Insurance Business Canada 6.01 by Key Media

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TOP 10 BROKERAGES Canadaâ&#x20AC;&#x2122;s best brokerages reveal the secrets behind their enviable growth

THE NEXT WAVE OF TECHNOLOGY

What role will AI, Big Data and other emerging tools play in the industry in 2018?

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THE EVOLUTION OF TERRORISM How insurers are responding to a new type of threat

NAFTA, TELEMATICS, TRAINING AND MORE

The transportation industry developments brokers should keep an eye on

8/02/2018 1:17:44 AM

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casualty

executive and professional lines

marine

builder’s risk

transportation

life sciences

construction

energy

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ISSUE 6.01

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

CONTENTS

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UPFRONT 04 Editorial

Resolutions every insurance professional needs to make

06 Statistics

FEATURES

THE NEW FACE OF TERRORISM

SPECIAL REPORT

As terrorists shift tactics, the insurance industry is responding to keep businesses protected

18 2

09 Opinion

The need for a comprehensive digital presence can no longer be denied

10 News analysis

What tech developments can the insurance industry expect in 2018?

14 MGA update

One MGA is helping brokers transition from personal lines to commercial

FEATURES

DAS Canada head Barbara Haynes reflects on her company’s success in introducing legal expense insurance to the Canadian market

How should medical marijuana intersect with workers’ comp?

This month’s big movers, shakers and new products

Discover what the 10 best brokerages in Canada are doing to stand out from the pack

INDUSTRY ICON

08 Head to head

12 Intelligence

TOP 10 BROKERAGES

PEOPLE

Catastrophe risk modelling reveals a troubling insurance gap

BROKERAGE INSIGHT

Masters Insurance’s partners reveal how their brokerage became a leader in construction insurance

16 Technology update

What brokers should do to compete with insurtech disruptors

FEATURES 68 How to build a virtual workforce

Break free from the office chains with these four steps

72 Expert advice

Giving the next generation of leaders a crash course in digital transformation

PEOPLE 70 Career path

FEATURES

TRANSPORTATION ROUNDTABLE Transportation leaders spotlight the sector’s risks and opportunities

Linda Colgan has come a long way since her first job in a brokerage’s mailroom

71 Other life

Sail away with broker and boating enthusiast Roxanne McKenzie

INSURANCEBUSINESS.CA CHECK IT OUT ONLINE

www.insurancebusiness.ca

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UPFRONT

EDITORIAL

New year, new industry?

new year has arrived, and insurance professionals across the country won’t just be hoping to fulfil their personal resolutions – they’ll also be looking to implement plans to reach new business goals. Aside from enhancing revenue and boosting customer service, what are the issues that the industry at large must look to address in 2018? Two of the major complexities facing insurance are attracting new talent and implementing and capitalizing on the latest technology – and the two could go hand-in-hand. “Technology is a hot topic in the insurance industry all around the world,” Robert Sanders Jr., president and founder of Preferred Specialty, told Insurance Business Canada. “From a technology standpoint, millennials tend to be fresh with ideas and fairly savvy. We all know the insurance industry has a technology challenge that has to be addressed. So why not ask the incoming millennial workforce to help us take our established business to the next level with technology?”

“Why not ask the incoming millennial workforce to help us take our established business to the next level with technology?” The reality is that insurance is a hotbed for new technology – so much so that ‘insurtech’ has become its own term, separate from the ‘fintech’ label that is slapped on most startups in the financial sector. It’s not just disruptors like Lemonade or smart home tech companies like Roost, either – most mainstream insurers have digital offerings and are increasingly delving into areas such as artificial intelligence and chatbots. For brokers, the challenge is keeping up. “My main piece of advice is for insurance companies and brokers to start small,” Bob Mozeika, Munich Reinsurance America’s innovation executive, told IBC. “You must start somewhere – and right now. This is not the time to be a fast follower, because that means everyone else is one step ahead. You’ve got to start using technology to collect new data and build a broader knowledge base to move your company on.” So on your to-do list for 2018, put ‘embrace technology’ at the top – and while you’re doing it, shout about it. Moving your business one step forward will attract the talent to help you leap ahead of the competition. The team at Insurance Business Canada

