Insurance Business Canada 7.03

WWW.INSURANCEBUSINESS.CA ISSUE 7.03 | $12.95

BROKERS 2019

Canada’s best brokers reveal the strategies that propelled them to a record-breaking year WHAT’S ON THE TECH RADAR?

How artificial intelligence, data analysis, blockchain and more will impact insurance

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CYBER RISK AND THE C SUITE

What brokers can do to keep business leaders attuned to the risks presented by M&As

ENGINEERING SUCCESS

FM Global CEO Tom Lawson on using engineering to better mitigate risks

29/05/2019 4:00:45 AM

worthy INSURANCE PARTNER

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When Disaster Hits, We’re There to Help

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Learn more at goremutual.ca/claims.

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ISSUE 7.03

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

CONTENTS

plus.google.com/+InsurancebusinessCa facebook.com/InsuranceBusinessCanada

UPFRONT 04 Editorial

Are the industry’s moves toward diversity and inclusion all talk?

PEOPLE

24

HYPE OR THE FUTURE OF INSURANCE?

Gallagher Canada’s Mark Morency reveals how blockchain could radically change the industry

SPECIAL REPORT

ELITE BROKERS 2019

IBC names 36 of the most successful brokers in Canada’s insurance industry FEATURES PEOPLE

INDUSTRY ICON

In his 40 years with FM Global, chairman and CEO Tom Lawson has become a believer in the power of engineering as a risk management tool

20 2

38 40 40

EMAIL AND PRODUCTIVITY

Inbox raging out of control? Here are three ways to get on top of it

48

06 Head to head

What insurance can do to increase representation of minority groups

08 Statistics

Climate change and cyber threats lead the way on the list of the world’s biggest emerging risks

10 News analysis

Cyber risk is putting increased pressure on companies’ boards and executives

12 Intelligence

This month’s big movers, shakers and new products

14 MGA update

Why underwriters are struggling to keep up with rapid shifts in the cyber risk landscape

16 Technology update

How one Canadian insurer is addressing industry-wide disruption

18 Opinion

Insurtech is just the latest step on the ladder of industry technology

FEATURES 42 Why you don’t need motivation to succeed

No motivation? No problem – if you have the right systems in place

PEOPLE 46 Career path

Greg Markell has built his career by getting in on the ground floor of some emerging trends

47 Other life FEATURES

EXPERT ADVICE How brokers and their clients can benefit from forward-looking technology

Hitting the slopes with broker and ski patroller Paul Melloul

INSURANCEBUSINESS.CA CHECK IT OUT ONLINE

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14142

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* Based on data policy retention data collected by RSA Group in 2018. © 2019 Royal & Sun Alliance Insurance Company of Canada. All rights reserved. RSA, RSA & Design and related words and logos are trademarks and the property of RSA Insurance Group plc, licensed for use by Royal & Sun Alliance Insurance Company of Canada. RSA is a trade name of Royal & Sun Alliance Insurance Company of Canada. ®™ Trademarks of AM Royalties Limited Partnership used under licence by LoyaltyOne, Co. and Roins Financial Services Limited. AIR MILES® offer not available in Manitoba or Saskatchewan. Collectors can get 1 AIR MILES Reward Mile for every $20 in premium (including taxes) (Commercial Insurance policies are limited to a maximum of 15 Reward Miles a month). All AIR MILES offers are subject to the Terms and Conditions of RSA, and may be changed or withdrawn without notice. For full details, please see Terms and Conditions available at rsabroker.ca/airmiles.

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29/05/2019 2019-05-09 4:02:35 3:53 AMPM

UPFRONT

EDITORIAL

Striding into a PR disaster

I

nsurance Business America has made no secret of our support for women in the insurance industry, whether it’s through our weekly Women in Insurance newsletter or our highly successful Women in Insurance conferences (which have proved to be a massive success worldwide, with an event in Toronto already on the books for this year). It’s clear that our readers, too, have a desire to see women succeed in the industry.

However, when does the talk turn into legitimate, measurable action by those in power? Recent reports suggest that for all the posturing from the industry and the handful of inspiring female CEOs who have emerged, there is still a significant problem to be solved. Bloomberg’s recent exposé into the Lloyd’s market highlighted a “deep-seated culture of sexual harassment” that one industry player described as “basically a meat market.”

“Women at Lloyd’s [are] still being called names, including ‘totty,’” and are rated from 1 to 10 on “shagability,” an insurance PR specialist claimed. Most in the industry reacted to the report by noting that any form of sexual harassment is “indefensible,” and many were also quick to point to the “strides” the industry has made with its diversity and inclusion agenda. Yet having an agenda isn’t the same thing as taking real action.

When does the talk about diversity and inclusion turn into legitimate, measurable action by those in power?

Take Lloyd’s as an example. To its credit, it responded to the Bloomberg report with a “wide-ranging and robust” plan of action – making a commitment to hearing the accounts of the women in the article, incorporating women into its nomination board, and promising a comprehensive review of its policies and practices, including a confidential channel through which to report inappropriate behaviour.

Steps in the right direction? Absolutely. “Strides,” however? Perhaps we can talk about “strides” when measures such as these are introduced as standard rather than just on the back of a shameful report. It’s one thing to hurriedly attempt to counter a PR disaster – it’s another to implement a truly open and diverse culture where anyone, regardless of gender, ethnicity, race or sexuality, has the same opportunities to achieve success.

In this regard, insurance might have finally found the right path – but make no mistake, it still has a long trek ahead before it claims true success.

The team at Insurance Business Canada

www.insurancebusiness.ca EDITORIAL Managing Editor Paul Lucas Writers Lyle Adriano, Tom Goodwin, Alicja Grzadkowska, Libby MacDonald, Bethan Moorcraft, Joe Rosengarten, Ryan Smith, Ksenia Stepanova, Heather Turner Copy Editor Clare Alexander

CONTRIBUTORS

Frank Sentner, Carson Tate, Aytekin Tank

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 Sales Manager Dane Taylor Vice President - Sales John Mackenzie Global Head of Communications Lisa Narroway 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, Seoul

Insurance Business Canada is part of an international family of B2B publications, websites and events for the insurance industry Insurance Business America cathy.masek@keymedia.com T +1 720 316 0151 Insurance Business UK luther.rahman@keymedia.com T +44 20 7193 0935 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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www.insurancebusiness.ca

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HELPING CANADIANS UNDERSTAND RISING INSURANCE RATES

$1.9 billion

in insured losses over 2018 due to severe weather across Canada Source: Insurance Bureau of Canada, 2019

per year spent across the P&C industry to manage and respond to fraudulent activity Source: Insurance Information Institute, 2017

vs.

60%

+

$5.2 billion

per year on average claimed for home insurance in Canada from 2010 to 2013 Source: Insurance Bureau of Canada, 2015

in average costs for maintenance and repair of one GMC vehicle (2007 vs. 2014)

steady increase in housing prices in large Canadian cities such as Vancouver and Toronto, from 2010 to 2016

Source: Consumer Reports, 2017

Source: CMHC, 2018

It’s a tough time for Canadians as the cost of home and auto insurance is going up. In a hard market, brokers play a critical role in helping consumers understand their options. Working with our broker partners, our goal is to educate Canadians with easy-to-understand information so they can make smart, confident decisions. Go to economical.com/rateincreases to learn why rates are going up, and share the link with others.

stry

ut he

$30 billion+

Insurance can be better economical.com/rateincreases

property | auto | business Economical Insurance includes the following companies: Economical Mutual Insurance Company, Family Insurance Solutions Inc., Sonnet Insurance Company, Petline Insurance Company. Š2019 Economical Insurance. All Economical intellectual property belongs to Economical Mutual Insurance Company. All other intellectual property is the property of their respective owners.

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29/05/2019 4:03:02 AM

UPFRONT

HEAD TO HEAD

What’s the key to elevating underrepresented people?

How can insurance better promote different races, sexes, ethnicities and other underrepresented groups in the workplace?

Heather Matthews Senior vice-president Crawford & Company

Vinita Jajware

President Toronto Insurance Women’s Association

Heather Masterson

“I believe the key to elevating under­ represented people – women in particular – in the workplace is to instill confidence in them. Confidence elevates women, as does knowing that their perspective is respected and valued. Everyone needs to understand and appreciate that a wide variety of opinions and viewpoints is critical in the workplace. Give them a voice and believe in and embrace their contributions.

Women’s success inspires others to aim higher. I challenge everyone to raise your awareness of who is and is not represented at the table in your organization and create a path to diversity. Awareness is a strong start.”

“This must be an organizational goal actively engaged with from top to bottom.

For some organizations, this may involve a significant cultural reset to ensure programs and initiatives are met with the authenticity needed to implement longterm, sustainable change.

Within the last decade, the P&C industry has become more inclusive. However, there is still work to be done, especially in relation to middle management and senior leadership roles. The commitment shown toward developing diverse talent pipelines and supporting post-secondary insurance education programs by offering on-the-job training is commendable.”

“At Travelers Canada, gender balance, diversity and inclusion are not just initiatives, they are business imperatives.

I am proud to work for a company that aspires to be the leading advocate for women in insurance, committing to raising awareness of insurance as a career for women, providing training for women in the industry, and supporting networking and mentoring for women in insurance.

Because our people are our competitive advantage, my focus is to continue building our talent pipeline to attract, develop, mentor and retain the next generation of leaders at all levels of our organization.”

President and CEO Travelers Canada

THE GENDER GAP According to STEMconnector’s latest report on women in insurance, the proportion of female employees in insurance occupations ranges from 46.5% of sales agents – a figure roughly on par with the average across all American industries – to 85% of claims and policy processing clerks. But at the other end of the spectrum, women hold only 11% of named executive officer positions and only 19% of board seats across the industry, despite making up more than 60% of the insurance workforce overall. According to the most recent Future One Agency Universe Study, only 35% of independent agencies are led by a female principal or senior manager. Perhaps most tellingly, as recently as 2016, women in insurance took home only 62 cents for every dollar earned by men.

6

www.insurancebusiness.ca

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29/05/2019 4:03:37 AM

COBRA

BITES

TREE

A Hagerty-insured restoration shop mechanic wrapped a client’s Shelby Cobra around a tree. He was fine, the car was not. These are the things you don’t see coming.

We can help you protect commercial clients – like restoration shops, dealerships, museums and storage facilities – so when life bites they’re insured with the best possible coverage.

Contact us at 888-352-8723 or Commercial@Hagerty.ca to learn more.

INSURANCE. DRIVERS CLUB. CAR VALUES. ENTERTAINMENT.

This is only a general description of coverage. Product availability subject to provincial regulations. All coverage is subject to policy provisions, exclusions and endorsements. Hagerty, the Hagerty Steering Wheel logo, and Hagerty For People Who Love Cars are registered or common law trademarks of The Hagerty Group, LLC. © 2019 the Hagerty Group, LLC. All rights reserved.

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UPFRONT

STATISTICS

A climate of risk

NORTH AMERICA

1. Climate change 2. Cybersecurity risks 3. Volatility of the geopolitical landscape 4. Social discontent and local conflicts 5. Medical innovations and use of technology in healthcare

Climate change and cybersecurity aren’t new risks, but they are becoming more urgent For the third year in a row, climate change and cybersecurity have topped the list of the world’s biggest emerging risks. What’s notable is that the margin by which these two categories have been singled out in AXA’s annual Emerging Risks Survey has almost doubled over the last year, indicating the urgency with which both risks are regarded.

90%

of professionals said physical risks are their main concern about climate change

72%

said the rise of nationalism and populism is the biggest geopolitical threat

Sixty-three per cent of the professionals surveyed named climate change among their five biggest emerging risks, up from 39% in 2017. Meanwhile, 54% of respondents put cybersecurity in the top five, up from 34% the previous year. Rounding out the list of the top five most critical emerging risks were volatility of the geopolitical landscape, natural resources management and social discontent.

49%

of respondents named overconsumption as the top risk to natural resources

40%

said growing economic inequality is the major factor contributing to the risk of social conflict

THE WORLD’S BIGGEST EMERGING RISKS Climate change and cybersecurity ranked as the top two emerging risks in every region of the world; the Middle East stands alone in placing cyber risks ahead of climate change.

Social discontent and local conflicts were also a top-five risk in nearly every region of the world, although the importance varied by location.

Europe, Asia, and Central and South America also expressed growing concern about the rise in artificial intelligence and Big Data.

Source: AXA Emerging Risks Survey 2018

THE TOP 10

GROWING CONCERNS

Climate change and cybersecurity held their positions as the top two emerging risks worldwide, while geopolitical volatility and social discontent have both climbed several notches since 2017.

The percentage of respondents who included climate change, cybersecurity and geopolitical volatility as one of their top five emerging risks has risen markedly since last year. As for risks that have declined, respondents felt financial and macroeconomic risks aren’t as pressing a concern a decade after the global financial crisis.

