’s useful to draw the attention of the market to that.”

“We think it’s very important as a group that we horizon-scan, because if you want to be ready for a society in five to 10 years, you need to start changing now and anticipating it” Insuring drones is another subject that has been occupying the attention of Maynard and his team, along with the risks associated with the sharing economy. “We’re also looking at new ways of working – it’s not just about products,” he says. “For example, electronic placement has been a big project to try to streamline the placement of risk at Lloyd’s, and that’s now up and running. We’ve got 90 underwriting firms on there and 25 brokers. So people are starting to adopt it, and many risks have been bound through this live system. That’s a pretty big innovation and something that we hope will continue to grow.”

The future of innovation Looking ahead, Maynard says Lloyd’s has a lot in the pipeline.

And then there’s the challenge of the insurance gap. “For a lot of countries in the world, when disaster strikes, only a tiny fraction of that is insured, particularly in developing countries,” Maynard says. “I’d personally love to see a bigger insurance market globally providing protection to those countries because, if anything, they have even more to gain through risk transfer. Sometimes their economies are set back a decade or so by a major disaster, whereas if they had insurance, they would be up and running again and continuing to develop straight afterwards.” For Maynard, staying on top of these issues and designing solutions to address them is all part of ensuring that the Lloyd’s name remains synonymous with insurance three centuries from now.

A HISTORY OF INNOVATION AT LLOYD’S

1904

Underwriters at Lloyd’s become the first to offer car insurance

1911

Lloyd’s writes the first-ever aviation insurance policy

1920s

Silent film star Ben Turpin buys an insurance policy with Lloyd’s, payable if his trademark crossed eyes ever uncross

1965

The first space satellite insurance is placed at the Lloyd’s market, covering physical damage to the Intelsat 1 on pre-launch

2006

Soccer superstar David Beckham insures his legs for £100 million

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4/04/2018 1:18:03 AM

SPECIAL REPORT

YOUNG GUNS 2018

IBC highlights 45 young insurance professionals who are transforming the way the industry does business

THE INSURANCE industry’s ongoing struggle to recruit, engage, train and retain young talent has been a growing concern for some time – yet the 45 individuals on the following pages paint a much brighter picture of the industry’s future. All 35 years of age or younger, they have collectively achieved more success in Canada’s insurance community than many decades-long veterans. On the following pages, you’ll be introduced to young people who are passionate about insurance, dedicated to giving back to their communities and committed to passing on their knowledge through training and education courses and by mentoring their peers. From standout producers to entrepreneurs and CEOs who are reshaping the future of insurance, these Young Guns haven’t let their limited time in the industry hold them back.

YOUNG GUNS 2018 INDEX COMPANY

NAME

HUB International Insurance Brokers

Heather O'Connor

Jones DesLauriers Insurance Management Inc.

Dina Godinho

Christopher Wiens

Kent & White Insurance

Brian Schryer

Avant Insurance Brokers Ltd.

Cole Leitch

Knight Archer Insurance Brokers

Katarina Lodongi

Beazley

Miki Ho

L’Unique assurances generales

Martin Simard

Bedrock Insurance Brokers Inc.

Michael Abraham

Lackner McLennan Insurance Ltd.

Chris Stark

Burns & Wilcox Canada

Justin P. Sadaphal

Lloyd Sadd Insurance Brokers

Krista Dunphy

Will Killen

COMPANY

NAME

PAGE

Acumen Insurance Group

Kyle Melko

Alteri Insurance Brokers Inc.

Joshua Krenus

Aon

Cameron Chisholm

Aon Risk Solutions

PAGE

Burns & Wilcox Canada

Meghan Maher

Markel Canada

Cowan Insurance Group

Ryan Burns

MCT Insurance

Sarah Wentzell

Crewson Insurance Brokers Ltd.

Chris Cosack

Mitchell & Whale

Adam Mitchell

Digital MGA Marketplace Ltd.

Jeff McCann

MLS Insurance Brokers Ltd.

Fred Tessier

ENCON Group Inc.

Andrew de Ruiter

PAL Insurance Brokers Canada

Stephanie Langlois

PBL Insurance Ltd.

Mike Boynton

Founders Insurance Group

Mitch MacLellan

Brett Nichol

Guardsman Insurance Services Inc.

Programmed Insurance Brokers Inc.

Thomas Watson Jr.

QBE Services Inc.

Scott Gilmour

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PAGE

KYLE CASE

JOSHUA KRENUS

Bodily injury claims representative

President and CEO

THE CO-OPERATORS

ALTERI INSURANCE BROKERS

Age: 29 Location: Ontario

Age: 30 Location: British Columbia

Kyle Case began his insurance career with The Co-operators as a sales associate in 2009 before moving into the claims department. Five years ago, Case joined the bodily injury team, where he now serves as an intermediate bodily injury claims representative. Two years ago, Case was selected to participate in a volunteer program sponsored by The Co-operators called Leave for Change, which gave him the opportunity to travel to Vietnam and volunteer with a college to help build a program aimed at better serving alumni. In addition to his day job, Case is also a part-time instructor in the Business – Insurance program at Fanshawe College in London, Ontario. “As a graduate of the program, I am happy to be back helping students prepare for careers in the insurance industry,” Case says. Active in several industry associations, Case is currently the London chapter delegate for the council of the Ontario Insurance Adjusters Association. He also sits on the board of the Southwestern chapter of the Insurance Institute of Ontario, and he previously served as director, vice-president and president of the London Claims Association.

At just 30 years old, Joshua Krenus has already acted in New York City, made his own film, played junior league hockey, and founded and run his own detailing business, and he’s now the president and CEO of his own insurance brokerage. In late 2016, Krenus founded Alteri Insurance Brokers as a life, accident and health brokerage with zero clients and zero revenue. By the end of 2017, Krenus had accumulated a book of business that generated a six-figure revenue, attracted a new shareholder, gained a board of directors and become generally licensed, allowing Alteri to become a full-service insurance brokerage. The same year, Krenus was named as a finalist for Life & Health Advisor of the Year at the 2017 Insurance Business Awards. “We have a large focus on being a young, full-service brokerage,” Krenus says. “Our site allows our customers to submit information directly to our specialists regarding the specific coverage they need. By the end of Q3, we will have a back-end system in place that allows users to log in with their own username and password to view all of their up-to-date insurance documents.” When he’s not focused on growing his brokerage, Krenus is involved with The Vancouver Club and sits on the board of Resilience iAM, a nonprofit organization that raises awareness of domestic abuse.

COMPANY

NAME

Reliance Insurance

Vanessa Irvine

Ridge Canada Cyber Solutions

Greg Markell

RSA Insurance

Kelly Hopkins

Stanhope Simpson Insurance Ltd.

Victoria L. Stanhope

Sylvan Agencies Insurance Ltd.

Leah McIntyre

TG Group Inc.

Taylor Graham

The Co-operators

Kyle Case

Tredd Insurance Brokers

Thomas Wright

Trisura Guarantee Insurance Company

Michael Kalakauskas

Trisura Guarantee Insurance Company

Dylan Smith

Western Financial Group

Andrew Cilinsky

Westland Insurance Group Ltd.

Jennifer Thorne

Willis Towers Watson

Imran Pira

FUN FACT Case spent a year living in Thailand at the age of 16 as a Rotary International youth exchange student.

Youngs Insurance

Steven Annunziata

Zurich

Ally Lawlor

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SPECIAL REPORT

YOUNG GUNS 2018

COLE LEITCH President and CEO AVANT INSURANCE BROKERS Age: 34 Location: Manitoba

With 17 years of insurance experience under his belt, Cole Leitch established Avant Insurance Brokers in Winnipeg in 2016. Avant’s recent acquisition of another brokerage doubled its employee base and tripled its total commission

numbers. Leitch also managed to grow his own business organically by around 50% last year, and he had a 2017 renewal retention rate of over 100% of commission. In recognition of these accomplishments, Leitch was named a finalist for Young Gun of the Year at the 2017 Insurance Business Awards last November. Currently, Leitch is in the beginning stages of supporting school breakfast and lunch programs to ensure all children have access to fresh, healthy meals at school, as well as assisting students with basic necessities they’re not receiving at home. “My ultimate dream is to have healthy meals provided to all Manitoba students, free of charge, every day they are at school,” he says. Leitch has also volunteered with Habitat for Humanity, partnering with Travelers Canada in 2017 to help build a home.

FUN FACT Leitch is an avid hunter of waterfowl and deer; he recently tried goose-hunting for the first time and has since become hooked.

JENNIFER THORNE Commercial account manager WESTLAND INSURANCE GROUP Age: 32 Location: Alberta

After moving to Calgary from Nova Scotia, Jennifer Thorne started her career in an administrative position at a family-owned insurance brokerage, and she’s been part of the industry ever since. “I can’t imagine doing anything else,” she says. “Not one single day is the same. There’s always a new product to learn about or a new challenge to take on.” Currently working toward her CIP designation, Thorne has developed a particular interest over the course of her career in specialized products that gave her the ability to fully cater to her clients’ needs in the aviation, transportation and event liability markets. In her current role as a commercial account manager with Westland Insurance Group, Thorne

harnesses her affability, persistence and professionalism to drive new business growth for the company.