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

CONTRIBUTORS

Philipp Kristian Diekhöner, Ruth MacKay

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

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

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

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

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

Insurance Business Canada is part of an international family of B2B publications and websites for the insurance industry Insurance Business America cathy.masek@keymedia.com T +1 720 316 0151 Insurance Business UK nathan.beach@keymedia.com T +44 20 7193 0935 Insurance Business Australia peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business NZ peter.smith@keymedia.com.au T +61 2 8437 47OO Insurance Business Asia peter.smith@keymedia.com.au T +61 2 8437 47OO Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss.

www.insurancebusiness.ca

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SWGINS.COM Your specialty insurance provider

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UPFRONT

STATISTICS

A world of peril Predictive modeling of natural disasters reveals the fact that, even now, too much remains uninsured THE NATURAL disasters witnessed over the past year provide a powerful reminder that the insurance industry can’t afford to be complacent. Several Canadian provinces experienced widespread flooding in the spring, and wildfires raged across BC in July. August ushered in record-breaking rainfall along the US Gulf Coast courtesy of Hurricane Harvey; hot on its heels were Hurricanes Irma and Maria, two other significant storms that devastated parts of the Caribbean. Two major earth-

$2.9 billion

19%

Non-modelled insured losses experienced as a result of the Fort McMurray wildfires

Percentage of economic losses estimated to be insured worldwide

quakes struck in Mexico in September, while October saw more wildfires in California. And it’s not just developing nations that exhibit a troublesome gap between what could be insured and what actually is: Global loss metrics revealed that much of the damage caused in Texas by Harvey’s flooding was uninsured. Similarly, models show that if a major earthquake should strike California, an overwhelming proportion of the expected damage would be uninsured.

86%

NORTH AMERICA Insured $208.56 billion Uninsured $340.28 billion

WHAT’S AT RISK GLOBALLY? According to AIR Worldwide’s modeling of extreme event risks – which include estimates of damage to roads, bridges, railways and sewers, as well as global electrical and telecommunications networks and other infrastructure – uninsured losses remain a major exposure worldwide, particularly in Latin America and Asia.

$343.6 billion Estimated average annual losses due to catastrophic events worldwide

Percentage of global insured losses attributable to catastrophic events

Source: 2017 Global Modeled Catastrophe Losses, AIR Worldwide; all figures in US$

LOSSES ON THE RISE

MAPPING THE INSURANCE GAP

Projected average annual insured losses have increased worldwide since 2012, reflecting both the number and value of properties in high-hazard areas, as well as new modeling capabilities.

The difference between insured and insurable loss tends to be most pronounced in regions where insurance penetration remains very low, such as Asia. In regions with generally high insurance penetration, such as North America, there’s still a worryingly large insurance gap.

Latin America

$59.3 billion

$67.4 billion

$72.6 billion

$74.4 billion

$80.0 billion

$78.7 billion

$40bn

2012

2013

2014

2015

2016

2017

Average annual loss Source: 2017 Global Modeled Catastrophe Losses, AIR Worldwide; all figures in US$

$47.2 billion $11.1 billion $17.8 billion

Europe

$60bn

$20bn

$11.0 billion

Asia

$80bn

$4.8 billion $8.9 billion $48.8 billion

North America Oceania $0 billion

$89.9 billion $3.0 billion $3.4 billion

$10 billion

$20 billion

$30 billion

$40 billion

Insured

$50 billion

$60 billion

$70 billion

$80 billion

$90 billion

Insurable Source: 2017 Global Modeled Catastrophe Losses, AIR Worldwide; all figures in US$

www.insurancebusiness.ca

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ASIA-PACIFIC Insured $61.09 billion Uninsured $617.79 billion