1. Climate change 2. Cybersecurity risks

60%

3. Volatility of the geopolitical landscape 4. Natural resources management

Percentage who named it as a top-five risk in 2017

40%

6. Artificial intelligence and Big Data

30%

7. New threats to security

20%

10. Pandemics and infectious disease Source: AXA Emerging Risks Survey 2018

63% 54%

50%

5. Social discontent and local conflicts

8. Pollution 9. Medical innovations and use of technology in healthcare

8

Percentage who named it as a top-five risk in 2018 70%

39%

34%

20%

10% 0%

31%

Climate change

Cybersecurity

Volatility of the geopolitical landscape

26%

25%

25% 16%

Natural resources management

Social discontent and local conflicts Source: AXA Emerging Risks Survey 2018

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EUROPE

1. Climate change 2. Cybersecurity risks 3. Volatility of the geopolitical landscape 4. Social discontent and local conflicts 5. Artificial intelligence and Big Data

MIDDLE EAST

1. Cybersecurity risks 2. Climate change ASIA

3. Natural resources management 4. Volatility of the geopolitical landscape Social discontent and local conflicts

CENTRAL AND SOUTH AMERICA

1. Climate change 2. Cybersecurity risks 3. Artificial intelligence and Big Data 4. New threats to security 5. Medical innovations and use of technology in healthcare

1. Climate change 2. Cybersecurity risks 3. Natural resources management 4. Social discontent and local conflicts 5. Artificial intelligence and Big Data

AFRICA

1. Climate change 2. Cybersecurity risks 3. Social discontent and local conflicts 4. New threats to security 5. Macroeconomic risk

Source: AXA Emerging Risks Survey 2018

THE PACE OF EMERGENCE Climate change is a pressing issue: More than half of respondents said this risk has already emerged, while around a third consider it to be rapidly emerging. Cybersecurity, meanwhile, continues to be classified as a rapidly emerging risk; 54% of the professionals surveyed put it in that category.

Climate change

Already there

36%

13%

Cybersecurity risk is multifaceted, but respondents identified three main areas of concern: attacks on critical infrastructure, attacks on connected devices, and new types of malware.

54%

13%

40%

Rapidly emerging

51%

DIVERSE CYBER CONCERNS

Slowly emerging

Cybersecurity

33% Volatility of the geopolitical landscape

32%

32%

30%

45%

38%

17%

21%

20%

Natural resources management

45%

35%

20%

40%

21%

Social discontent and local conflicts

10% 0%

39%

Source: AXA Emerging Risks Survey 2018

Cyber-physical attacks on infrastructure

Attacks on connected devices

New types of malware

Source: AXA Emerging Risks Survey 2018

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UPFRONT

NEWS ANALYSIS

Cyber meets executive risk Whether it’s from M&A activity or a rise in regulation, boards and C suites are more exposed than ever to cyber fallout

CYBERSECURITY CAN’T just become a priority after an incident has brought a company to its knees. According to Aon’s 2019 Cyber Security Risk Report, cyber risks continue to escalate in number, severity and sophistication, which means today’s boards, C-suites, and security and risk leaders need to be preparing for attacks by continually assessing their vulnerabilities, fixing their security gaps and proactively mitigating their risks.

“The nature of the risk is constantly changing,” says Alessandro Lezzi, focus group leader of international cyber and tech at Beazley, which recently announced it was combining its cyber insurance and executive risk capabilities into one division. “Now, every single crisis goes viral very quickly

CEO losing their job after an incident to the share value of a company dropping postbreach. Equifax’s stock, for example, plunged after 143 million of its US customers were impacted by a cybersecurity breach.

Lately, cyber risk has also come up in merger and acquisition activity. Marriott experienced a massive breach that impacted hundreds of millions of people after hackers went after the Starwood reservation system to access guest data. The hack affected around 300 million guests and emphasized how important due diligence is during an M&A transaction.

“The due diligence around information security in an M&A transaction has been somewhat limited,” says Rob Rosenzweig, national cyber risk practice leader at Risk

“The nature of the risk is constantly changing. Now, every single crisis goes viral very quickly” Alessandro Lezzi, Beazley and then normally affects the reputation of the company. This can be a cyber incident, a class action after a cyber incident, a #MeToo crisis. Because of this, we’re seeing that all of these risks, which are changing all the time, pose extreme complexity at the board level.”

Cyber incidents can impact the heads of companies in a variety of ways, from a

10

Strategies, “so what we like to see our clients that are engaging in M&A activity do is a few things: Ask for information around the IT infrastructure that the acquisition target is currently deploying. Understand what, if anything, they’re doing from a risk management standpoint ... things like penetration testing or network assessments. If so, see

the most recent reports from those audits to understand what, if any, vulnerabilities have been identified and if some of those vulnerabilities have been resolved or if they are still outstanding. We also want to dig a little bit more in terms of information governance and policies and procedures – what sort of information does the acquisition target collect on its customers or employees, how are they protecting that information, and how are they storing that information?”

Doing due diligence doesn’t mean that a potential buyer should walk away from the transaction if red flags are identified, but it does put the acquiring company in a position where they know more and can thus be better prepared. That includes uncovering and addressing the grey areas in insurance coverage before discovering that both policies cover cyber claims – or neither of them do.

“There needs to be some clarity as to

www.insurancebusiness.ca

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29/05/2019 4:05:33 AM

CYBER RISK BY THE NUMBERS

59%

of companies have experienced a data breach via a third party

35%

of companies described their third-party risk management program as “highly effective”

75%

of board directors say they’re more involved with cybersecurity than they were a year ago

how an issue that’s uncovered post-close is going to be dealt with,” Rosenzweig says. If Company A acquires Company B and a cyber attack occurs post-acquisition, for instance, there could be questions of whether that

landscape, both in terms of the threats that are out there and the regulatory environment,” Rosenzweig says.

The regulatory landscape is also increasing the interconnectedness between

“There needs to be some clarity as to how an issue that’s uncovered [postacquisition] is going to be dealt with” Rob Rosenzweig, Risk Strategies should be picked up under the buyer’s policy or whether the claim can be addressed under the policies the seller had in place at the time the transaction closed.

Nonetheless, sometimes even the most prudent due diligence in the world will still miss underlying issues. “This is still somewhat uncharted territory and a developing

cyber risk and the C suite. For example, the EU’s General Data Protection Regulation [GDPR], which applies regulations to any company offering goods or services to EU residents or monitoring the behaviour of EU residents, mandates that certain companies need to appoint a data protection officer, which adds D&O exposures.

53%

of cybersecurity professionals revealed in a 2018 survey that their organizations had suffered an insider attack within the last year Source: Aon 2019 Cyber Security Risk Report

“Rating agencies are also taking into account cybersecurity when rating a company, which again poses a challenge to companies because if they want access to the market to increase their capital to get money from investors, they need to take care of their cybersecurity posture,” Lezzi says.

In this environment, he adds, putting Beazley’s cyber and executive teams together just made sense. “The two risks are more and more interlinked. This is also the reason why we’re putting these two divisions together – to match the risks and be able to provide effective solutions to clients.”

www.insurancebusiness.ca

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29/05/2019 4:05:38 AM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Applied Systems

TechCanary

TechCanary is an insurance CRM system built on the Salesforce platform

BrokerLink

Amplex Insurance Brokers and JDR Insurance

The double acquisition will expand the P&C insurance brokerage’s footprint in Guelph and Athabasca

The Co-operators

Robinson & Associates Insurance Brokers

The acquisition is The Co-operators’ second transaction in Ontario in 2019, strengthening its agency distribution system

Hub International

Callow Insurance Associates, Clarity Benefits Group, Kelliher Agencies

Hub has purchased Callow’s entertainment book of business, along with Calgary-based benefits provider Clarity and agribusiness specialist Kelliher

a

AXA XL expands contractor’s equipment coverage

AXA XL’s North America marine insurance business has launched an enhanced contractor’s equipment product, expanding its risk appetite to include 33 additional coverages such as drones, contractor’s equipment, necessary repairs, rigger’s legal liability and more. According to AXA XL North America inland marine practice leader Mike Perrotti, the product addresses the fact that contractors need a wider variety of tools and equipment today.

“Equipment is constantly being updated or improved,” he said. “Even a small covered loss means downtime a contractor cannot afford.”

The Co-operators expands its Ontario distribution network

The Co-operators has acquired another brokerage in Ontario, marking its second purchase in the province so far in 2019. Robinson & Associates Insurance Brokers, which maintains offices in both Ridgeway and Niagara Falls, offers both personal and commercial insurance policies. All existing coverage will remain in effect for the current policy term for the brokerage’s clients.

According Co-operators CEO Rob Wesseling, the acquisition demonstrates his company’s “commitment to strengthening our agency distribution system in the region. This continued growth allows us to better serve our clients, helping them achieve financial security and, ultimately, peace of mind.”

12

Duuo brings on-demand insurance to Quebec

Duuo, the digital insurance brand of The Co-operators, has expanded its on-demand insurance product to Quebec. Created as part of The Cooperators’ investment in Slice Labs, Duuo provides coverage to short-term rental hosts who rent out their properties using platforms such as Airbnb, HomeAway and VRBO. With the addition of Quebec, Duuo now offers its product in all 10 Canadian provinces. “Our goal is to make hosts feel more at ease when welcoming guests into their home by providing the peace of mind that comes with using Duuo,” said Duuo managing director Robin Shufelt.

www.insurancebusiness.ca

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29/05/2019 4:06:01 AM

PEOPLE Markel subsidiary collaborates with Tesla

Tesla has announced that it will launch an in-house insurance program in collaboration with Markel subsidiary State National Insurance Company.

State National will serve as a fronting company for the insurance program, while a third party will reinsure most of the risk. The insurance program’s premiums will be determined based on driver data. Markel co-CEO Richard Whitt said State National is supporting “innovative solutions” that Tesla has established with risk-taking partners.

Tesla previously created the InsureMyTesla program, in which it partnered with third-party insurers to make insurance more affordable for Tesla drivers.

Frank Cowan unveils public entity cyber coverage

Frank Cowan Company is offering an enhanced cyber product designed for public entities, non-profit organizations and similar classes of businesses. The new product, backed by AXA XL’s Syndicate 2003, features all-inclusive limits of up to $1 million for standard coverages, with higher limits and optional coverage available. Policyholders will also be connected with Frank Cowan’s cyber loss service provider, Crawford & Company, and will have access to education, advice, contract reviews and complimentary templates to help them prepare and recover from a cyber incident.

Sonnet enhances customer experience

In an effort to improve its customer experience, online insurance broker Sonnet Insurance has launched a service that connects clients with other brands it has partnered with. The Sonnet Connect platform allows customers to find insurance-related services from 14 different brands, including Hive, Petscure, Homewise, MovingWaldo, Parent Life Network, CarCostCanada, Carfax Canada, Borrowell, KOHO, LeaseBusters and Wealthsimple. According to Sonnet’s Mark Fujita, the company hopes to add more brands that are “equally committed to making things simple and understandable for Canadians.”

NAME

LEAVING

JOINING

NEW POSITION

Tony Cicio

Samsung Electronics

Argo Group

Chief human resources officer

Jonathan Colello

AXIS Re

PartnerRe

CEO, P&C Americas

Erin Gattoni

Chubb

CNA Canada

Vice-president, human resources

Bruce Hodges

N/A

Foresters Financial

Chief operating officer

Tony Jordan

Chubb

AXIS

Group chief actuary

Christophe Meurier

BNP Paribas

Willis Towers Watson

Global head of financial solutions

Marc Orloff

N/A

Liberty Mutual

General manager, Global Risk Solutions field distributions

David Pigot

Kennedys

McLarens

Director of London markets and global head of specialty

Marco Royer

Aon Benfield

Zurich Canada

Head of liability

Owen Watson

N/A

Kernaghan Adjusters

Vice-president of BC operations

PartnerRe names CEO for P&C Americas

PartnerRe has appointed Jonathan Colello as CEO of P&C Americas and president of Partner Reinsurance Company of the US. Colello joins PartnerRe from Axis Re, where he most recently served as North American president. In his new role, Colello will lead PartnerRe’s property & casualty business in the US, Canada and Latin America, along with its health business in the US. “[Jon’s] extensive reinsurance market knowledge, combined with his proven leadership skills, will be instrumental in leading our teams to further strengthen PartnerRe’s market presence while continuing to build meaningful partnerships with our clients and brokers in both our North American and Latin American markets,” said Partner Re president and CEO Emmanuel Clarke.

McLarens creates new global role

McLarens has appointed David Pigot to the newly created role of director of London markets and global head of specialty. Pigot will help develop solutions for the London market while driving growth in McLarens’ aviation, construction and engineering, crisis management, marine, natural resources, and FAJ and specie divisions. Pigot brings more than 30 years of experience to the role, having overseen large organizations across Europe, the Middle East and Africa. “[David] not only brings the right combination of industry skills and technical expertise, but he also shares our client-centric approach, which is one of McLarens’ fundamental operating principles,” said McLarens CEO Gary Brown.

www.insurancebusiness.ca

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29/05/2019 4:06:02 AM

UPFRONT

MGA UPDATE

Keeping pace with cyber evolution As cyber risks continue to change at a blistering rate, how can underwriting keep up?

landscape, that’s dangerous in terms of what implications it has for the market.”

