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A PEOPLE BUSINESS
Visionary leader Cameron Copeland shares how Specialty Program Group Canada is bringing its businesses together as a national entity
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Jeff Macoun reflects on milestones and challenges he faced growing trusted brand Canada Life
Brokers recognize top MGAs nationwide across 20 major types of insurance, selecting winners excelling against 10 criteria for success
34 Life insurance conversation starters
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46 Resilience for food industry
From supply chain volatility to extreme weather, food and beverage firms face a gamut of risks that need innovative coverage
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Insurance brokers work best with partners like you
Simply put, we couldn’t do it without you. Genuine gratitude to the exceptional insurance companies who partner with us to help insure and protect millions of Canadians, coast to coast to coast.
2024 IBAC Full Partners
Participants: Northbridge, Pafco, Lloyd’s.
A full glass for brokers
Are you a glass-half-full or a glass-half-empty kind of person? That positive or negative outlook to the world will probably influence how you see the insurance market now, too.
For the glass-half-empty types, we are in the middle of another challenging nat-cat season with the Jasper wildfires, flooding in Ontario and Quebec, hailstorms in Calgary, and more expected. Also, populations continue to rise in the most at-risk areas, inflation is impacting repair costs, and the geopolitical landscape has only become more tense with the ongoing Russia-Ukraine and IsraelPalestine issues and, of course, a looming US election.
Home insurance is among the lines most heavily impacted. “Home replacement costs (costs to rebuild an entire house from the ground up) have increased 23 percent since January 2019,” revealed IBC policy development manager Cecilia Omole in May. “Homeowners’ maintenance and repair costs (costs related to maintaining the structural integrity of a home) have increased by 18 percent. Both have exceeded the rate of core inflation over that same period.”
“Home replacement costs have increased 23 percent since January 2019 and homeowners’ maintenance and repair costs have increased by 18 percent”
Yet that only tells half the story. On the flipside, inflation has dropped significantly from its peak and now appears relatively under control, with the Bank of Canada implementing a series of rate reductions as a result; insurers have largely reported impressive half-year results; and a host of lines have seen rates decline amid ample capacity.
Take Marsh’s “Canada Insurance Market Rates” for Q2 2024, for example. It shows property insurance rates declined by four percent; casualty rates were down 5 percent, driven by general liability; and financial and professional lines rates dropped by the same amount, with new insurers creating a competitive market. Fiduciary rates remained stable, and cyber rates fell by 4 percent as competition influences excess layer premium reductions and contributes to overall program savings.
So, what does this all mean for your business?
It means we’re in a soft market that you should still treat as though it was hard. Be vigilant. Be thorough. Make sure your clients consider all eventualities. Educate them to avoid under-insurance and seize the opportunities that current capacity levels dictate.
In other words, positive or negative, do what only a broker can.
The team at Insurance Business
EDITORIAL
Managing Editor Paul Lucas North America News Editor Gia Snape Journalists
Nicole Panteloucos, Mia Wallace, Danny Wood
News Writers
Terry Gangcuangco, Kenneth Araullo, Roxanne Libatique Staff Writers
Ryan Smith, Mallory Hendry, Manal Ali, Bennett Richardson, Ksenia Stepanova Lead Production Editor
Roslyn Meredith
Copy Editors
Christina Jelinek, Allison Ingusan
Designers
EXPERT SPOTLIGHT
A PEOPLE BUSINESS
With an entrepreneurial culture that helps its staff fulfil their potential, Specialty Program Group Canada is bringing its businesses together as a national entity. Its visionary leader, Cameron Copeland, shares how the business is evolving
AS PRESIDENT and chief executive officer of Specialty Program Group Canada (SPGC), Cameron Copeland is steering the business through an exciting time of change, bringing two sister companies within the group together as one national entity. Under
“SPGC offers a portfolio of brands, each with purpose-built underwriting and each focused on a niche in the marketplace, to serve it really well. Brokers get strong capacity, expertise, and speed of service from experienced underwriters who work
“We occupy a really viable segment of the market. Our opportunity is to continue to add new brands, to continue to fill underserved niches, so that our broker customers get more from this relationship” Cameron Copeland, SPGC
Copeland’s stewardship, from its Vancouver and Toronto headquarters, SPGC is serving brokers across the country with commercial and personal P&C (property and casualty) insurance solutions.
“We’re bringing more of our MGAs under one umbrella,” he says, “and that creates a really distinct value proposition for our customers and carriers, where they can get these specialty offerings but from within one trusted relationship.
in modern, efficient, fast-moving systems, supported by the resilience and governance of a large-scale organization.”
Each of SPGC’s brands are effectively run as businesses within a business, notes Copeland.
“Each team is led by an engaged entrepreneurial leader,” he elaborates. “Some of them have joined us as principals who have sold their agency to become part of our bigger team, and then they stay on and continue to drive the business the way they did when they
owned it but now with a deeper toolbox, more capacity, and more resources. We also manage our own claims – very few MGAs in Canada handle their own claims.”
Founded in 1992, with a staff of 500 across the group, SPGC believes its most important asset is its culture.
“Insurance is a people business,” Copeland observes. “We don’t have production machines; we don’t have factories; we have people. My job as the CEO is to be the steward of an environment that gets the most out of people and allows them to be their best and true selves. We have a vast number of operations and roles, so people can grow, people can move, and we support that, whether it’s with education or with on-the-job challenges.
“We are very intentional about building, supporting, and evolving our culture. Our big focus is on entrepreneurism, innovation, a sense of urgency, a can-do attitude, engagement, and pride. We help our people to reach their potential, to bring solutions which give fulfilment to their customers, with a real desire to serve them. So, we’ve worked really hard to become an employer of choice, particularly on our DEI and ESG strategies.”
PROFILE
Name: Cameron Copeland
Title: President and CEO
Company: Specialty Program Group Canada (SPGC)
Years in the industry: 21
How do you think the market will be in 12 months? “The market is going to continue to get more competitive; there will be new innovation around AI and how it is used to identify and serve customers, how it is used to drive efficiencies and productivity”
EXPERT SPOTLIGHT
Indeed, SPGC has been recognized by Insurance Business with five-star ratings and awards for its DEI and ESG practices.
“This really comes from mirroring the values of our people in our corporate values and then living those values and the choices that we make as a corporation,” says Copeland, who has been part of the insurance industry for 21 years – 14 of them in the MGA world.
He mentions that he loves “the pure business” of insurance – matching supply service to customer solutions and meeting customer needs across multiple industry segments and tiers. One of the biggest things that’s changed is consolidation in the market, both on the carrier side and the brokerage side, declares Copeland.
“At the core of it, it’s still – of course –the same business,” he acknowledges. “It’s still subject to the same market cycles, and customers still need insurance. Brokers are still the best, trusted advisers to provide it, and our business is invested in helping brokers to serve customers and to grow their businesses.”
SPGC will always be broker distributed, emphasizes Copeland. It is the design of the business and therefore critical to how it operates.
“We think of ourselves as manufacturers, and our brokers as our distribution partners,” he says. “It takes both for the supply chain to work, so all of our products and our services are designed with the value component for our broker customers, as well as a value component for our policyholder clients, which we really think of as the consumers.”
Turning his attention to the present insurance market and its challenges, Copeland suggests it is going through a transition because of the current industry cycle.
“It’s going to play out with different nuances,” he predicts. “There’s consolidation,
technology such as AI, working from home, and there’s some culture change with buying online and different consumer preferences. This transition creates both opportunities and threats for our business.
“It’s incumbent upon us to continue to innovate and change, and iterate our business to fit those themes – to mitigate the threats, to capitalize on the opportunities, to serve the underserved niches, to fill those gaps for our broker customers, to offer the distribution for our carriers they wouldn’t otherwise get, and to work with those broader themes which none of us can change but which will influence all of us.”
These factors will, Copeland says, inform the group’s planning and shape its product, technology, and distribution development, adding to SPGC’s value proposition – to maintain its relevance in what will undoubtedly become an ever-morecompetitive market.
“It will be interesting to see how it plays out,” he considers. “You can buy business on price up to a certain point, but then to scale the operation takes a lot of investment. We occupy a really viable segment of the market. Our opportunity is to continue to add new brands, to continue to fill underserved niches, so that our broker customers get more from this relationship, before they need to go to the other 120 niche and specialty suppliers out there, who don’t bring the scale and resilience and history of trust that we bring to the table.”
Finally, what is Copeland’s key message to the insurance community?