CAMERON CHRISHOLM Vice-president AON Age: 35 Location: Ontario

As a vice-president and team leader at Aon, Cameron Chrisholm heads a group of account executives and support staff specializing in SME commercial risks across a variety of industries and product types. Since 2014, Chrisholm and his team have achieved exceptional growth of over 20% each year, which has led to several of his team members receiving sales awards. Chrisholm himself has received Aon’s Summit Sales Award four years in a row for being the top producer. Currently, Chrisholm is focusing on improving Aon’s growth in the small to mid-sized commercial segment throughout the region and across Canada. Chrisholm also participates in a number of charitable initiatives, including an annual food drive for the local food bank and fundraising for the Burlington Humane Society, Halton Women’s Place and the Darling Home for Kids. Prior to working in insurance, Chrisholm was in the music industry, holding positions at record labels and music publishers while also playing guitar in several bands.

www.insurancebusiness.ca

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VICTORIA L. STANHOPE President STANHOPE SIMPSON INSURANCE Age: 32 Location: Nova Scotia

MICHAEL ABRAHAM President and CEO BEDROCK INSURANCE BROKERS Age: 32 Location: Ontario

In 2009, Michael Abraham got his feet wet by working part-time in insurance for a year before deciding to acquire his RIBO licence. After working as a broker for about five years, Abraham’s success inspired him to set out on his own. He founded Bedrock Insurance Brokers, which he continues to head as president and CEO. “I had a vision of building a brokerage that would service brokers like myself and help them grow their own books and build their careers, which is very rewarding,” he says. “As someone with the entrepreneurial itch, I enjoy watching the progress and development of businesses and, at the same time, doing my part in making sure they are protected from any insurable loss by understanding the depths of their

Victoria Stanhope doesn’t fit the traditional mould of a commercial insurance broker principal, let alone one who specializes in the competitive and male-dominated construction and development industry. Stanhope has been an integral part of Stanhope Simpson Insurance for more than 10 years, learning the ropes from her mentor and father, Victor Stanhope. During the first few years of her career, Stanhope quickly developed a passion for commercial insurance and surety bonding, and her father made it known that she could one day succeed him and become president if she worked hard to earn the respect of the brokerage’s construction clients and longtime staff. In 2008, she earned her CIP designation and then enrolled in the MBA program at Saint Mary’s University, while continuing to work full-time and simultaneously completing the CRM and Fellowship CIP programs. Today, Stanhope’s individual book of

business is the largest in the company and includes many prominent construction and development companies in the region. In October 2016, Stanhope was promoted to president of Stanhope Simpson Insurance. She was also recently nominated to join the board of directors of the Construction Association of Nova Scotia and completed QuantumShift, an elite national executive leadership program at Ivey Business School, in which she was the sole Nova Scotian and only participant from the insurance industry. A firm believer in giving back, Stanhope serves on the steering committee for The Great Big Dig for the IWK, which raises more than $300,000 each year for Atlantic Canada’s children’s hospital. She also serves on the Dalhousie University Centre for Family Business and Regional Prosperity advisory board and speaks to undergraduate and graduate classes about family businesses.

businesses in order to know what to protect.” His experience with his former employer taught Abraham the importance of creating an excellent culture, but he added a new twist to his own brokerage in the form of modernization, highlighting Bedrock’s focus on using social media, digital marketing and apps to reach customers. As such, Abraham is quick to reassure brokers who are concerned about being replaced with technology. “These apps should not affect the brokerage model – they are for single, simple products,” he says. “As brokers, we will always be needed on the commercial end; there is no conceivable way for a large manufacturer to buy and understand insurance on demand. Brokers are really asset risk managers.” Abraham advises those new to the industry to look at things from the client’s perspective in order to meet their needs. “Many clients don’t understand their insurance,” he says, “and they really appreciate and need your help.”

STEVEN ANNUNZIATA Account executive YOUNGS INSURANCE Age: 30 Location: Ontario

Steven Annunziata started out as a group insurance CSR at Youngs Insurance in 2013, but he quickly transitioned into an account executive role the following year for the company’s online sales department. For the next two years, he led Youngs Insurance to achieve more than $3.2 million in new personal lines business. Last year, Annunziata took on a more traditional broker position and began specializing in home, auto and commercial business, and was named Youngs Insurance’s top personal lines sales producer. Annunziata is currently spearheading a new initiative involving online lead generation, with the goal of achieving more than $5 million in sales for the year.

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SPECIAL REPORT

YOUNG GUNS 2018

TAYLOR GRAHAM Account executive TG GROUP Age: 25 Location: Ontario

After completing two university honours degrees in law and public policy, Taylor Graham joined TG Group and went on to earn his RIBO licence and complete his

JUSTIN P. SADAPHAL Director of operations BURNS & WILCOX CANADA Age: 31 Location: Ontario

At 31, Justin Sadaphal has already become a key member of the Burns & Wilcox Canada team, having been promoted from national operations and sales manager to director of operations in late 2017. In this role, Sadaphal oversees reporting and analytics, compliance, systems, and training, and leads an operational support team for underwriting groups in six Canadian offices. In terms of reporting and analytics, Sadaphal has spearheaded major improvements in the distribution of critical information. By targeting specific key performance indicators, he was able to translate detailed data into easily digestible information for underwriters and decision-makers, which has contributed to Burns & Wilcox’s overall double-digit growth in Canada. In line with the company’s dedication to tapping into and growing millennial talent, Sadaphal helped design a program from the ground up, involving himself extensively in the interview and recruitment processes to shape an

CAIB designation in just one year. He is now working toward his CIP designation. Graham has been successfully handling a book of business worth more than $1.5 million and is currently building an Ontario commercial insurance program for distribution. He has worked with large insurers to design exclusive commercial and VIP personal lines programs, as well as high-end builder’s risk and bed-andbreakfast products, and has achieved a closing rate of over 90% and a retention rate of over 95% for the last two years. Graham is a member of the Owen Sound Rotary Club, where he became an executive after his first year. He is also involved with the local chamber of commerce and several builders’ associations in the area.

unrivalled talent and development program. In designing the program, Sadaphal focused on outlining the strategic fit of a new hire to build one of the strongest assistant programs in the country. A built-in dialogue explains to new hires where the company is today, its goals for the future and how the new employee’s role contributes to moving the company forward. “Being able to have a transparent dialogue with new assistants” is the lifeblood for buy-in and engagement with millennial recruits, he explains, and this program “creates empowered high performers who take initiative and add real value to the bottom line.” The program has helped create a workforce where 65% of the employees are millennials. Sadaphal was awarded Burns & Wilcox’s Distinguished Service Award in both 2015 and 2016 for his overall leadership and culture and engagement initiatives, including the development of the new assistant program. Last year, Sadaphal successfully completed the Kaufman Advanced Management Program, a prestigious 18-month program designed to help emerging leaders to grow their managerial skills. When asked why he chose a career in insurance, Sadaphal says, “I wanted

WILL KILLEN Senior underwriter, casualty MARKEL CANADA Age: 32 Location: Ontario

Will Killen joined the casualty team for Markel’s Central region as a senior underwriter in 2016. He previously worked as a commercial P&C and auto underwriter at Travelers and also held roles with Iter8 and Intact Insurance. A key underwriter at Markel Canada, Killen leads various product launch initiatives within the company. Most recently, he has been working on crafting a healthcare product, in addition to other niche services for clients in the healthcare industry.

a career in which I could apply my full spectrum of skills. In insurance, it is more than technical expertise. I have found that the ability to create win-win scenarios with business partners and the ability to build long-lasting relationships eclipses nearly everything else, and I enjoy that aspect of it.”

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KATARINA LODONGI Insurance broker KNIGHT ARCHER INSURANCE BROKERS Age: 31 Location: Saskatchewan

When Katarina Lodongi isn’t advising clients on the essentials of insurance and risk management as a broker with Knight Archer Insurance Brokers, she dedicates her time to help those who genuinely need it. “When I immigrated to Canada with my mother and siblings, we received so much support in settling down and understanding the culture and way of life in this country,” she says. “In turn, I choose to help those who are currently Canadian citizens and those who are newcomers to better understand the significance of insurance and how it can provide possible ways of protection and contingency for the uncertain future.”

To assist new immigrants in their transition to Canada, Lodogni explains the purpose and importance of risk prevention and insurance at the nonprofit Regina Open Door Society, which provides settlement and integration services to refugees and immigrants. Additionally, Lodogni volunteers with United Way Canada, where she assists children ages 8 to 12 with reading and activities and raises donations to help fund students’ education. Lodogni has also raised funds for Brighter Futures for Children, an event that supports the healthy development of young children in Regina.

FUN FACT Lodongi speaks all Arabic dialects. “It helps me bond with Syrians, Egyptians, Sudanese, Tunisians, Lebanese, South Sudanese and all of the Arabicspeaking communities in Regina,” she says.

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SPECIAL REPORT

YOUNG GUNS 2018 LEAH MCINTYRE Office manager SYLVAN AGENCIES INSURANCE Age: 34 Location: Alberta

A life-long ‘Laker’ born and raised in Sylvan Lake, Alberta, and married to the town’s mayor, Leah McIntyre joined Sylvan Agencies more than 15 years ago. In 2015, she was promoted to office manager and now oversees a staff of 20 while maintaining a personal lines book. McIntyre successfully spearheaded a $12 million internal book roll and has since become a resource to other brokerages looking to do the same. McIntyre was also part of the core synergy team when Inowest/Rogers Insurance purchased Sylvan Agencies, and today she is working on changing over Sylvan’s BMS system. Outside of insurance, McIntyre volunteers as the financial coordinator for Shake the Lake, a familyfriendly festival that takes place every summer in Sylvan Lake.

