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Worldwide Broker Network
Olga Collins talks about the initiatives of the business in meeting its goal to put clients
in the middle” of its service and community
Keeping the broker-underwriter
strong is a win-win
role friendships play in creating
productive work
Leadership
empathetic leaders can drive
team
Work-life balance
ways to avoid burnout
26 Shielded from the storm
Portage Mutual prioritizes building strong partnerships with brokers as it works to protect people from risk
PAL has expanded its business and products to keep up with the changing needs of the events sector
Construction challenges
is building its capacity to serve a disrupted market, creating a one-stop construction shop for brokers
Insurance is committed to helping its customers navigate the digital economy safely
Trevor, a National Property Appraiser, is also a licensed drone pilot.
So when Hurricane Dorian swept through
Scotia,
had an
Use drones to assess roof damage.
Now that’s a eureka moment.
This innovation has meant faster, more detailed
Everyday Ingenuity. Why? Because we’re in it for good.
And quicker relief for families in
The broker-underwriter relationship has been tested in recent years. Hard market conditions in commercial lines have whittled out the strong relationships from the weak – but even long-standing partnerships have faced trials and tribulations.
At the height of the hard market, commercial insurance carriers increased rates, shed unprofitable lines of business, and some were even declining submis sions at the eleventh hour. All brokers could deliver to clients was bad news.
Everyone was facing challenges. Underwriters were also in a tight bind, under the order of nursing books of business back to health (in other words, profit) as quickly as possible. This meant making some tough decisions that would cause challenges for brokers and clients.
There are always workarounds. All underwriters have guidelines, and while all risks may appear to fit in one common box, there will always be opportu nities for underwriters to deploy their critical thinking skills. To do this, they
need help – and that’s why they’re asking brokers so many questions. It’s about gaining the right information to warrant crafting an alternative solution. It became a game of ‘You scratch my back, I’ll scratch yours.’
While that worked for those willing to put in the hard graft, sometimes brokers just want accommodation. They want underwriters to trust them, to be loyal to clients, and to accommodate the occasional coverage request that perhaps sits outside the box. In return, brokers should strive to deliver strong, profitable accounts to supportive underwriters, so everyone wins.
Another lynchpin of a strong broker-underwriter relationship is consistency – in both underwriting and product/service delivery. In a hard market, consis tent underwriting is key. It allows brokers to approach markets with confidence, knowing what underwriters require for a complete and strong submission.
As for product/service delivery, brokers and underwriters must adhere to timelines. If brokers can deliver the required information as and when under writers need it, this often leads to more accommodation and leeway in the rela tionship, because everyone understands that promises will be kept.
With conditions in the commercial insurance market improving, now should be a time of reflection. Following the notion of ‘You scratch my back, I’ll scratch yours,’ if the broker-underwriter relationship is strong, everybody wins.
The team at Insurance Business Canada
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Brokers want underwriters to trust them, to be loyal to clients, and to accommodate
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“TRADITIONALLY, the MGA space is like an accordion,” HDI Global Specialty SE general manager and chief agent Derek Spafford recently told Insurance Business Canada. “As insurers restrict capacity, risks flood to the MGA space.”
Brett Graham, president of Agile Underwriting Solutions, one of the 5-Star MGAs this year, explains the situation directly, from the inside out. “If you’re not growing in the MGA space, there’s something wrong,” he says.
With hard market conditions in commer cial lines, some primary carriers have unloaded difficult or unprofitable lines of business. MGAs have embraced this deluge of
new business and leveraged their finely tuned niche underwriting skills to turn a profit while offering brokers more opportunities.
There are over 80 MGAs in Canada. Of those, 65 manage over $3 billion in premium transactions and are members of the trade group CAMGA.
Despite the stabilization of the commer cial markets, many believe MGAs are here to stay – having established themselves as a legitimate and efficient distribution channel in recent years.
To recognize the best in the industry, IBC surveyed hundreds of brokers across the country and asked them to rate the MGAs in 10 criteria, including pricing, responsiveness
and product range. Twenty-five excelled in one or more criteria, gaining the 5-Star distinction. IBC spoke to a few of them to get their exclu sive insight into the Canadian MGA sector.
“There’s been a huge space for MGAs with strong technical underwriting expertise to help brokers who maybe had not seen a hard market,” explains Meagan Woensdregt, managing director of Lions Gate Underwriting Agency, a winner.
“Perhaps they haven’t seen some difficult placements or cancellations due to claims, where in a softer market maybe they would have maintained that type of insurance.”
Still, she says, the MGAs that have done well are the ones that have been smart about maintaining underwriting integrity and
“There’s been a huge space for MGAs with strong technical underwriting expertise to help brokers who maybe had not seen a hard market”
Meagan Woensdregt, Lions Gate Underwriting Agency
standards and put profitable growth into their carriers and London syndicates. In the future, the ones who will carry the day are those who can continue to meet brokers’ needs.
Rodney Spurrell echoes Woensdregt’s assessment. The managing director of Unique Risks, another winner, adds that one way they’ve taken advantage of market conditions is by using domestic capacity instead of London capacity.
“The beauty of domestic capacity is that it tends to be a little bit more stable than London capacity,” he says. “And anytime there’s a withdrawal – either by Lloyd’s or others – you need to be poised to jump.”
In the near future, Spurrell expects to see some restructuring at Lloyd’s and more MGAs entering the Canadian market.
Meanwhile, Graham is impressed with the progress of the MGA market in Canada. “The last few years, maybe even longer, have helped educate brokers and our insurer partners in the standard markets about the MGA space,” he says. “We’ve made strides in Canada to go from a position of ‘MGA is kind of bottom of the barrel’ versus on par with
Agile Underwriting Solutions to grasping and meeting the demands of their broker customers. According to our survey, brokers seek out MGAs according to (1) responsive ness, (2) pricing, (3) ability to place niche risks, and (4) product range.
“These findings align with our busi ness strategies,” says Woensdregt. “We built Lions Gate up over the last seven years with this combination of building efficiency and building technology while allowing for scalability and without losing an eye for human capital or for the underwriter who truly understands risk.”
That means having sharp people who can think quickly and have the technical ability to make good decisions, based on the top three most important elements of risk. Woensdregt also underscores the import ance of leveraging technology to keep the price point low to the broker.
“Our vision and our values are service, human capital and technology playing together to build out Lions Gate,” she says. Currently, the company has offices in Ottawa, Vancouver and Toronto.
To determine the outstanding MGAs in Canada, IBC surveyed hundreds of brokers across the country, asking them to rate the quality of service they’ve received from their MGAs over the last 12 months. Brokers rated MGAs on a scale of 1 (poor) to 5 (excellent) in 10 criteria, including pricing, overall responsiveness, product range, technical expertise, product knowledge, and more. Brokers were also asked to rate the importance of each criterion when choosing an MGA partner.
The MGAs that earned an average score of 4 or higher in at least one criterion were awarded a 5-Star rating for it. In total, 25 MGAs earned a 5-Star rating this year. Of those, only one achieved All-Star status by earning 5-Star ratings across all 10 criteria.
insurer partners, which is kind of where things are around the world and in the US. Canada tends to be 10 years behind everybody else.
“Long term? We have capacity in the stan dard market and London as well. We’re able to put up some substantial numbers given the deterioration in the standard market over the last couple years.”
One may attribute the success of Lions Gate Underwriting Agency, Unique Risks and
Spurrell is not surprised by the survey find ings. “By the time an MGA sees an account, it’s probably been around a little bit,” he says. “So, responsiveness tends to be a concern of theirs because they’re three days away from renewal and they don’t have a quote.”
A casualty shop for tough-to-place risks, such as trampoline parks and axe-throwing venues, Unique Risks prides itself on turning around quotes in 24 hours and constantly tweaking operations to keep costs competitive.
15.7% of respondents do 26–50% of their overall business through a wholesale broker/MGA
Meanwhile, Graham says responsive ness, pricing, ability to place niche risks, and product range are always top of mind and have been for years.
He adds that brokers also want long-term partners. “They want people who are going to
“We’ve built this platform for under $200,000, and it’s just spectacular” Rodney Spurrell, Unique Risks
of respondents place commercial insurance with wholesale partners
of survey respondents said they would work with an MGA partner when the market softens
there through the market cycles to
also be agile and look at things from a different perspective than some of our competitors and be there to find a solution.”