EUROPE Insured $61.51 billion Uninsured $218.08 billion

LATIN AMERICA Insured $39.69 billion Uninsured $243.81 billion

OCEANIA Insured $23.85 billion Uninsured $40.61 billion

Source: 2017 Global Modeled Catastrophe Losses, AIR Worldwide; all figures in US$

THE LION’S SHARE OF LOSSES

THE GREATEST PERILS

According to AIR’s models, which cover natural disasters in more than 100 countries, catastrophes contributed to an average of 86% of insured losses between 2000 and 2016. The real numbers, however, tend to be higher, owing to unexpected events (like the 2016 wildfire in Fort McMurray) that weren’t included in models.

Severe storms and hurricanes are responsible for nearly two-thirds of the expected catastropherelated insured annual losses modeled by AIR.

PERCENTAGE OF INSURED LOSSES ATTRIBUTABLE TO NATURAL DISASTERS 100%

Severe storms* 32% Tropical cyclone 32% Earthquake 15% Crop 12% Flood** 4% Wildfire 3% Terrorism 2%

90% 80% 70% 60% 50%

2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 Source: 2017 Global Modeled Catastrophe Losses, AIR Worldwide

*Includes extratropical cyclones, severe thunderstorms and winter storms **Excludes US inland flood Source: 2017 Global Modeled Catastrophe Losses, AIR Worldwide

www.insurancebusiness.ca

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UPFRONT

HEAD TO HEAD

Should medical marijuana be covered by workers’ comp? Even as support for marijuana legalization continues to grow, the implications for workers’ comp remain unclear

Michael Aberle

Senior vice-president Next Wave Insurance Services “Cannabis cannot be prescribed; currently it can only be recommended by a physician. Should this situation change, it could drive up the price of the product and potentially strengthen the black market. It also opens the door for Big Pharma to take over distribution. The bottom line: If cannabis or CBD products minimize opioid use and help injured workers manage their health better than other drugs, or can even return them to the workforce more quickly, then I don’t see why the government, at a minimum, should not add the product to the list of drugs a doctor can prescribe.”

Jaime Lewis

Ian Stewart

Founder and CEO Mountain Medicine

Partner and co-chair, cannabis practice Wilson Elser

“Cannabis is a medicine. Workers’ compensation insurance should treat it as such. What’s more, cannabis is a proven alternative to more expensive and dangerous treatments. Studies show that painkiller prescriptions and opioid deaths are lower in states with medical marijuana laws. In Colorado, there’s no evidence that workplace accidents increased after the state legalized adult-use cannabis. Cannabis’ Schedule I classification [in the US] complicates matters. That’s why we have to reform federal cannabis laws for employers and employees alike.”

“Several states [in the US] require insurers to reimburse claimants for medical marijuana treatment, despite the federal government’s designation of cannabis as a Schedule I substance. In states where medical marijuana is legal, courts have deferred to a medical professional’s judgment regarding treatment. Insurance companies have reporting requirements when accepting premiums from marijuana-related entities. A carrier’s decision to provide services to a marijuanarelated business is dependent on several factors. Carriers should institute reporting protocols under applicable federal regulations and consider conducting statespecific customer due diligence.”

IN THE WEEDS While marijuana is set to become legal across Canada in July, policies pertaining to workers’ compensation coverage for medical marijuana still vary wildly by province. In Ontario, Alberta and Quebec, medical marijuana enjoys the same coverage as any other drug; in PEI and BC, however, it is categorically denied under workers’ comp policies. Other provinces, including New Brunswick and Saskatchewan, evaluate each case on its own merits. So does Nova Scotia, although inclusions of medical marijuana are rare and apply only to the pill form.