RYAN BURNS Commercial account executive COWAN INSURANCE GROUP Age: 32 Location: Ontario

Since joining Cowan Insurance Group [CIG] in 2015, Ryan Burns has grown a niche book of commercial business from $650,000 to more than $3.2 million while keeping a retention rate of over 96% and growing existing accounts by 24%. Currently, he is working to become the in-house specialist at CIG in the medical cannabis sector. Burns also facilitates a high-risk auto recycling program across Canada for the Ontario Automotive Recyclers Association, taking over the reins from his father, who implemented the program more than 20 years ago. Burns also previously served as an ambassador for the Insurance Institute, where he helped motivate young people to consider careers in the insurance industry.

MARTIN SIMARD Director, personal lines L’UNIQUE ASSURANCES GÉNÉRALES Age: 33 Location: Quebec

In 2015, Martin Simard joined L’Unique as director of personal lines for the province of Quebec. Aside from being accountable for more than $150 million in premium, Simard oversees 55 employees and has always made the development and motivation of his team a top priority. In both his professional and personal life, Simard is a strong believer in the classic adage “Alone you go faster; together you go further.” The results speak for themselves: increased productivity and a more engaged team, improved satisfaction among brokers, and growth that is more than twice the industry average.

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GREG MARKELL President and CEO RIDGE CANADA CYBER SOLUTIONS Age: 32 Location: Ontario

CHRISTOPHER WIENS Vice-president and account executive AON RISK SOLUTIONS

A self-described ‘crypto geek’ and ‘insurance nerd,’ Greg Markell names becoming a Lloyd’s coverholder and being granted cyber underwriting authority as one of his most notable recent accomplishments. Having captured a strong share of the Canadian standalone cyber market, Ridge Canada Cyber Solutions expects to double its GWP in 2018. The company is also in the process of launching a partnership with a global risk management firm and a national law firm to offer an integrated cyber underwriting model. Markell’s other notable accomplish ments include teaching the Insurance Business Cyber 101 continuing education course, contributing a chapter on cyber risk management to a Canadian textbook now being used by several post-secondary institutions, and serving as keynote speaker, panelist or moderator at various conferences. He also advises a number of organizations, including the Canadian Advanced Technologies Association, and has been involved in shaping the federal government’s national cybersecurity strategy.

Age: 33 Location: Manitoba

CHRIS COSACK Broker CREWSON INSURANCE BROKERS Age: 29 Location: Ontario

Chris Cosack has only been in the industry for two years, but those two years have been quite busy as Crewson Insurance Brokers undertakes multiple transformation initiatives to reinvent itself as a modern, agile brokerage. “While the industry focus has definitely been on deploying technology to improve client experience,” Cosack says, “for us the motivation is in leveraging those tools to create a scalable business that’s unlike anything we’re competing against in our market right now.”

After graduating from the University of Manitoba, Christopher Wiens joined Aon’s construction services group in 2010. In his first five years, he focused on driving new business within the Manitoba construction sector. During that time, Wiens grew his book of business to more than 100 insurance and surety clients and over $1 million in revenue. In search of a new challenge, Wiens relocated to Toronto, where he played a critical role within Aon’s head office by focusing on client retention. Acting as an ambassador for Aon’s construction services group across Ontario and at a variety of construction association events across North America, Wiens managed accounts from Ottawa to Kitchener and as far north as Sault Ste. Marie. Wiens recently returned to his home city of Winnipeg as a member of Aon’s risk management practice, and he looks forward to continued success within the Manitoba marketplace.

Since joining Crewson, Cosack has passed the RIBO exam, earning the Donald W. Lambie Award for the highest score in 2016. He completed his CAIB designation in 2017 while also leading Crewson’s conversion to paperless operations. Cosack also helped develop a new corporate website and acquired the technical skills needed to troubleshoot the company’s broker management system. On top of managing back-end technology, Cosack has been busy building his own book of business while also assisting with the management of another book worth $2 million. “Chris has become an indispensable analyst of our performance numbers and emerging issues in our operations, as well as the marketplace,” says principal and co-owner Ed Crewson. Outside of the company, Cosack is active in his local IBAO chapter, has helped raise funds for the local hospital and has assumed a leadership role in the DufferinCaledon Federal Liberal Association.

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SPECIAL REPORT

YOUNG GUNS 2018

MITCH MACLELLAN Vice-president, business development

KRISTA DUNPHY Account manager LLOYD SADD INSURANCE BROKERS Age: 33 Location: Alberta

Krista Dunphy plays a vital role in ensuring Lloyd Sadd remains attuned to current developments in insurance by regularly involving the office in industry events, which has led to more networking opportunities and great working relationships with insurers and other brokers. Dunphy is currently focused on growing a nonprofit book and devotes a considerable amount of her time to better understanding these organizations and their services. “Krista is a very hard worker, very organized and on top of her game,” her manager says. “She knows where to go for information and is not afraid to make phone calls or take a webinar to build up her knowledge. She is very well viewed by the underwriters we work with and is a great Lloyd Sadd ambassador.” Dunphy’s work within Lloyd Sadd goes beyond insurance – she is the captain of the brokerage’s Slo-Pitch softball team and organizer of its curling team, and is actively involved with the Edmonton Insurance Curling and Slo-Pitch Associ ations. Dunphy is also a general member of the Edmonton Pond of The Honorable Order of the Blue Goose, International.

FOUNDERS INSURANCE GROUP Age: 27 Location: Nova Scotia

In 2017, Mitch MacLellan became a managing partner at Founders after two years of working as business development manager and leading the company’s sales and retention initiatives. Thanks to MacLellan’s efforts, the brokerage has experienced double-digit year-over-year growth for three consecutive years, including 21% growth for the commercial

ANDREW CILINSKY Regional director WESTERN FINANCIAL GROUP/ WYATT DOWLING INSURANCE BROKERS Age: 32 Location: Alberta

lines portfolio since 2015. As member of the management team, MacLellan played a key role in leading the brokerage through a restructuring, which involved realigning team members’ work to better accommodate the company’s focus on sales and retention. He has helped guide Founders to increase its market share in the Halifax area through increased social media presence, an enhanced approach to customer service and a redefined focus on sales. Since joining the industry, MacLellan has completed his LLQP and CAIB designations and is now actively working toward his CIP. As a result of his professionalism and dedication to education, RSA Insurance selected him to attend its prestigious Making Partner program in April 2017. MacLellan is also regularly asked to attend broker focus groups by insurers who view him as a next-generation broker with insight into changing customer expectations around technology, service and coverage. He is currently working with suppliers to map out new ways to bring Founders further into the digital space.

As head of Western Financial Group’s largest region, which brings in more than $26 million in revenue, Andrew Cilinsky oversees a growing team of over 300 employees. In the few years he’s been with the company, Cilinsky has been able to make quite an impact on both internal management and client service. He helped create a center for customer service excellence and was recently tasked with leading the integration between Western and Winnipeg-based Wyatt Dowling Insurance Brokers. Cilinsky has also managed to grow the Southern Alberta region year-over-year in terms of both premium dollars and employee engagement, and has been recognized for the second year in a row as the top sales director in the organization. Cilinsky is currently working on his MBA in hopes of expanding his skill set and growing his career in the industry.

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SPECIAL REPORT

YOUNG GUNS 2018

SARAH WENTZELL Branch manager MCT INSURANCE Age: 30 Location: Nova Scotia

JEFF McCANN CEO DIGITAL MGA MARKETPLACE Age: 29 Location: BC

At 29, Jeff McCann is already the CEO of his own company, which he touts as “the first entirely online MGA in the property & casualty insurance industry in Canada and potentially globally.” McCann champions insurtech and digital marketing solutions not as replacements for brokers, but as a way to empower them to better serve and advise clients. Because he has worked as a licensed broker, McCann has an insider’s perspective of the industry that sets him apart from many other entrepreneurs in the insurtech space. McCann envisions the Digital MGA

Marketplace platform as a go-to technology and marketing resource, particularly for smaller brokerages, granting them access to new markets and distribution channels, thereby enhancing the overall competitiveness of the industry. Digital MGA Marketplace was recently accepted into Accelerate Okanagan, one of Canada’s leading tech incubators. In addition to running Digital MGA Marketplace, McCann is involved with the BC Chamber of Commerce and has hosted several nonprofit insurance information sessions for its members.

FUN FACT McCann is also a professional travel writer who has contributed to publications such as the Vancouver Sun and National Post.

With nearly 11 years of experience in the insurance industry, Sarah Wentzell has worked her way up the ladder at MCT Insurance, serving on the administrative team and as a personal lines advisor before taking on her current role as branch manager for two of the company’s South Shore locations. When she’s not managing the branches’ day-to-day operations, Wentzell dedicates her time to selling both commercial and personal lines. Outside of insurance, Wentzell serves on the chamber of commerce for the communities of Bridgewater and Liverpool, Nova Scotia. She also served as the leadership chair for the Bridgewater Relay for Life for four years in a row. During her time volunteering for the organization, she helped raise more than $100,000 for the Canadian Cancer Society. Wentzell also previously ran a successful photography business for six years.