Lions
on pace
gross
“We really stress the value of owning and knowing your portfolio and operating almost as a little entrepreneur within your book of business,” she says.
“Second, we have dedicated staff that want to utilize that combination of technology and human abilities. Lastly, we have really great market relationships. We’ve not lost a contract. Our contracts are very solid, very stable. We have this long-standing trust with our London and domestic markets, which has seen us survive this period of contract culling and pullback of capacity. So, it’s going to project us into the next round of a slightly softer market having those great stable market relationships.”
Only three years old, Unique Risks has enjoyed 300% growth annually since it launched – going from $4 million to $12 million to $36 million, while expecting to hit $50 million or $60 million this year.
“It’s a great work culture here,” enthuses Spurrell. “We have great compensation and a lot of freedom for the staff.
“Our responsiveness is fantastic. It’s prob ably under 24 hours. Our underwriting, we can tailor a product and write it so the customer is happy. At the end of the day, it runs fairly clean and smooth. Finally, there’s technology. We’ve built this platform for under $200,000, and it’s just spectacular. We’re able to push policies out, to manage the money as it comes in. That really gives us a leg up.”
Agile Underwriting Solutions mirrors its peers’ success and expects double-digit growth in 2022.
“Technical capabilities and our team’s solutions mindset [are our strengths],” says Graham. “We operate our MGA like we are an insurer… A focus on governance, strong rela tionships, profitability and a strong engaged team are critical to our success.
achieve 30% year-
had its biggest-ever month in June. Three key elements are behind that performance.
Woensdregt, culture is number one.
“The key aspect for us is our broad reach [in terms of] product offering, market-leading capacity and our ability to source solutions for challenging risks and programs for our broker partners.”
Aviva’s Middle Market Solutions takes a holistic approach to help ensure your clients are getting the coverage they need across the entirety of their business – including their Commercial Auto needs.
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For larger clients who require Commercial Auto coverage solutions, Aviva’s strong financial rating inspires confidence, every step of the way.
aviva.ca/commercialauto Aviva Business – Property | Casualty | Auto | Equipment Breakdown
Aviva, and the Aviva logo are trademarks used under license by the licensor. The Commercial Auto policy is underwritten by Aviva Insurance Company of Canada. Terms and conditions apply. For more details about our offerings, please contact your Aviva Underwriter.
Phone: 1 866 254 4221 Email: underwriting@groupassur.com Website: groupassur.com
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From protecting what matters most to Canadians, to supporting them when the unexpected happens.
Discover the Canadian way at travelerscanada.ca
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Worldwide Broker Network CEO Olga Collins talks about building a global business with clients at the core
THERE’S a clear-cut through-line between the trajectory of Worldwide Broker Network (WBN) and the journey to date of CEO Olga Collins – one defined by a truly global outlook and a commitment to doing things differently.
Born and raised in Poland, Collins moved to the US as a teenager, becoming the textbook definition of an internation ally focused young person with her study of languages and her fascination with interna tional business. She started her career on the client side of the industry, working at UPS for 15 years, serving, among in other roles, as risk manager responsible for global risks in over 200 countries.
“That really fell in line with my interests, to be involved on the international side,” she says. “Then an opportunity came along to start working with some of the brokers I had become very close with and was working well with over the years, so I moved to Beecher Carlson – which is now owned by Brown & Brown – to formalize their
international strategy. It was a really fun exercise to go through with an organization that is focused on large risk management type accounts, where nothing is small and nothing is easy. Everything that touched our desks was complex risk management.”
WBN’s various committees, becoming head of its Young Professionals Academy and joining its board of directors in 2019.
“It took me by surprise to be tapped on the shoulder by the board members as they were looking through the market exter
Working within that department meant carrying out quite a bit of due diligence on independent networks, which is where Collins got her first introduction to WBN. She learned a lot about how it differentiated itself through its quality of service, she says, and cemented the relationship between her brokerage house and the network. She then went on to become heavily involved with
nally for candidates for the role of CEO,” she says. “I never saw it coming, but I’m really glad it did come. I’ve now been in my role for a little bit over a year, and it’s been a great ride so far. There are lots of new initiatives, the team has grown, the membership has grown, and, coming out of the COVID years, it’s very exciting getting people together again.”
“We don’t see boundaries; we’re a truly global representation of brokerage, and it’s really nice to be in a position to look for resources across the world”
Leading the largest independent broker network in the world, with over 100 broker members across 100 countries, has made for a busy year for Collins. But the progress that has been made by the team far surpasses that timeline, she says, as they have been able to bring forward and complete multiple value-added initiatives for members.
The network’s strategic growth has involved not only a significant geographic expansion but also expansion of WBN’s service types as it has welcomed new niche members around the world.
“We have quite a few members that are on the very large side, so, as they continue to expand, their services and their size continue to grow. That’s a great opportunity for us, but it’s also a threat in a way as well, because the instability continues. But [I’m confident] that we can channel that into our own growth in the future.”
One of the key challenges being seen by the WBN team ties in closely with its own emphasis on founding and funding new initiatives to bring more young people into insurance – the ongoing war for talent.
grew during the pandemic. So I think we’re drawing a lot more talent into our industry now, showing how stable it can be.”
Now over a year into her role, Collins is looking forward to continuing to accelerate WBN’s rapid growth trajectory, and notes that the organization’s wish list and to-do list continue to grow. And she’s taking the opportunity wherever possible to travel and meet the network’s teams, which are spread out across the world.
“We’re getting together to discuss our strategies – which, again, will continue to focus on end-client deliverables,” she says. “We’re very excited about the client advisory council that’s being proposed in the months to come. We’re looking to expand our valueadded propositions for our members ... and we’re very excited [by the opportunity] to diversify what we do for our clients and our members as well.”
“Because of my background in being a client for a very long time, WBN is working on initiatives to put clients right in the middle, not just with our service and our focus on delivering service, but also with being part of our community,” she says. “So, we’re looking to launch our client advi sory council in the next six or so months to make sure we are a place for our clients to network within.”
Collins highlighted that the challenges and opportunities associated with building out a global network often stem from the same source – the fact that the industry is changing every day. Every day there is news about expansion, or members moving into new geographies, or M&A activity, both within the membership and externally, she says.
Collins says WBN is focused on making sure that its people, teams and clients are stable in a volatile external environment.
“Looking at what’s upcoming econom ically with some of the political unrest in certain parts of the world, of course, brings its own challenges,” she says. “But I think we always look for opportunities for growth and evolution, and so far we’ve fared quite well. It’s wonderful to be part of an industry that
The “next phase” of WBN promises to be an exciting one, and Collins and her team have no intention of slowing down.
“We have a great group of people who are very passionate about growth and expanding our horizons,” she says. “We definitely foresee the team growing as well, which makes me very excited. We don’t see boundaries; we’re a truly global representa tion of brokerage, and it’s really nice to be in a position to look for resources across the world.”
“WBN is working on initiatives to put clients right in the middle, not just with our service and our focus on delivering service, but also with being part of our community”WBN
Clinics, Senior Care, Mental Health and Addiction, Cosmetic Surgery, Home Care and more.
Nutraceuticals and Wellness Products, Medical Devices, Pharmaceuticals, Cosmetics, Biologics and Consulting.
Food and Beverage, Frozen Food, Meat Packers, Clothing, Soaps and Detergents and more.
Electrical appliances, Computers, Furniture, Hardware and Garden Supplies and more.
Three management liability insurance experts give their take on how the market has changed, and their top tips for brokers on navigating an influx of new capacity
THE WORD ‘unprecedented’ has a habit of being wheeled out in precedented circum stances – but experts at IBC’s management liability roundtable were insistent that it truly does apply to what the market has faced over the past two to three years.
In this edition of IBC ’s 2022 Execu tive Insights series, a panel of management liability experts dug into the changing finan cial and professional lines landscape and offered top tips for brokers.
Pre-pandemic, D&O had been operating in a soft market for around 10 years, leading to a lot of business being underpriced, according to John Moller, senior vice president, specialty lines, Arch Insurance.
“The pandemic really exacerbated the withdrawal of capacity, which had already begun, and also caused a sharp increase in rates as underwriters took a harder look at the portfolios and their exposure,” said Moller.