In addition, some insurers are approaching cyber in the same way they would professional liability, Ladeau says. While offering something like $10 million in excess of $100 million is a “safe way” to build a portfolio, he points out that a massive cyber attack could put the markets in check.

“We’ve seen a depression in rates, and we haven’t seen … an appropriate response to large cyber losses”

Originally a form of business interruption coverage, cyber insurance has evolved to cover privacy breaches, cyber attacks, systems failure coverage, contingent business interruption and contingent business failure, among other things. But cyber risks are constantly changing and are still very difficult to underwrite.

“We’ve reached a situation where the cyber insurance market has so much capacity and there’s so much focus on cyber as an area for growth in insurance that the market’s almost

NEWS BRIEFS

moving a bit faster than we can genuinely underwrite to,” says Josh Ladeau, global head of tech E&O and cyber at Aspen Insurance.

While Ladeau notes that recent mass-level losses haven’t made a dent in the risk appetite of most cyber markets, he’s concerned that insurers have yet to develop a proper response when a major cyber incident hits.

“Over the years, we’ve seen a depression in rates, and we haven’t seen what I would describe as an appropriate response to large cyber losses,” he says. “In a worsening threat

Westmount expands into Western Canada

Navacord member Westmount Guarantee Services has opened Westmount West Services, a Vancouver-based MGA that will provide developer surety solutions and condominium deposit insurance. Led

by Tom Reeves, the team’s knowledge, experience and local binding authority will allow them to make timely decisions. “Our focus remains on meeting the specialized needs of clients, especially as projects in the West become larger and pre-sale deposits grow in significance,” Reeves said.

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“We’re seeing markets take similar capacity plays for cyber insurance, but in reality, the cybersecurity landscape is completely different,” Ladeau says. “There’s a different trajectory for typical loss in cyber. What I think you’ll see in the future is a greater frequency of these mass-level attacks, more acknowledgement of that threat by insurance companies, and greater understanding that cyber events are more often tower-implicating losses rather than small-level losses on accounts.

“That will thin out the crowd in terms of the amount of high-excess capacity players there are in the market,” he adds, “which I think will start to drive a change in pricing, as well as hopefully some constriction around coverage grants.”

April Canada tool helps brokers track files online

April Canada has unveiled a new online file-tracking tool for its broker partners. Linked to internal file processing software, the tool allows broker clients to track the progress of their quote request in real time. Whether the file is being processed by an underwriter, awaiting approval or being drafted, brokers can easily follow up on requests. In addition to providing a status update, April Canada’s tool also gives brokers access to the name and contact details of the underwriter in charge of the file.

www.insurancebusiness.ca

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29/05/2019 4:06:26 AM

Q&A

Sébastien Gabez CEO

Simplifying life for insureds

APRIL CANADA

Years in the industry 15 Fast fact Gabez began his career in France, working for E&Y and April Group, before relocating to Montreal in 2013

April Canada describes itself as a provider of “bespoke insurance solutions.” What does that mean for your clients?

April Canada’s strategy is pretty clear: on a specific number of key niches, act as a pure specialist and focus all our efforts. We have met and we keep meeting the insureds of those niches, asking about their gains and their pains in their business or leisure activities.

Why? Because rather than bringing standard insurance capacities to our broker partners, April Canada wants to bring them innovative, deep and relevant products on certain niches.

As an MGA, what advantages does April Canada have when it comes to specialized and high-risk insurance?

Working with April Canada in our specialized niches brings a few advantages to our brokers. On personal lines, we are focused on marine pleasure craft and residential/rental with our famous unpaid rent guarantee for landlords. On commercial lines, we provide specialty on realty, farms, contractors, commercial marine and cargo.

On every one of those niches, we provide a comprehensive insurance product that is meeting the end customer’s needs. To help our brokers who cannot be specialized in every field, our niche experts have created a large range of RIBO and AMF training sessions, which support brokers day-to-day, whether it’s explaining boat, contractor or rental insurance

Insurance Institute of Canada develops MGA certification

As part of an update of its insurance education programs, the Insurance Institute of Canada [IIC] has announced plans to launch a new certificate program for MGAs, which will be designed with input from the Canadian Association of Managing General Agents. According to IIC’s Brad Neal, development of the new program was inspired by the “explosive” growth in the MGA space. He added that MGAs’ specialized knowledge makes them “uniquely positioned” to meet changing customer expectations.

to their customers. In addition, we have bound a few partnerships to provide additional services to our insureds – services that have nothing to do with insurance but are aimed at relieving our insureds from some of their pains.

Which markets have the hardest risks to place?

For sure, the market has been hardening over the last few months, following a long period of a soft market in Canada. We probably are in a period of necessary adjustment. Lots of risks are currently harder to place, but from our perspective, trucking is the hardest risk to place right now. We still operate in this field, but we only serve trucking companies who operate in Quebec.

How can MGAs provide more value to clients to stand out against other insurance distribution models?

Digital is one of our main focuses at April Canada.

Our strategy is to provide brokers with relevant online platforms related to our key niches, where possible – platforms where they can quote online and eventually bind online. Our marine niche is one example where we currently offer brokers a comprehensive online environment where they can quote, bind, renew and endorse online. Brokers currently come to us because we have the right product and expertise, but more than that, because of the efficiency of our platform.

Signature Risk Partners bolsters Western presence

In an effort to drive continued growth in Western Canada, Signature Risk Partners has opened a new BC office and appointed a new commercial underwriter in the region. Karen Noel joined Signature’s underwriting team in April, charged with coordinating with the MGA’s Toronto-based underwriters and providing underwriting leadership and broker support in both BC and Alberta. Noel brings more than 30 years of commercial insurance experience, including stints with Aon Reed Stenhouse and Valley First Insurance Services.

Storm Insurance closes Sheppard acquisition

The Storm Insurance Group has finalized its acquisition of Sheppard Insurance Services and Risk Management, one of Edmonton’s largest commercial insurance brokerages. Sheppard’s team, led by owners Grant Sheppard and Scott Zurfluh, will continue to work under the Storm Insurance Group banner. Sheppard will serve as head of Sheppard Insurance and will oversee commercial and personal lines for A.P. Reid Insurance, while Zurfluh will guide the expansion of Storm Insurance Group’s MGA, Agile Underwriting Solutions.

www.insurancebusiness.ca

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29/05/2019 4:06:30 AM

UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS Allstate rolls out telematicsdriven driver safety app

Allstate Canada has unveiled Drivewise, a new driver safety app that uses telematics to provide auto insurance customers with information about their driving habits. The data can also be used

by Allstate to reward safe drivers with premium discounts of up to 30%.

The insurer stressed that Drivewise participants will not see any increases in their premiums for using the app, regardless of their driving behaviour prior to using it. The app is currently available to Allstate customers in Ontario, Alberta and Nova Scotia, with a planned rollout in Quebec this summer.

Axis Capital Holdings partners with startup incubator

Axis Capital Holdings has partnered with CyLon to help mentor fledgling businesses in the UK-based CyLon cybersecurity accelerator. The two companies will also co-host industry events and collaborate to produce research on the cybersecurity market.

“As firms face an ever more dynamic cyber risk environment, it’s important that they have access to creative and innovative cybersecurity resources and services,” said Dan Treman, global head of cyber and technology at AXIS. “Through our partnership with CyLon, we will work together to mentor and educate cybersecurity startups so they are accurately aligned to help companies mitigate their cyber risks.”

Lloyd’s invests in artificial intelligence startup Layr

Lloyd’s of London has offered funding to AI-driven startup Layr, which uses a proprietary price and appetite prediction engine to match businesses with the

16

right insurance policies from the right carrier at the right price, with the goal of giving small businesses faster access to liability insurance. The US-based insurtech is also exploring the possibility of forming distribution partnerships with several Lloyd’s syndicates. Layr is part of the first cohort of the Lloyd’s Lab innovation hub, which serves as a testing ground for new insurtech solutions.

SSQ Insurance introduces electronic applications

SSQ Insurance has launched a new electronic application form for life and critical illness insurance, which financial security advisors can fill out with customers either in person or remotely.

“We are proud to have an easy-to-use online tool that cuts down on processing time and paper,” said Eric Trudel, senior vice-president of strategies and offer management at SSQ Insurance. “The new individual insurance electronic form will definitely improve our customers’ experience, as well as that of our advisors.”

Gore Mutual brings AI to its underwriting practice

Gore Mutual has partnered with tech firm Element AI to integrate the Element AI Underwriting Partner software product with Gore Mutual’s underwriting practice.

The move will allow the insurer to use artificial intelligence to augment risk assessments and reduce data entry time for underwriters. The system was created using Gore Mutual proprietary data; the two companies worked together to build the data sets and learning models needed. Gore Mutual noted that it maintains a massive inventory of unstructured data, only about 20% of which is currently being used. Through this collaboration, the insurer hopes to fully leverage the remaining data.

Disruption is a good thing Most insurers see disruption as more of an opportunity than a threat – and one company is meeting it head-on Sixty-eight per cent of insurers expect significant technological disruption in the sector in the next three years, according to KPMG’s recent report on risks and opportunities in the Canadian insurance industry. Those same insurers also agreed that disruption would weaken – or even outright eliminate – some traditional companies. Yet 63% said they see technological disruption as an opportunity rather than a threat.

Among them is Wynward Insurance Group president and CEO Darryl Levy, who says disruption is “great for business … This inflection point we’re at today, because of technology and because of the disruption in our business, is actually a good thing for incumbent legacy insurers in Canada.”

Levy believes the acceleration of innovations over the past few years thanks to breakthroughs in technology have brought the industry to a crucial turning point.

“We’re able to leverage some very interesting tool sets that hadn’t been available before to serve our customers better, and that’s what it’s all about,” he says, “as well as leveraging technology to differentiate ourselves.”

Technology has allowed Wynward Insurance Group to enhance the way it engages with and understands customers, brokers and claims. It has also enabled the company to build loss prevention into the customer equation.

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29/05/2019 4:07:04 AM

Q&A

“We get ahead and assist them with loss prevention [and] risk mitigation in their businesses as part of the insurance policy, which can add value to their business,” Levy says. “All of these things present us a great opportunity to take what’s been known as a

“We’re able to leverage some very interesting tool sets that hadn’t been available before to serve our customers better” product that has been sold versus bought and make it interesting for the customer.”

Technology is a major part of Wynward’s plans for the next few years. “The new risk classes – cyber, cannabis, technology – those are growth areas for us that we’re deeply invested in,” Levy says.

The company also has plans to implement a new back-office system that will open up new ways to better serve its customers and brokers and give employees more access to data and analytics for pricing and determining risk.

Michael Anderson Business owner, predictive analytics GUIDEWIRE SOFTWARE

Years in the industry 28 Fast fact Guidewire Software provides an industry platform for property & casualty insurers and is relied upon by more than 350 companies in 32 countries

Great promise, great challenges What does Guidewire Software do?

The company’s software products and solutions support core insurance operations, provide insights and enable smarter decision-making, and support digital engagement with customers and agents across the insurance life cycle.

What role will Big Data play in the insurance industry?

The insurance sector ranks near the top of industries that can benefit from the massive wave of new data and data sources. For example, data collected from IoT devices presents the opportunity for insurers to move past using proxy data for risk analysis and underwriting to real-time, actual-source data. New data sources, and the insights gained from them, hold tremendous promise for insurers to more accurately price, underwrite and personalize risks while creating a more intimate relationship with the customer.

However, with great promise comes great challenges. The amount of data, as well as connecting the sheer number of data sources – often unstructured – in a meaningful way, will continually test insurers’ Big Data strategies, priorities and operational execution. To be successful, insurers will need to look closely at every level of their organization to ensure resources are able to execute in a very dynamic, data-driven culture.

Do you think AI could completely replace human insurance professionals?

While AI holds great promise, it will likely automate tasks as opposed to eliminate jobs. For example, AI-driven chatbots can answer inquiry calls on the status of claim payments, schedule inspections, rental extensions, etc. By freeing up time spent on the mundane tasks, insurance professionals will be able to focus their time on more challenging and high-value responsibilities.

What are your thoughts on the automotive industry offering insurance for self-driving cars?

As self-driving cars become a reality, it will undoubtedly change how and who may be primary in the chain of liability for a given accident. Since most crashes today are caused by human error, taking control away from the driver and placing it in the hands of technology should significantly reduce accidents, injuries and fatalities. But the shift from humans to technology behind the wheel will radically change auto insurance as we know it and who may be liable in a loss.