www.insurancebusiness.ca

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7/02/2018 3:13:40 AM

UPFRONT

OPINION

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

The digitization of trust Clients won’t stop relying on your advice, writes Philipp Kristian Diekhöner, but you can expect them to seek it out online IN RECENT years, tech companies have created a plethora of new platforms to facilitate every conceivable aspect of our daily lives – from how we discover information (Google) to how we communicate (Facebook), date (Tinder), buy (Amazon), travel (Airbnb) and commute (Uber). In recent years, this wave has extended to financial services by providing new ways to invest (Acorns), budget (Mint), bank (N26) and insure (Lemonade). What all these platforms have in common is that they have successfully won over our trust, convincing us to take care of important aspects of our lives in entirely new ways. Technology is becoming the greatest ally in this trust-building challenge. This continuous, beneficial, largely free innovation powered by the internet has rewired us to trust in new ways – and never has our default trust in technology been stronger than it is today. For most of our daily decisions, researching online has become the default option. It’s where your clients refresh their knowledge, try to understand what’s out there and expect to find a balanced overview of the market. In fact, the picture will be skewed toward brokers who understand the value of online impressions and their effect in nurturing your reputation as the right business partner. Making it easy for clients to find whatever information they are looking for at any given moment is extremely important. You should no longer expect them to reach for their phones to make a call – instead, they’ll open a tab on their mobile browser to find what they’re looking for. It’s the same for prospects

looking for the right partner – whomever they find and are likely to trust online already has a significant edge. Advice, experience and the human touch may not be entirely digitized yet, but digital channels are where we look for it. Digital is a part of the purchase journey, irrespective of how the deal is done. And because our brains are made for habit, we can assume these behavioural patterns are here to stay. Beyond understanding the pivotal role digital channels play in purchase deci-

last. In a world of ever-shortening attention spans, digital platforms provide instant information and are easily perceived to offer a balanced and impartial perspective. This doesn’t mean your clients will necessarily stop relying on your advice, but you can expect them to take note of what they find online and be influenced by it. It’s paramount to view digital outreach as a way of augmenting existing communication and distribution avenues. The choice isn’t whether to prioritize a digital presence over established channels, but how to make the most of them. Mastering trust-building in a digital context may seem like a huge ordeal without much immediate return, but that’s only true if we do the minimum. Companies that natively understand digital and its role in building trust with today’s buyers end up having the edge, simply because our yardstick on what to trust has changed. It’s an exercise in futureproofing your business and the only way to avoid being left in the wake of the trust shift we are witnessing. Make no mistake: Trust will always be a key asset and value driver in any business relationship. That’s why doctors, lawyers and skilled salespeople will remain generously compen-

“As digital platforms increasingly enable various aspects of our lives, it makes sense to establish an eminent presence in the context in which so much of our daily interactions already happen” sions and sourcing for solution providers, it’s important to appreciate the nature of this shift. As digital platforms increasingly enable various aspects of our social lives and commercial activities, it makes sense to establish an eminent presence in the context in which so much of our daily interactions already happen. Our default channel for purchase decisions has shifted online, and insurance isn’t exempt from this. A lack of digital presence is becoming a major friction point for clients, because it’s where they look first and maybe

sated. It is not without question, though, that they will need to adjust their strategy. As digital technology transforms how and what we trust, our purchase behaviour is evolving with it – and so should your approach to building and maintaining trust with your clientele.

Philipp Kristian Diekhöner is a leading innovation practitioner, keynote speaker and author of The Trust Economy. Based in Singapore, he travels extensively in Asia, shaping the future of startups, corporations and markets.

www.insurancebusiness.ca

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UPFRONT

NEWS ANALYSIS

The insurance landscape in 2018 From next-generation underwriting to AI-driven automation, how will technology change the industry in the coming year?

THE INSURANCE industry will get smarter and faster in 2018 with the help of a technological toolkit. Everything from the fundamental process of underwriting to better engagement with customers is on the table, as long as the industry can get its ducks in a row when it comes to taking advantage of emerging technologies and existing data. According to Frederic Valluet, solutions director for insurance at MarkLogic, 2018 is the year that next-generation underwriting will start to spread across the industry. Text mining, machine learning, algorithms and AI will all become more prevalent as methods of analysis and will help provide consistent, highly contextualized information

geospatial and economic drivers – which are all available in data and documents they have accumulated over years, and that they don’t currently leverage.” Emerging risks in particular are an area where the industry has much to gain from getting a grip on data, says Keith Stonell, regional managing director at Guidewire Software. “Protecting people and businesses from cyber risk seems like an obvious insurance opportunity,” he says, “especially with cyberattacks becoming commonplace.” He adds that analyzing nontraditional data, which is crucial to underwriting new cyber risks, had been considered dark magic, but the tide is beginning to turn.