COVID-related fears, including govern ment shutdowns and concerns around event-driven litigation liquidity events, drove profitability fears among insurers, according to Moller, and led to “supply shocks” of exiting capacity.
However, the outlook has been rosier into
the second quarter of this year and beyond, according to the Arch SVP.
“What’s changed is that better pricing, that adequate pricing, has drawn capacity back in, spurring more competition and leading to some softening that we’re seeing now,” said Moller.
Many claims events that insurers were concerned could follow the pandemic did not transpire, said CNA Canada underwriting manager Brock McKechnie.
and managed the issues presented to them.”
D&O cover was one of the more popular products during the pandemic, said Cody Macpherson, account executive at KASE Insurance.
“We’re seeing more people who maybe couldn’t get it before, or it was out of their price range, wanting to enter the market now,” he said. “These are much more stable rates; they’re more favourable coverages that are coming through, and they’re saying ‘OK,
According to McKechnie, industries such as mining and energy experienced a decrease in demand throughout the pandemic.
“It was a unique mix of claims inventory and pandemic uncertainty that contributed to the changes in rates, so there’s an element of just a bit of correction back down in pricing this year,” he explained.
“We’ve seen an improved marketplace for clients who adapted through the pandemic
perfect, now is a good time to re-enter the market,’ on the dormant capacity side from the insurers, but also on the client side.”
An emphasis on preparedness has become “a focal point for clients,” said McKechnie.
Key focus areas include whether they have the financial reserves to handle another event of this nature, as well as how they are
“It’s important to realize ... exactly what the client is looking for, and how the deal can be done to best protect the client”
Cody Macpherson, KASE Insurance
managing and engaging with employees and how HR is managing and maintaining talent levels.
“The event-driven claims didn’t manifest in the way they were anticipated the past couple years, but this doesn’t mean the return to normalcy will not result in anticipated D&O type activity,” McKechnie said.
Cyber is likely to continue to be a “focal point,” he added.
Employment practices liability (EPL) insurance has been a focus area, according to McKechnie.
“Larger dismissal programs have resulted in claims activity,” McKechnie said. “However, we’ve also seen terminations – because of failure to comply with potential vaccine mandates and failure to come into work because of responsibilities at home – that have become a challenge due to the pandemic.”
Moller agreed that most COVID-driven litigation failed to materialize, and says “it’s also a little bit notable that those that did have had trouble surviving motions to dismiss.”
“It’s been a more favourable claims envi ronment in some areas, such as D&O, than we thought – and then you see the opposite in some other areas that have been affected, like EPL, [with] frequency and severity going up in that area,” Moller said.
As courts and plaintiffs’ firms return to a more normal work environment, Moller said the market was seeing a “return to normalcy” in terms of frequency after a lull in some areas. The types of claims Arch was currently seeing
Brock McKechnie Underwriting manager
John Moller serves as senior vice president, specialty lines at Arch Insurance Canada. Moller joined Arch in New York City in 2009 and relocated to Toronto in 2018. He is currently the national head of executive assurance, professional liability and P&C programs for Arch’s Canadian company. Prior to this, Moller was VP of growth and middle market, managing the underwriting of SME risks in the US. He has also held positions of various levels of responsibility at Hartford Financial Products. Moller has a bachelor’s degree in finance from the University of Delaware in Newark, Delaware.
Brock McKechnie is currently an underwriting manager within CNA Canada’s management liability and financial institutions group. Based in Calgary, McKechnie looks after the Western Canadian region while also providing leadership nationally on public company directors’ and officers’ liability. With over a decade of experience in the Canadian commercial insurance market, McKechnie has experience both on the brokerage side and in underwriting and has seen many market cycles and economic downturns, which has helped him become a leading professional in the space.
Cody Macpherson Account executive
Cody Macpherson is an account executive at KASE Insurance. Having started his career in 2018, Macpherson specializes in commercial insurance, working with many companies in construction and bonding, tech and media, professional services and manufacturing. Macpherson works with clients big and small, ranging from the start-up phase to companies with revenues in excess of $70 million. Macpherson is always focused on making sure his clients have the proper coverages and are educated on what products are available to them.
were “classic D&O claims” such as on financial matters, adequacy of disclosures, and mergers and acquisitions-related matters, he added.
“We’re in an improved place,” said Macpherson. “The hard market plus COVID have really made everyone run a very tight ship in order to comply with not only insur ance but also the new COVID regulations.
“Coming out of that, I think those new poli cies and procedures and practices are going to stay in place and do a lot for the future.”
Rates are beginning to level out following an “unprecedented” COVID surge, said Macpherson. “We’re seeing that return to
“What’s changed is that better pricing ... has drawn capacity back in, spurring more competition”
John Moller, Arch Insurance
normalcy also affect the pricing side of it and getting competitive policies.
Moller agreed. “The rates changed so quickly, it was a little bit unusual for a hard market cycle – even an event-driven one – to compound so quickly and accel erate so fast that it’s only natural that we see some stability, and some softening in certain pockets.
“We’re definitely seeing a reversal of the trend in the last two years.”
Looking at some of the more difficult risk classes, McKechnie said: “In terms of funding options for primary and lower layers, we continue to see rate and correction on terms of conditions.”
The addition of new layers and capacity will help in terms of access, according
to McKechnie, but “we’re expecting it to continue on larger and tougher risk classes.”
Moller advises that brokers should be wary of placing business purely from a price perspective. “Nobody likes paying more for anything than they need to – but unfortu nately, I think pure pricing probably does drive more deals than it should,” he said. “In such a technical line, it’s really important that accounts are being placed by brokers who are specialists and with markets that are sophisticated.
“A lot of new capacity has shown up at the table in the last six months or a year to exploit this higher pricing. And many of these markets won’t be in the market in
three years. The last thing you want to do is to have to replace markets every year that are in or out, or being aggressive and then pulling back, because their profitability measures are swinging,” Moller cautioned.
Expertise and service should be top priori ties when choosing the right underwriter, said McKechnie. “Brokers require claims teams with experience in tough litigation environ ments, underwriters with experience through different cycles, who understand what clients have been going through and what they will encounter going forward,” he said.
Macpherson added that “it’s important to realize on the broker side and on the insurer side exactly what the client is looking for, and how the deal can be done to best protect the client.” He highlighted inflation and rising interest rates, pointing to recent media reports that S&P is now in a bear market, meaning it is seeing prolonged pricing declines.
“All of these things are going to have changes over the coming year in regard to cover wordings and claim examples,” said Macpherson. “As that changes, price is important, but the coverage and [an experi enced claims response] are super important.”
All three experts agreed that communication is key for brokers navigating the market.
“Get involved in the industry and know who’s writing what; the last thing you want to do is spend time and resources – not only your own but the insured’s – getting to know a market and placing a line of business with someone who doesn’t really specialize in that,” said Macpherson.
McKechnie echoed this. “It’s important for communication to happen regularly. Trans parency is vital.”
And Moller pointed out: “If there’s a partic ular unique exposure or story to an account, the best way to get attention for your partic ular placement is to just make a phone call.”
“We’ve seen an improved marketplace for clients who adapted through the pandemic and managed the issues presented to them” Brock McKechnie, CNA Canada
Jeff Bhamra was recently promoted to the role of Corporate Secretary in addition to his current role as Chief Compliance Officer and Chief Risk Officer. Jeff has been in the financial services sector for over 16 years, twelve of which have been with Portage Mutual Insurance. During his time with the company, he has held roles in finance, internal audit, risk, and compliance.
As part of his expanded role, Jeff will be responsible for overseeing corporate governance records for the company and its board of directors.
Jeff holds a Bachelor of Commerce (Honours) degree from the University of Manitoba as well as the Chartered Professional Accountant (Certified General Accountant) designation.
Andrea Lewis was recently promoted to Director of Customer & Broker Experience. This is a new position for the company focused on enhancing customer and broker processes, user experiences, and brand loyalty. Andrea will continue to lead the Guidewire conversion team while working closely with cross-functional teams and colleagues in her new role.
Andrea joined the business development team in 2009 where she worked on key initiatives including RTG software implementation, product changes, personal lines improvement strategies, credit score project, and most recently the Guidewire transformation. She is excited for the opportunity to lead future initiatives for brokers and customers.
Andrea has a Business Administration diploma from Red River College and holds Fellow Chartered Insurance Professional and Canadian Risk Management designations.