“Try us first,” he urges, without hesitation. “Now that we’ve got this robust portfolio, by trading with one of our purpose-built MGAs, you get all this great, frontline experience and the benefits of a group environment that brings so much more.”
SPGC’S BRANDS
Cansure
Commercial P&C insurance with broad industry expertise
Cansure Buildersure
Canada’s largest construction insurance provider
Totten Insurance Group
Commercial P&C insurance with program and industry expertise
Beacon
Personal lines such as nonstandard habitational, special events, boats, and off-road vehicles
i3 Underwriting
Commercial lines solutions serving upper-middle market and complex risk
Anderson McTague & Associates
Serving Atlantic Canada with commercial and personal P&C solutions
SPGC Portal Online rate/quote/bind/issue for various personal, commercial, and specialty products
Specialty Claims Canada
Claims management for SPGC brands, providing 24/7 claim services
Uniting Top-Ranked Brands Under One Visionary Group! At SPGC, we are proud to be the carrier of choice for brokers across Canada. We have cultivated unmatched underwriting expertise and market-leading products across our purpose-built MGA brands. Find out more by visiting us online or visit portal.spgcanada.ca to access on-demand products at your fingertips for 24/7 quote, bind and issuance across personal, commercial, and specialty lines.
SECURITY AND PROTECTION
Security for today’s protection industry
SUM Insurance ’s Security and Protection Industry Practice provides industry-leading offerings for diverse needs. With pioneering expertise and flexible underwriting, SUM delivers unparalleled protection while adapting to evolving market challenges
IN TODAY’S fast-paced world, the security and protection industry faces increasingly complex risks. With services ranging from security guard operations and alarm monitoring to private investigations and advanced system installations, each role carries unique exposures that demand specialized insurance solutions. As security threats become more sophisticated and regulations tighten, businesses in this sector need coverage that not only meets but anticipates their specific needs. SUM Insurance’s Security and Protection Industry Practice addresses these demands with a suite of custom-designed solutions, delivering comprehensive coverage and high limits to ensure clients are protected against ever-evolving challenges.
“Our underwriting authority is unparalleled. We make decisions in real time, allowing us to create solutions for our clients, insureds, and brokers without delays from external factors”
Bryce Lanktree, SUM Insurance
Addressing
industry-specific needs
A key feature of SUM’s offering is its coverage for “failure to perform,” which sets it apart in the security and protection industry. Unlike many Commercial General Liability (CGL) policies that exclude this coverage,
SUM’s policy provides peace of mind when insured’s products or services fail to perform as intended.
Bryce Lanktree, CGL underwriter at SUM Insurance, explains, “If a security guard fails to respond to an alarm – which is considered
a failure to perform – our policy provides coverage for that.”
By including failure-to-perform coverage, SUM’s CGL insurance safeguards clients from bodily injury or property damage claims, with limits up to $5,000,000, that may arise from being unable to fulfill contractual duties or services.
“We write everyone from small startups to much larger businesses,” continues Lanktree. “Liability insurance is crucial for almost any business, but especially in this segment. Security guards face inherent risks when detaining or removing people from locations. There is a hazard in them potentially physically injuring people or being accused of assault.
“Our security program includes
coverage for bodily injury or intentional injury to others used to protect persons or property. Our coverage is something any security guard operation should aim to have,” advises Lanktree.
Comprehensive coverage
Other key coverage highlights available in SUM’s Security and Protection package offering include:
• ERRORS AND OMISSIONS
LIABILITY: For clients with E&O exposure, such as private investigators, security consultants, and security training academies, SUM offers up to $2,000,000 Claims Made Limit. This coverage is essential for mitigating
risks related to professional services and advice.
• CRIME INSURANCE: With $500,000 employee dishonesty limits available in-house, this coverage addresses risks associated with theft and dishonesty within organizations.
• PROPERTY INSURANCE: With a maximum Total Insured Value (TIV) of $500,000, this coverage supports businesses involved in system installations and maintenance.
• CYBER INSURANCE: Offers Privacy Breach Liability limits up to $1,000,000 and Privacy Breach Expense limits up to $100,000. Higher limits and broader coverage are available through SUM and its insurer partners, addressing the
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SECURITY AND PROTECTION
“What sets us apart is market security. We’ve been backed by longterm, high-calibre insurers for many years, so our customers can have peace of mind knowing we’re here to stay”
Bryce Lanktree, SUM Insurance
increasing importance of data protection in today’s digital landscape.
A reliable partner in a dynamic market
SUM’s Security and Protection Program is recognized for its unwavering consistency and reliability. In an industry with frequent turnover, SUM has earned a reputation as a leading underwriter, thanks to its enduring partnerships with top insurers.
“Our underwriting authority is unparalleled. We make decisions in real time, allowing us to create tailored solutions for our clients, insureds, and brokers without delays from external factors,”
explains Lanktree.
He notes that SUM’s team of underwriters was instrumental in creating one of the first industry-specific programs for security protection in Canada, carrying that expertise into SUM, where it remains deeply embedded in the company’s DNA.
This deep-rooted industry knowledge is further strengthened by SUM’s unique panel format with top-class insurers. Using a subscription format enhances the program’s durability and allows SUM to deliver comprehensive and reliable protection in a crowded marketplace.
Emphasizing SUM’s position, Lanktree
Brought
adds, “What sets us apart is market security. We’ve been backed by long-term, highcalibre insurers for many years, so our customers can have peace of mind knowing we’re here to stay.”
Embracing market shifts and technological advancements
SUM Insurance remains at the forefront of addressing emerging risks and industry changes, particularly as demands for higher limits and additional coverages continue to rise.
“We regularly see higher limits and additional coverage becoming more commonplace in contract requirements,” Lanktree notes.
“Our product has been tailored to meet these obstacles, providing timely solutions to our insureds and broker partners while our broad underwriting authority allows us to remain competitively priced, even in the face of increased competition from MGAs and standard carriers.”
With premiums starting at just $850, SUM has created an offering that makes high-quality insurance accessible to a broad audience. This competitive price point ensures that businesses, regardless of size or budget, can access the comprehensive coverage they need to effectively manage risk.
As an industry leader, SUM is not just focused on the present; the company is also proactive in considering new risks driven by technological advancements, such as artificial intelligence. This forward-thinking approach keeps SUM adaptable as market landscapes shift.
“As an experienced and adaptable team, we are open to considering ever-changing exposures brought on by technological advancements,” Lanktree emphasizes. “This approach allows us to continue offering competitive solutions in a dynamic market.”
Canada’s 5-Star MGAs get brokers’ backing on transforming
and innovation
BROKERS ON MGAs 2024
NICHE EXPERTS
MGAs ACROSS Canada have had to battle to capture more business over the last 12 months, compared to 2023, with the best firms stepping up and succeeding.
IBC’s data shows that the number of brokers who gave less than 10 percent of their business to MGAs has risen from 26 percent to 32 percent, meaning there was a lower number of bigger shares for MGAs to service.
The broker responses to IBC also showed a similar spread between 2023 and 2024 on the number of MGAs brokers bid out with; however, the one significant change was in the three-to-five range, which underlines that brokers across the nation have
developed their groups of trusted MGAs. This trend is emphasized in IBC’s 2024 Brokers on MGAs survey, which shows the top-performing MGAs in Canada continue to play a significant role in the broking community, with 77 percent of respondents placing up to 25 percent of their businesses with these partners.
A comparison of the 2023 and 2024 results highlights brokers’ consistent reliance on the top MGAs in Canada, with potential for growth at 51 percent and higher levels as MGAs seek to expand their market share in an estimated $4 billionplus industry.
Brokers’ MGA usage remained stable within the six months surveyed over the past two years, with a minor increase in the 100+ category, suggesting a trend toward a small group of brokers who rely more heavily on MGAs to serve their clients.
A gradual trend toward brokers bidding out insurance placements with a slightly wider pool of MGAs in the three-to-five range suggests increasing competition, providing MGAs an opportunity to capture market share by enhancing their offerings and value propositions.
To identify top businesses in the wholesale distribution channel, IBC surveyed brokers nationwide, who rated their wholesale partners on a scale of 1 (poor) to 5 (excellent) across 10 performance metrics, including niche risk placement, compensation, pricing, and product range.
MGAs with an average score of 4.0 or higher in at least one category earned a 5-Star designation, while those scoring 4.0 or higher in all categories were recognized as All-Stars. Additionally, brokers ranked their top three MGAs across 20 insurance types, with gold, silver, and bronze medals awarded to the winners in each category.