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MICHAEL KALAKAUSKAS National underwriting specialist, professional solutions TRISURA GUARANTEE INSURANCE COMPANY Age: 33 Location: Ontario

In his 11 years in the insurance industry, Michael Kalakauskas has worked as an account manager for various national and international brokerages in locations across Canada, including Halifax, Montreal and Toronto. As such, he understands the diversity of insurance and risk landscapes in Canada and enjoys collaborating with brokers operating across the country. Today, Kalakauskas serves as the national underwriting specialist for professional and cyber liability at Trisura Guarantee Insurance Company. As the national E&O and cyber product manager, he is responsible for product development, strategy, training, reinsurance placement, marketing and broker relationships across Canada. His product expertise includes miscellaneous and technology E&O, media liability, and cyber liability.

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SPECIAL REPORT

YOUNG GUNS 2018

STEPHANIE LANGLOIS Manager, special events department, Calgary PAL INSURANCE BROKERS CANADA Age: 33 Location: Alberta

As manager of the special events department for PAL Insurance Brokers’ Calgary office, Stephanie Langlois has made a huge impact on both brokers and clients. Langlois is constantly on the lookout for potential programs and ideas to enhance customer retention. She also provides ongoing feedback from the administration and client sides of the new corporate website and portal, which has helped improve its ease of use. Langlois’ dedication and efficiency have led PAL to experience a significant increase in customer and broker satisfaction. Always striving to improve and achieve more, Langlois often takes the lead on projects outside of her job’s scope, which has made her a valuable asset at PAL. Outside of her insurance work, Langlois is an avid bowler who has served on the board of directors of the Foothills Tenpin Association for the past eight years.

KELLY HOPKINS Regional sales manager RSA INSURANCE Age: 31 Location: Ontario

FRED TESSIER Broker and social media specialist MLS INSURANCE BROKERS Age: 25 Location: Ontario

Having earned a degree in civil engineering, Fred Tessier never expected to end up as an insurance broker with a flourishing career. As a broker and social media/marketing specialist, Tessier brings big-city ideas to the small-town office of MLS Insurance Brokers, based in the community of St. Isidore. Tessier supports a producer overseeing a book of business worth more than $3 million and has contributed to an increase of $600,000 within the last two years. He is also responsible for increasing the brokerage’s visibility on social media and developing and implementing marketing strategies, including launching the myMLS online portal/mobile app and creating an e-transfer payment option for customers. “Fred is dedicated to his work, often working nights and weekends without complaint,” a colleague says. “His

fun-loving, energetic personality makes him a pleasure to work with, and we can’t imagine MLS without him.” In 2015, Tessier completed his CAIB designation within a year and, at age 23, became the youngest broker in the company to hold the designation. Outside of MLS, Tessier sits on the board of directors for Caisse Populaire Nouvel-Horizon and Caisse Populaire for the Ontario region. He is also the president of the annual Pierre Charette Open, a golf tournament that raises funds for the Canadian Cancer Society; last year, Tessier helped raise more than $15,000 in memory of a co-worker.

Kelly Hopkins is proud to be a thirdgeneration insurance professional, following his grandfather and father into the industry. As regional sales manager at RSA, Hopkins is responsible for growing and strengthening the distribution channel, overseeing a portfolio of brokers across Southwestern Ontario. He co-developed RSA’s Commercial Insurance Broker Boot Camp, a hands-on interactive commercial broker training program, in 2016. In the same year, he was also nominated as a finalist for Business Development Manager of the Year at the Insurance Business Awards. Last year was another eventful one for Hopkins – he secured millions of dollars worth of portfolio commitments and transfers for RSA, which contributed to substantial territory top-line growth. He also began teaching part-time in the insurance management post-graduate program at Humber College, where he was responsible for course design that touches on auto insurance and on the role of the broker and agent.

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DINA GODINHO Partner and commercial account executive JONES DESLAURIERS INSURANCE MANAGEMENT Age: 34 Location: Ontario

The youngest partner at Jones DesLauriers Insurance Management [JDIMI], Dina Godinho’s career has been shaped by her desire to provide the best possible level of service to her clients. This focus on service has helped Godinho build her book of business through word of mouth. She has developed several niches, including hospitality, where she insures some of the fastest-growing hospitality groups in Toronto. She also focuses on the technology sector, where her skills allow her to cater to the industry’s many young entrepreneurs. Godinho also developed a bespoke directors & officers program for JDIMI, which is now being implemented across the Navacord group of companies. Last year, Godinho won JDIMI’s Outstanding Sales Award for the third time for generating more than $100,000 in new business commission revenue. She is also the founder and coordinator of the annual JDIMI Underwriter Appreciation event, chairs the JDIMI social committee, and is the Ontario coordinator of all cross-border business for Navacord. Outside of JDIMI, Godinho is involved with nonprofit organizations in Canada and Honduras.

IMRAN PIRA Vice-president, Toronto practice leader, FINEX North America WILLIS TOWERS WATSON Age: 33 Location: Ontario

In January 2017, Imran Pira was tapped by Willis Towers Watson to lead its newly formed Toronto-based FINEX practice, which operates within the corporate risk and broking divisions and focuses on financial and executive liability solutions that go beyond traditional D&O. In this role, Pira has been tasked with restructuring the group and has established a dedicated team of brokers who service all executive risk lines, including cyber and financial institution products. Pira’s team now handles

executive risk placement duties for Willis Towers Watson’s Montreal and Calgary offices as well. Prior to joining WTW, Pira started his career with Marsh Canada and spent the better part of five years working in its FINPRO practice as a client advisor, where he developed his specialization in directors & officers liability and executive risk lines of insurance. More recently, he spent five years as an underwriter with AXIS Capital, where he was responsible for managing and underwriting the publicly traded commercial D&O portfolio. Outside of his work at WTW, Pira volunteers with the Aga Khan Foundation, most recently serving as a Saturday schoolteacher for elementary students.

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SPECIAL REPORT

YOUNG GUNS 2018 MIKI HO Underwriter BEAZLEY Age: 30 Location: Ontario

Since September 2017, Miki Ho has been Beazley’s leading underwriter for cyber liability insurance, the company’s fastest-growing product line in Canada. Ho underwrites some of the largest cyber risks in Canada and has been

SCOTT GILMOUR Casualty underwriter QBE SERVICES Age: 33 Location: Ontario

A second-generation insurance professional, Scott Gilmour is following in the footsteps of his father, a longtime senior leader at a large multinational brokerage. In 2013, after spending time as a lawyer at a global corporate law firm and managing divisions for one of Canada’s largest construction companies, Gilmour joined the Toronto office of QBE Services, a Lloyd’s syndicate specializing in insuring complex risks. Relying on the experience he gained in his prior roles, Gilmour has worked to significantly grow QBE’s presence in the construction insurance market, building a multi-million-dollar book of mechanical contractor, roofer, road-builder and specialty subcontractor clients. “Scott has quickly built up a reputation of being a professional, intelligent underwriter who is respected by his colleagues, the underwriting community and the independent brokerage network as a whole,” a peer says. “Scott acts as a strong ambassador for the industry and embraces the advancements of technology in our sector and the impact it makes to corporate risk management. Scott represents the future of our industry while acting as a good example for other young professionals in the industry.”

MEGHAN MAHER Associate managing director BURNS & WILCOX CANADA Age: 34 Location: Nova Scotia

Meghan Maher is the definition of a trailblazer in the insurance industry. At 34, she has become one of the top 15 new business producers across more than 60 Burns & Wilcox offices in the United States and Canada. Within Canada, Maher was among the top three new business producers based on revenue income in 2017, which helped secure her a spot in the Kaufman Advanced Management Program, a prestigious 18-month program designed to help emerging leaders grow their managerial skills.

instrumental in the implementation of Beazley’s breach response strategy. A go-to expert on cyber risk matters, Ho frequently speaks on panels at various conferences, including the 2018 CIP Society Symposium, addressing how cyber liability and insurance has evolved in recent years. Outside of his underwriting responsi bilities, Ho actively participates on Beazley’s social and charity committees.

Maher started in insurance at a young age – her mother worked for a national brokerage, where Maher landed a job working in the file room two days a week. After spending a summer as an administrative assistant, she then joined the graduate trainee program at Marsh. After being hired by Burns & Wilcox Canada in 2016, Maher began building her book of business from the ground up out of her home office and managed to achieve tripledigit growth in 2017. Specializing in local processing and manufacturing risks in the Atlantic region, Maher is actively working on new programs and regularly partners with London for access to excess markets with much larger limits of capacity. Responsible for opening Burns & Wilcox’s Halifax office, Maher was promoted in 2017 and became associate managing director for the region. This role includes mentoring new hires in the Halifax and Newfoundland offices. “Each colleague is on the same page in regard to client business,” she says, “and they are acutely aware of how their role contributes to the success and growth of the office.” Outside of Burns & Wilcox, Maher is a member of the Nova Scotia Insurance Women’s Association. The wife of a Canadian Armed Forces member, she is also active on the board of directors for Halifax’s Military Family Resource Centre, a charitable organization that seeks to strengthen the well-being of all who share the unique experience of military life. Maher has served in lead roles on a variety of committees for the group.