Jean Gauvreau is being promoted to VicePresident Marketing effective October 1st, 2022. This is a new position for the company focused on strategic development, continuous improvement and delivery of service to our broker partners. Jean will work closely with cross-functional teams and colleagues in this new role and he will join the company’s senior leadership team.
Jean joined Portage Mutual Insurance in 2020 as the Edmonton Office Regional Branch Manager. He brought with him strategic, business development, negotiation, leadership, and communication expertise. He is excited for this opportunity and looks forward to leading on the company’s broker initiatives through collaboration with our teams.
Jean holds a Business Administration diploma from the Northern Alberta Institute of Technology and holds a Chartered Insurance Professional designation.
Jennifer Spicer was recently promoted to Director of Internal Audit. Jennifer joined Portage Mutual Insurance in 2021 and she brings over ten years of property and casualty insurance experience in the mutual industry. She is a Chartered Professional Accountant, holds her Chartered Insurance Professional Designation and earned her Masters of Business Administration degree from Saint Mary’s University in Halifax, Nova Scotia. Jennifer is leading on the planning, execution and reporting of all assurance engagements related to operational, financial, information technology, and regulatory compliance for the company. She also consults on other engagements in support of the company’s strategic goals and initiatives. Jennifer is enjoying this new opportunity at Portage Mutual Insurance as it leverages her leadership skills, financial experience and insurance expertise.
Portage Mutual Insurance is a mutual insurance company that
itself on partnering with over 800 professional brokerage offices across Canada to advise Canadian insurance consumers on their product features and risk exposures
PORTAGE MUTUAL Insurance was formed back in 1884 based on the principles of security, integrity, hard work, and personalized service. We have a national presence but still operate in a friendly, small-town personalized way of doing business that doesn’t go out of style. We believe that our partnership with professional insurance brokers results in better service and value to our policyholders, as they are in a position to know their communities and their insurance needs the best. We’re proud to be a 100% Canadian-owned company. Prudent management of our investment portfolio over the years has helped to ensure our financial integrity and protect
our policyholders’ interests. We’ve weathered the test of time and, as a result, we’ve come out stronger than ever.
Represented in our corporate logo is the bison, a prairie icon promoting our Manitoba roots through all of our offices across Canada. It’s a fact that bison are heavily armoured against the elements and will stand facing the wind and even walk into oncoming storms. It’s no wonder this majestic animal has been a part of our identity in one form or another since the beginning. In the combination of our logo and our company tagline, “Facing the storm with you,” you’ll find no better metaphor to describe a company whose purpose is to take on risk and protect people.
WAYNE WYBORN has worked in the insurance industry for over 35 years.
Wayne joined Portage Mutual in 1986 and was appointed executive vice president and chief operating officer in 2010. He has been responsible for the company’s underwriting, distribution strategy, business development, and revenue growth. With a new five-year plan, Wayne will be focusing on optimizing internal and external data capabilities, purposeful broker-partner relationships, addressing the ease of doing business, claims excellence,
financials, and encouraging and supporting employee development and growth.
At the end of 2021, the company sat at $263 million in written premiums, and assets of $593 million. As a national company, Portage Mutual is regulated by the Office of the Superintendent of Financial Institutions (OSFI), which ensures that companies maintain certain performance standards. We are proud to say that we’re well above the Canadian P&C required rating as dictated by OSFI, and well above the industry average, with a 405% MCT rating to the end of 2021.
You joined Portage Mutual Insurance in 1986. Tell us about your journey with the company and some major milestones you’ve experienced in those years.
I was very fortunate to be given the opportunity to move around and contribute in many different roles and locations. I moved to Calgary in 1987 as an underwriter and subsequently assumed the role of marketing representative. In 2000 I moved to Edmonton to manage our Alberta/BC branch, and in 2007 moved back to Portage la Prairie to take on the
role of vice president underwriting and, subsequently, chief operations officer.
You’re set to take over as CEO on January 1, 2023. This is an exciting time after two years of challenging pandemic conditions. How are you feeling about the new role?
I am very excited about the new role. I have been working toward this role for most of my career. We have a fantastic team of professionals to help me on this journey.
What words can you share about outgoing CEO John Mitchell? And how
is the leadership transition going?
The transition is going very well. John is a great leader, mentor and friend, and he will be dearly missed.
What does that entail?
It is highly focused on our people, improving our data and pricing capabilities, and building strong partnerships with our brokers.
What are some key opportunities for growth at Portage Mutual, and where are you looking to improve?
We are just in the process of implementing
Guidewire. It will open up a number of opportunities for us to improve our products, processes and efficiencies.
While this is an exciting time, there are lots of macroeconomic challenges at the moment, such as inflation and supply chain pressures. How do you plan to navigate these challenges? We will navigate the challenges as we always do – by putting our customers
first and ensuring our pricing is adequate but fair.
Finally, there’s always talk about insurance facing a talent shortage. You’ve been in the business a long time. Why do you think insurance is a great career, and how is Portage Mutual tackling these talent challenges?
Insurance is a great career because it is always evolving, and you get to help a lot of people. We will tackle the talent shortage by providing a great place to work where people can grow, develop and contribute. Of course, you have to provide competitive salaries and benefits, but, ultimately, people want to be where they can contribute.
How can one describe you in two words or a short phrase?
Servant-leader committed to mutual ideals.
“You have to provide competitive salaries and benefits, but, ultimately, people want to be where they can contribute”
Intact Insurance leaders look at how customer expectations drive change and innovation in the insurance industry
THE WAVE of digital innovation that has hit the insurance industry over the last few years may look like it’s changed everything. It hasn’t. Insurance is still a people business, and in a people business everything is about relationships – especially the digital trans formation the industry is experiencing.
That’s the lens through which Danny Da Costa, senior vice president, Intact Insurance, Ontario Division, evaluates what makes a successful digital strategy, for brokers and insurers both.
“Succeeding in this business means meeting and exceeding customer expec tations, as those expectations change,” says Da Costa. “Today’s customer expects connectivity, convenience and choices, including the choice to talk to a broker anytime, on whichever platform the customer prefers to use.”
Responding to these expectations creates an opportunity for both insurance brokers and insurers. “Brokers and insurers need to deliver second to none customer service across all channels,” Da Costa tells IBC. “We need to be available on the phone, in
person, online and in the app. We need to meet customers where they are.”
Everyone’s on a smartphone – even grandma And customers are everywhere, especially on the phone. Statista reports that more than 87% of Canadians own a smartphone, and, according to the Canadian Bankers Association, 78% of Canadians use digital channels (online and app‑based) to conduct their banking transactions.
“Whether they’re banking or shopping, Canadians are leaders in the adoption of digital channels,” says Natalie Higgins, senior vice president, Intact Insurance, Atlantic Division. “We see the insurance industry following suit and offering the same func tionality consumers expect from banks and other service providers. Offering digital solutions is table stakes. Consumers want flexibility and to be served when and in the fashion they choose.”
Intact’s own research into customer trends, conducted to determine what support it needs to provide to brokers to help them
meet customer expectations, shows increas ingly high levels of adoption of digital tools across all demographics.
Almost two thirds (63%) of respon dents aged 18 to 34 said they were aware of Intact Insurance’s digital tools – the Intact Insurance App and Client Centre. Of those who were aware, 85% said they were interested in engaging with these tools. Meanwhile, in the 50 to 64 age category, 60% said they were aware of the insurer’s digital tools, and 60% said they were inter ested in them.
“Those statistics are exciting because we’re seeing similar levels of adoption and interest from consumers in their 20s and their 60s,” Higgins tells IBC
“We all tend to make assumptions about what types of customers may or may not be interested in digital tools. Our data showed us that those assumptions are dangerous: if customers own a computer or a smart phone – and most do – they want to access their insurance information digitally. That means if the industry doesn’t offer these solu tions to them, we’re not delivering what they
need and want, and that’s unacceptable in a customer service driven business.”
Everyone needs a broker – even in an app Brokers remain the most important way customers hear about insurers’ digital solu tions. The Intact Insurance study found that about one third of customers learned about its digital tools through brokers, while another third heard about digital solutions through email, and the final third were exposed via advertising and other methods.
Da Costa believes the broker connec tion is the most effective one. “A broker is a trusted advisor and the person with whom the customer has the relationship,” he says. “So, when a broker says, ‘You can access your insurance information through the app or Client Centre,’ that has 100 times
more weight than seeing an email or an ad.”