In selecting their top three insurance products of 2024, brokers recognized the winners for excelling in competitive pricing , ease of doing business , and broad market availability.
These factors were instrumental in determining the Brokers’ Pick awardees:
“What brokers really need and want from any insurer partner in an MGA is that speedy turnaround and communication”
Brett Graham, Agile Underwriting Solutions
• Burns & Wilcox Canada: Residential
• Cansure: Builder’s risk and wrap-up liability
• Forward Insurance: Builder’s risk
Brokers elevated this year’s 5-Star MGAs to the winners’ podium for delivering what they value most, according to respondents’ comments:
• response time: “A quicker turnaround often leads to binding a new client.”
• pricing competitiveness: “90 percent of clients will make a decision based on pricing.”
• market availability and specialty products: “Expand product offerings, including more types of risks (e.g., farm insurance).”
• commission rates and compensation: “Commissions are used to pay staff salaries in my office.”
• claims handling and support: “Online claims examples are very helpful.”
A Clyde & Company report reveals that MGAs’ future shines with opportunity, demonstrating their enduring relevancy, capacity for growth through innovation and technology, and carrier confidence.
As Canada’s specialized MGA sector continues to thrive, employing over 3,500 people at about 80 businesses in 13 provinces and territories, their 20 percent gross written premium in commercial market share is estimated to double in five years.
Two 5-Star MGAs on IBC’s list share the strategies and drivers of their success in this competitive and evolving industry.
The Top MGAs in Canada shine for innovation, flexibility, and service
Agile
Underwriting Solutions
Overall score: 4 out of 5 | Brokers’ praise: Geographical reach Providing “brilliant” service, speed, and communication to its broker partners and being accessible nationwide, possibly soon in Quebec, are the core of this top MGA’s success. Agile has maintained profitability over three decades, demonstrating brokers’ confidence and relationships built over time. Its recent acquisition of First Dive in British Columbia, focused on recreational diving, will provide Agile a platform to move into the US market. This further underscores its resolve to sustain its 20 percent year-over-year growth through market expansion and acquisitions.
President Brett Graham highlights other aspects that differentiate them from competitors:
• strong claims management: its in-house team, which many MGAs lack, ensures smooth processes and positive broker and client experiences
• expert underwriting: the highly regarded team in the MGA space bridges the gap between the art and science of underwriting, focusing on understanding brokers’ needs and providing tailored products by blending analytical and creative approaches
• innovative product offerings: responds to market needs, such as a construction product offering up to $50 million in capacity and niche
METHODOLOGY
Insurance Business Canada conducted a survey of brokers nationwide to determine the best businesses in the wholesale distribution channel. The survey asked respondents to rate the performance and service of each of their wholesale partners on a scale of 1 (poor) to 5 (excellent) against the following 10 criteria:
• ability to place niche or emerging risks
• compensation (commissions, bonus, profit share, etc.)
• geographical reach
• marketing support
• overall responsiveness
• pricing
• range of products
• reputation
• technical expertise and product knowledge
• technology or automation
The MGAs that earned an average score of 4.0 or greater in at least one category were awarded a 5-Star designation. MGAs that received an average score of 4.0 or greater in all categories received an All-Star designation.
Brokers were also asked to rank their top three MGAs across 20 major types of insurance. Brokers also named the top insurance products offered by an MGA. Based on brokers’ feedback, IBC calculated the top three winners for each type of insurance and awarded gold, silver, and bronze medals to those wholesale brokers and MGAs. The three insurance products that received the most votes from brokers were awarded the Brokers’ Pick medal.
programs for brewers, distillers, music venues, and hospitality
“We’re always striving for continuous improvement; we listen to our brokers, and if there’s a gap in the marketplace, then we
BROKERS ON MGAs 2024
HOW MANY TIMES HAVE BROKERS WORKED WITH AN MGA IN THE LAST SIX MONTHS?
try to work with them to find and fill that gap,” says Graham.
Burns & Wilcox Canada
Overall score: 4 out of 5 | Brokers’ praise: Reputation
The 5-Star MGA and Brokers’ Pick winner emphasizes three key elements that keep it top of mind in the marketplace: products, expertise, and service
This combination gives it the competi-
tive edge to remain relevant in a highly competitive market. The company’s ongoing commitment to supporting clients “day in and day out” has been central to its success.
Regional vice president and managing director Tyson Peel illuminates the qualities that give them an edge, particularly in light of brokers rating its core product, residential, as one of the best in Canada:
landscape to ensure clients get the coverage and capacity they need
• providing flexibility in the market, which clients find helpful
• offering top-of-the-line coverage and assisting with more difficult risks when more selective underwriting is required
“I think that’s why our clients have given us this recognition,” says Peel. “We can help them when they need it most.”
Burns & Wilcox also achieved medals for its cannabis, property (commercial), and real estate specializations, a testament to its adaptability and innovation in a rapidly evolving market.
Peel says, “We are always monitoring the landscape and making tweaks when we feel it is necessary. It’s always a balance, as our goal is to write profitable business for our supporting markets, but also be as flexible as we can to compete.”
Tackling challenges with innovation and creativity
From Peel’s perspective, the transition from the hard market to a softer landscape brought many challenges and changes to Burns & Wilcox.
“We have used this as a learning experience for some of our underwriters and broker partners,” he says. “We overcame this by training and mentoring our staff, working on different skills that must be utilized to enable us to stay successful.”
The 5-Star MGA is also constantly pivoting, inventing, or reinvigorating some of its products to ensure it provides top-tier and relevant offerings to its clients.
Graham explains that staffing and maintaining culture in a remote work environment has been a significant challenge, as it has been within the insurance industry. To address this, Agile has focused on hiring quality staff who fit into its family-like culture, fostering engagement through regular communication and annual team summits.
KEY FINDINGS
“We collaborate, we share, and we have some fun, making sure that people feel part of the team,” he says.
Catastrophes such as wildfires, floods, and hailstorms have also caused concern among its market partners.
“We’ve expanded market capacity and invested in technology to monitor and forecast risks in catastrophe-prone areas,” says Graham.
Leveraging tech to stay ahead
For Agile’s Graham, an ongoing focus on leveraging technology to enhance efficiency and effectiveness keeps the company ahead in the marketplace. He prioritizes internal tech solutions to speed up quoting and policy issuance.
Agile has leveraged robotics to automate routine tasks, such as managing client information and automatic renewals. He also highlights the importance of data analytics, especially for MGA work, where gathering and analyzing data from numerous partners
Source: MGA Opinion Report 2023 - Sector Continues to Thrive,
is essential for assessing risks and making underwriting decisions.
Graham also highlights the launch of its digital portal for transactional types of business, such as personal lines, with recreational vehicles, manufactured homes, and homeowners coming online in October 2024.
“Strategic partnerships and collaborations on the broker side are a key focus for us,” he says. “We’re working closely with our top-tier brokers, ensuring they’re getting the most out of us and vice versa, for long-term sustainability.”
Burns & Wilcox is in the middle of a massive technology enhancement globally. While it’s still in the early stages, Peel expects this will lead them to several significant changes as they begin implementing its innovative new systems.
“This will give us major advantages, lead to faster quoting times and better information to enable us to react faster and more accurately to changes in the future,” he says.
“Our goals have not changed, which is to provide the products, expertise, and service that our broker partners deserve, and to do that, we need to be proactive of the market changes”
Tyson Peel, Burns & Wilcox Canada
MGAs’ willingness to invest in technology far outstrips that of their carrier counterparts with 80% of MGAs having invested in some form of technology or insurtech in the past year compared with 55% of carriers.
More than half of MGAs view increased regulatory requirements and scrutiny as a barrier to entry for MGA start-ups or MGAs entering new markets.
Carriers have faith in the MGA sector. Almost half of carriers say they expect their MGA partnerships to increase in 2023, while 35% say they will hold steady.
MGAs still believe there is room for improvement in the claims process with carriers.
Almost two-thirds of carriers say that their reliance on technology and data has increased as a result of the economic environment, a sentiment echoed by 46% of MGAs.
More than half of carriers expect a greater frequency of claims in 2023, compared with just under half of MGAs. A third (38%) of MGAs expect claims severity to increase by a similar proportion to carriers (40%).
Almost all MGAs expect more legal and regulatory scrutiny in 2023.
Expertise and data to ensure good risk selection and pricing is carriers’ top requirement of their MGA partners.