OEMs may be incentivized to enter the insurance market to remove a potential insurance roadblock when considering an autonomous vehicle purchase. The availability and price of insurance can prove difficult to find and expensive. That being said, Guidewire InsurancePlatform already supports various insurance distribution models throughout the world, including insurers, brokers, agents and MGAs. If vehicle manufacturers enter the insurance industry, Guidewire InsurancePlatform would be a logical solution for their business model.

www.insurancebusiness.ca

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29/05/2019 4:07:03 AM

UPFRONT

OPINION

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

Evolution, not revolution Insurtech has been praised for bringing technology to the insurance industry, but the technology has been there all along, writes Frank Sentner THE INSURANCE industry is all a-twitter (literally) about the insurtech revolution, but most of the folks involved in insurance technology today are unaware that insurance was an early adopter of technology. In the 1960s, Travelers installed one of the very first IBM mainframe computers, and its peers were not far behind. In the 1970s, I sold time-shared mini-computers roughly the size of a refrigerator to insurance agencies to do invoicing and accounting. At the time, only the largest agents could afford such technology.

In the 1980s, the advent of personal computers launched a host of systems that boasted office automation capabilities in addition to accounting. For the first time, even the smallest insurance agencies could afford desktop computers to manage their work processes, and insurance agents were among the first small businesses to embrace this technology.

Two disparate technological challenges confronted the insurance industry in the ’90s: the looming threat of Y2K software failures and the new phenomenon of the internet.

Insurers and agency management system vendors were torn between replacing their aging mainframe and desktop computers to take advantage of this new technological leap forward or patching their old systems for Y2K. They settled for web-based facelifts for their old back-end systems rather than purchasing or developing fully web-enabled solutions.

As we crossed the threshold into the new millennium, terrible combined loss and expense ratios, followed by the Great Recession, sapped what little appetite

18

insurers and insurance software vendors might have had for innovation. As the current decade unfolded, however, technological innovation blossomed again in the insurance industry. Insurers and agents alike realized that the dominance of smartphones as the primary mode of consumer communication, along with the emergence of cloud computing, required radical adjustment of our technological vision.

When this renewed inclination to accept technological change met the influx

aspect of our lives and businesses, and both have made possible the progress achieved by other businesses. Essentially, any technology can be focused on helping to address either risk mitigation or risk transfer requirements.

And innovation follows the money: More than $1 trillion has been invested in insurtech in the last four years, according to Willis Towers Watson.

Much of this new technology is part of the Internet of Things, which includes all the devices creating SMART [Self-Monitoring, Analysis and Reporting Technology] homes, vehicles and buildings. These devices not only provide rich new sources of data for underwriting and pricing risks, but they also offer real opportunities for insurers and agencies to leverage enhanced engineering and loss control services to create SMART risk management services. What makes these devices SMART is artificial intelligence and machine learning, which can also remind agents of customers’ preferences and offer advice on cross-selling scenarios and gaps in coverage.

A whole new category of global companies has arisen to mediate interactions between

“It’s more accurate to call this the insurtech evolution, since most of the investment and innovation is benefiting incumbents, and they have been quick to seize these opportunities” of private equity capital fleeing the over­ invested fintech space, their love-child – the insurtech revolution – was born. It’s more accurate to call this the insurtech evolution, since most of the investment and innovation is benefiting incumbents, and they have been quick to seize these opportunities. If insurers and agents lack sufficient motivation in this regard, there are significant disruptors nipping at their heels, and they get more than their fair share of press.

It’s not really surprising that so many diverse technology platforms have found a willing audience in the insurance sector.

Insurance shares a common characteristic with technology: Both impact nearly every

the insurance world and insurtech startups.

Startupbootcamp, the company that operates the Hartford InsurTech Hub accelerator, is one of many such companies. It presently manages 28 accelerators in 19 countries that have supported the growth of 592 startup ventures with funding of more than $375 million.

The future of our insurance technology landscape is evolving as we speak. Vive la révolution!

Frank Sentner has been creating insurance technology solutions for 42 years. He recently helped the State of Connecticut, City of Hartford, UConn, Travelers and others create Connecticut’s first insurtech accelerator.

www.insurancebusiness.ca

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29/05/2019 4:07:42 AM

IBC su

MAGAZINE The country’s leading business magazine for today’s sophisticated commercial insurance broker/agent.

WEBSITE Breaking news, in-depth profiles, features, online forum and Insurance Business TV

ENEWSLETTER Daily news service delivered straight to your inbox every morning

www.insurancebusiness.ca 19 Find out more and subscribe at insurancebusinessmag.com/ca/

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29/05/2019 11:01:42 4:07:45 AM 14/03/2018 PM

PEOPLE

INDUSTRY ICON

BUILDING RESILIENCE During his long tenure at FM Global, chairman and CEO Tom Lawson has remained focused on furthering the company’s mission of mitigating risk through engineering expertise

THE PATH to a long and successful career is often more about the journey than the destination. Long before Tom Lawson reached the upper echelons of commercial property insurer FM Global, he began at the firm as a field engineer, conducting risk assessments, providing loss prevention engineering recommendations to clients, and gaining exposure to the wide range of industries and Fortune 1000 companies to which FM Global brings value.

For 23-year-old Lawson, the experience proved invaluable, and the more he did the work, the more he enjoyed it and saw how the company’s values aligned with his own.

“Forty years later, here I am,” he says. “It’s pretty rewarding to sit back and think about it now – that you can start out as a field engineer and end up as chairman and CEO. For me, it’s been a great journey.”

In between his first position at FM Global and his current one, Lawson climbed up the ranks of the company’s engineering group and was responsible for opening a branch office as an engineering manager. He later picked up the title of underwriting manager, which was his first foray into the insurance side of the business.

“It was interesting not having any insurance experience, but the real focus was the ability to differentiate risk, which is something that’s fundamental to everything we

20

do in the company,” Lawson says.

Later, he created the unit that oversaw the company’s global forest products operations and eventually led the team that built the company’s research campus – the world’s largest center for science-based property loss prevention research and product testing. It was one of the shining moments of his career at FM Global.

2014 before picking up the title of chairman in 2018, he was more than prepared to lead a company whose many sides he had already seen. Today, he’s a key example of FM Global’s ability to retain its team members for an average of 13.2 years, which he credits in part to its mutual structure.

“We’re a mutual company as opposed to a stock company, which allows a singular focus

“The fact that we’re a research-based organization, as opposed to an insurancebased organization, allows us to create the science that our engineers then turn into practical solutions and share with our clients” “Our research campus is where everything starts,” Lawson says. “It’s really a foundation for everything the company does related to engineering and underwriting. To be able to design and build a one-of-a-kind facility that is used to deliver on our value proposition was pretty important.”

Employee of the decade When Lawson took over the operations of the company as an executive vice president in 2008, and finally was appointed CEO in

on what’s best for our clients, who are actually our owners,” Lawson explains. “Unlike a publicly traded company, there’s never a conflict between what’s best for our shareholders versus our clients. It also sets the tone for our culture in the way we deal with our mutual owners, our clients. It permeates into how we deal with each other at the company and contributes to long-term relationships.”

With FM Global’s high employee retention rate, it’s clear the company is doing something right as retirements loom large

www.insurancebusiness.ca

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29/05/2019 4:08:08 AM

PROFILE Name: Tom Lawson Title: Chairman and CEO Company: FM Global Based in: Johnston, Rhode Island Years in the industry: 40 Career highlight: Leading the team that designed and built the FM Global Research Campus

www.insurancebusiness.ca

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29/05/2019 4:08:50 AM

PEOPLE

INDUSTRY ICON

over the insurance industry. Millennials get a bad rap, according to Lawson, who meets with many new employees when they join the company and says they consistently tell him they’re taught to change jobs every few years in order to advance in their careers.

“What they say is that as long as their employer is interested in their development and spends time to communicate with them, they’re not interested in switching companies every two years,” Lawson says.

A focus on loss prevention FM Global’s capital and risk management expertise is focused on commercial property insurance, and it aligns itself with

clients,” Lawson says.

The FM Global Research Campus is devoted to stopping physical threats from becoming major catastrophes. Its four laboratories study fire technology, natural hazards, electrical hazards and hydraulics.

Teams within each lab run experiments that help to develop understanding around each risk. In the fire technology lab, for example, researchers learn about the causes of structural failure, the speed at which fire spreads and sprinkler protection systems.

Natural catastrophes, business interruption and cyber attacks that demobilize physical facilities are a few of the top-ofmind risks threatening insureds today, but

“The majority of loss is preventable, so the good news is you can actually change your future by choosing to make your facilities and your corporation resilient” companies that share its belief in the value of loss prevention. It’s important to find clients who think the same way, Lawson says, and are willing to commit to making loss prevention a key part of their strategic planning and to taking the actions needed to make their facilities resilient.

In order to create resilient companies, FM Global’s experts start by identifying the property-related risks facing their clients and then provide them with practical solutions to mitigate exposure. The company is unique in its risk management approach in that it uses engineers, not actuaries, to help clients assess and address their property risks.

“The fact that we’re a research-based organization, as opposed to an insurancebased organization, allows us to create the science that our engineers then turn into practical solutions and share with our

22

there’s another, often overlooked danger that Lawson believes is crucial for companies to pay attention to.

“The biggest risk that’s emerging is when you don’t make loss prevention and risk management part of your strategic planning,” he says. “I think that’s acknowledging that loss is not a foregone conclusion, and you don’t have to accept that. The majority of loss is preventable, so the good news is you can actually change your future by choosing to make your facilities and your corporation resilient.”

FM Global was founded nearly two centuries ago on the premise that members of the mutual company had to take care of their businesses’ facilities. This belief continues to underpin the insurance company’s work as it turns science into solutions for its clients around the world.

FM GLOBAL BY THE NUMBERS

1835

Year FM Global was founded

13.2

Number of years the average employee spends at the company

94%

Client retention rate in 2018

145

Countries serviced by FM Global’s engineering network

US$3.9 billion

FM Global’s consolidated net earned premium in 2018

www.insurancebusiness.ca

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29/05/2019 4:08:53 AM

Want something real?

Real people. Real relationships. Real expertise.

Find out more about our specialty insurance, warranty and surety solutions.

Visit www.trisura.com

a step above

Trisura Guarantee Insurance Company is a Canadian owned and operated Property and Casualty insurance company specializing in niche insurance and surety products. We are a proud supporter of the Insurance Brokers Association of Canada.

www.insurancebusiness.ca

20-23_Industry Icon-SUBBED.indd 23

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29/05/2019 4:08:58 AM

SPECIAL REPORT

ELITE BROKERS 2019

BROKERS 2019

Insurance Business Canada spotlights 36 brokers who have achieved remarkable success over the past year

BROKERS FROM coast to coast put their hat in the ring for the chance to be named an Elite Broker, but only 36 made it onto IBC’s annual list of the country’s top-performing brokers. This year’s Elite Brokers range from insurance veterans to industry newcomers, but they all earned a coveted spot on the list by excelling in new business commissions or total premium volume – or both – in 2018.

Collectively, the 2019 class of Elite Brokers placed more than $278 million in premiums and earned more than $17 million in new business commissions in 2019. While 19% of this year’s Elite Brokers have more than 30 years of experience in the industry, 5% have been at it for fewer than five years – proving that experience is no substitute for hustle when it comes to making the cut as an Elite Broker.

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METHODOLOGY Each nominee for this year’s Elite Brokers list was required to provide specific details about business they personally generated to be eligible. Brokers were evaluated based on new business commission volume and total premium volume achieved in 2018. The top 25 brokers in each category were recognized as an Elite Broker.

www.insurancebusiness.ca

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ELITE BROKERS BY TOTAL PREMIUM VOLUME RANK

NAME

COMPANY

ELITE BROKERS BY NEW BUSINESS COMMISSION VOLUME LOCATION

RANK

NAME

COMPANY

LOCATION

1

Kevin Stedman

Jones DesLauriers Navacord

Ontario

1

Kevin Woodcox

TK WoodMar Insurance & Financial Group

Ontario

2

Nick Enright

McDougall Insurance Brokers

Ontario

2

Tony Di Corpo

Racine Chamberland

Quebec

3

Wayne LeGear

Hub International Insurance Brokers

British Columbia

3

Simar Sidhu

Diamond Insurance Group

Ontario

4

David Chiu

Rogers Insurance

Alberta

4

Dave Watson

WFS Advisory Services

Manitoba

5

Joe Palmer

Palmer Atlantic Insurance, a division of Arthur J. Gallagher Canada

New Brunswick

5

Mike Gerber

Monarch Insurance Brokers

Alberta

6

Neil Bryson

Bryson Insurance

Ontario

6

Frank Beecroft

Bryson Insurance

Ontario

7

Mark McKay

Highcourt Partners

Ontario

7

Neil Bryson

Bryson Insurance

Ontario

8

Scott Irwin

Jones DesLauriers Navacord

Ontario

8

Morgan Roberts

Mitchell & Whale Insurance Brokers

Ontario

9

Julia Nugent

Hub International Ontario

Ontario

9

Nick Enright

McDougall Insurance Brokers

Ontario

10

Michael Bastone

Jones DesLauriers Navacord

Ontario

10

Chris Sikorski

Magna Insurance Corp.