Customers over 50 were less likely to have heard about digital tools from brokers.
That concerns Da Costa.
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“It’s a missed opportunity,” he says. “Our data showed us that we can’t make assumptions about what type of customer is interested in digital tools. The answer is,
“We see the insurance industry following suit and offering the same functionality and features consumers expect from banks and other service providers. Offering digital solutions is table stakes. Consumers want flexibility and to be served when, and in the fashion, they choose”
Natalie Higgins, Intact Insurance, Atlantic Division
potentially everyone. Brokers and insurers need to offer all customers choice, and second to none customer service, across all channels.”
According to Higgins, this approach to digital strategy benefits brokers, insurers and, above all, customers.
“Our research indicates that customers most often use digital tools to consult their insurance documents, access digital proof of insurance, or submit and check their claims status,” she explains. “None of these activities generates business for the brokerage. If we can outsource them to digital tools, customers feel hands on and in control of their insurance experience. And brokers have more time to spend on their advisory role and on growing their business.”
That’s the biggest win in an effective digital strategy for Da Costa. “For brokers, the number one priority is providing the best service and advice at the right time for customers,” he says. “When deployed prop erly, digital tools let brokers do more. As an industry, we need to stop thinking of digital tools and relationships as being opposed to each other. If done right, digital tools enhance the experience, advice, value and expertise that brokers provide.”
Everyone needs a digital strategy Digital tools help brokers increase their value proposition in a very competitive market place. The barrier for slow adopters is almost always cost. Investing in technology can
be daunting and expensive. That’s where insurers come in.
Brokers can work with carriers who provide digital solutions that they can then share with their customers, without the need for significant investment. The pay off is a connected, satisfied customer.
“Our research consistently shows that the
more value there is to a tool, the more satis fied customers are with it,” Higgins empha sizes. “For example, customers who use the Intact Insurance App and are enrolled in the my Drive™ program, getting feedback from the app on their driving habits, are 17 points more satisfied than customers who use the app only to access their insurance information.
“Statistics like that are powerful. Brokers ask, and rightly so, ‘What do these tools do in terms of improving the customer experience? Can you show me any real data or insights? What are these tools doing for me in terms of improving the efficiency within my brokerage operation?’ Our data points show that when deployed within a relationship focused strategy, the benefit of digital tools to brokers is to give more value to customers, gain more time for growth and development, and, ultimately, get more business.”
Natalie Higgins Senior vice president INTACT INSURANCE, ATLANTIC DIVISION
The senior vice president of Intact Insurance’s Atlantic Division since April 2018, Natalie Higgins joined Intact in 2004 as a human resources consultant, making the switch to the operations side of the business in 2010. Higgins is passionate about building connections and relationships with Intact’s brokers throughout Atlantic Canada.
The senior vice president of Intact Insurance’s Ontario Division since May 2019, Danny Da Costa joined Intact in 2001. He has held positions of leadership in the Toronto, Durham and Mississauga regions, where he was responsible for sales and operational performance. Da Costa believes in working closely with Intact’s brokers to help them achieve their growth goals.
“As an industry, we need to stop thinking of digital tools and relationships as being opposed to each other. If done right, digital tools enhance the experience, advice, value and expertise that brokers provide”
Danny Da Costa, Intact Insurance, Ontario DivisionDanny Da Costa Senior vice president INTACT INSURANCE, ONTARIO DIVISION
As digitization and interconnectivity increase, so too do the risks of cyberattacks on organizations. Victor Canada is stepping up to arm its policyholders against cyberthreats
CYBERATTACKS ARE a significant, everpresent risk for organizations as they seek to raise their level of digitization and inter connectivity. No longer do you hear of cyber criminals only targeting large conglomerates; cyberattacks are increasingly pervasive and can pose a threat to companies of any size.
“Risk management is a critical step in helping to ensure not only that a company’s network and systems are protected but that its business data and sensitive information are also protected,” says Kevin Auger, depart ment leader and senior vice-president of cyber, technology, and errors and omissions at Victor Canada.
Business leaders must stay one step ahead of the evolving landscape, ensuring their organ izations are not just protected but resilient. Forewarned is forearmed, and this is where a cyber assessment with an expert can come in.
To better serve its policyholders, Victor has arranged for cybersecurity firm TGT Solutions to offer a complementary cyber assessment and consultation service. Along with profes sional liability coverage, the cyber assessment and consultation will equip Victor policy holders with the knowledge and tools to help protect their businesses from cyberattacks.
During a 90-minute video or phone call,1 a cybersecurity expert will guide the policy holder through a series of questions about their company’s cybersecurity operations. The discussion will address their current policies and identify gaps, laying out the company’s various cyber exposures and potential impacts.
At the end of the call, the company will be provided with a scorecard on the effect iveness of its cybersecurity. The standardized
scorecard encompasses major cyber scen arios and is designed to be used repeatedly so that it can measure a company’s progress from one period to the next.
“Using colour coding and a percentage ranking, we can explain an organiza tion’s score in simple terms. This is a powerful communication tool, which helps a company’s management team to grasp areas of opportunity quickly and address any actions that are required on their part,”
explains Robert Maxwell, president and CEO of TGT Solutions.
The company will also receive a compre hensive cybersecurity report following the session. The detailed, formal report can help form a future cybersecurity action plan. Policyholders may also avail them selves of further cybersecurity services from
TGT Solutions via discounted packages.
The consultation service is currently available exclusively to E&O (errors and omissions) and technology policyholders. However, Victor is developing plans to extend the new offering to other policyholders.
According to Auger, business leaders can get into the nitty-gritty of their cybersecurity
practices through the unique service. They will also walk away with tailored safety and privacy solutions that can help protect them from cyberattacks.
“Many cyber insurance providers offer cyber tools, but very few provide policy holders with a detailed risk assessment at no additional cost. The cyber assessment and consultation service are a proactive risk management offering that complements Victor’s coverage for E&O and technology policyholders,” says Auger.
For Maxwell, acquiring cyber insur ance initiates a process of self-reflection for companies, which must reckon with their readiness to deal with a vast array of unknown threats.
“Most of the time, the process prompts risk management thinking that business owners have not had time to consider,” Maxwell tells IBC. “The actions taken for risk management go a long way to preventing a breach.”
“Most software programs have a mountain of files beneath them to support their features. Too often, insufficient attention is paid to these underlying files. Many organizations unwittingly leave a window open via which cybercriminals can enter”
Robert Maxwell, TGT SolutionsBrought to you by
Brought
Victor’s cyber assessment and consultation offering can serve as a preventive measure for a broker’s clients, especially small busi ness owners who may not have the resources or the expertise to protect their business network, systems and customer data.
“They may not even be aware of how vulnerable their business could be to a cyber attack based on their current cybersecurity practices – or lack thereof,” Auger says.
According to Auger, the most prom inent cybersecurity gaps stem from remote workers, lack of data backups, failure or delay in implementing security patches, and lack of employee education.
“Since most breaches occur due to human error, education and training are key – and an employer’s best line of defence,” adds Auger.
Maxwell says poor cyber hygiene is a major threat for organizations, especially
with ransomware attacks on the rise. Too many employees still use weak passwords and the same passwords across multiple plat forms, habits that weaken their network’s cybersecurity.
“People attach their own devices to the organization’s network or click on all kinds of things they ought not to. By doing so, they often allow computer viruses such as Trojans into their networks,” Maxwell warns.
“We see poor control over software libraries. Most software programs have a mountain of files beneath them to support their features. Too often, insufficient attention is paid to these underlying files. Many organ izations unwittingly leave a window open via which cybercriminals can enter.”
A cyberattack can have a devastating impact on a business: not only are its computer systems damaged and data compromised, but its reputation will also take a hit. For Victor
Victor Insurance Managers Inc. (Victor Canada) is a subsidiary of Victor Insurance Holdings and a leading managing general agent. Victor has a rich history in specialty insurance, and offers a unique range of products and programs in professional liability, specialty property and casualty insurance, as well as group and retiree benefits, which are distributed through independent brokers and advisors.
Victor is committed to empowering insurance professionals and their clients through innovation, specialized underwriting expertise and a nimble, technology-oriented business approach.
For more information, visit victorinsurance.ca.
Canada, robust cybersecurity is a mission that all stakeholders must embrace.