BROKERS ON MGAs 2024
BROKERS ON MGAs 2024
Burns
Phone: 416 774 2477
Website: burnsandwilcox.ca
Agile Underwriting
Phone: 1 877 343 8224
Email: contact@agileuw.ca
Website: agileuw.ca Aurora
Burns
Phone: 416 774 2477
Website: burnsandwilcox.ca
Phone: 1 877 343 8224
Email: contact@agileuw.ca Website: agileuw.ca
Phone: 416 774 2477
burnsandwilcox.ca
Phone: 1 877 343 8224
Email: contact@agileuw.ca
agileuw.ca
Phone: 416 774 2477 Website: burnsandwilcox.ca
Phone: 1 877 343 8224 Email: contact@agileuw.ca
agileuw.ca
Aviva Cyber Insurance for Business
BROKERS ON MGAs 2024
BROKERS ON MGAs 2024
Technical expertise and product knowledge
Burns & Wilcox Canada
Phone: 416 774 2477
Website: burnsandwilcox.ca
Agile Underwriting Solutions
Phone: 1 877 343 8224
Email: contact@agileuw.ca
Website: agileuw.ca
Phone: 604 669 5211
Website: premiergroup.ca
BROKERS ON MGAs 2024
BY SPECIALIZATION
604 669 5211
Phone: 604 669 5211 Website:
SPECIAL PROMOTIONAL FEATURE
How costly cyber incidents are quietly shaping the future of business security
As organizations globally find themselves besieged by cybercriminals, Victor Canada is paving the way with its deep expertise in cyber risks while equipping businesses with the tools they need to stay a step ahead
MGA VICTOR INSURANCE
MANAGERS INC. (Victor Canada) leads the charge in helping to protect businesses from the rising tide of cyber incidents.
The quiet hum of cyber threats often goes unnoticed – until it’s too late. Organizations across the globe are finding themselves besieged by an invisible enemy, one that evolves as swiftly as the technology it targets. While the repercussions are severe, many still underestimate the true cost of a cyber incident.
The financial toll of cyber incidents has reached alarming levels. According to a 2023 report by NetDiligence, the average cost of a cyber incident has surged by 150 percent in just five years. This dramatic increase highlights the growing financial burden that cyber threats impose on organizations. As the costs continue to rise, the importance of being prepared becomes even more critical.
As Kevin Auger, managing director of cyber, technology, and errors & omissions at Victor Canada, aptly puts it: “Given the urgency in responding to cyberattacks, how many of your clients have access to industry experts and possess the financial means to cover the associated costs? Do your clients have a cyber insurance policy in place? Are their coverage limits adequate to address the escalating costs of cyber incidents in today’s landscape?”
The surge in cyberattacks across Canada, such as ransomware, has left a trail of disruption, claiming victims as prominent as London Drugs and the City of Hamilton. Ransomware is a type of malicious software that holds a company’s data hostage. In exchange for the decryption key, cybercriminals demand a ransom, often in volatile cryptocurrencies like Bitcoin. AutoCanada is the latest to fall
prey, grappling with a cybersecurity breach that threatens to upend its operations. This incident comes on the heels of a severe cyberattack on CDK Global. These breaches underscore the relentless rise of ransomware.
As Victor Canada president, Dave Cook, explains, “Today’s cyber landscape demands more than just reactive measures. It requires a proactive approach that empowers brokers and their clients to stay one step ahead of cybercriminals. We’re committed to providing comprehensive cybersecurity solutions that not only help protect businesses from cyberattacks like ransomware but also enable them to thrive in the face of evolving threats.”
From the moment a company becomes a Victor Cyber policyholder, cybersecurity experts work around the clock to protect their business against cyberattacks using
“Today’s cyber landscape demands more than just reactive measures. It requires a proactive approach that empowers brokers and their clients to stay one step ahead of cybercriminals”
Dave Cook, Victor Canada
insights from threat intelligence feeds, the dark web, network scanning, and real-life claims data. The cyber experts identify potential threats and alert vulnerable Victor policyholders before the worst happens. Through tools like phishing training, deep scanning, and dark web monitoring via the Victor Response mobile app, businesses are equipped with the knowledge and resources they need to outsmart cybercriminals and keep a proactive stance against potential threats.
Cyber threats are pervasive, no longer a distant concern relegated to information technology (IT) departments. From social engineering to sophisticated ransomware attacks, these threats have become increasingly refined, exploiting both technological vulnerabilities and human error.
For insurance brokers, the challenge is clear: your clients need to implement robust cybersecurity measures and educate their employees on how best to mitigate their cyber risks. Cybercriminals are constantly evolving their tactics, making scams and frauds more sophisticated and harder to detect.
The Victor Response mobile app through Victor Cyber Insurance, for instance, offers real-time insights into a company’s vulnerabilities, allowing them to act before a threat materializes. With 24/7 access to cybersecurity experts and unlimited reinstatements for first-party coverage, Victor Cyber ensures that businesses are not only protected but resilient in the face of repeated attacks.
Cyber extortion is also growing, where attackers encrypt systems or steal data, threatening to release sensitive information
TOP 5 EMERGING CYBER THREATS:
How your clients can help protect themselves
Artificial Intelligence (AI): system vulnerabilities – Be vigilant in securing AI systems and ensuring the business is not vulnerable to attacks or misuse
Mobile: ineffective communication practices – Implement mobile device management solutions and educate employees about mobile security best practices
Cloud computing: unprotected data – Ensure proper security measures are in place to protect sensitive data stored in the cloud
Quantum computing: dated encryption methods – Stay informed about quantum computing developments and explore postquantum encryption solutions to protect sensitive data
Internet of Things (IoT) devices: cybercriminal easy access – Implement strong security measures for IoT devices, including regular updates, strong authentication, and network segmentation
Source: Victor Canada
unless a ransom is paid. The volatile nature of cryptocurrency markets means that the final cost of a ransom can vary, adding another layer of unpredictability. But even if the ransom is paid, there is no guarantee that the data will be recovered intact.
SPECIAL PROMOTIONAL FEATURE
“Victor Cyber includes coverage for the costs associated with responding to a cyber incident, from forensic services to crisis communications. We want to ensure that brokers’ clients can navigate the initial shock of a cyberattack with expert guidance should the worst happen”
Kevin Auger, Victor Canada
The unseen dangers of employee errors While sophisticated cyberattacks grab headlines, it is often the simple, avoidable mistakes by employees that open the door to disaster. Whether it’s falling for a phishing email or mishandling sensitive information, human error remains a significant contributor to cyber risks. This is why cybersecurity training and awareness programs are not just an option but a necessity. Educating employees on best practices can significantly reduce the likelihood of a costly breach.
One of the most effective ways to safeguard against these threats is by building a strong cybersecurity team. Whether through hiring in-house experts or partnering with external specialists, having skilled professionals who can identify and respond to cyber threats is vital. These experts are the frontline defense in protecting sensitive information and ensuring that any potential breach is quickly contained.
Among the most insidious cyber threats is ransomware. The financial toll of such an attack can be devastating, with the average cost of a ransomware incident reaching upwards of $600,000. But the true cost extends beyond just the financial; the damage
to a company’s reputation and the erosion of trust can be far more difficult to recover from.
This isn’t just about insuring against loss; it’s about providing the tools and support necessary to prevent incidents from occurring in the first place.
“Victor Cyber includes coverage for the costs associated with responding to a cyber incident, from forensic services to crisis communications. We want to ensure that brokers’ clients can navigate the initial shock of a cyberattack with expert guidance should the worst happen,” says Auger. The Victor Cyber coverage also extends to data recovery, allowing organizations to restore their systems and operations with minimal downtime.
The added value of a cyber risk assessment
Moreover, brokers’ clients who are Victor Canada policyholders, regardless of their coverage, have access to a Victor cyber assessment & consultation service for free – another proactive measure to help protect them from cyberattacks. During the 90-minute complimentary service, a cybersecurity expert will work closely with your clients to discuss their cyber exposures and the potential impact on their business.
MITIGATING CYBER RISKS
Multi-factor authentication (MFA) for remote access and privileged or administrator access
Email filtering and web security
Secured, encrypted, and tested backups
Privileged access management (PAM)
Endpoint detection and response (EDR) Brought
They’ll also receive a cybersecurity report with a scorecard highlighting areas in need of improvement and recommendations on how to address their cybersecurity issues.
Victor Canada expertise on cyber risks
For insurance brokers, working with an MGA like Victor Canada, known for its deep expertise in cyber risks, is not just about offering a policy; it’s about equipping clients with the tools and resources needed in an increasingly complex digital landscape.