“There is a new way to evaluate and price risks, based ... on historical data, relevant insights, geospatial and economic drivers” Frederic Valluet, MarkLogic to underwriters, which will increase their decision-making speed. “Companies will realize that there is a new way to evaluate and price risks,” Valluet says, “based not only on experienced people, but also on historical data, relevant insights,

“Insurers are working overtime to mine data that delivers personalized experiences and products, like Amazon and Facebook do every day,” he says, “but the industry will mature this year around how it formalizes data listening of external sources to evaluate

and price new kinds of risks.” In addition to building a more diverse arsenal when it comes to assessing risk, data has the power to better inform insurers about what customers want, as well as how and when. “Insurance has been a data analysis business since the first actuaries scratched on their parchments,” Stonell says, “so to say data analytics will matter in 2018 is no surprise. But what is going to become a differentiator is how insurers will rely on live analytics to support more personalized engagements in line with individual customer needs.” Stonell adds that while digital transformation thus far has typically been about faster transactions, this year, the goal will be making core insurance systems smarter. These systems will not only allow customers to self-serve more through web and mobile apps, but will also allow providers to ultimately shave down costs. To do that, though, they will need to rely on algorithms to deter-

www.insurancebusiness.ca

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FAST FACTS: EMERGING TECHNOLOGY

employees were laid off by Japanese firm Fukoku Mutual Life Insurance in 2017 in favour of an AI system

75%

of insurance executives believe that AI will transform the industry over the next three years

of the top 100 insurance CEOs say they plan to invest in digital infrastructure over the coming years

mine, for instance, whether an application or claim is accepted. “Companies have to streamline their existing processes, which are currently based on different specialized tools, to evolve toward a single operational view,” Valluet says. While insurtech has dominated head-

it has generated. “The future for insurtech and other expressions of industry innovation will lie in how well they are plugged into the mainstream,” he says. “Undoubtedly, it is generating some great ideas and business models, many of which are going to change the industry, but I see that more through assimi-

“Insurers are working overtime to mine data that delivers personalized experiences and products” Keith Stonell, Guidewire Software lines and attracted serious amounts of cash in recent years, it could be facing higher levels of scrutiny and pressure this year. Stonell predicts 2018 will see the sector having to prove that it can justify the “huge amount” of investment and media interest

lation than outright disruption.” Last year, Japanese firm Fukoku Mutual Life Insurance made headlines around the world when it laid off 34 employees, replacing them with an AI system. Fukoku said it believed the move would increase

$283 million

was invested in insurtech firms globally during the first quarter of 2017 Sources: The Guardian, Accenture, KPMG, PwC Insurtech Insights

productivity by 30% and predicted it would see a return on its investment in less than two years. But while most experts agree that AI has a crucial role to play in the industry, Stonell says the focus will be on how AI will automate tasks and elevate insurance work, rather than automating human judgment and eliminating personnel. “In freeing up staff from menial tasks, they can become better engaged with solving their customers’ needs,” he says, adding that number of new developments are combining predictive data analytics with machine learning around behavioural analysis, which could result in AI that helps staff be more empathetic. “That’s a natural fit for the insurance sector and customer management.”

www.insurancebusiness.ca

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7/02/2018 3:16:22 AM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Acrisure

Beach & Associates

Beach’s existing management team will remain in place and become shareholders in Acrisure

Global Bankers Insurance Group

Pavonia Holdings

Global Bankers will absorb Pavonia and its North American life insurance subsidiaries