Alberta

11

Tony Di Corpo

Racine Chamberland

Quebec

11

Connor Afcouliotis

Rogers Insurance

Alberta

12

Lane Gross

Lloyd Sadd Navacord

Alberta

12

Julia Nugent

Hub International Ontario

Ontario

13

Mike Gerber

Monarch Insurance Brokers

Alberta

13

Kevin Stedman

Jones DesLauriers Navacord

Ontario

14

Terence Hogan

Lloyd Sadd Navacord

Alberta

14

Mark McKay

Highcourt Partners

Ontario

15

Don Barr

Lloyd Sadd Navacord

Alberta

15

Wayne LeGear

Hub International Insurance Brokers

British Columbia

16

Melanie Stefiuk

Hub International Insurance Brokers

British Columbia

16

Michael Georgiev

Jones DesLauriers Navacord

Ontario

17

Magdalena Cammidge

Lloyd Sadd Navacord

Alberta

17

Scott Irwin

Jones DesLauriers Navacord

Ontario

18

Leah Marchon

MHK Insurance

Alberta

18

Garry Zlotnik

ZLC Financial

British Columbia

19

Mark McKinley

Lloyd Sadd Navacord

Alberta

19

Luke Horcica

Lloyd Sadd Navacord

Alberta

20

Dean Marchon

MHK Insurance

Alberta

20

Kaare Odegard

Rogers Insurance

Alberta

21

Michael Georgiev

Jones DesLauriers Navacord

Ontario

21

Graeme Bencharski

A-WIN Insurance/ Diversified Insurance Services

Alberta

22

Morgan Roberts

Mitchell & Whale Insurance Brokers

Ontario

22

Logan Mendenhall

SurexDirect.com

Alberta

23

Logan Mendenhall

SurexDirect.com

Alberta

23

Dan Reith

Reith & Associates Insurance and Financial Services

Ontario

24

Hailey Taskey

Lloyd Sadd Navacord

Alberta

24

Gavin Benson

Lloyd Sadd Navacord

Alberta

25

Frank Beecroft

Bryson Insurance

Ontario

25

David Chiu

Rogers Insurance

Alberta

www.insurancebusiness.ca 25

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29/05/2019 4:17:33 AM

SPECIAL REPORT

ELITE BROKERS 2019 CRUNCHING THE NUMBERS

$473,096

Average new business commissions

662

Average number of policies

668

Average number of clients

$7.7 million

Average premium volume

LEAH MARCHON

THE BIGGEST BOOKS RANK NAME

COMPANY

CLIENTS

1

Kevin Woodcox

2

Logan Mendenhall SurexDirect.com

3

Brock Longworth

Cornerstone Insurance/Swift Digital Insurance 2,510

4

Morgan Roberts

Mitchell & Whale Insurance Brokers

2,192

5

Tony Di Corpo

Racine Chamberland

2,126

TK WoodMar Insurance & Financial Group

8,000 3,813

MOST POLICIES WRITTEN RANK NAME

26

COMPANY

POLICIES

1

Kevin Stedman

Jones DesLauriers Navacord

2

Brock Longworth

Cornerstone Insurance/Swift Digital Insurance 3,260

3

Tony Di Corpo

Racine Chamberland

3,108

4

Morgan Roberts

Mitchell & Whale Insurance Brokers

2,386

5

Benjamin Levy

Insureit Group

1,600

5,150

Senior client executive, commercial lines MHK Insurance

With an ability to make people feel at ease and create a comfortable space for open communication, Leah Marchon uses thoughtful consultation to help her clients navigate risks and economic changes.

“Not only am I passionate about my career and believe in the value I add to my clients’ businesses, but I have a passion for people and a genuine curiosity in their lives,” Marchon says.

“I’ve intentionally tried to identify my ideal client profile and seek out likeminded clients. I’ve found that when you build a foundation of trust, people are inclined to help you grow your business.”

Over the past 18 years, Marchon has developed a diverse client base spanning the construction, manufacturing and transportation industries, among others.

She recently relocated to Edmonton to contribute more to MHK Insurance’s leadership team, and she plans to continue her growth by educating prospects and finding strategic areas where their existing brokers are lacking.

www.insurancebusiness.ca

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29/05/2019 4:17:34 AM

DAN REITH Principal broker and president Reith & Associates Insurance and Financial Services

This year marks the 105th year in the business for family-owned Reith & Associates, where Dan Reith serves as principal broker. Armed with a CAIB designation and Certificate in Risk Management from the Insurance Institute of America, Reith focuses on SMEs and the families who own them.

In 2016, Reith authored and published his first book, Home Insurance Simplified, to help consumers purchase the right home insurance policy. This year, he’s working toward a tenfold growth plan, and in spite of the hard market, he sees considerable growth opportunities.

“The strategy is simple,” he says. “First and foremost, retention – we have a strict retention program that continues to yield excellent results. Second, new business development, for which we have been very strategic in developing a list of prospects who have been researched and identified to be a ‘right fit’ for both the brokerage and our markets.”

Outside of his brokerage, Reith has been involved with many local community groups, including serving on the board of the EML Provincial PC Riding Association. He continues to pursue his interest in politics by serving as campaign manager/advisor to EML MPP Jeff Yurek. In addition, since 2003, Reith has served as host and moderator for In The Know, a local political and business talk show.

LANE GROSS Partner Lloyd Sadd Navacord

Lane Gross has long had a passion for building strong relationships. Shortly after graduating from the University of

MARK R. MCKAY President and CEO Highcourt Partners

Mark McKay has served in the corporate risk management, finance and insurance industries for nearly 30 years. After starting his career in pension asset management, McKay joined Sedgwick in 1991. In 1997, he moved to Willis as a corporate risk manager and eventually served as managing partner with a Canadian brokerage and consulting firm before founding Highcourt Partners in 2011. As

Saskatchewan, Gross entered the insurance industry with a national direct writer. After nearly eight years of sales and management experience, he joined the Lloyd Sadd commercial insurance team to continue fulfilling his desire to make successful businesses even better.

When forming partnerships, Gross stays true to his personal philosophy to be passionate in everything he does.

“There is one main thing that stands out over the course of my career: Follow your passion to build relationships and let this be your fuel each and every day,” he says.

“It doesn’t matter what you do in this lifetime, simply enjoy it. Your relationships will see that, which will cement strategic partnerships long-term.”

Outside of insurance, Gross has been a head coach for Senior Timbits hockey for the past two years and is a board member and current president of Kids Up Front.

Highcourt’s president and CEO, McKay is responsible for the overall operation of the firm, including international partnerships, client relationships, strategic consulting assignments and captive formation.

During his three-decade career, McKay has followed a disciplined strategy for growth, including “developing a deep understanding of a client’s key business objectives, mission, history and how they fit into their respective ecosystems; keeping the conversation and process simple yet enlightened by using case studies, evidence-based solutions and mutually agreed action plans; and staying away from conversations on ‘price’ and ‘big’ – these are irrelevant when delving into the culture, success metrics and purpose of a business.”

In 2019 and beyond, McKay plans to keep growing his book by introducing alternative risk strategies and value-based projects to drive double-digit profitable revenue growth. “We are rewarded by our purpose of professionally identifying, measuring, treating and monitoring fortuitous risk,” he says. “Be proud of the income generated from this purpose.”

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29/05/2019 4:17:38 AM

SPECIAL REPORT

ELITE BROKERS 2019

DEAN MARCHON Manager, commercial business development Senior client executive, commercial lines MHK Insurance

Over the course of his career, Dean Marchon has always made sure his

clients and prospects know that he has their best interests in mind. “I truly believe that I do a very good job of putting myself in their shoes,” he says. “I understand their business, their business model, their needs and, most importantly, their exposures.

Then it’s up to me to make sure that my client understands how to minimize their risks so that they can do their work, knowing that they have an insurance program and resources at the ready should things take an unexpected turn.”

Although much of his business relies on referrals, Marchon also turns to cold-calling and drop-ins to grow his clientele. “It’s a lot of fun to see where a quick meeting and conversation leads to,” he says.

KEVIN STEDMAN Partner and account executive Jones DesLauriers Navacord

Over the course of his 30-year insurance career, Kevin Stedman has developed a dedicated and sophisticated approach to his knowledge of insurance and risk management, making him a trusted leader in claims advocacy and coverage placements.

After three successful decades in the industry, Stedman’s approach to relationship-building remains unchanged: “I visit my clients whenever and wherever needed, and as their schedules permit – the old-fashioned way,” he says.

Stedman attributes his stellar career to an outstanding company support network and a superior team that ensures excellent service. For 2019, he plans to offer a broader range of compliance and risk services to his clients while continuing “to look after the clients’ best interests and to arrange a wider spectrum of face-to-face visits.”

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LUKE HORCICA Partner, senior risk advisor Lloyd Sadd Navacord

A former collegiate athlete for the University of Alberta Golden Bears tennis team, Luke Horcica entered insurance upon his father’s recommendation. After spending years as a commercial lines underwriter, he accepted a sales position at Lloyd Sadd, where he now serves as a partner and senior risk advisor, specializing in the construction, realty and hospitality sectors.

For Horcica, success in this industry comes down to genuinely connecting with clients. “The key to our business is through networking and meeting as many people as possible,” he says.

JULIA NUGENT Vice-president, client experience, wealth management and employee benefits Hub International Ontario

Specializing in self-insured and flex group benefit solutions and association programs for mid-market clients, Julia Nugent has redefined the traditional approach to sales by focusing on developing and executing long-term strategic solutions through collaborative relationships with clients. In 2018, she moved into a business development role at Hub International, responsible for cross-selling employee benefits to commercial clients. “A lot of my success and growth has been a result of interdisciplinary cross-sell,” she says.

Recognizing that many large brokerages aren’t tailored to meet the needs of mid-market customers, Nugent focuses her attention on companies that range from 100 to 2,000 employees, in addition to supporting Hub’s private equity practice with M&A due diligence analysis. This year, Nugent hopes to continue her success in cross-selling while also expanding her network and further developing Hub’s program/ association business.

Outside of Hub, Nugent has been an active board member of St. Michael’s Young Leaders since 2013 and is co-chair of The Bowler event. She is also part of the organizing committee for the Atlantic Salmon Federation’s Toronto dinner and is active in the alumni community of Queen’s University.

www.insurancebusiness.ca

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29/05/2019 4:17:44 AM

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29/05/2019 4:17:46 AM

SPECIAL REPORT

ELITE BROKERS 2019 TERENCE HOGAN Partner Lloyd Sadd Navacord

Passionate about insurance, Terence Hogan believes that Lloyd Sadd is unique providing the culture, resources and trusted leadership to drive strategic results. Hogan got his start in insurance 17 years ago when he began working for his uncle’s brokerage. As a partner at Lloyd Sadd, he focuses on the energy, construction, and oil and gas industries.

He has earned a diploma in management studies from Grant MacEwan, as well as CFP, CAIB and CRM designations.

LOGAN MENDENHALL Insurance broker SurexDirect.com

JOE PALMER Senior vice-president, transportation Palmer Atlantic Insurance

Several strategies have led to Joe Palmer’s success in the insurance industry, but two stand out for him: perseverance and “getting in the trenches.”

Prior to joining the insurance industry, Logan Mendenhall worked for three years as a door-to-door salesman, giving him a significant advantage when it came to selling new insurance policies.

Today, as a broker with online brokerage SurexDirect, Mendenhall focuses on new production while ensuring he’s consistently improving his sales skills and growing his book of business.

KEVIN WOODCOX President TK WoodMar Insurance & Financial Group

The president of Burlington, Ontariobased TK WoodMar Insurance & Financial Group, Kevin Woodcox boasts more than two decades of insurance experience in professional liability, P&C, liability analysis, surety bonds, employment practices liability and more.

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GARRY ZLOTNIK Chairman and CEO ZLC Financial

The latter he describes as “getting involved in a deeper and more direct way, from claim matters to negotiating terms with underwriters to understanding the client’s business and helping them with operational challenges they run into or questions they have – taking the time to roll your sleeves up and put the work in, becoming someone they rely on for more than just a renewal.”

Palmer sees perseverance as continually delivering for clients by working through challenges and difficulties. In an industry as dynamic as insurance, he says, rolling with the punches is critical to the success of both brokers and their clients.

“Perseverance and willingness to get in the trenches lead to stronger relationships and credibility as a broker,” he says.

“I’ve always attributed strong retention, referrals and new business success to these things.”

As the chairman and CEO of ZLC Financial, Garry Zlotnik represents the company both in the insurance industry and the community at large, which has been a key component of his success.

“This is really a relationship business, and whether it’s sitting on a board, leading a committee or developing ZLC Financial’s associate team, I believe my success comes from working alongside and getting to know like-minded, caring people who share the same values as I do,” he says.

“Over time, I’ve been lucky to build lasting and amazing relationships by donating my time and passion within my community.”

A 30-plus-year member of Million Dollar Round Table’s Top of the Table, Zlotnik specializes in wealth management, business succession, retirement strategies, employee benefits and more.

He also conducts regular professional development and educational seminars with major accounting and legal firms.