As cyber threats continue to grow in both frequency and sophistication, the importance of comprehensive, proactive protection becomes ever more critical. Brokers who connect their clients with these advanced resources are doing more than just selling insurance – they are helping to safeguard their clients’ businesses in an era of heightened uncertainty.
For more information about Victor’s Cyber Insurance program, visit www. victorinsurance.ca/cyber.
For brokers who are interested in Victor cyber sales tools and resources such as claims examples to share with clients, visit www. victorinsurance.ca/cybersalestools.
‘THE POSSIBILITIES ARE ENDLESS HERE’
Jeff Macoun reflects on milestones and challenges he faced growing one of the most trusted insurance brands
AFTER MORE than 40 years with Canada Life, Jeff Macoun (pictured) is set to step down as president and chief operating officer of its Canadian operations.
historic milestones and steered it through unprecedented challenges.
One of the most memorable challenges was navigating the COVID-19 pandemic. For
“You can have a long career here and move up within the company. You could be your own self here, and you could work with great people and serve Canadians”
Speaking to Insurance Business, the long-time leader reflected on his career, the successes and challenges, and the driving force to serve Canadians through the financial services industry.
“I wouldn’t point to one [accomplishment] but to a theme, which is the burning desire within Canada Life to do what’s right, to take the high road, to collaborate and meet the needs of Canadians, and to find ways to get to yes,” Macoun said. “Through these 40 years, I always felt proud – and I still am proud – to tell people that I work for Canada Life.”
Navigating the COVID-19 pandemic Macoun has led the company through
Macoun, being able to shift to hybrid work is now a strength for Canada Life.
“When [COVID] came along, I thought, How do we continue to serve Canadians? How do we move to an environment that we could serve Canadians?” Macoun said. “That was a challenge and we turned it into an opportunity.”
He also highlighted the adaptability and customer-centricity of Canada Life among its key pillars.
“Finding ways to continue to meet the needs and being adaptive is critical, as well as taking advantage of the digital world and moving to a more digital way,” he said. “We’ve always had a customer- and clientcentric view. So, how do we look for ways and
opportunities to serve customers how, when, and where they want to be served?”
Building one of the most trusted brands in Canada
In his six-year tenure as president and COO of Canadian operations, Macoun also played a pivotal role in unifying the company under the singular Canada Life brand in 2020.
“Great West Life, London Life, and Canada Life are all incredibly successful in their own way, and the time had to come to think about how we might present ourselves as one brand in Canada,” Macoun recalled.
“Coming together under Canada Life has been a tipping point in the success of our organization.”
Canada Life was recently named one of the world’s most valuable brands by Brand Finance. In the Global 500 2024 Report , Canada Life ranked 178th, eight notches higher than its 186th ranking in 2023. Only 28 insurance firms made the list.
Life and career lessons from Canada Life’s Jeff Macoun Macoun also shared three pieces of advice for people coming into insurance:
Jeff Macoun
Canada Life’s growth
1. We control two things: our attitude and our actions.
“What I would say to people coming in our businesses is that you own that,” Macoun said. “You own attitude, and I always knew that I was going to view things optimistically and positively.”
At the same time, he said, people should acknowledge their powers.
“I can make things happen. It’s up to me,” he added.
2. We should spend more time being interested in people, instead of trying to be interesting.
“If you’re curious, you can learn so much about everyone. And everyone wants to tell
their story,” said Macoun.
3. The possibilities are endless.
“The financial service business is incredible,” Macoun said. “If you take the [right] attitude, if you work hard, treat people with respect, do lots of things when nobody is watching, you’ll have the most stellar, fulfilling career that you could ever imagine.
“A great career is not a solo journey.”
Looking back, Macoun said that while he was initially attracted to the financial services industry because of the career growth opportunities, it was the people that ultimately made him want to stay.
Macoun joined the London Life Insurance
“If you take the [right] attitude, if you work hard, treat people with respect, do lots of things when nobody is watching, you’ll have the most stellar, fulfilling career that you could ever imagine”
Company as a management trainee straight after graduating from university.
“The people within the organization are stellar and have been incredible,” he said. “People said, imagine the possibilities of a career here. You can have a long career here and move up within the company. You could be your own self here, and you could work with great people and serve Canadians.
“So, what has kept me here is just this passion for the work we do for Canadians and the great people that I’ve been surrounded by.”
Fabrice Morin will be taking the reins as president and COO of Canada Life’s Canadian operations on February 16, while Macoun will transition to the role of senior advisor to the president and COO.
Insurance Business Canada’s special reports provide an expert-collated resource for the industry when looking for best-in-class partners and the most revered service providers.
The special reports also provide an opportunity to honor the top companies and individuals in the industry for their hard work and commitment to innovation. In 2025, IBC will produce a comprehensive portfolio of special reports covering a plethora of topics and agendas that are top of mind for professionals and most pertinent to the industry.
• 5-Star Brokerages
• 5-Star Claims
• Brokers on Carriers
• Brokers on Construction
• Brokers on MGAs
• Elite Women
• Fast Brokerages
• Rising Stars
• Top Insurance Brokers
• Top Insurance Employers
If you would like further details on how to be involved, please get in touch via email at sophia.egho@keymedia.com.
LIFE INSURANCE
Life insurance conversation starters
The insurance generational gap is closing, but millennial and Gen Z customers are still at risk of being underinsured. Co-operators shares strategies for advisors to connect with younger clients
MILLENNIAL AND GEN Z
Canadians have increased their insurance ownership in recent years as they hit key life milestones, such as owning homes and starting families. The 2023 Canadian Insurance Barometer Study, conducted by LIMRA and Life Happens, found that 57 percent of Canadian adults have life insurance coverage, a threepoint increase from 2019.
The COVID-19 pandemic was instrumental in bringing attention to the need for life insurance. Still, a significant generation gap remains, and new factors such as the cost-of-living crisis have impacted young Canadians’ ability to obtain adequate coverage.
This gap presents an immense opportunity for the insurance industry, which must find ways to communicate effectively with these younger cohorts about their long-term needs.
“The generational gap does seem to have been closing in the last few years,” said Paul Gobeil, vice president, individual insurance & wealth management and chief actuary, life at Co-operators. “It was larger five or so years ago, so we might attribute that to the pandemic and its impact on people’s psychology, but the gap’s still there.”
Speaking to Insurance Business, Gobeil
emphasized that while millennials may now have ownership levels of life insurance similar to baby boomers or Gen Xers, they are often underinsured due to their stage of life, marked by purchasing homes or starting families.
The 2023 Barometer appears to affirm this. In the study, 31 percent of Canadians (around 8.4 million adults) said they need more life insurance coverage. Four in 10 Canadians also admitted their families would face financial hardship within six months should the primary wage earner die unexpectedly.
The life insurance generational gap: barriers
For millennials and Gen Z, the issue isn’t just about ownership but also about carriers and advisors recognizing these generations’ unique needs for life insurance.
“Millennials would have the highest needs,” Gobeil said. “They’re at the age where they’re having kids, they’re buying homes. So, they’re more likely to be underinsured, and that’s a huge part of the gap.”
Part of the challenge, he explained, is that the traditional triggers for purchasing life insurance – getting married, buying a home, having children – are happening later in life for millennials and Gen Z.
“Those average ages are creeping up and
up, and those are the traditional and logical triggers for buying life insurance, so that’s going to make someone less likely to buy (at a younger age),” said Gobeil.
Combined with the rising cost of living and stagnant wages, these factors create a perfect storm that deters younger generations from prioritizing life insurance.
According to the 2023 Barometer Study, more than half of Canadians (53 percent) say they haven’t purchased the coverage they know they need because they believe it is too expensive, and one-third say it is because they have other financial priorities.
The cost of life insurance plays a significant role in whether younger generations choose to invest in it. However, delaying a policy can also lead to substantial costs in the future, with rates doubling at age 45 versus age 25, depending on the product.
Waiting can also jeopardize insurability, as health issues tend to increase with age, Gobeil pointed out.
“The cost of waiting can be high,” he said. “But the flip side of that is there’s a huge benefit of starting early, even if it’s just with some coverage that could be added to later on.”
But it’s not all doom and gloom. There are still significant opportunities for advisors to engage with younger clients. The key, according
“Millennials would have the highest needs. They’re at the age where they’re having kids, buying homes” Paul Gobeil, Co-operators
to Gobeil, is to make life insurance relevant to their clients’ current and future needs.