Markel Corporation

State National Companies

The specialty P&C insurance service provider will operate as independent division of Markel

McDougall Insurance & Financial

Worden Insurance & Financial

The merger will result in an independent broker with 33 offices in eastern and central Ontario and the Ottawa Valley

Totten Insurance Group

EasyInsure

The purchase of the Windsor-based digital brokerage will enhance Totten's digital capabilities

The Guarantee launches comprehensive cyber product

The Guarantee has introduced Cyber Shield, a cyber insurance and breach response solution for policyholders. The comprehensive stand-alone policy is offered with a customer’s D&O, E&O, fiduciary, crime or transportation policy. For the coverage and breach response services, The Guarantee has partnered with “a global leader in cyber insurance and risk management.” Coverage is available for all new business and renewals with limits of up to $250,000. Available now in most provinces, the product will be expanded to Quebec within the year.

XL Catlin introduces marine contractor insurance

Totten acquires digital insurance pioneer

National MGA Totten Insurance Group has acquired the shares of Belyer Insurance, operating as EasyInsure, which promotes itself as “Canada’s first and leading digital insurance brokerage.” Initially offering personal insurance through its online platform, the company later expanded into commercial insurance. Totten said in a statement that it “intends to leverage EasyInsure’s digital capabilities to better support its current and future clients.” As part of the acquisition, EasyInsure founders and managing partners Grant Belanger and Leen Meyer will join Totten, where they will continue to manage EasyInsure operations while reporting directly to Totten president Susan Murphy.

XL Catlin’s North American marine insurance business has introduced marine contractor insurance that includes coverage for hull protection and indemnity, marine general liability (including contractor’s legal liability), primary and excess liability (including bumbershoot/umbrella), and owners and contractors protective. Coverage features and limits can be adjusted to meet specific needs, including per-project aggregate limits, contractual legal liability (including action over), automatic additional insureds, coverage for waterborne equipment and contractor’s equipment coverage with automatic sublimits.

www.insurancebusiness.ca

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PEOPLE iA Financial and TuGo team up for travel insurance

iA Financial Group has partnered with travel insurance provider TuGo to offer travel insurance to iA clients. The travel coverage features simplified eligibility criteria, reliable emergency assistance anywhere in the world, multilingual customer service and access to the myTuGo online client portal. There are no medical eligibility questions for travellers under 60 years of age applying for the coverage; travellers 60 or older are only required to answer five simple questions. The product is available through advisors or on iA’s website.

Starr Companies unveils accident and health division

Starr Companies has launched a new accident and health division to provide coverages such as business travel accident, group basic and voluntary accidental death and dismemberment, critical illness, and emergency out-of-province medical. The division will be staffed by sales and underwriting manager Dave Claughton and operations manager Jan Hughes. “We are excited to expand into Canada with local talent and expertise to help develop and grow the local accident and health market,” said Joyce Segall, Starr Companies’ head of domestic accident and health.

iA expands and updates critical illness coverage

iA Financial Group has launched a new critical illness insurance product and also updated its existing CI product. The new offering, known as TRANSITION – 4 Illnesses, covers the four most common critical illnesses and can be used to replace lost income or pay back a mortgage. To enrol, applicants are only required to answer eight medical questions. iA Financial has also improved its existing TRANSITION – 25 Illnesses product by adding 25-year term insurance and flexible premium repayment options, giving clients access to liquidity as early as the fifth year.