In addition, Zlotnik currently serves as an executive and board member for a number of industry and community organizations.

www.insurancebusiness.ca

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29/05/2019 4:17:50 AM

TONY DI CORPO Vice-president and damage insurance broker Racine & Chamberland

Making his third appearance on the Elite Brokers list, Tony Di Corpo has nearly four decades of experience in the insurance industry. He started his career in the claims division at Allstate

and climbed the ladder to his current role as broker and vice-president at Racine & Chamberland.

Although he has a diverse range of clients, Di Corpo developed his expertise in the real estate, hospitality, transportation and industrial markets. “While being insightful on the broader market, you need to integrate niche expertise to your service offering,” he says. “This will set you apart from other brokers, thus creating additional business opportunities.”

In a constantly evolving market, one of Di Corpo’s key objectives is to target the opportunistic small business segment.

“People tend to get lost by focusing too much on large corporations – 98% of all Canadian businesses have fewer than 100 employees, and this is the cluster that I will be further developing in 2019,” he says.

MIKE GERBER Team lead and broker Monarch Insurance Brokers

SCOTT IRWIN Partner and account executive Jones DesLauriers Navacord

Scott Irwin has 15 years of risk transfer consulting experience in the hospitality, realty and construction insurance sectors. His specialization in these niches has become the backbone of his growing book of business, and he continues to partner with experts rather than tackling complex issues within these industries on his own. Irwin’s experience includes the placement of insurance and reinsurance for local, national and international clients, with a focus on strategic risk mitigation, specialized program creation and captive insurance consulting.

Establishing relationships from the ground up has been Mike Gerber’s most significant tool in building his book of business.

Since he began his insurance career at the age of 19, Gerber has formed prosperous relationships throughout the transportation industry with freight brokers, compliance and safety experts, lease and finance companies, auto dealers, and freight companies.

After gaining his insurance and risk management diploma in 2007, Gerber worked his way up through the ranks at an Edmonton agency. He joined Monarch Insurance Brokers a couple of years later and now focuses on the transportation industry as a commercial lines broker.

MELANIE STEFIUK Account executive, real estate practice Hub International Insurance Brokers

Providing insurance solutions that work for clients and advocating on their behalf is the key to Melanie Stefiuk’s success. Making her third appearance on the Elite Brokers list, Stefiuk has 20-plus years of experience in the industry as a customer service representative, commercial insurance marketer and commercial account manager.

She currently serves as an account executive with Hub International’s real estate practice, working with property managers as well as unit owners in the real estate and strata industry.

In her spare time, Stefiuk chairs the Richmond Therapeutic Riding Association and volunteers on various committees within the local insurance and real estate communities.

NEIL BRYSON Senior account executive Bryson Insurance

Neil Bryson is making his second consecutive appearance on the Elite Brokers list. A senior account executive at Ajax, Ontario-based Bryson Insurance, Bryson specializes in insurance for the transportation and logistics industry.

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29/05/2019 4:18:01 AM

SPECIAL REPORT

ELITE BROKERS 2019 GRAEME BENCHARSKI Branch partner/owner A-WIN Insurance/ Diversified Insurance Services

GAVIN BENSON Partner Lloyd Sadd Navacord

Going out of his way to personally reach every client has always been a priority for Gavin Benson. “I’ve never been afraid of travel and getting on the road,” he says. “I am based in Edmonton but have built relationships with clients across Western Canada because what we do isn’t just applicable to clients in our own backyard. Our capabilities extend across the country, and if you’re willing to engage with me, I’m willing to travel to help you out.”

Armed with a dedication to improve Lloyd Sadd’s energy, resources and infrastructure practice, Benson joined the company in 2013 and gradually climbed its ranks. Named the youngest partner in Lloyd Sadd’s history, he vowed to “never be outworked” and rapidly catapulted the company into one of Alberta’s leading insurance providers for service contractors.

One of Benson’s key strategies for growing his book of business is transparency with clients. “I’ve always told my clients, ‘Good, bad or ugly, you’ll always get the straight truth from me,’” he says. “When your relationship with clients is open and trusted, the hard conversations become easier when you don’t sugarcoat it.”

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Alberta native Greg Bencharski’s family boasts 35 years of insurance service to local communities in Western Canada. Over the past nine years, Bencharski has overseen the growth of his family’s business and directed efforts to better accommodate clients’ needs.

Comprehensive product knowledge has been Bencharski’s key to growing his book of business. “Having a fundamental understanding of our market’s appetite

and where the most logical market is has enabled me to spend less time marketing and put me in the best position to place our clients with the most appropriate product with a quick turnaround,” he says. “In the world we live in today, clients expect results in a very prompt manner, and being able to deliver a fast solution in what can be a very slow industry gives me a competitive edge.”

Despite the ongoing challenges in Alberta, Bencharski finds his job deeply rewarding. “As a province and community, we have experienced a lot of challenges over the past few years when it comes to catastrophic losses, including hail, floods and fires,” he says. “It has been a very fulfilling role, helping educate and guide our clients through these tough times of uncertainty and stress.”

KAARE ODEGARD Senior account executive Rogers Insurance

MICHAEL BASTONE Partner and account executive Jones DesLauriers Navacord

In more than 15 years in insurance, Michael Bastone has helped clients discover challenges and generate solutions to their most persistent risk management problems. Bastone’s approach varies from industry to industry, allowing him to formulate specialized programs tailored to each client’s situation. Bastone’s career has been driven by genuine care for his customers and his brokerage.

He has been at the forefront of Jones DesLauriers’ mentorship program, training budding salespeople in order to boost the team’s overall success.

A native of Red Deer, Alberta, Kaare Odegard played competitive hockey for the University of Alaska before joining the insurance industry. Odegard had a breakout year in 2018: He was a top producer at Rogers Insurance, was promoted to senior account executive and became an employee-owner.

Focusing on insurance for the oil and gas, transportation, and construction industries, Odegard is on track to become a top producer once again this year. He continues to focus on developing relationships with existing and prospective clients while also pursuing education opportunities and furthering his involvement in industry-specific networking opportunities.

www.insurancebusiness.ca

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29/05/2019 4:18:03 AM

NICK ENRIGHT Partner and commercial broker McDougall Insurance & Financial

Nick Enright began his insurance career in the ING mailroom at the age of 19. When Enright moved back to his hometown of Belleville, Ontario, his father became an early mentor, showing him the ropes in the transportation insurance industry. Since then, Enright has helped build McDougall Insurance’s trucking division, driving the company to become one of the largest trucking insurance brokers in Canada.

McDougall’s top producer for four consecutive years, Enright takes pride in his devoted team, which is dedicated to growing McDougall’s portfolio even in a difficult market. “With a great team beside me, I can focus on writing some large fleets,” Enright says. “The trucking marketplace has never been tougher than it is right now, but it won’t prevent me from putting many good new accounts on the books.”

One key factor in Enright’s successful career has been his commitment to advocating for prospects while representing them to insurance providers.

“We have an obligation to understand the clients’ business and wishes well enough to articulate to the underwriter then sell the underwriters’ product back to the client,” he says. “Sometimes it feels like a two-way sale.”

HAILEY TASKEY Senior advisor and partner Lloyd Sadd Navacord

MARK MCKINLEY

FRANK BEECROFT

Partner, bonding Lloyd Sadd Navacord

Account executive Bryson Insurance

Since 2004, Mark McKinley has been responsible for overseeing the service delivery platform for Lloyd Sadd’s clients. Prior to joining Lloyd Sadd, McKinley spent nine years specializing in bonding with major international insurance brokers. Currently, he is actively furthering his knowledge of the sector through the Associateship in Canadian Surety Bonding program at the University of Toronto.

Being hands-on with the market and clients has been McKinley’s guiding principle for success throughout his career. “Staying informed on the current surety marketplace and having a proactive approach to connecting with clients regularly to make sure they have clear line of sight on what may change in their surety environment has been very important,” he says.

After graduating from York University, Frank Beecroft’s plan was to become a lawyer. When things didn’t go as planned, he decided to pursue a career in claims.

In the years since, he has worked as an independent insurance adjuster, a company claims examiner, an underwriter, a production underwriter, a marketing representative and finally as a broker.

“The industry has changed considerably since I first started out, but the main tenets are still the same,” he says. “The daily challenges keep things interesting and help to keep the competitive juices flowing. There are certainly good days and bad days; the good days help make it all worthwhile, and the bad days remind us of how fickle life can be in the insurance industry. Fortunately, for me there have always been more good days than bad ones.”

When Hailey Taskey first joined the industry, she was uncertain if insurance was the right path for her, and she contemplated moving to the medical field. But as her career gradually progressed from answering phones and scanning policy documents to becoming an assistant and eventually an account executive, Taskey realized insurance was the right fit. Propelled by a desire to learn and improve herself, Taskey began searching for bigger opportunities, which led her to Lloyd Sadd.

“Nothing comes easy,” she says.

“It takes a lot of hard work and being uncomfortable. I always say great things don’t come from comfort zones. If you are not uncomfortable, you are not growing and learning.”

Growth and strong relationships with clients have been the foundation of Taskey’s career. “Learn more, stay focused and work hard,” she advises her fellow insurance professionals. “Taking care of my clients and future clients is the best way to grow. Build trust and deliver on what you say you will do.

Relationships build business.”

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29/05/2019 4:18:09 AM

SPECIAL REPORT

ELITE BROKERS 2019 MAGDALENA CAMMIDGE Partner Lloyd Sadd Navacord

Magdalena Cammidge joined Lloyd Sadd in 2015, bringing varied expertise from her work on complex commercial accounts at large brokerage firms. Living by the motto “no one can buy from you unless they know you exist,” Cammidge understands that introductions and networking are the keys to sales success.

“To me, networking isn’t about attending events; it’s about being at the right place, meeting the right people,” she says. “The best way to do that is industry involvement.

Over the years, I have worked especially hard to develop strong relationships with specific industry associations, which has given me the opportunity to meet the right people, which leads to opportunities.”

CHRIS SIKORSKI President Magna Insurance Group

Starting his career in 2002, Chris Sikorski gradually climbed the leadership ladder at Renfrew Insurance, rising to a commercial lines account executive position in just three years. “In that role, I began building my portfolio with a focus on insurance for the construction industry,” he says. “As part of that, I began training in surety because I identified that it would be a competitive advantage to manage both the insurance and bonding needs of my construction clients.”

Sikorski eventually became the youngest senior vice-president in Renfrew Insurance’s history after reaching the $1 million revenue threshold. In 2017, he left Renfrew to pursue one of his lifelong aspirations to establish his own insurance brokerage. Shortly after, he launched Magna Insurance, where specialization has been the key to his success.

“I have focused my career on learning my clients’ businesses and industry inside and out, along with the risk management and insurance products that are available to protect them,” he says.

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WAYNE LEGEAR

MICHAEL GEORGIEV

Senior vice-president and account executive Hub International Insurance Brokers

Partner and account executive Jones DesLauriers Navacord

For 40 years, Wayne LeGear has exemplified excellent leader­ship qualities, garnering him recognition as a key figure at Hub International.

He began his insurance career in 1982 at LeGear Pelling Insurance, where he served as a partner. A few years later, he joined Hub International, managing several office operations in the Greater Vancouver area before being promoted to VP of auto insurance operations in 2002.

Specializing in this niche has been key to LeGear’s stellar insurance career. His expertise in the auto dealer industry has allowed mutual growth between his business and clients.

Despite having years of insurance and risk management experience under his belt, Michael Georgiev still strives to acquire new knowledge, whether from clients or colleagues. “Learning the intricate ins and outs of my clients’ businesses has become necessary in order to provide them with the best coverage possible,” he says. “I don’t attend social events to simply enjoy a meal anymore; I now attend them to listen and learn from my clients.”

Before joining Jones DesLauriers Navacord, Georgiev managed the surety department and underwriting operations at Aviva. In his current role, he works closely with his construction industry clients to help secure their assets and grow their business.

www.insurancebusiness.ca

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29/05/2019 4:18:15 AM

DAVE WATSON President WFS Advisory Services

DAVID CHIU Senior account executive Rogers Insurance

After earning his commerce degree in insurance and risk management from the University of Calgary’s Haskayne School of

MORGAN ROBERTS Sales broker Mitchell & Whale Insurance Brokers

Morgan Roberts began her insurance career in 2009.

Two years later, she obtained her RIBO license, followed by her CAIB 1, and she’s currently working on completing her CAIB 2. A two-time member of the Elite Brokers list, Roberts enjoys working with her personal lines clients, as well as keeping abreast of the constant changes and challenges the industry offers.

Dave Watson started his career in financial services in 1992, spending his first eight years as a representative and manager with a top Canadian life insurer. Today, Watson’s primary focus is implementing wealth-building and estate planning strategies for individuals, farmers, business owners and high-net-worth clients. He has adopted the adage of “estate planning is the act of caring,” believing that good planning makes it easy for the client to act.

A member of Million Dollar Round Table’s Top of the Table, Watson uses a proprietary series of comprehensive spreadsheets to easily compare various insurance solutions and their impact on a client’s balance sheet and income statement. He also collaborates with other advisors at the beginning of any significant planning process to ensure his proposed planning harmonizes well with a client’s other strategies and plans.