“The opportunities are still there for advisors because the long-term needs haven’t changed,” Gobeil continued. “Millennials, Gen Z, most individuals are going to hit those milestones eventually, and they still have the need, even if they don’t see it or necessarily recognize it.”
Conversation starters and strategies for advisors
So, how can life insurance advisors communicate the long-term benefits of starting a policy early to younger clients who may be more focused on immediate financial concerns, and how can they tailor their approach to better engage with millennial and Gen Z customers?
One strategy that has proven effective is to normalize insurance ownership. By framing life insurance as a normal, necessary part of a financial plan, advisors can help break down some of the barriers preventing younger generations from considering life insurance.
“The taboos around discussing wealth and finance are shifting – but we have to accelerate it if we want younger generations to take proactive steps to protect themselves,” said Gobeil. “We know from psychology research that if people believe something is normal or common amongst their peers, they’re more likely to do it themselves.”
Advisors can also draw parallels between life insurance and more familiar concepts in personal finance.
“One financial concept that’s caught on with younger generations is the idea of an emergency fund,” Gobeil noted. “I look at life insurance as an extension of that, where the emergency fund is great for something temporary, which impacts their financial situation. Life insurance is the emergency fund if something catastrophic happens to the family.”
By relating life insurance to concepts that younger clients already understand, advisors can open the door to deeper conversations about their clients’ financial futures.
Yet, convincing millennials and Gen Z of the importance of life insurance isn’t just about clever positioning or relatable analogies. It also comes down to trust, the foundation upon which advisors can build more meaningful conversations about financial planning and insurance coverage.
“None of that’s going to work unless an advisor earns the trust of their clients,” Gobeil said. “That is the number one priority. And again, I think most advisors do that intuitively.”
Innovative products designed to appeal to younger generations can also help bridge the gap. Co-operators, for example, has introduced Term Life 1, a simple, affordable term product advisors can leverage when working with younger cohorts.
“We also have term-to-term exchange features where a client can buy a shorter-term life product that’s going to be more affordable and then transition to a longer-term product without underwriting,” said Gobeil.
These types of flexible products allow clients to start with some coverage and adapt as their financial situation changes.
Ultimately, determining the right coverage for younger clients involves understanding their specific needs and financial situation. By tailoring their approach to each client’s unique circumstances, advisors can help younger generations navigate the complexities of life insurance and find the right coverage to protect their future.
“Most young people have temporary needs that are pretty apparent,” Gobeil said. “An advisor would be best suited to understand a client’s affordability picture because some coverage is better than none, and term is more affordable than permanent.”
Co-operators is committed to providing advisors with dedicated support and flexible solutions to help them grow their business. For more information, contact Co-operators at independent_advisor_inquiry@ cooperators.ca.
RISING STARS 2024
TOMORROW’S POWER PLAYERS
INSURANCE
BUSINESS CANADA’s
Rising Stars of 2024 are shining in their roles and embracing the forward-thinking and inclusive approach that is shaping the industry’s future. Most notably, they are confident enough to share their ideas and take action, with assurance that belies their age, as all are under 35.
These talented young insurance professionals are a vital part of ushering in a new age of insurance. Recent data and research highlight just how key they are:
• KPMG’s April 2024 study highlights the need for equitable workplaces to attract millennials and Gen Z talent, expected to make up over 60 percent of the global workforce by 2025. IBC’s Rising Stars are leading the way in this transformation, championing diversity, equity, and inclusion in an industry still challenged by representation at the top levels.
• The Insurance Institute of Canada’s 2022-2023 demographics report of the Canadian P&C workforce emphasizes
NUMBER OF EMPLOYEES IN THE CANADIAN INSURANCE INDUSTRY
Note:
Source:
What the Rising Stars love most about working in the insurance industry
“The people and their constant support throughout my career show anyone uncertain about getting into the industry that there are experienced professionals eager to help and support young brokers”
Nick Waterman, Jones DesLauriers
the importance of work-life balance, continuous education, and career growth, values backed by IBC’s top professionals under 35.
The ninth annual Rising Stars list, compiled by a five-person judging panel, identified the most exceptional young talent nationwide from over 80 distinguished
“Relationships and people in our business are key. Building connections across your network broadens perspectives, fosters collaboration, and strengthens the industry. It makes our job enjoyable”
Chris Pitcher, Arch Insurance Canada
nominees. These awardees represent an influential cohort of insurance professionals adding value to their organizations and contributing to the betterment of the industry despite being so early in their careers.
“Their combined eagerness and willingness to learn, with respect for experience, while still finding a way to challenge the status quo has been an admirable feat to watch,” says panel member Vinita JajwareBeatty, president and board chair of the Toronto Insurance Women’s Association.
“Every generation, as they advance within a sector, generally charts a similar course, but this cohort of young professionals under 35 is finding a way to express themselves while maintaining professionalism and respect for their colleagues and how things have been done,” she adds. “The ability to speak up, share ideas, and take action is very strong with this cohort.”
Standing out as future leaders in a crowded talent arena is no easy task, considering the over 1.3 million insurance professionals working in Canada’s vast insurance sector, as of May 2024.
Highlighting IBC’s Rising Stars as instrumental in driving the industry forward, panellist and Insurance Brokers Association of Ontario president Suzanne Poutney says, “These professionals are digital natives and will always be pushing for better and
more efficient ways to do our work. We can all benefit from their knowledge and innovation mindset.”
There’s no time like the present, as a March 2024 PwC report shows that the Canadian insurance industry faces significant challenges related to workforce demographics, skills shortages – specifically in attracting younger workers – and the need to adapt to technological and operational changes.
All this points to excelling in the industry being fair game, as noted by 2023 Rising Star Kelsey Hazelton, especially with many experienced professionals retiring and the younger generation needing to step up.
The investigator in the compliance, conduct, and investigations department at Registered Insurance Brokers of Ontario says young insurance professionals will be well positioned for senior leadership roles by:
• embracing technology
• committing to continuous learning
• networking
• developing leadership skills
• participating in personalized development plans
• adapting to industry changes
• bringing innovation and creativity
• promoting authenticity
Her thoughtful analysis of what it takes to be featured on IBC’s Rising Stars list
METHODOLOGY
Starting in April, Insurance Business Canada invited insurance professionals across the country to nominate their most exceptional young talent for the ninth annual Rising Stars list.
Nominees had to be aged 35 or under (as of September 1, 2024) and be committed to a career in insurance with a clear passion for the industry. To maintain a focus on new talent, only nominees who hadn’t been previously recognized as a Rising Star (or Young Gun) were considered. Nominees were asked about their current role, key achievements, and career goals, as well as the contributions they’ve made to shaping the industry.
Recommendations from managers and senior industry professionals were also taken into account.
The Rising Stars were determined by an independent panel of industry leaders composed of the following:
Dionne Bowers Canadian Association of Black Insurance Professionals
Jonathan Weekes HUB International Canada
Jurenda Landry Insurance Brokers of Toronto Region
Suzanne Pountney Insurance Brokers Association of Ontario
Vinita Jajware-Beatty Toronto Insurance Women’s Association
highlights the significant potential young insurance professionals have to positively shape the future of insurance for customers, brokers, and partners.
“A standout trait of Rising Stars in the insurance industry is their leadership potential,” she says. “They can guide and inspire others toward success, demonstrating their
What the Rising Stars love most about working in the insurance industry
RISING STARS 2024
TRENDS IN CANADA’S INSURANCE INDUSTRY
Demographic shifts: Canadian insurers are dealing with an aging workforce and struggles to attract younger workers in key demographic segments like Gen Z, who have different needs and expectations from their employers.
PwC’s 27th Annual Global CEO Survey: 47% of insurance industry respondents said a lack of skills in their workforce is hindering their ability to reinvent their businesses.
Talent gap is wide in specialized areas like underwriting and actuarial functions. Estimates from the Canadian government’s occupational outlook for actuaries, mathematicians, and statisticians suggest job openings will significantly exceed the number of job seekers during the 2022–31 period.
Technological change impacting insurers include an ongoing cloud and platform modernization journey, and efforts are being made to adopt new tech like GenAI.
Operational and market disruption has increased on several fronts, which involve significant implications for the workforce, skills, and talent requirements, such as a shift to a hybrid work environment, making it more challenging to mentor and train new workers.
Rising prevalence and complexity of cybersecurity risks have increased pressure to invest in capabilities for operational resilience.
Growth of digital channels and wider distribution points.