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ALLY LAWLOR Senior underwriter ZURICH Age: 27 Location: Ontario

A classically trained chef and multiinstrumentalist, Ally Lawlor is living proof that the insurance industry welcomes people from all walks of life. At 27, Lawlor is already a senior underwriter at Zurich. “Ally is well known in the industry among her peers,” a colleague says. “She works hard and puts in the hours to keep on top of her work. She stays late to train new staff and assist junior staff on projects. She has grown so much in her career and has been recognized as a senior underwriter in an incredibly short time due to her expertise and work ethic.” Aside from handling portfolio management, broker engagement and new business production, Lawlor recently began specializing in property business. In alignment with Zurich’s business strategy, she is currently focused on helping the property team transition away from smaller package business to valued broker partners, while steadily growing and marketing the team’s specialty-focused expertise to existing and potential large multi-national clients.

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SPECIAL REPORT

YOUNG GUNS 2018

HEATHER O’CONNOR Assistant vice-president HUB INTERNATIONAL INSURANCE BROKERS Age: 30 Location: British Columbia

An assistant vice-president with HUB International Insurance Brokers’ commercial insurance division, Heather O’Connor began her insurance career as a commercial property & casualty underwriter shortly after graduating from the University of British Columbia. In her current role, O’Connor focuses on providing tailored risk management solutions for all of her clients while working to build a specialization in technology and cyber risks. “I see myself as a technical broker and enjoy the intellectual challenge of staying on top of the constantly evolving world of cyber risk and the coverage solutions available in the marketplace,” she says. Her expertise in this area led to O’Connor’s selection as a presenter for the Insurance Institute of BC’s recent Demystifying Cyber Insurance seminar series. An active member of the Vancouver insurance community, O’Connor enjoys working closely with underwriters and relies on the relationships she has cultivated to obtain the best coverage for her clients.

BRIAN SCHRYER President KENT & WHITE INSURANCE Age: 32 Location: New Brunswick

Since becoming a broker in 2009, Brian Schryer has been actively contributing to the insurance industry. In 2015, he became president of Kent & White Insurance; in his first full year in the role, Kent & White experienced its largest annual growth in its 75-year history. Last year, Schryer was one of 28 CEOs

from Atlantic Canada chosen from a group of 419 applicants to participate in the Entrepreneurial Leaders Program at the Wallace McCain Institute at the University of New Brunswick. Also in 2017, Schryer received a Business Excellence Award from the Greater Bathurst Chamber of Commerce. In addition to his leadership duties at Kent & White, Schryer is also president of the Insurance Brokers Association of New Brunswick and served as chair of New Brunswick Young Broker Network for three years.

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CHRIS STARK Account executive LACKNER MCLENNAN INSURANCE Age: 29 Location: Ontario

VANESSA IRVINE

Chris Stark continuously pushes 75-year-old Lackner McLennan Insurance to remain innovative and technologically relevant. His energy and can-do attitude have been responsible for his integration of BMS, purchasing portals, financing options and policy works into the brokerage’s operations, all while growing his own book of business. Stark’s clients are mostly program-based, and he is always on the lookout for new programs to launch or work on. “With a true passion for commercial risks, his laser focus is inspiring, even to those of us who have been in the business longer then he has been alive,” a colleague says. “As the broker channel seems to have a new web-based insurance brokerage launched every week, it is comforting to know there is a young broker looking to bridge history and innovation.”

Personal insurance specialist RELIANCE INSURANCE Age: 34 Location: Alberta

In January 2016, Vanessa Irvine left the banking industry to become a licensed insurance broker. In addition to being one of the top producers of new business at her Reliance Insurance office, Irvine is working toward finishing her CAIB designation this year. “What I love about the industry is that every day is different and presents a new challenge,” she says. “I certainly learn something new every day. I like to think I go above and beyond for my clients, and I enjoy the relationships I am able to build with them, as well as other broker and carrier relationships.” A colleague praised Irvine’s commitment to service: “She is a top producer and is a fantastic co-worker, always willing to see clients, whether they are hers or not.”

THOMAS WATSON JR. Vice-president GUARDSMAN INSURANCE SERVICES Age: 30 Location: Ontario

As vice-president of Guardsman Insurance, Thomas Watson successfully opened two new branch offices in 2017 and was directly responsible for $1.5 million in new gross written premium, all while maintaining a 97.4% retention rate. Additionally, he spearheaded the recruitment of young, tech-savvy staff to address Guardsman customers’ digital needs. “Tom has always had our best interests in mind,” a satisfied client says. “He has made himself available at all hours of the day and night and has managed to translate the language of insurance to a user-friendly level. It feels good to know

that when we call, he picks up, not some prompted machine. This has been the only pleasant insurance experience of my life.” Outside of insurance, Watson is an active volunteer with the West Ottawa Board of Trade, where he works to increase membership and retain existing members. He also serves on the board of directors for VoiceFound, a Canadian charity that works to raise awareness of and prevent childhood sexual abuse, support adult survivors, and assist victims of human trafficking. In addition, he serves as treasurer of the Canadian Chiari Association, a charity that promotes awareness and support for Canadians living with Chiari malformation, a rare neurological condition.

FUN FACT Watson is also a marriage officiant who spends the occasional Saturday performing marriage ceremonies in Ottawa.

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SPECIAL REPORT

YOUNG GUNS 2018 MIKE BOYNTON Vice-president PBL INSURANCE Age: 32 Location: Ontario

The recipient of PBL Insurance’s President’s Award as the company’s top producer for eight out of the last nine years, Mike Boynton shows no sign of slowing down. He continues to bring in top-notch accounts and introduce new initiatives to the brokerage. This year, Boynton is focused on setting up an innovation council within PBL, which will combine a Future Leaders Group with a Best Practices Forum

KYLE MELKO

to help the company achieve employee engagement and rapid informationsharing. On top of these initiatives, Boynton also serves as an expert for two of the brokerage’s most successful commercial niches and is the in-house cyber liability expert. In his spare time, Boynton volunteers with Big Brothers Big Sisters of Toronto and was the recipient of the James Marshall Big of the Year Award in 2013. He also serves as insurance ambassador for the organization’s annual Bowl For Kids’ Sake fundraiser, successfully forming new partnerships between the insurance industry and Canada’s leading mentorshipbased charity.

SOCIA

FUN FACT Boyton is the Ontario B doubles champion in squash, and he also holds titles at the Cricket, Skating and Curling Club in Toronto.

Commercial account executive

DYLAN SMITH

ACUMEN INSURANCE GROUP

Senior underwriter, surety

Age: 28 Location: Ontario

TRISURA GUARANTEE INSURANCE COMPANY Age: 31 Location: Nova Scotia

Since joining Acumen Insurance Group in 2015, Kyle Melko has grown his portfolio to just shy of $1 million in annual premiums. In addition to building his book of business, Melko was also responsible for designing an insurance program to cater to the risk exposures of landlords and property managers of student rental properties, including customizing a website to provide 24/7 access to information and instant applications for student rentals. Melko works with his clients to ensure that their personal and general commercial insurance needs are covered and to find complementary solutions for their specialized insurance needs. Outside of Acumen, Melko is a member of the Hamilton District Apartment Association and is currently working toward his CAIB designation.

Four years ago, Dylan Smith joined Trisura without any prior experience in the insurance industry. Since then, he has mastered underwriting for surety and specialty lines and has doubled the company’s book of business in Atlantic Canada, achieving an annual double-digit growth rate over the past few years. Smith regularly bolsters his expertise by staying attuned to industry events and participating in associations such as the Surety Association of Canada, the Insurance Brokers Association in Atlantic Canada and local construction associations. He is also actively involved with Trisura’s corporate initiative to donate 1% of its annual net underwriting income to charities such as the Leukemia and Lymphoma Society and the local food bank.

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SPECIAL REPORT

YOUNG GUNS 2018 THOMAS WRIGHT Program director TREDD INSURANCE BROKERS Age: 21 Location: Ontario

At 21, Thomas Wright already has a number of things going for him – in addition to being a program director at Tredd, he’s also owner, partner and chairman of three other non-insurance businesses, an active member of the Young Insurance Professionals of Toronto and an ambassador for ShelterBox Canada. Wright took on his current role at Tredd in early 2017 after the revamp and

official launch of Tredd’s welder’s program. Tasked with managing all aspects of the program, Wright produced methods and reports and created the tools needed to measure the stability and growth of the new program. He was also given the underwriting authority to increase the size of the program, which led the team to write more than $200,000 in premium and sign nearly 100 new clients in 2017. Wright’s success last year resulted in several accolades, including a spot on IBC’s 2017 Young Guns list and being named a finalist for both Toronto’s Young Insurance Professional of the Year Award and the Young Gun of the Year Award at the Insurance Business Awards.