Business in 1998, David Chiu joined Rogers Insurance. In the 20-plus years since, Chiu has built a successful portfolio with a focus in the oil and gas and construction industries. Chiu excels in developing creative, customizable insurance solutions for all of his clients’ needs.

SIMAR SIDHU President Diamond Insurance Group

Born and raised in Punjab, India, Simar Sidhu came to Canada in 2011 with his sights set on a brighter future. After starting his insurance career and earning top producer status at his previous firm, Sidhu struck out on his own and established his brokerage, Diamond Insurance Group, three years ago.

Outside of insurance, Sidhu is an active member of the Liberal Party of Canada and was named chair of the Brampton West Federal Liberal Riding Association last year.

CONNOR AFCOULIOTIS Business development manager Rogers Insurance

Connor Afcouliotis entered the insurance industry in 2016, spending time as a commercial lines account executive before transitioning into his current role as business development manager at Rogers Insurance. Since joining the firm in January 2018, Afcouliotis has produced more than $5 million in new business premium with a focus on the transportation, energy and construction industries.

“My success is the result of an excellent team atmosphere found at Rogers,” he says. “The business development role allows me to pursue any size or type of risk, knowing that I have a support staff behind me with decades of experience.”

Despite his short time in the industry, Afcouliotis has developed a broad perspective on risk, ranging from personal lines to captive placements, which has allowed him to build a strong knowledge base while fostering client, co-worker and underwriter relationships across the country.

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29/05/2019 4:35:17 AM

NOVEMBER 28 | THE LIBERTY GRAND TORONTO

ESTABLISHED. PRESTIGIOUS. INDEPENDENT.

Now in its 4th year, the Insurance Business Canada Awards is the largest awards of its type in Canada — with 22 awards open to insurance brokers, insurers, underwriting agencies and risk managers.

Finalists will be featured in IBC magazine and online, and selected media outlets.

Winners will be revealed live at the black-tie awards ceremony attended by over 500 esteemed industry leaders on Thursday, November 28 at the Liberty Grand in Toronto.

SPECIAL THANKS TO OUR AWARD SPONSORS RED CARPET SPONSOR

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With over 20 award categories to recognize the achievements of organizations and individuals of the insurance industry over the last 12 months!

ORGANIZATION AWARDS  Brokerage of the Year (Fewer than 10 Staff)  The DSB Claims Solutions Award for Brokerage of the Year (10 Staff or More)  The Burns & Wilcox Award for Big Brokerage of the Year  Life & Health Insurer of the Year  The DKI Canada Award for P&C Insurer of the Year  The Armour Insurance Award for MGA of the Year  Readers’ Choice Award for Best Service Provider  Readers’ Choice Award for Best Advertising Campaign  Digital Innovator of the Year  Insurance Industry Employer of Choice  The Winmar Award for Excellence in Claims Service  Excellence in Risk Management  Excellence in Philanthropy & Community Service

INDIVIDUAL AWARDS  The Cansure Award for Insurance Broker of the Year  CEO of the Year  The Steamatic Canada Award for Woman of Distinction  The PAL Insurance Brokers Award for Young Gun of the Year  Underwriter of the Year  The Empire Life Award for Life & Health Advisor of the Year  Business Development Manager of the Year  The FIRST Insurance Funding of Canada Lifetime Achievement in the Insurance Industry

There’s no better recognition than an Insurance Business Award — but you can’t win it if you’re not in it!

VISIT www.ibawards.ca TO NOMINATE NOW

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28/05/2019 9:53:24 29/05/2019 4:18:24 AMPM

PEOPLE

BROKER INSIGHT

Hype or the future of insurance?

Blockchain and cryptocurrency are buzzwords that have taken financial services by storm. IBC caught up with Gallagher Canada’s Mark Morency to find out what they really mean for the insurance industry

IBC: How have insurers responded to blockchain and cryptocurrency clients?

Mark Morency: With any emerging technology, insurers struggle to underwrite it because of its limited track record. Some insurers are open to blockchain; however, there are only a select few that will consider cryptocurrency clients. Blockchain is the engine for cryptocurrency, along with other security applications, so not all blockchain companies are a cryptocurrency risk, but that’s not always clear for insurers. There is a large client base that specializes in specific blockchain applications, including aspects of cryptocurrency, so when working with insurers, we work hard to understand the client’s business and differentiate their value proposition. I’ve spent a lot of time speaking with insurers to establish the credibility of these clients.

IBC: Will blockchain or cryptocurrency affect the insurance industry?

MM: In any industry where identity management, trust between counterparties and fraud prevention are required, blockchain is a tool that can potentially resolve these issues. These are all characteristics that are important for insurance. For example, both claims and policy issuance can be significantly improved; if you look at the way proof of claim and forensic accounting occur after an event,

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it can be very time-consuming and expensive. Blockchain solutions can remove many of the reconciliation requirements, turning claims management into an almost instantaneous process. Likewise, insurance policies on a smart contract through a blockchain could revolutionize the way policy wording is developed, distributed and understood.

Cryptocurrency is a means of exchange that’s not necessarily being used on a large scale. If you look at North America, especially in the US, users of the currency and the SEC have treated it as an investment product, which is very different than how it is being treated in some other countries. It is better understood as a means of exchange or form of liquidity. Cryptocurrency can be thought of as internet-enabled cash. There’s a lot depending on regulation as to how cryptocurrency will

find its place in the world. At this point, it’s too early to say if it will have any meaningful role in insurance.

IBC: How will blockchain and other technologies impact financial institutions in the years to come?

MM: This is why financial services is such an exciting industry: The most interesting trends are both invention – that is, creation of new technologies – and innovation, or creating new ways of using technology. For example, payment systems within banking – right now, a small fraction of the world’s payments happen on cryptocurrencies. While it’s a new phenomenon that banks and insurers should monitor and be aware of, it’s not yet a big disruptor in the payment system. Payment technology is already very advanced on the front end for

ABOUT MARK MORENCY After a 25-year career at some of Canada’s largest financial institutions, including serving as the head of corporate insurance risk management for Canada’s largest bank, Mark Morency joined Gallagher Canada in 2018 as senior vice-president and financial institutions practice leader.

“After 25 years [of working at banks], I had decided that I wanted to become an insurance broker, and that decision was sort of driven by technology changes and the changes that were happening in the industry,” he says. “It’s a popular belief that both insurers and brokers stand to be significantly disrupted by technology over the next few years … and I was selective in joining Gallagher because I wanted to join a broker that was well positioned to benefit from the changing environment.”

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FAST FACTS: GALLAGHER CANADA

YEAR FOUNDED 1927

GLOBAL HEADQUARTERS Rolling Meadows, Illinois

NUMBER OF OFFICES ACROSS CANADA 44

“As these technologies evolve, financial institutions are implementing them, and directors and officers have to consider the impact on their brand and reputation” consumers but hasn’t changed much for many years on the back end – behind the scenes.

The payment industry is going to be impacted by both technology invention and innovation.

A growing number of transactions occur, and will occur, on smart contracts, and a growing amount of activity will be recorded on a blockchain. These are innovative uses of technology, not new technologies. While we focus on these technologies, the largest trends are happening right under our noses.

The trend to watch is who controls the payment system. In March, FIS made a deal to buy Worldpay, which alone processes more transactions than the largest American banks.

Merchant processing was a business domin-

ated by banks until they sold these divisions over the past few decades. Increasingly, the merchant processor is not a bank, yet the merchant processor owns that merchant relationship, and the payment processor, which is essentially the plumbing for the payment system, controls the client relationship.

With the growth of e-commerce and blockchain eventually allowing for trusted transactions without an intermediary, this leaves the payment processors in a powerful position to take the client relationship away. I believe the long-term play between FIS and Worldpay is about having a global standard for multinational corporations to deal with, which will have a significant impact on the financial

services industry.

New innovations are also supplemented by new tech such as AI, intelligent voice recognition and emulation, Big Data, and eventually quantum computing. The speed and scalability issues that innovations such as blockchain face today are going to become irrelevant because of new inventions. How many hours within financial institutions are spent on reconciliation, answering calls or fraud detection? All of these activities can be better done by tech that exists today and is coming to financial institutions in the very near future.

As these technologies evolve, financial institutions are implementing them, and directors and officers have to consider the impact on their brand and reputation. Providers of tech have to meet increasing amounts of scrutiny of their insurance policies when supplying financial institutions. Brokers and insurers also have to consider the advice we are providing and whether we are advising appropriately on cyber and D&O insurance.

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29/05/2019 4:47:02 AM

FEATURES

PRODUCTIVITY

RE: RE FWD: FWD: Re Bill K TX The big event is approaching. Contract attached.

(No subject)

Don’t let sloppy emails ruin productivity Is email taking up too much of your time?

Carson Tate explains how to regain control 40

Wait a minute – what? These emails were just sent to me, and I have no idea what any of it means. To make matters even worse, these are just a few of the daily examples of friends and colleagues not using email effectively. And almost immediately upon arrival, they turn my inbox into a slovenly mess.

In writing my book, Work Simply, I did a lot of work to understand how we are using email effectively – or not. I discovered that we’re all bogged down by the sheer volume of email. And it takes a lot of time for us to slough through that volume because these emails are unclear, ambiguous and flat-out sloppy. Discerning exactly what we need to know or do and determining if a response is needed requires a lot of our attention and focus.

These sloppy emails waste your time. And they cost you hours each week. Which means they’re also costing you money.

When you feel like you’re drowning in a sea of sloppy, thick mud in your inbox, how do you begin to clean up the mess – and then how do you prevent it from reoccurring?

Automate your responses to unclear messages When you receive an email message that is unclear, vague or just causes you to say “What?”, send a response asking for additional information or clarification. To do this quickly, use a text expander software app like FastFox for PCs or Text Expander for

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Mac. A text expander works in any program, including your email platform, and allows you to insert commonly used text with just a keyboard shortcut. No longer will you waste your precious time typing out a response – you can reply automatically within seconds.

Craft more effective email messages Dramatically reduce the volume of emails you receive by crafting more effective messages that are understood upon opening and do not require multiple back-and-forth emails asking clarifying questions. To craft more effective emails, answer four key questions in every single email you send: who, why, what and how.

you were sitting across a table from them and discussing the topic in person.

WHAT? Ask yourself a series of ‘what’ questions to help shape the content of your email.

What is the purpose of the email? What are the main points to be communicated in this email? What are the key facts? What references or research data need to be included?

What must everyone know? Do not hit the send button until you have included every piece of detail required.

HOW? Ask yourself how you want recipients to respond. Describe this explicitly in your email. If there’s a deadline, say so. If

To craft more effective emails, answer four key questions in every single email you send: who, why, what and how WHO? This breaks down into two sub-questions: Who needs to respond to, take action on or make a decision about this information?

Put their name(s) on the ‘to’ line. Who needs to know this information? Put their name(s) on the ‘cc’ line.

WHY? Look back at the names on the ‘to’ and ‘cc’ lines. For each name, ask yourself: Why is this person involved in the project? Why am I emailing them? Why do they need to know?

Why does this information matter to them?

Why does it matter to the broader organization? Then think about what you know about those individuals – their interests, needs, backgrounds and communication styles.

Make sure the tone, style and content of your email matches up – just as you would choose appropriate words, tone and body language if

you want an email response, say that. If you need suggested dates for a meeting, names of possible project participants, a list of questions or key ideas to be considered, or any other specific input, describe it. Never assume that people will understand what you want – tell them as straightforwardly as possible.

Use the subject line to improve email response time Please, never let yourself hit the send button while the subject line of your email reads ‘RE:RE’ or ‘FWD:FWD,’ or some cryptic phrase that relates to a prior email message.

Why? Because when you send an email like this, you’re sending a message into the world with an unclear purpose. Do not be part of creating the email pigsty we have come to expect and accept.

The subject line of your email message is your topic sentence. It clearly states the topic of the email. A clear subject line is essential if you want to communicate effectively and improve both the quality and response time on the email messages you send. Make sure the subject lines on your email messages reflect the current topic, purpose or desired outcome. When you respond to an email you’ve received, change the subject line to make it current and clear.

Consider using some of the following standard email subject lines: Action required – DATE FYI – 3rd paragraph client X mention Update: TOPIC Reply by – DATE NRN – No response needed EOM – End of message The last subject line above, EOM, is an especially powerful one. Here’s how it works: when you have a short, simple message to convey, type the entire email in the subject line of the email, and put EOM at the end.

(For example, “Tuesday marketing meeting moved to 2 p.m. EOM.”) Now your recipient doesn’t have to open the email message, saving them precious minutes.

It’s time to take back control and clean up the pigsty that’s disguising itself as your inbox.

Carson Tate serves as a consultant and coach to executives at Fortune 500 companies, including AbbVie, Deloitte, EY, FedEx and Wells Fargo. The author of Work Simply: Embracing the Power of Your Personal Productivity Style, her views have been included several publications, including Fast Company, Forbes, the Harvard Business Review blog, The New York Times and more. For more information, visit workingsimply.com.