“The diversity of people in this industry is incredible. Many of us fell into insurance by chance, bringing unique perspectives. I love the challenge of adapting to changes”
Robyn Sproston, HSB Canada
natural talent for motivating and empowering their colleagues. With their adaptability, ambition, and leadership qualities, these Rising Stars are positioning themselves as future industry leaders who will drive positive change and innovation within the insurance sector.”
IBC’s survey respondents ranked hard work and EQ as the two major qualities to be a Rising Star in 2024. This suggests the 2024 cohort is having success for reasons beyond their degrees and training, compounding their status as truly outstanding young
professionals who are motivated and dedicated to rise above their peer group.
How did the Rising Stars make their name?
Nick Waterman – Jones DesLauriers Age: 26
Years in the industry: 6
The account executive and recently appointed partner was one of the few university students who realized his interest in insurance early on, influenced and encouraged by mentors.
Waterman landed a Jones DesLauriers summer internship at age 19 and hasn’t looked back, seizing every opportunity to expand his insurance knowledge and technical ability and refine his craft.
“I’m incredibly grateful to Jones DesLauriers and the representatives of the company who have been there every step of the way to ensure my experience was a rewarding one; we have a dedicated focus on organic growth, and I bought into this outlook after my first internship with the company,” he says. “The most rewarding component of my career so far has been the ability to succeed alongside my colleagues as one collective group.”
Waterman’s impressive industry contributions include the following:
• mentorship and guidance: supports students and young professionals through speaking engagements at the Trisura Youth Mentorship program and Humber College
• cyber risk management program lead: partnered with some of Canada’s strongest cybersecurity consultants and Navacord cyber practice leaders to ensure customers have offensive cyber threat intelligence and risk management tools to address emerging threats
Admittedly, Waterman notes he’s had a head start on his leadership potential, having joined the industry so young while still maintaining a sense of energy and enthusiasm. His
What the Rising Stars love most about working in the insurance industry
technical knowledge, client confidence, and recognition of the importance of showing up and doing your best evolved over time.
“Everything I’ve achieved ties back to the mentors I’ve had and what I’ve seen them accomplish,” he says. “If I can even do a fraction of what they’ve instilled in me, I’d consider it a significant achievement in my career. My goal is to remain authentic toward all members of the insurance industry and to lead by example in my growing practice.”
Chris Pitcher – Arch Insurance Canada Age: 34
Years in the industry: 10
Pitcher began his career at Arch, where he has steadily advanced from finance analyst to roles in claims operations, business analysis, and underwriting for professional liability, D&O, cyber, and technology.
Now the assistant vice president and head of cyber, Canada, he has been instrumental in helping to grow Arch’s professional liability book, particularly in cyber, where he led the rollout of the company’s cyber product in Canada in early 2022.
“There’s a lot I find rewarding about my current role, but it’s the great relationships we’ve established with our broker partners in the relatively short time since launching cyber here,” he says. “I’m proud of the service and the team’s underwriting standards, which have helped catapult us into a prominent player in the Canadian marketplace.”
Nominators identified Pitcher’s outstanding qualities as follows:
• relationship building: genuinely brings his authentic self to forming relationships and earning trust with brokers and colleagues
• technical expertise: his highly innovative approach to cyber underwriting has propelled him as a prominent market force, demonstrating his ability to drive significant business outcomes
Pitcher acknowledges his aspiration for
What
the Rising Stars love most about working in the insurance industry
“I appreciate the relationships with my clients and learn from them. Insurance is an excellent career; it’s the connections we develop with people that make it such a great industry to work in”
Charles Pelletier, BFL CANADA
more senior leadership roles but emphasizes the importance of focusing on current growth and learning to prepare for future success.
To guide and inspire others, he advocates for a culture of continuous learning, which helps him and his team stay ahead of industry trends and enhances operations efficiency through technology and system advancements.
“That all bleeds into keeping up with shifting customer expectations at both the broker and client levels,” he says. “Adapting to changes in the dynamic product space we’re in, especially regarding cyber, is crucial. I aim to lead by being proactive and anticipating how these shifts can help us as a team and a company stay ahead and set us up for more long-term success.”
Robyn Sproston – HSB Canada Age: 33
Years in the industry: 10
While pursuing a psychology degree, the now product owner of digital and business systems learned the basics of underwriting for specialized products as a summer student at HSB Canada.
Sproston then joined full time after graduation, where she focused on insurance operations and developed an affinity for process improvements.
After a brief stint at an external brokerage, which allowed her to gain a different perspective on various insurance products, she returned to the specialty insurance and IoT services provider with a sharp
focus on driving innovation during the company’s transformation journey.
“It is fulfilling to run with innovative solutions and creative ideas to see how we can better serve our clients and enhance their experience,” she says. “It’s exciting being the key contributor in the early stages of our transformation and having a place at the table.”
Working in the male-dominated insurance industry has empowered her to challenge stereotypes, drive innovation, and promote diversity.
Some of her accomplishments highlight her commitment to advancing the industry toward a more inclusive and contemporary future:
RISING STARS 2024
• industry engagement: connects with insurance professionals and contributes to discussions on technology, inclusion, and growth within the sector
• established a new role: took the initiative to create the product owner and business lead roles to support strategic product development and meet business objectives
On a personal level, she has recently started investing in her leadership brand.
“What I had to do to get to the next step was take a step back and carve that time out for myself to identify my core strengths,” she says. “My number one is inspiring others and helping them identify and grow their talent.”
Charles Pelletier – BFL CANADA
Age: 28
Years in the industry: 7
A part-time job analyzing insurance data while pursuing a BA in finance sparked Pelletier’s deep interest in the industry.
That passion launched him into a successful career, where he now serves as the regional practice leader for professional, technology, and cyber risks for Eastern Canada and leads a fast-growing four-person team from BFL’s Montreal headquarters.
He didn’t squander the trust his leaders put in him and was instrumental in starting the company’s regional cyber practice two years ago.
“What I like most about my job is what we can deliver for clients,” he says. “I’ve always been super focused on the service level we provide to clients, and when they come back to us with good comments on the work we do and see that we do more than just insurance, it’s always rewarding for me. It makes me feel good and know I’m in the right place.”
Pelletier’s success and strong relationships are built on two key strategies:
• being frank and fair in all professional relationships, cultivating a personal rapport that fosters trust and loyalty
• building personal connections by going beyond work-related conversations and treating clients almost as friends to create more genuine relationships
“What I found is that contrary to what I thought at the beginning, it’s better to be authentic in all our relationships,” he says.
Pelletier’s career rise has been an ongoing learning process. He emphasizes the importance of gaining experience and training, mainly through managing his young team of employees. His success has been built on his managers’ guidance and mentorship, and he is committed to giving back.
“I think you need to learn about leadership by doing it,” he says.
Young insurance professionals overcome career challenges
Pelletier found it difficult to be taken seriously by clients when he first started in the industry. He developed a method to explain complex details to clients in a way that resonated with them, always mindful of his audience.
“I made a conscious effort to focus on what my clients cared about,” he says. “This helped me build trust and strong relationships, despite being young, which some of my peers struggle with, especially when dealing with more experienced, older clients.”
For Waterman, young insurance professionals may face challenges on both the personal and industry side. Using cyber as an example, he asserts that failing to keep up the fast pace, such as the definitions of breaches and cyber terrorism, can leave one behind. On a personal level and from the broker side, he stresses the importance of developing a unique brand in dealing with clients, underwriters, and colleagues to maximize long-term success.
“There are a lot of top industry performers here, and they all have their approach to working with clients and members of the insurance industry crafted from 20 to 30 years of experience,” he says. “The goal for any young broker is to take the best elements of the more experienced brokers in your
business to better build and tailor your approach with your clients.”
Keeping up with the industry’s ongoing evolution can be challenging for young professionals, especially as the rate of change is faster than a decade ago, as Sproston notes. She has difficulty convincing colleagues to adapt to new ways of working, particularly concerning client relationships.
“It seems like some people aren’t always open to change,” she says. “Being on the reinsurance side, my challenge is to find that perfect balance where we’re still maintaining those strong relationships but finding ways to streamline processes, such as issuing, quoting, and binding, and delivering that on time to brokers and client companies.”
Sproston highlights the importance of having a mentor, which has been crucial for her growth as a leader.
From an underwriting and broking perspective, Pitcher believes many young insurance professionals come into the industry with a misunderstanding of those roles and their required skill sets. He notes there are three key components: technical knowledge, product expertise, and strong relationships, with an emphasis on the art of deal-making. But first and foremost, there needs to be an acceptance of being a beginner and embracing learning as a process, requiring hard work, asking questions, and being supported by teammates and mentors.