BRETT NICHOL

Vice-president and senior underwriter

Account executive

ENCON GROUP Age: 33 Location: Ontario

Andrew de Ruiter started his career as a sales associate in personal lines for a large insurance brokerage in Winnipeg before moving to Ottawa to complete his degree in environmental studies. In his final semester, he was hired as an environmental underwriter, and within five years, he was promoted to senior underwriter and was recently named a vice-president for ENCON’s special risk department. In his role at ENCON, de Ruiter underwrites three unique and complex liability products: E&O, cyber and environmental liability. Thanks to his background in environmental studies, he brings a unique perspective to environ mental liability, and colleagues and brokers often seek him out as an expert in the area. “I continue to help brokers see the value in utilizing the expertise that an MGA can offer over a standard market,” de Ruiter says. “My ability to think outside the box is helping to drive innovation by developing new coverage enhancements for ENCON’s existing insurance products.”

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ANDREW DE RUITER

PROGRAMMED INSURANCE BROKERS Age: 29 Location: Ontario

Since joining Programmed Insurance Brokers in 2013, Brett Nichol has been steadily growing a book of business that covers three provinces. His efforts led to him being named PIB’s top account executive of the year. Nichol received his CAIB designation in 2017 and also holds Certified Sales Professional status from the Canadian Professional Sales Association. He is a member of the IBAO and the Young Brokers Council, and is active in local trade associations and clusters engaged in risk-management solutions. Outside of work, Nichol is passionate about hockey. He has served as a volunteer coach for his community hockey association for the past 10 years and is an active member of the Minor Hockey Associations Tournament Committee.

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ADAM MITCHELL President MITCHELL & WHALE Age: 33 Location: Ontario

Adam Mitchell is president of Mitchell & Whale, which has been named one of IBC’s Top 10 Brokerages for the past four years and was named Innovator of the Year at the 2016 IBAO Awards for a number of achievements, including hitting triple-digit growth from 2010 to 2016 and implementing a modern e-commerce model for clients throughout Ontario.

A frequent fixture on IBC’s Elite Brokers and Young Guns lists, Mitchell continues to stay on the fast track, always on the lookout for the next growth opportunity. On top of ensuring excellent service and continuous growth, Mitchell puts high priority on building the best culture within the broker community. His latest focus is on creating a “Google-like” office space to offer his staff an exceptional working environment with excellent recreational perks. When he’s not busy running Mitchell & Whale, Mitchell stays active by playing squash and golf, in addition to surfing, kiteboarding and skiing.

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FEATURES

BROKERAGE INSIGHT

For millennials, by millennials Kase Insurance managing partners Arian Ebrahimi and Stanislav Kojokin share what the industry needs to understand about millennials in insurance

IBC: What compelled you to branch out and establish your own brokerage two years ago? Arian Ebrahimi: The motivation to start Kase Insurance was to bring a unique and refreshed outlook to the industry and take control of how we service our clients. That being said, we weren’t immune to facing various obstacles and criticisms as two young brokers trying to pave our own way. We were able to build a substantial commercial book of business, even though we were warned about the difficulties in getting insurance contacts and all the bureaucratic barriers. Stanislav Kojokin: Working in a brokerage comes with its fair share of challenges; however, we wanted to push our own personal comfort zones, and how better to do that than to start our own brokerage? We were looking to establish Kase Insurance as a true specialist in the insurance industry while maintaining the flexibility to provide unique solutions.

IBC: Why did you choose to focus on just a few sectors? AE: The industry is so saturated, and there are so many ways to purchase business insurance. At Kase, we wanted to work with businesses and business owners who needed a more specialized solution while also proactively

providing suggestions and solutions to resolve any risk-management concerns. SK: There is an intrinsic value to being an insurance broker who focuses on particular insurance products. We not only build lasting relationships with our clients, but we also get a working knowledge of their industry. This allows us to provide the necessary expertise for businesses that have many moving parts that may be overlooked if insured by a generalist broker.

IBC: What is the insurance industry doing wrong when it comes to attracting the next generation? AE: A huge reason for our success today is that we got to train under a fantastic mentor at Lyon & Butler Insurance Brokers. We find that the industry is taking a lot of shortcuts when it comes to bringing new talent on board – they are taking a more

‘sink or swim’ approach. Young people need to feel empowered in their roles right from the start. Surrounding ourselves with our peers, we have found that millennials are looking for jobs that make a difference. When millennials enjoy the positions they work in and are passionate about the work they do, they create a company all can be proud of.

IBC: What should the industry be doing differently to better attract young talent? SK: Millennials value unique office settings and a positive office culture. They want to be experts in the field they work in rather than being a paper-pusher for a business. If a company wants to get the right candidates today, they have to embrace this movement and grasp the fact that it is not just about the job – it’s about the culture

MILLENNIALS WELCOME As a participant on the Young Guns panel at the Insurance Business Canada Millennials in Insurance masterclass in Toronto on April 24, Arian Ebrahimi understands the importance of creating a workplace that resonates with the next generation of insurance professionals. “As a young team, we all have our own personal aspirations when it comes to success,” he says. “Working with like-minded individuals fuels and motivates each of us to achieve our goals.” Ebrahimi’s business partner, Stanislav Kojokin, adds: “It is amazing working with a similar peer group. We are all comfortable sharing ideas and pushing boundaries. We feed off of each other’s successes and all have a similar vision for the brokerage.”

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â&#x20AC;&#x153;Millennials want to be experts in the field they work in rather than being a paper-pusher for a businessâ&#x20AC;? and a lot more than just the basics.

IBC: How does having a team made up entirely of millennials impact how you service clients? AE: The dynamic is wonderful and truly necessary when working in such a small team. As millennials, we are big proponents of the experience in our own personal lives, which definitely translates into our professional careers. We treat our clients the way we would wish to be treated and enjoy going above and beyond.

FAST FACTS: KASE INSURANCE Areas of specialty

Construction and surety

Year founded: 2016 Location: Toronto

Tech and media Number of employees: 6 Professional services Manufacturing and wholesale

Managing partners: Stanislav Kojokin and Arian Ebrahimi

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SPECIAL PROMOTIONAL FEATURE

PROPERTY INSPECTION

Customercentric innovation Denise Gaeta of iv3 Solutions outlines how her company is driving development in the property inspection space by responding to clients’ needs IN THIS business, success does not come overnight. It can’t be bought, rebranded or backed into. Success is a process, a deliberate climb to the top, and getting there demands experience, innovation and leadership. “To be the number-one provider, you have to ensure that you’re listening to customers and constantly working to fulfil their needs in a way that only you can,” says Denise Gaeta, president at property inspection service provider iv3 Solutions. Since taking the helm at iv3 Solutions, Gaeta and her team have been focused on building an unrivalled suite of products informed by customers’ needs and a business that offers first-class support. Taken together, they have put iv3 on the path to becoming the nation’s leading inspection provider. It’s a process, and it begins with partnerships. “The relationships we’ve built over my 15 years in the industry put us on a different level,” Gaeta says. “Our partners trust us to come up with the solutions they need.” Through trust, great products come to light. That’s how iv3’s latest innovation, on-site thermographic imaging, came to be. Working with Darin Nessel, president and CEO of Mutual Fire Insurance Company of British Columbia, iv3 developed the technology to assist with Mutual Fire’s farm business. “The drive for thermography really came

out of Darin and the team out west,” Gaeta says. “We listened to his needs and built a solution to help his business from day one.” “I’m so pleased with how this turned out,” Nessel adds. “It’s excellent.” While Mutual Fire may have driven its development, thermography has been available to all of iv3’s customers since its launch in March, further expanding the company’s

offering another example. “They’ll be streamlined so that they get right to the meat of what our customers are looking for.” Priding itself on responding to customers, iv3 has several big-ticket items in the works that will make 2018 a banner year for the company. “We deliver strong products to customers in the timeframe they expect,” Gaeta says. “It goes back to our favourite expression: ‘the right inspector, the right tools, on time.’” It’s a process, and it’s driven by people. Gaeta quickly rattles off just a few of the company’s major accomplishments: improved capacity, local representation in Atlantic Canada and dozens of new inspectors. Importantly, the right people are being onboarded nationally, strengthening the foundation of iv3’s Canadian success story. “The victories we’ve had, the growth – it comes from the team’s pride in their work,” Gaeta says. “Every team member had a hand in this. No one is an island – we all work together.” That camaraderie extends from the home office to the field with iv3’s Inspector of Excellence program. Now in its third year, what began as a way to recognize top performers has evolved into a celebration of something more.

“We don’t just invent products for the sake of it. We make it work for one, then make it work for all” Denise Gaeta, iv3 Solutions offerings. “That’s what makes iv3 different,” Gaeta says. “We don’t just invent products for the sake of it. We make it work for one, then make it work for all. We’re all in this together.” It’s a process, and it makes better products. Thermography is just the latest in a long line of offerings iv3 has built to make life easier for clients. But the company is not resting on its laurels. From headlining features to the smallest details, it continues to innovate, ensuring the iv3 experience is unmatched in the industry. “We’re revamping all our forms with iterations driven by customers,” Gaeta says,

“It really is a motivator and a true way of recognizing field staff,” Gaeta says. “More than that, it’s given all of us a sense of pride, created a bond throughout the team and given everyone something to strive toward. There’s nothing like it.” Partnerships, products and people, all working together, all building upon each other: That process drives the relentless refinements that iv3 continues to bring to market. And when someone has loss concerns, questions or hardships, Gaeta knows iv3 will be their first call. “This is the story of who we are and what we do,” she says.