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29/05/2019 4:09:31 AM

FEATURES

MOTIVATION

Why you don’t need motivation to succeed Aytekin Tank offers three foolproof ways to get things done without relying on motivation

I’M NOT highly motivated. I don’t have amazing willpower or self-control. I don’t get up at 6 a.m. to read, meditate, drink a green smoothie and run a 10K. That’s because I don’t believe in motivation. Instead, I’ve built systems and habits that remove my internal drive from the equation. So whether or not I feel ‘motivated,’ I can still be productive.

I realize that systems and habits are not a glamorous topic, but honestly, they work.

They’ve fuelled every step of my entrepreneurial journey over the last 12 years. If you create reliable systems and continue to improve these systems (instead of your willpower), you don’t even have to think about motivation.

Let’s break it down a little. First, what the

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heck is motivation, anyway? In the simplest terms, motivation is your desire to do something. It’s a sense of willingness that exists on a spectrum, from zero interest to a burning desire to take action. When your desire is strong, motivation feels effortless. But when you’re struggling, just about anything sounds better than starting the assignment, making a tough phone call or hitting the gym.

Procrastination takes over – until the agony becomes overwhelming.

As Steven Pressfield writes in The War of Art, “At some point, the pain of not doing it becomes greater than the pain of doing it.”

I love this quote because I suspect we’ve all felt this painful moment – when it’s harder to stay on the couch than to get up, put on your sneakers and go outside.

In his 2011 book Drive: The Surprising Truth About What Motivates Us, author Daniel Pink splits motivation into two different types: extrinsic and intrinsic.

Extrinsic motivation is external. It’s money or praise or trying not to look clumsy on the tennis court. Intrinsic motivation comes from within. It’s the desire to act, even when the only reward is the activity itself (or completing a task). Intrinsic motivation implies that you’re acting for authentic, honourable reasons. For example, you start a business to help people or solve a problem, not because you’re dazzled by visions of fame and fortune.

Motivation gets in the way, though, when we rely too heavily on it. No matter how much you love your business, there are probably moments when you don’t want to take action. Maybe it feels scary or impossible, or the task at hand is downright boring.

That’s when systems can do the heavy lifting. Here are a few strategies that have helped me to build sustainable systems so I don’t have to rely on motivation.

Choose your focus areas – and ignore the rest Focus and motivation might seem like two different topics, but they are closely intertwined. For example, last year I had three work priorities: hiring really great people, creating quality content and equipping our users to work more productively. These themes informed everything I did. If a project or an opportunity didn’t fit into one of these three buckets, I said no.

Distractions slipped away, and I could make real progress.

For example, I spend the first two hours of every workday writing out my thoughts.

It might be a problem I’m trying to solve or a new idea. I don’t book meetings during

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Your feelings don’t have to match your actions — especially when you truly want to move forward this period, and I definitely don’t answer emails. But if I arrive at work feeling less than inspired, I give myself permission to do something else — as long as it fits within my three focus areas. Instead of writing and

problem-solving, I can read articles or books on these topics, meet with a product team or watch a lecture.

All that thinking and exploring soon makes me feel more engaged. Once I’m

engaged, I come up with better ideas. And good ideas inspire me to take action.

This process isn’t accidental. It’s a simple feedback loop I use to get moving on days when my brain feels stuck in neutral.

Remember that motivation is optional In a 2016 article for The Cut, author Melissa Dahl wrote that “the only motivational advice anyone has ever needed [is] you don’t have to feel like getting something done

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29/05/2019 4:10:01 AM

FEATURES

MOTIVATION

in order to actually get it done.”

It’s surprisingly brilliant. Your feelings don’t have to match your actions – especially when you truly want to move forward. You could feel tired but still put on your goggles and go for a swim. You could feel like you’d rather staple yourself to the chair than build another PowerPoint deck – and you still get the presentation done.

Dahl also quotes Oliver Burkeman, author of The Antidote: Happiness for People Who Can’t Stand Positive Thinking, who writes: “Who says you need to wait until you ‘feel like’ doing something in order to start doing it? The problem, from this perspective, isn’t that you don’t feel motivated; it’s that you imagine you need to feel motivated.”

Once again, this is where routines can outsmart feelings. Sure, you might feel like watching cat videos, but every morning, you sit down at your computer and open a blank document. You write for two hours (or whatever your routine entails) and you don’t bother taking your emotional temperature. Progress ensues. Then you repeat, repeat, repeat.

Delegate whenever possible The other day, I had a great idea during my morning workout. It was one of those eyebrow-raising light-bulb moments. Unfortunately, it had nothing to do with my three focus areas I mentioned above. So I made a note in my phone and asked our COO to follow my mental thread.

I was tempted to chase it myself, but I knew I had to stay focused.

I realize that delegation isn’t always possible, especially when you’re just starting out or money is tight. But when it’s possible, delegation can pay off big time. Offload an activity if: • You can regain precious time, energy or focus and apply it to something that will truly move the needle for you. That kind of work is priceless. Stretch yourself

44

a little and measure the results. You can always test delegation in baby steps.

• Someone else can do it better. In my case, there’s almost always someone on our team who has more knowledge or niche expertise than I do. They’ll create a stronger result in less time – and again, I don’t get distracted from my goals.

The importance of enjoying the ride I’ve talked a lot about everyday motivation, but how do you sustain your drive for the long run? It’s an important question.

The answer will look a little different for

but the experience was nearly effortless. “Yes, discipline is critical, just like all the teachers say,” Piver says. “And there is definitely stuff that needs doing that is just never going to be fun, like paying bills and cleaning the cat box. But I suggest that instead of being disciplined about hating on yourself to get things done, try being disciplined about remaining close to what brings you joy.”

Talk about a perspective shift. We all go through tough times, work at jobs we don’t love and endure genuine unfairness. But if you’re struggling to do something you care deeply about, go easy on yourself. Tap into why you started your business or why

If you’re struggling to do something you care deeply about, go easy on yourself. Tap into why you started your business or why you’re flexing your creative muscles in the first place. It’s a much happier way to move through your days everyone, but ultimately, we’re all motivated by joy and meaning.

The Antidote author Oliver Burkeman first led me to Buddhist teacher Susan Piver.

Tired of forcing herself to be ‘good’ and master the daily to-do list, Piver decided instead to focus on the pleasure of her work.

“Once I remembered that my motivation is rooted in genuine curiosity and my tasks are in complete alignment with who I am and want to be,” she says, “my office suddenly seemed like a playground rather than a labour camp.”

She asked herself what would be fun to do and then focused on what she loved about each activity. In the end, her day looked the same as it did when she was ‘disciplined’ –

you’re flexing your creative muscles in the first place. It’s a much happier way to move through your days.

To recap: Establish your systems and habits. Stay focused on what matters.

Delegate and tune out the noise. Your motivation will grow. And if it doesn’t? You don’t need it anyway.

Aytekin Tank is the founder and CEO of JotForm, an online form creation software with four million users worldwide and more than 100 employees. A developer by trade but writer by heart, Tank shares stories about how he exponentially grew his company without any outside funding. For more information, visit jotform.com.

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PEOPLE

CAREER PATH

EARLY ADOPTER

Endless curiosity and eagerness to try the next thing have bought Greg Markell a long way When selecting a degree, Markell found himself torn between engineering and business.

“I remember talking to my dad when we were watering the community hockey rink, and he said a business degree would guarantee a job at the end of it. That tipped the scales for me.”

2002 CHOOSES BUSINESS

2009 SWITCHES GEARS A year into his career with Lombard, Markell moved from the company’s commercial lines division to its executive and professional solutions group.

“I got really lucky; I had a wonderful manager who was very supportive. She gave me a lot of authority. I loved the math side of the work and digging into the financial component of companies … every individual risk was almost like a case study.”

2014 BECOMES A PARTNER After four years at Jones Brown, Markell was made partner.

“It was a lot of hard work, but the culture was awesome. My book had grown; I specialized in financial institutions and technology, and in leveraging technology to reduce some of the administrative burden. The less admin we had to do, the more we could concentrate on providing top-level service to our existing client base.”

2016 HELPS LAUNCH RIDGE CANADA When Jones Brown founder Brian Jones departed the company to start a cyber MGA, Markell didn’t hesitate to join him.

“This was an opportunity to do something different with people I trusted and liked. I was fortunate to be given that opportunity. The market is very green; it’s a wonderful opportunity. The risk continues to evolve.”

46

2007 FINDS INSURANCE Markell was drawn to insurance by the free food served at the campus recruiting sessions held by a marquee industry name.

“Being a poor student, the idea of free food and booze appealed to me. At the session, I learned about underwriting, and it really interested me. I got a number of offers; it made the most sense to go [with Lombard], which had a training program, so I could learn the business.”

2010 TAKES A CHANCE In the midst of a doubled-up course load and in a post of tremendous responsibility, Markell heard about an open position at Jones Brown and decided on a whim to meet with the company.

“I walked in for a half-hour conversation that turned into a two-and-a-half-hour discussion and a tour of the office – it was entrepreneurial and exciting. I’m incredibly fortunate that I took that meeting.”

2014 TAKES ON CYBER RISK When he was approached to join Hub International a newly created position in its cyber/D&O department, it was an opportunity Markell couldn’t pass up.

“There was a lot of risk involved in giving up my book of business to act as a resource to clients in a fledgling market, but I believed in it. All of my research pointed me in the direction of this risk, which was becoming ubiquitous and not going away”

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PEOPLE

OTHER LIFE

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

Melloul’s ski patrol duties ensure he’s out on the mou ntain no matter what: “It forces me out in minus 30-degree weather,” he says.

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Active members of Camp Fortune’s ski patrol

4

Months of training required to join the ski patrol

60

Days Melloul spent on the slopes last season

ON PATROL Since his own skiing accident as a teenager, broker Paul Melloul has been a devoted member of the ski patrol PAUL MELLOUL has been on skis since the age of 3, but it was the traumatic injury he sustained on the slopes as a teenager that gave him an abiding respect for the ski patrol.

“I was skiing in the snowboard park and broke my leg; they had to cut the ski boot

off,” the Ottawa-based insurance broker recalls. “My friend went and found a ski patrol, and they were there with the toboggan fast. When I was 28, I felt I was experienced enough to be able to give back to the ski community and become a volunteer myself.”

His duties with the ski patrol typically have Melloul out on the slopes at Camp Fortune twice a week, in addition to his frequent post-work forays to the resort, which is only 18 minutes from his house.

“It’s a stress reliever and a great way to unplug after a day at the office,” he says.

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FEATURES

EXPERT ADVICE

Driving innovation through forwardlooking technology DISRUPTION IS inevitable. Technology has transformed traditional business models over the past few decades, and there are no signs of this stopping any time soon. It’s safe to assume that the insurance industry will be no stranger to these developments.

What can we expect?

Every department, including underwriting, sales, distribution, administration and claims, can expect to benefit from the efficiencies brought about by technology. This will be particularly important in regard to improving efficiency and increasing accuracy.

“The information we glean from having an ever-expanding feed of real-time data will contribute greatly to pricing analytics and segmentation,” says Luwin Chiaco, director of corporate strategy at RSA. “This translates to improved pricing accuracy and more product customization, which ultimately benefits all

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stakeholders involved, including the insurer, the broker and the end customer.”

There is little doubt that artificial intelligence and automation tools will factor into this, too. While it’s likely that some jobs will be replaced by machines – we can point to this happening even today in administrative and claims capacities – many will be complemented by the advantages that come with automation.

“From a claims perspective, for example, automation can only go so far,” Chiaco says.

“There is still the empathy factor that cannot be replaced by technology. That’s why, across all aspects of insurance, it’s important that these technologies be integrated with skill sets and capitalized on. Whether it’s by revisiting training modules, making technological skills a requirement or even creating new jobs entirely, humans still have the advantage when it comes to approaching those judgment-based problems creatively.”

New risks will also be inevitable. We’ve already seen the damage a breach of customer records and information can do to a company.

Cyber insurance will make up a bigger slice of the pie as it becomes an increasingly important insurable risk for big and small businesses alike. Another tangible example is the automobile: Autonomous vehicles, along with improved safety features, will lower the risk of losses due to driver error.

How will brokers be affected?

“The wave of retirements, market consolidation and efficiencies brought about by technology has already left the industry with fewer brokers.

Those who remain will see their roles shift to a more advisory-oriented direction. This broker of the future will spend less time on transactional activities such as processing payments and issuing policies, and will focus more on helping customers navigate the sea of information and options to find the best product at the best price to meet their unique requirements,” Chiaco adds. “There will be fewer but more productive workers.”

RSA continues to work with its broker partners to implement these efficiencies. Tools such as RSA Pro™, an online tool for brokers to quote and bind for SME clients, and RSA Claims Point™, an online portal that makes processing claims easier, are just some of the evidence of the company’s commitment to the broker channel now and into the future.

“Some of these changes will come at lightning speed. Others will take more time to develop,” Chiaco says. “Ultimately, what we as insurers have to do is work in close collaboration with brokers and customers to tackle these changes so that we all benefit.”

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