“Lean on your manager and your company to ultimately set you up for success,” he says. “What underscores any successful person is a strong work ethic, consistency, and a hunger to learn and take on more.”
INSIGHTS
2024
Robyn Sproston
Product Owner
HSB Canada
Phone: 416 919 0582
Email: RoSproston@hsb.ca Website: munichre.com/hsbcanada/en.html
Charles Pelletier
Team Leader, Client Executive, and Regional Practice Leader –Professional, Technology and Cyber Risks (Eastern) and Commercial Lines Damage Insurance Broker BFL CANADA
Phone: 1 800 465 2842
Email: cpelletier@bflcanada.ca Website: bflcanada.ca
Chris Pitcher
Assistant Vice President and Head of Cyber Arch Insurance Canada
Alyssa Keyes
Operations Manager
Keyes Real Estate & Insurance
Andrew Boateng
Commercial Lines Manager Aviva Canada
Andrew Chudley
Vice President and Account Executive, Commercial Risk Aon
Ayla Louttit
Team Lead, Partner Success
The Mutual Fire Insurance Company of British Columbia
Celina Lucchetti Associate Director RAISE Underwriting
Email: cpitcher@archinsurance.com Website: insurance.archgroup.com
Megan Arndt
Vice President, Strategy and Transformation
Lyon & Butler Insurance Brokers
Phone: 416 913 0035
Email: megan.arndt@lyonbutler.com Website: lyonbutler.com
Robert Manson
Managing Partner –Durham Region Branch
Mitch Insurance
Email: rmanson@mitchinsurance.com Website: mitchinsurance.com
Alison Sanelli
Underwriter, Ontario Personal Lines Burns & Wilcox Canada
Alyssa Anderson
Financial Security Advisor
Desjardins Financial Security Independent Network
Eric Griffi Claims Manager Crawford & Company (Canada)
Finn Magee
National Sales Representative Crawford & Company (Canada)
Frederick Pratt Jr. Ceritified Financial Planner
Desjardins Financial Security Independent Network
Jashandeep Singh Brar
Senior Executive Director Experior Financial Group
Katie Dallas Vice President of Underwriting Special Risk Insurance Managers
Kelly McGuinness
Cyber, Tech, and PI Development Leader –Canada CFC
Leanne Taylor Director, Underwriting and Programs, Commercial RMA
Lisa Campbell
Senior Underwriter Burns & Wilcox
Maddie Livingston
Marketing and Communications Manager
Markel Canada
Maddie Pedersen
Commerical Account Executive and Operations Support
Wilson M. Beck Insurance Alberta
Marc-Anthony Manion
Senior Commercial Underwriter
Burns & Wilcox Canada
Mark Orlecki
Director, Business Development Excess Underwriting
Megan Peters
Underwriting Specialist, Commercial Lines
Sovereign Insurance
Mitch Clarke Director, Risk Management and Corporate Services
Saskatchewan Blue Cross
Nando D’Oria
Vice President, Commercial Insurance
Gallagher
Nick Waterman Account Executive Jones DesLauriers
Nitnoor Brar
Commercial Manager
Armour Insurance Brokers
Sebastian Rybarczyk Manager, Home Product Co-operators
Steven Owen
President
Owen & Associates
Tapfuma Garabga
Underwriting Associate
Zurich North America
Trevor George
Senior Underwriter
Ridge Canada Cyber Solutions
Yasser Chtaini
Senior Manager, Surety Risk Management Aviva Canada
Zvikomborero Barikano
Commercial Lines Manager
KASE Insurance
NOVEMBER 13 • LIBERTY GRAND, TORONTO
BE PART OF THE EVENT OF THE YEAR
Leading insurance professionals from across the country will come together for the Insurance Business Canada Awards — an evening dedicated to celebrating and recognizing the industry’s best.
Join us for this unmissable gala at the Liberty Grand in Toronto on November 13th. We look forward to welcoming the top names in the insurance industry.
For table reservations or sponsorship opportunities, visit ibawards.ca or scan the QR code.
FOOD AND BEVERAGE
Innovative solutions for the food industry
From supply chain volatility to extreme weather, food and beverage firms face a gamut of risks that need innovative coverage
THE GLOBAL food and beverage industry seeks greater resilience to business interruption and supply chain volatility in a postpandemic world.
A new survey has shown that these businesses are most concerned with navigating turbulence amid global conflicts, climate change, and a cost-of-living crisis.
According to WTW’s 2024 global food and beverage risk outlook, nearly half of food and drink companies (48 percent) viewed business interruption as their biggest internal exposure, followed by the supply chain as their greatest internal (40 percent) and external (35 percent) risk factors.
Amid continued uncertainties, they are increasingly looking for more flexible and innovative insurance coverage, a WTW leader said.
Adapting to ‘the new normal’
However, this year’s survey also indicated that businesses have learned from the financial shocks of the past few years. Four in 10 firms (41 percent) said they aim to increase
liquidity, while other notable strategic goals include reducing costs (38 percent) and stabilizing operations (35 percent).
Encouragingly, nearly half (47 percent) of firms said they review their business continuity plans every six months and 31 percent do so quarterly.
This shift indicates a recognition that amid a volatile global economy, financial flexibility is emerging as a powerful risk management tool for food and beverage firms. For the insurance industry, clients want similar flexibility in their insurance coverage.
“We’re getting a lot of demand for innovation, especially around supply chain,” said Simon Lusher (pictured), global food and beverage leader at WTW.
“Technology plays a key part, with clients investing in digital supply chain management tools and cargo trackers. This tech is now feeding into the insurance industry, allowing us to build solutions based on cargo tracking. There’s still much to do, and we’re investigating how digitalization and supply chain
developments can help us create better solutions.”
Risks not ‘one size fits all’
Besides focusing on risk management, increasing liquidity shows “companies are thinking about war chests, having cash to prepare for the unexpected,” Lusher added.
He reflected on this year’s findings compared to recent past surveys. “In 2022, everyone was emerging from the pandemic, feeling relieved yet facing geopolitical tensions and rising crime. We wondered if people would feel more settled and if priorities had shifted. To some extent, they had, but not as much as we anticipated,” Lusher told Insurance Business.
Climate change also emerged as an area of deep concern, with almost three-quarters (71 percent) of food and beverage companies in WTW’s survey naming it among the top environmental factors posing the most significant risk to their businesses.
Extreme weather and changes in weather patterns have affected harvests
“We’re getting a lot of demand for innovation, especially around supply chain”
Simon Lusher, WTW
from Latin America and Europe to North America and Asia, forcing many businesses to adjust their supply chain.
To build their long-term resilience, businesses are turning to predictive modelling for long-term investments. These include planning production facilities, storage, and infrastructure placement based on climate suitability and sea level changes.
“Our clients are very focused on long-term planning,” said Lusher. He acknowledged that the broad scope of the food, beverage, and agriculture sectors makes it challenging for brokers to address their unique risk profiles.
“They encompass diverse businesses from
meat processing to crop production. Each responds to challenges in different ways,” he said. “Brokers must understand that complexity and massive pressure on food security.
“Populations are only getting bigger. Environmental challenges and global warming are only putting more stress, so that’s something to remember when developing bespoke insurance solutions for food and beverage clients. It’s not one size fits all.”
Opportunities in food and beverage
It’s not all bad news for the global food and beverage industry. Despite the turbulence, the sector is largely bullish on their prospects, with 40 percent of firms WTW
Source:WTWGlobalFood,Beverageand AgricultureRiskReport2024
surveyed expecting to be somewhat profitable in two years.
One highlight is the evolution of consumer trends. Two years ago, plant-based meat alternatives were among the top trends in the food and beverage space, prompting
FOOD AND BEVERAGE
“The focus on vegetarian options has declined, with a shift towards healthier choices rather than meat substitutes”
Simon Lusher, WTW
the rise of brands like Impossible Burgers and Beyond Meat. However, consumers’ enthusiasm for these products appears to have cooled.
“It seems people are increasingly wary of highly processed foods and these meat alternatives. The focus on vegetarian options has declined, with a shift towards healthier choices rather than meat substitutes,” said Lusher.
Food and beverage companies have been
quick to capitalize on emerging trends, such as gut health, probiotics, wellness, and sustainable production techniques. Amid fast-moving consumer demands, brokers must encourage insureds to hone their business focus areas, manage critical risks, and reassess where they might need more protection.
“That way, businesses are prepared for almost every outcome, and operations can keep moving forward,” Lusher said.
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