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FEATURES

MARKETING

When and why you should consider rebranding Whether to rebrand or keep your company’s image unchanged is an important – and potentially costly – decision. Paul Nelson explains how to know when it’s time to revamp your image THERE ARE various reasons why an organization may find itself in a position where it is considering a rebrand. If you are considering rebranding your organization, start with an understanding of the business need behind the rebrand. Do you need to accelerate growth? Have you been subject to a merger or made a significant acquisition? Are you hovering between being a mid-sized and large organization and need to position yourself to compete with businesses more sizeable than your current competitive set? Before launching into a comprehensive rebrand, you need to understand the business problem you are trying to solve and realistically assess whether a rebrand can effectively address your challenges. Broadly, the business reasons that may trigger a rebrand can be divided into two classifications: proactive and reactive.

PROACTIVE REBRANDING Preparing for growth: If you are a business teetering on the edge of

rapid expansion, a rebrand can help position your organization for growth. It can act as a signal to your customers, competitors and stakeholders that you are here, you are ready, and you have the momentum to drive your company forward. New strategic direction: If you are preparing a strategic plan that will change the future direction of your organization, a rebrand can help communicate this new intent to your market. New product or service offering: If you have added a new product or service to your business offering that has changed the focus of your organization, a rebrand may act as a circuit breaker to signal to your audiences that your offering has changed. New audience: You may find yourself in a situation where you are marketing your products and services to audiences that were not previously relevant to your organization.

Finding talent: Despite the recent economic downturn, Canada continues to enjoy low unemployment, and financial services companies continue to struggle to attract and retain top talent. Rebranding your organization can position you to attract candidates who, in the past, may not have considered your organization as a prospective employer. Relevance: As your organization grows, your markets expand, and new challengers enter your competitive set, you may find your sales are declining or your current brand is looking dated and your brand story lacks relevance to your target audience. A rebrand can be an opportunity to revitalize and modernize your brand positioning in line with the expectations of a rapidly evolving market.

Building a depth of understanding and trust in a brand takes time, and brands that are continually changing and reinventing themselves can risk not being taken seriously REACTIVE REBRANDING Merger or acquisition: If you have recently made a significant acquisition or been part of a merger that changed the strategic intent of your business, you will need to rebrand to reflect the different intentions of your newly expanded organization. In this situation, a rebrand can

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FEATURES

MARKETING

act as a unifier for your new team, and can launch your new company or new structure to your external audiences. Reaction to recent growth: Sometimes businesses experience periods of rapid growth and find that, over time, their business strategy and brand strategy are no longer aligned – in a sense, that the brand has been left behind. Their brands start to collide in different channels and against different customers, and their customer segmentation is no longer clear. In situations like this, it is often also the case that the internal culture has drifted away from the organization’s aspiration. Changing business environment: The introduction of new industry regulations or a new competitor in your market can rapidly alter your ability to compete and can very quickly make your brand appear dated and irrelevant. In such a situation, an assessment and review of your brand positioning can help reinvigorate your organization internally, and can communicate a new sense of innovation and energy to your customers, allowing you to compete more effectively. Trademarking or legal issues: From time to time, trademarking or other legal issues

may arise and necessitate a rebrand. An example of this might be a Canadian business expanding to the US, where its current name may already be trademarked and unavailable for use. If this should happen, seek the advice of trademarking lawyers to ensure that you protect your rights to use your new brand name and logo on an ongoing basis. Negative publicity: A worst-case scenario is when your organization is embroiled in a controversy so significant that you need to rebrand to demonstrate to the market that you have moved on from the contentious situation and are ready to begin rebuilding trust with your stakeholders and customers.

REFRESH, DON’T REBRAND In some situations, you may not need to rebrand; you may simply need to refresh or strengthen your existing brand. Reacting to a sales decrease: Broadly, it is unlikely that a decline in sales can be solely attributed to brand. Similarly, rebranding alone will not necessarily fix a sales challenge. However, declining sales may be in response to recent negative publicity or new challengers in the market, and may signal the need for an organizational strategic shift.

13 SIGNS THAT YOUR ORGANIZATION NEEDS TO REBRAND Are you looking for a way to accelerate growth and lead your organization forward?

Do you need to introduce your services to an important new audience?

Have you been exposed to trademarking or legal issues?

Have you merged with another organization or been acquired by another organization?

Have you been involved in a damaging or controversial situation that will impact your brand?

Is a new competitor threatening your market position?

Have you acquired a significant new asset?

Has it been more than five years since you reviewed your brand to check that it was still relevant?

Does your brand tell the wrong story (or an outdated one)?

Have you introduced a game-changing new product or service? Are you developing a new strategy that will change the direction of your organization?

Has it been more than 10 years since you refreshed your brand or rebranded your organization?

Do you struggle to recruit the industry’s top talent?

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Low brand awareness: Low brand awareness alone is not a reason to rebrand. You may simply need to invest in educating your customers and prospects about your brand and the benefits it can offer. On the other hand, low brand awareness may be one symptom of a broader relevancy challenge, and may be a sign that a rebrand is needed.

WHEN NOT TO REBRAND It is generally not advisable to rebrand if you have launched a new brand within the past three years. Building a depth of understanding and trust in a brand takes time, and brands that are

continually changing and reinventing themselves can risk not being taken seriously by their target audiences. Additionally, rebranding can also be a costly process, so a reasonable ROI is difficult to obtain over a shortened period. If your organization does not genuinely meet one of the criteria for needing a rebrand listed on the previous page, consider why you are pursuing a rebrand. Minor tweaks to the logo could achieve the revitalized look and feel you are seeking, or an innovative new marketing strategy or brand communication campaign might help you stand out from your competitors without requiring the complexity and cost

of a true rebrand. Finally, a rebrand will not help you to grow and prosper if it doesnâ&#x20AC;&#x2122;t reflect a genuine change within your organization. A rebrand alone cannot turn a poorly performing firm into a market leader. All a rebrand will do is to create a polished and professional-looking version of a poorly performing firm, and the market will see through the guise almost instantly. Paul Nelson is managing director of Brand Matters. He is an accomplished international marketer with more than 20 years of marketing and brand management experience in a diverse range of industries.

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FEATURES

BUSINESS STRATEGY

What to change about your business in 2018 If you run your own brokerage, there are three things you should consider doing differently this year, suggests management consultant Stephen Barnes

THERE IS a Latin phrase, omne trium perfectum, which means that everything that comes in threes is perfect, or every set of three is complete. It is a principle known as the Rule of Three, which suggests that events or characters introduced in threes are more humorous, satisfying or effective in executing a story and engaging the audience. The audience is also more likely to remember the information conveyed. This is because having three entities combines both brevity and rhythm by creating a pattern from the smallest amount of information possible. It makes the author or speaker appear knowledgeable, easy to understand and catchy. That rule can be applied to business, too. To help you get into gear for the year ahead, here are my Business Rules of Three – three things to change about your business in 2018.

Move from practitioner to business owner

Plumbers, electricians and builders go to trade school and undertake both practical and theoretical lessons as part of their training. Software developers, chefs, lawyers, hairdressers and doctors – they all learn the skills to do their jobs both capably and competently. Then they finish their education or

apprenticeship and get their first job, and discover that they know less than they thought. So they continue learning. After a few years, they’re an expert. However, throughout this period, they are only learning to become an effective practitioner and not a successful business owner. Running a business is a separate job and

a skill too, and therefore it requires time and investment to learn and develop business skills to become capable and competent to do that job well. Unfortunately, business skills are not part of a plumbing, hairdressing or electrical apprenticeship, or part of the curriculum for lawyers, doctors or accountants. (Contrary to popular belief, accounting

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courses do not equip you with the skills to run a business.) If you look at most business startups, they either evolve from what was once the business owner’s hobby, or they are a result of someone wanting to work for themselves. Think of web designers or bookkeepers. These people are experts in their fields and have skills, but what often happens when they go out on their own, ill-prepared, is that they work hard and build up a customer and client base, then they get even busier, and later you hear that they’ve either gone out of business and/or their family life or relationships have broken down. Were these people incompetent or unskilled at what they did? No. Their mistake was that they did not work on their businesses. It’s human nature to spend more time doing what you enjoy and what you do best. So self-employed small business owners gravitate to what they like doing, rather than mastering the business skills they lack. The result is that they spend way too much energy in their business and not on their business. You’re running a business now, not just working. Stop being a worker and start being a director. You need to skill up and learn how to run a successful business.

Remember that every business is a family business

One of the nice things about working for yourself is the flexibility it gives you with regard to the hours you work. This reason alone is why lots of people head off and start their own businesses – myself included. “I’ll be able to take the kids to basketball practice,” or “I can have the whole summer off and we’ll head off camping.” Sound familiar? As the business grows, you start working harder – before the family wakes and after they have gone to bed. You take work calls while you’re driving to basketball practice. Your family are supportive, as they hope you are living your dream.

Father’s Day breakfast comes along, and you go to school with your children. (You can do this because you run your own business, right?) After the breakfast, you are invited to see the children’s work in their classroom. Your eldest daughter has written a poem about Dad, and one verse goes: “Daddy – talk, talk, talk on the phone all day.” You’ve got the message. And isn’t this the complete opposite of what you wanted when

were away, or it wouldn’t be a holiday because they would be tethered to their emails and phone calls and disengaged from their families, you’d be able to go on holiday yourself and still make money. How do you overcome this? Systemize your business. Systemizing is the process of documenting everything you do in your business – from answering the phone and opening the mail to pricing work and after-care service.