“With Victor’s brand and scale in the Canadian market, we can raise awareness among brokers and their clients regarding the need for cyber coverage and cybersecurity prac tices to help protect them from cyberattacks,” says Victor Canada president David Cook.
For more information, visit victorinsurance. ca/cyberassessment.
“The threat of a cyberattack grows every year. Whether our Victor policyholder owns a business or is a member of a team that manages one, they likely would benefit from considering additional steps to mitigate that risk”
Kevin Auger, Victor Canada
Victor’s commercial broker portal for small to mid-size accounts allows you to quote, bind and issue one-year or three-year policies* within minutes, 24 hours a day.
It’s fast and easy to use V2.
Choose multiple quote options to present to clients, get certificates of insurance—and even add CGL^ without any further questions.
Products currently available on V2:
• Architects & Engineers Small Firms liability insurance
• Construction Small Projects insurance
• Directors & Officers Management liability insurance for non-profit organizations
• Technology Small Firms liability insurance
Get a quote today!
*
The policy term for Construction Small Projects insurance would be the term of the construction project, with a maximum duration of 12 months.
^ Victor Construction Small Projects policyholders interested in obtaining certificates of insurance and adding CGL to their insurance coverage should ask their broker to send a request to: vsquared.ca@victorinsurance.com
Insurance Brokers
event
PAL INSURANCE BROKERS CANADA was founded in 1989 by Bob Morrison, a leader in Canadian insurance. Bob created the term ‘Party Alcohol Liability’ to encompass the company’s namesake special event liability insurance products. PAL quickly became a leader in insuring events of all types and sizes across Canada. The company then created a separate wedding insurance product called Weddinguard, and then branched out again with its Hole in One, Hockey Scoro, and other prize indemnity offerings.
In the special event insurance space, PAL recognized the need to insure event suppliers and participants. This led to the creation of insurance for event cancellation, event planners, caterers, servers and performers, as well as exhibitors at markets/kiosks. PAL’s property coverages also expanded to include contents in storage, miscellaneous property, and collectibles. PAL’s latest event products include insurance for virtual events and insurance for facility user groups.
PAL introduced a new commercial line of products in 2020, which include cyber insurance, jewellers block, commercial property, rented dwellings, office risks, fine art, small business property & casualty, and much more.
PAL now has three offices in Canada and an advanced broker portal that allows brokers to apply online for most of PAL’s products. PAL prides itself on its ability to respond to changing market needs and has quickly introduced products requested by brokers on numerous occasions. For example, PAL introduced insurance for virtual events soon after many events had to go virtual during the pandemic.
With many events postponed over the pandemic and several major players exiting the event insurance space, there has been unprecedented demand for event insurance in 2022. PAL’s underwriters have continued to demonstrate their high level of expertise in underwriting events of all kinds, and PAL is proud of its small but mighty team for their hard work and success this year.
Facility User Group: Provides insurance for the third-party rentals, activities and events of a facility’s users. Such facilities can be privately owned, publicly owned and/or operated by municipalities, public agencies, colleges, universities, schools, hotel/convention complexes and various organizations. A simple customized platform has been created for this product, with an affordable hands-off format. Available coverages include general liability protecting the third-party rentals (hosts of these events), along with the facility as an additional insured, from liability claims arising from the activities of its users; host
liquor liability; and tenants’ legal liability limit. PAL has also created custom platforms for this product, which can be white-labelled with a brokerage’s logo and contact information as the retail broker of record.
Coverages
PAL’s
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SUM Insurance is broadening its in-house capabilities and uniting product lines to create a one-stop construction shop for brokers
WITH SUPPLY CHAIN issues, labour shortages and inflationary costs driving an unprecedented level of uncertainty, the last thing your clients need is more of the same.
Both brokers and insureds need insurance partners who speak their language, are sensitive to the volatile environment they are working in, and can provide the deep expertise and flexible approach required to tackle ever-changing conditions.
“The insurance market’s been hard, and there’s a real lack of underwriting capacity, appetite and service – but we endeavour to offer those things,” says Jeff Somerville, managing director of SUM Insurance. “The insurance industry can’t afford to continue to be conservative with this class: the construction sector needs more, not less, insurance going forward, presenting an unprecedented opportunity to us.”
A national MGA, SUM offers a suite of coverages for construction insurance needs – wrap-up liability, course of construction (builder’s risk) and project-specific EIL covers – but the trajectory of the robust sector drove SUM’s interest in addressing it more fully. Despite the headwinds of inflation and rising interest rates, SUM’s
research indicates construction is forecast to bring $127 billion to the Canadian economy by 2025, up from $80 billion in 2020. SUM seized the opportunity to broaden in-house capabilities, unite various product lines, and promote a one-stop shop to brokers servicing this segment.
“We provide value by harnessing our in-house underwriting expertise and competency in the market to the insur ance capacity we have assembled for our new product offering,” DeChamplain says, adding that brokers are looking for a responsive approach from experienced
Bringing 15 years of experience in the construction space, Annick DeChamplain recently came aboard as national construc tion lead and senior GL underwriter. She developed the casualty construction portion of the MGA’s enhanced product offering, obtaining broader in-house authority and capacity for wrap-up liability earlier this year.
people who can provide insight on what to expect or what the terms and conditions should be.
“When brokers call, they’re talking to a person who is able to provide turn around almost the same day. That’s some thing that really makes a difference in the industry and sets us apart from others in the marketplace.”
“The insurance market’s been hard, and there’s a real lack of underwriting capacity, appetite and service – but we endeavour to offer those things”
Jeff Somerville, SUM Insurance
Bob Bousfield, vice president and prop erty practice leader, says there’s not much he hasn’t seen after more than three decades in insurance, but the current market is espe cially challenging. Some are withdrawing or restricting what they offer when it comes to builder’s risk, including a competitor’s hard stop at 24 months with no extensions offered. SUM avoids disappointment, Bousfield says, with a builder’s risk product featuring five standard extensions: testing, soft costs, delayed start-up, transit and off-site.
“People living in the real world know it’s hard to get drywall, or cement guys, or elec
tricians, and know that these 18-month proj ects end up getting pushed and pushed and pushed,” Bousfield says. “We offer commonsense solutions because we understand construction managers are pulling their hair out already. One of our fortes is we can think, and if something doesn’t fit in one box, we’re willing to try others.”
Brian Tompkins, senior underwriter in SUM’s commercial general liability practice, also sees the hard market giving rise to a lot of insurance providers who are “very much writing a product conducive to what their own aims are but that aren’t effective in
working with what contractors realistically deal with in their day-to-day.”
“We provide certainty that we can accommodate a lot of these requests as opposed to concern that the policy they just took out isn’t actually going to be effective,” Tompkins says, pointing to SUM’s advantage with its London-placed casualty products which provide things like sudden and accidental pollution coverage on most construction risks, no aggregate limit, and easy insurance certificate/waiver of subrogation servicing.
“We adapt to the reality of the risk being
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presented rather than remain handcuffed to the often out-of-touch terms and condi tions that some of the market sticks to.”
The pollution segment has also seen uptake in the construction line as more municipalities require coverage, with a sharper uptick in demand due to new standards in the industry requiring most
large construction projects in Canada to have a $5 million contractors pollution liability limit. SUM offers competitive project-specific pollution insurance and/or CPL and is “currently looking to broaden our scope even further by expanding our occurrence insuring agreement offerings,” says Christine Nauth, vice president and
environmental liability practice leader.
“It takes time to build these products and match them to market need and competition, but this new product is imminent for us.”
Though SUM has the capability to write a three-year project and still offer 60 months’ completed operations, Nauth is accommodating an increase in project extensions. Some are coming in repeat edly or even going month-to-month, but it’s only the timing that’s changed – the scope of the project and the work haven’t. Looking at how it was originally priced out, Nauth is typically able to charge less for the extensions, leaning on SUM’s agility to help clients navigate turbulence.
From renovations to remote locations to large residential projects, whether it’s an overlooked requirement (such as emer gency repair work on a hydroelectric dam that needed wrap-up on an eleventh-hour basis) or unique, one-off projects (for example, the installation of an MRI machine that involved cutting a hole in the hospital floor), SUM doesn’t shy away from the tough, the unusual, or the time-sensi tive. And for Tompkins, that willingness to make it work is key in combatting the uncertainty of the current environment. SUM “assists with the unexpected from many different angles because we’re a broad authority who can action things as we need to as opposed to subscribing to a rigid system that would further turn off the construction industry with the way insur ance providers treat them.”