Self-employed small business owners gravitate to what they like doing, rather than mastering the business skills they lack. The result is that they spend way too much energy in their business and not on their business you started your own business? You have been isolating yourself and not engaging with your family. Before you know it, you’re not running a business – the business is running you. Business can destroy your family life and your family. You might be happy working 24/7, but they won’t be. Every business is a family business – but it is only a business and not your entire life. A business can have a profoundly negative impact on your life if you let it. It can also serve you and your family well as long as you start working more on the strategy and less on the tactical aspects of your business. If you have a family and you work for yourself, then you have a family business – so you must be fair to your family and make time for them away from your business.

Systemize your business

If you had a dollar for every time you’ve heard people say they were either too busy to have a holiday, or they couldn’t leave their business to others to run while they

Without systems and processes in place, your business will become all-absorbing, with endless tasks to complete. Systems and processes allow others to share the load. These people then become what a studio recording is to Taylor Swift. A Taylor Swift song can be played by millions of people all at the same time. It sounds the same every time it is played, and Taylor Swift collects a royalty every time the recording is played. Create a recording – a system – of your business, your talents, your way of doing something, and then, like a song, replicate it, market it, distribute it and manage the revenue.

Stephen Barnes is the principal of management consultancy Byronvale Advisors. He has spent more than 20 years advising clients, from new business startups to publicly listed companies, across a wide array of industries. He is also the author of Run Your Business Better: Essential Information Every Business Owner Should Know and Use. To find out more, visit byronvaleadvisors.com.

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PEOPLE

CAREER PATH

CLIENT-CENTRED

In a life that has included drag racing, hockey and air traffic controlling, Cole Leitch’s commitment to clients is his proudest accomplishment Raised in an insurance family, Leitch started pitching in at his father’s brokerage from the age of 13, doing everything from sweeping the floors to shredding old files in a windowless basement with only a battery-powered radio for company

1980s

GETS AN EARLY GROUNDING

“Growing up, I saw the work that it took, but also the benefits of leading a team. I wanted to earn the opportunity to be the boss” 1990

1999

GETS THROWN INTO THE FIRE After putting in hours at his family’s brokerage after school and in the summers, Leitch earned his licence at the age of 18 and joined fulltime. When the firm opened a second office, Leitch was promoted to office manager, supervising staff years older than himself “I was 20; it was intense and intimidating. I was thrown into the fire and had to figure it out fast. It was an extreme learning curve”

2009

RACES TO A NEW ATTITUDE A year on his in-laws’ drag racing team, the Midwest Wild Bunch, saw Leitch racing at 160 miles an hour and acquiring a new mindset in the process “Once, a competitor needed a part, and we helped him so he could race – and we lost. I said, ‘Why would you help him beat you?’ It was about doing the right thing. Our approach at the brokerage is that if we do the right thing – take care of the client – the money will come”

2016 FOUNDS AVANT Leitch and his father pooled their books of business to start Avant; less than two years later, the brokerage has grown to eight times its initial size “It’s been both the greatest thing and the most stressful thing. I want the culture of working as a team, as partners, with our clients. I give my card with my cell phone number on it to anyone and tell them to call me anytime they want. I’ve never had a day when I regretted it”

LEARNS LESSONS ON THE ICE An intense interest in hockey consumed most of Leitch’s after-school hours as a teen and culminated in three years in the Manitoba junior hockey league in his early 20s. The experience left Leitch with a rich understanding of teamwork that he credits with later informing his company’s culture “We were always teaching each other how to behave. You are always representing the team; little details matter. That’s a principle we still use now”

2007 LOOKS TO THE SKIES Compelled to try something new, Leitch stepped away from insurance to train to become an air traffic controller, which sharpened his attention to detail “You have to be able to substitute someone in the chair and, in seconds, know where those 1,000 people in the air are. I use that example to illustrate how important it is to know what the state of play is with files”

2013

TASTES SUCCESS Leitch’s career began to gather momentum after he moved to MIG Insurance Group. In his first year there, he won the company’s Star Performer Award and was named to Insurance Business Canada’s Elite Brokers list – one of only two brokers in Manitoba to receive that honour “That was the year it really started to click for me; I started to realize I could be really successful in this business, could really make a difference. I was given the opportunity to run with ideas, introduce initiatives and make changes”

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PEOPLE

OTHER LIFE

TELL US ABOUT YOUR OTHER LIFE Email insurancebusiness@kmimedia.ca

Fran Kirby

The Encore Women’s Choir performs at various festivals on Vancouver Island and stages an annual Christmas concert

Notes in Kirby’s range as a high alto

Approximate number of choirs Kirby has sung with

22–25

Typical number of members of the Encore Women’s Choir

SINGING OUT There’s nothing Fran Kirby loves more than raising her voice in song FRAN KIRBY likes to tell people that she never sang in public until she was 40 years old – but in the almost 20 years since, she’s more than made up for lost time. During that period, Kirby, a financial planner and insurance advisor with Assante Capital Management, has taken lessons, studied at the Canadian Music Conservatory and performed with a variety of choirs. It was a move to the small community

of Duncan, BC, that provided the catalyst when Kirby realized the town was a hotbed of activity for choral singing. These days, she sings in the Encore Women’s Choir, which she helped found a decade ago; the group boasts a repertoire that ranges from medieval to modern. But the high point of Kirby’s singing career might be the trip to Europe that she has now made two summers in a row with

a choral summer school. Touring in such locations as Salzburg and Assisi, Kirby and her choirmates had the chance to sing in a room where Mozart once performed. The communal nature of the singing also resonates with Kirby. “Singing together with other people is one of the most fantastic experiences a human can have,” she says. “It’s exhilarating; the feeling cannot be replicated.”

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FEATURES

EXPERT ADVICE personal insurance at RSA Canada. “After all, in the event of a claim, brokers represent the customer’s best interest.”

Evolving risk factors

Stemming the flood of extreme weather claims A RECENT study by the Energy and Climate Intelligence Unit, a nonprofit organization that supports debate on climate change and energy issues, found that climate change has increased the risk of extreme weather events. As a result, the number of instances of floods and waterrelated damage has risen and is now a serious issue for many Canadians who own homes and businesses. In fact, 40% of the events in the Canadian Disaster Database include heavy rainfall, ice jams and rapid spring thaw, all of which contribute to overland floods. While governments are promising to invest in water infrastructure to mitigate risks, we have a responsibility as insurers to help drive these efforts forward.

Clear and comprehensive flood coverage In 2015, RSA launched Waterproof Coverage™,

a first-of-its-kind product designed to offer clear, easy-to-understand and affordable coverage for damage caused by both freshwater flooding and sewer backup. Now, RSA has enhanced Waterproof Coverage™ to provide greater protection from risks associated not just with rain events, but also with spring thaw, including rapid snow melt. Coverage now includes up to $1,500 toward the installation of a sewer backup mitigation device after a covered loss. RSA has also introduced a new optional Water Service Line endorsement, which provides coverage for water and sewer lines connected to the home. “By enhancing our Waterproof Coverage™ and expanding coverage options, we are providing an even greater solution-oriented option for our brokers, which will enable them to offer their clients comprehensive and convenient flood coverage,” says Amy Graham, national property underwriting manager for

Products like Waterproof Coverage™ have become increasingly necessary due to several risk factors that affect Canadians every day. More of us are living in urbanized areas, and while cities have more pavement and infrastructure, they have less green space and fewer trees to absorb intense rainfall. Meanwhile, flood zones have shifted, and many don’t realize that once-safe areas are now vulnerable. Additionally, with basements increasingly becoming the subject of costly renovations, all that work may be at risk at the first sign of flood. For these reasons, it is important for brokers to educate their clients on what is available to protect their homes in the event of water damage.

Brokers play a crucial role The broker’s role is to provide clients with unique and customized advice that best fits their needs. This is especially true in the case of flood coverage, as nearly one in three Canadians don’t know what type of water coverage they have or need. That’s why the insurance industry as a whole has a duty to equip brokers with the right tools and resources to educate their clients on the importance of overland flood coverage. “Brokers are viewed as trusted advisors on risk management, mitigation and coverage,” Graham says. “And as a trusted insurer, we have a long-term commitment to working with brokers to help mitigate or prevent losses for their clients. With our history in Canada, we have decades of data that can help ensure clients have comprehensive risk protection and coverage availability based on their unique needs.” RSA’s Climate-Smart portal (rsabroker.ca/ climate-smart) is a valuable resource that can help brokers deepen clients’ understanding of the risks associated with flooding and drive awareness of the importance of having a comprehensive policy in place. For more information on getting the right flood coverage in place, please visit rsabroker. ca/water.

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Markel.

Expect more from your insurance carrier

Commercial general liability Cyber risks insurance Directors and officers liability Environmental impairment liability Life sciences Professional liability Property and inland marine Security and protection industry Umbrella and excess liability

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Helping brokers with effective insurance solutions since 1966 Calgary Montreal Toronto Vancouver www.markelinternational.ca

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PROFESSIONAL COVERAGE IS OUR MIDDLE NAME. Only Burns & Wilcox has the depth and breadth of experience to deliver the right solutions right away.

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