“One of our core missions is to work collaboratively: we treat the process like a partnership,” says Tompkins. “We’re here to build long-term, effective business relationships by sourcing required insurance capacity and leveraging our underwriting acumen to keep the equation running smoothly.”
“We provide value by harnessing our in-house underwriting expertise and competency in the market to the insurance capacity we have assembled for our new product offering”
Annick DeChamplain, SUM insurance
Why traditional cyber insurance is dead – and why that’s a good thing
WE’RE IN the midst of what’s been called a digital explosion, and it’s a global devel opment that’s only expected to increase in intensity. With the number of connected devices per person skyrocketing and the boundaries between work and home dissi pating, the rate and sophistication of cyber attacks continues to accelerate. Studies show that over 61% of Canadian businesses were affected by ransomware in 2021, and when you factor in the costs of lost down time, critical IT replacement, and a recovery average of $120,000, not to mention repu tational damage, loss of business, and potential third-party fines or penalties, the impact – especially on small businesses –can be crippling.
No wonder, then, that requirements for cyber protection and insurance are increasing and evolving. Customers have growing expectations that technology should work for them and make their lives easier. No longer is it enough to have coverage in the event of an incident; they want to avoid having an incident in the first place – and that proactive approach is where traditional insurance companies fall short.
The genesis of BOXX Insurance was founder and CEO Vishal Kundi’s vision of an insurance provider that not only helped its customers manage the complexities of a digital age but also embodied that digital age from stem to stern, including zero paperwork and instant everything.
BOXX was proudly created in Canada, with its home base in Toronto. Toronto rated fourth in North America in CBRE’s Tech Talent rankings, which account for each market’s depth, vitality and attrac tiveness to companies seeking tech talent; it has a thriving start-up tech sector, and insurtech is a fast-growing component. Kundi drew on his global experience in developing the company, recognizing that, unlike other insurance risks, cyber risk is constantly changing and evolving. And plain and simple, the emerging risks of an increasingly digitally connected world begged a better answer from the industry.
“Both cybersecurity and insurance can be confusing, but to be a resilient busi ness in our digital age businesses need an understanding of both,” says Kundi. “With
most of our lives now online, helping create a digitally safer planet felt like a goal worth pursuing.”
BOXX is laser-focused on a prevention-first approach to business, helping small to medium-sized enterprises as well as individ uals and families respond to cyber threats but also to stay ahead of them by lever
aging smart technologies that reduce risks and prevent claims in the first place.
An overarching goal of the company is to “simplify complexity.” The products are “easy to understand, simple to buy – 90% of policies are purchased online on our digital platform – and designed to take the head ache out of deciding what customers do or don’t need,” Kundi says. He adds that the Cyberboxx product makes coverage straight
forward by offering all-in-one protection: the right combination of services and support combined with insurance, with a streamlined range of coverage and optional add-ons to boost cyber resilience.
“In providing the right level of support and protection, we help our customers predict, prevent, respond to and recover from cyber incidents faster and better.”
BOXX’s research shows time and time
again that people expect preventative services to be included, “with insurance as a backstop, not the reason for being,” Kundi says. That’s what BOXX delivers, with customers able to take advantage of secu rity and education with the added conve nience of an easy-to-access mobile app that provides alerts, information and tools to help predict and prevent attacks.
In the event of an incident, customers are supported by a dedicated team of IT security specialists – the Hackbusters team, which includes seasoned IT security and risk management specialists, and legal as well as public relations experts – to help get the business back on track with minimum disruption. The BOXX team is so effective and efficient, 80% of incidents are mitigated in the first phone call.
All this helps contribute to placing BOXX in a unique position to combine pre-breach behaviour data with breach claims data to better assess and price risk.
BOXX also makes the process simple
“I wanted to create
affordable products to give everyday businesses, individuals and families the confidence to take advantage of the digital economy”
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for all stakeholders, including brokers and agents. The BOXX digital portal enables them to provide that comprehensive solu tion easily, delivering cyber in the form, shape and price point that their clients want. Brokers can quote and bind in minutes
with no complex paper application in sight, customize their recommended coverage levels, know their clients are covered with the 24/7 breach response support, and take advantage of personalized support to get the word out to clients.
As BOXX gains global interest and continues to work with leaders in their fields, including big brand partnerships and backing by Zurich, it continues to expand its services –most recently with the launch of the BOXX virtual Chief Information Security Officer (vCISO). The new service is provided by a team of cybersecurity experts and risk management professionals with a deep history in cybersecurity, incident response and insurance claims, and is aimed at helping smaller firms close their cybersecurity gap. This protects the vitality of the business as well as the communities they support.
BOXX now stands as a first-of-its-kind cyber insurer for Canadian businesses – one that evolves with the landscape and provides business owners with the confidence they need to meet increasing expectations and shield themselves from the onslaught of cyberattacks.
Stop clicking around BOXX brings together new technologies, data science and specialized underwriting to meet and manage the risks of today and tomorrow. From the beginning, BOXX’s purpose was to help make the world digitally safer one customer at a time – and through innovative products and services, BOXX is leading the way in removing the uncertainty and complexity from the cybersecurity and insurance process. “We have already armed more than 250,000 customers with the ability to not just respond to incidents but build a strong offence against threats,” says Kundi – and that is the brass-tacks mission statement that still drives his company today.
“I wanted to create affordable products to give everyday businesses, individuals and families the confidence to take advantage of the digital economy – and enable them to navigate it safely.”
“In providing the right level of support and protection, we help our customers ... recover from cyber incidents faster and better” Vishal Kundi, BOXX Insurance
Organizations often talk about culture but rarely consider the role friendships play in creating a healthy, dynamic and productive work environment, says Michelle Gibbings
SOME LEADERS believe that if a work environment is too collegiate, people will stop challenging each other, and ideas won’t be debated. However, combative environments in which a dominant person subjugates the opinions of others and is unfriendly and highly politicized can be destructive. The damage to employees’ mental health and wellbeing from working in such an environment is well known.
Workplaces are complex environments, bringing together a melting pot of people with varying ideas, assumptions, experiences, expectations and ambitions. It’s about finding the balance between too much friendship and not enough collegiality.
If you want an engaged and productive workplace in which employees constructively challenge and go beyond the norm, consider how you nurture and encourage healthy friendships.
Our brain quickly assesses whether it sees someone as a ‘friend’ or ‘foe.’ It sizes someone up and judges whether a person is ‘in my tribe’ or ‘outside my tribe.’
The brain then processes the information we receive from that person according to
which category we’ve put them in. What this means in practice is that if two people are saying the same thing to us, and one person is considered a ‘foe’ and the other person a ‘friend,’ we will interpret what
employees who have best friends at work are seven times more likely to be engaged in their jobs. Additionally, if they have at least three vital friends at work, they are 96% more likely to be satisfied with their lives.
they are saying differently. It’s like giving someone the benefit of the doubt. We will do that for a friend, but not for a foe.
If you see other people as ‘foes’ in the workplace, you are more likely to misinterpret their intent, which leads to distrust, disagreement and unproductive competitive behaviour. None of which help to build a collaborative and productive workplace.
In his book Vital Friends: The People
You Can’t Afford to Live Without , Tom Rath outlines research which shows that
Having a solid network is vital to career success, but it’s meaningless if the relationships in that network aren’t genuine. It’s easy to spot the person who can network, network, network, yet the relationship is superficial and highly transactional. A relationship that focuses purely on what you can get from it fuels disconnection.
Connection is at the root of all human existence. Having someone you can share experiences with, bounce ideas off and talk through problems with is good for the soul. When you work with people you like, the
Our brain quickly assesses whether it sees someone as a ‘friend’ or ‘foe.’ It sizes someone up and judges whether a person is ‘in my tribe’ or ‘outside my tribe’
work is more enjoyable, and you are likely to find yourself more connected. When you feel more connected at work, you’ll feel happier.
Of course, being happier sparks a whole range of additional benefits.
Good friends don’t just agree with you. They challenge and inspire you to greater heights. They help you see things from
different perspectives and explore new ideas. It’s much easier to take input and feedback from a friend who you trust. Similarly, having an affiliative and collaborative environment makes it easier for ideas to be debated, agreed on and progressed.
Research demonstrates that cooperating with others activates the same reward circuitry in your brain as when you eat chocolate. So cooperating makes you feel good too.
If you want to develop an influential and effective team, consider the role that friendship can play in helping to create the culture you need to excel.
As you do this, remember the words of relationship expert Dale Carnegie: “You can make more friends in two months by becoming interested in other people than you can in two years by trying to get other people interested in you.”
Michelle Gibbings is a workplace expert and the award-winning author of three books. Her latest book is BadBoss:What toDoifYouWorkforOne,ManageOne orAreOne. For more information, visit www.michellegibbings.com.
Having a solid network is vital to career success, but it’s meaningless if the relationships in that network aren’t genuine
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LEADERSHIP HAS long been a dynamic dance, balancing attaining results with managing and leading people.
In the current era, agility and adaptability have become key skills that allow individuals, teams and organizations to thrive. The ability of teams to move within the grey and evolve to new ways of working and collaborating requires their leaders to have a new level of skills to create a culture in which that is possible.
Historically, leadership has focused on developing cognitive, logic-driven, strategic thinking that can ‘steer the ship’ away from the rocks and into clear waters. Many have discovered along the way that without understanding what the crew need in order to pull together on the oars, and what motivates them, the rocks appear swiftly and too late for evasive action.
A 2022 Gallup survey of the global workforce found that 60% of people are emotionally detached from their workplace, with 19% being downright miserable. With our personal and professional lives copping a real shake-up over the past two years, the teams who have weathered the storm the best have been those whose members show deep support and understanding of each other. Gallup also found that engaged teams create a 23% higher profit than miserable teams.
I’ve worked with some of those miserable teams. Most of them feel unseen, unsafe and
undervalued. They are in survival mode. The conversations between leadership and those on the ground are transactional, reflecting a ‘tell’ culture (I’ll tell you what to do, and you do it). No rich debate is held; there’s simply fearful compliance. Leaders do not lead; they merely send out instructions and expect obedience. Mistakes are swept under the carpet for fear of losing jobs, and no one is prepared to signal when things might be going awry.
Fortunately, I’ve also seen the impact that empathy shown by leaders has on the results of teams and relationships within them. We perform better in an environment in which we are supported to be our best and feel valued as a human being, not just as a role. What we feel impacts on how well we think.
Research continues to open our eyes to the impact that a sense of belonging, psycho logical safety and trust has on our cognitive
The most effective leaders are those who understand the emotions that motivate their staff and help them thrive, says Tracey Ezard
We perform better in an environment in which we are supported to be our best and feel valued as a human being, not just a role
functioning and outcomes. Show me an empathetic leader who can offer a safe space for their team to share their feelings and concerns about any work initiative, and I’ll show you a team that is honest and open enough to work proactively on what’s working and what is not. This team creates a learning culture in which it is safe to share where they need support and robust enough to allow discussion of the more challenging issues.
Empathy is a key skill of those with emotional intelligence. It is the ability to understand the emotions that motivate and sustain people to thrive. Daniel Goleman, whose extensive research into emotional intelligence redefined what we see as important in leadership today, sees both thinking and feeling skills as critical. “How we do in life is determined by both – it is not just IQ but emotional intelligence that matters. Indeed, intellect cannot work at its best without emotional intelligence,” Goelman says.
Empathy holds a space for people to ‘be’ and for us to connect to their emotions. Empathy says, ‘I see you, and I value you’ –whether we agree or not. Empathy says, ‘I seek to understand what is happening for you and how I can support you to be the best you can be.’
The key for leaders? Get curious about your people. Ask questions to understand more about what makes them tick. What is important to them? How do they see the state of play in your organization? Where do they think the way you all work could be improved? What are their strengths, their challenges? What do they need to thrive and excel?
Let’s listen deeply to their perspectives with a desire to understand, showing humility and grace in response to their feedback, and acknowledging their courage in speaking up. Then there is no limit to what we can achieve together.
Tracey Ezard is a keynote speaker, author, and leadership and team educator. Her leadership framework and book FerociousWarmthhelp leaders find the balance between the head and the heart, results and relationships, strategy and culture.
Find out more at www.traceyezard.com.
Empathy holds a space for people to ‘be’ and for us to connect to their emotions. Empathy says, ‘I see you, and I value you’
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The coronavirus pandemic means that people working from home are clocking up longer hours than ever, but everyone should be working smarter instead of harder, says Rebecca Houghton
ARE YOU struggling to set boundaries? Are you saying yes to things you should say no to? Putting in long hours not ‘just this once’ but all the time? Feeling that people take you for granted or even take advantage? Then there’s a chance that you’re not setting boundaries – and as a result you could be heading for burnout.
Why do we do it? Most of us have been trained since childhood to be people pleasers. If you’ve ever said yes, knowing you should have said no, or made up an excuse instead of saying no, then the chances are that you’re pleasing people and struggling to set boundaries of your own.
But saying yes feels good, doesn’t it? Saying yes is a habit that makes you feel needed, valuable and useful. You want people to like you. You want to be part of the gang. And saying no feels bad; it makes you feel guilty, worried about upsetting people, or fearful of damaging your reputation or even losing your job. This relationship we have with saying yes or no is a programming issue that is now hurting us more than it’s helping us. And why now?
You are already working a lot more hours than before COVID-19. ADP Research last year showed that employees working from home were putting in an entire day per week
more work. And now we are being asked to come back into the office, so we are adding a commute on top of that.
If you haven’t had a real conversation about resetting expectations, then you will be trying to cram six days’ productivity into only four days’ worth of available working hours. No wonder you’re feeling burned out. So, what can we practically do about it?
First off, articulate your boundaries. This is a step that most people forget to do, and if you don’t have your boundaries clearly articulated, you have no hope of holding to them. In the coaching I do with middle managers (or ‘B-suite’ leaders, the most burned-out cohort in the world), we talk about a clear red line. This is the point past which you do not go without clear repercussions. If you don’t have this clearly articulated yet, then you have no chance of anyone respecting your boundaries.
This means being clear on what really
keep doing more and more and more – as if we are an infinite resource. But we are not.
We must get out of our own way when it comes to work boundaries. Get over the fear of saying I can’t (or won’t) do it all. Get over the shame of not having an infinite capacity
3 Control your diary before it controls you. Expect a meeting agenda, or challenge your need to attend. If they can’t articulate the meeting agenda and why you are required, it’s likely to be a waste of your time.
4 Qualify before you commit. Find out what you’re saying yes to before you say it, by simply asking when and why. ‘When do you want it?’ will mean that you can schedule it appropriately rather than assume you need to work all weekend on it.
matters to you. If you simply say you’ll only work a 50-hour week, you won’t stick to it, as there will always be a good reason to step over that line. But if you say you’ll never compromise on your morning meditation, or you say that you will always spend every second Friday with your grandad, then you’re more likely to say no when work requests come up. It’s easier to respect our own boundaries when they are specific and meaningful. Once you’ve set your work-life boundaries, then it’s time to set some in-work boundaries too.
We have a cult of overwork in many countries. ‘Busy’ is wrongly equated with ‘valuable,’ so we feel obliged to work harder and harder instead of smarter and smarter. This means we feel that we should be able to
for work (even Superman has his limits). Stop fearing that we will lose respect or even status if we don’t say yes.
Here are five ways to establish and keep your boundaries intact at work:
1 Boundaries build respect. If you don’t respect your own boundaries, no one else will. They will always take you for granted, and they will always want more.
2 Without your own priorities you’re at the mercy of everyone else’s. A lack of priorities makes us feel we have no way to push back.
Set your priorities with your leader and build your confidence to say no if work requests conflict with them.
5 Learn to say yes in the right way. This means ‘yes, I can show you how to do it’ (instead of doing it for you), or ‘yes, if I can stop something else’ (instead of adding it on top), or ‘yes, I can do it on Thursday’ (instead of Sunday).
With these simple techniques, you can set boundaries that both prevent burnout and build respect.
ADP Research last year showed that employees working from home were putting in an entire day per week more workRebecca Houghton, author of Impact:10WaystoLevel upyourLeadership , is a leadership and talent expert and founder of BoldHR. She builds B-suite leaders with C-suite impact by working at an organizational, team and individual level.
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