NAME

LEAVING

JOINING

NEW POSITION

Brian Church

N/A

Chubb

Executive vice-president, head of international property

Lucy Clarke

N/A

Jardine Lloyd Thompson Group

Global CEO of JLT Specialty

Glenn Dorr

Lloyd's USA

Hiscox

Head of business development and broker relationships, North America

Daniel Franzetti

N/A

QBE North America

Chief operating officer

Carrie Goesel

Chubb

CNA

Vice-president, financial institutions underwriting

Colm Holmes

Aviva UK

Aviva Canada

President and CEO

Stephen Imrie

N/A

Gore Mutual

Vice-president of underwriting

Paul Jackson

N/A

Gore Mutual

Chief marketing and distribution officer

Thomas Lawson

N/A

FM Global

Board chairman

Jay Lefkowitz

N/A

XL Catlin

President, global risk management

Kristin McMahon

N/A

Ironshore

Head of global claims

Aviva Canada names new CEO

Insurance giant Aviva has appointed a new president and CEO for its Canadian operations. Colm Holmes, previously the CEO of Aviva UK General Insurance, will take over as president and CEO of Aviva Canada while also leading the company’s global corporate and specialty business. “Colm’s appointment reflects the quality and depth of the management team across Aviva,” said Maurice Tulloch, CEO of Aviva International Insurance. “He has a strong track record of delivering sustainable growth and a deep understanding of what customers and brokers need from Aviva.”

FM Global CEO takes on board position

Thomas Lawson, who succeeded the retired Shivan Subramaniam as FM Global’s CEO in 2014, is replacing Subramaniam yet again – this time as board chairman, a position Subramaniam has held since 2002. “[Shivan’s] innumerable contributions since joining the company in 1974 have secured FM Global’s position as a world-class commercial property insurance organization,” Lawson said. Since joining FM Global in 1979, Lawson has served in a number of positions, including executive vice-president, senior vice-president of engineering and research, vice-president and operations manager for forest products, and field vice-president and operations underwriting manager.

www.insurancebusiness.ca

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7/02/2018 3:21:19 AM

UPFRONT

MGA UPDATE

Brokers’ focus shifts to commercial As more Canadian brokers embrace commercial lines, one MGA is stepping up to assist them

business,” says Kent Pitkin, VP for Ontario and commercial lines director at April Canada. “What we’re seeing in the marketplace is that lots of brokers are shifting from personal lines into the commercial lines space. At April, we like to be able to offer some expertise and knowledge around commercial lines products in order to help brokers make the transition.” In commercial lines, underwriting is widely considered the most important aspect for brokers, compared to considerations such as

“More and more brokers are coming to us with someone who wants to learn commercial lines”

Canadian insurance brokers are slowly shifting their focus from personal to commercial lines – a trend driven by increasing competition from direct-to-consumer models and online insurtech tools. In response, April Canada has launched a new professional liability insurance product targeted at licensed businesses such as travel agents, event planners, contractors, consultants and property managers. The package can meet licensed professionals’ specific needs both as an individual coverage or as a package policy, including E&O, CGL, D&O, legal expense

NEWS BRIEFS

and cyber coverage. It has limits from $250,000 up to $10 million, with a minimum deductible of $1,000 and minimum premiums starting at $750. April’s latest PL offering complements a similar commercial lines product the MGA launched recently for financial service institutions like mortgage brokers, investment companies and venture capital firms. “A lot of brokers we work with are rural or smaller in size, and they might only have one or two professional accounts to deal with, and so we do our best to assist them with placing that

New MGA association comes to Canada

A new association has been formed to represent MGAs in Canada. Modelled after similar organizations in the US, UK, Australia, New Zealand and South Africa, Canadian Managing General Agents [CAMGA] will run an annual convention and monthly ‘meet the market’ events around the country. “A lot of people who work in or run MGAs have a similar outlook on the industry,” said membership secretary Gary Hirst. “This forum gives a chance to ask colleagues from a different MGA for help and advice in answering a particular question.”

customer service, technology and competitive pricing, which typically rule the roost with personal lines. “More and more brokers are coming to us with someone who wants to learn commercial lines,” Pitkin says. “We can assist them in being a sounding board for them when they have questions about specific accounts, and we can advise them about the right coverage and where to find it.” This is only the start of April Canada’s professional liability suite. The MGA has plans to launch a medical malpractice product in the next couple of months, geared toward medical professionals and alternative medicine practitioners, as well as standard spa- and healthcare-related occupations.

Munich Re acquires majority stake in aerospace insurer

Munich Re has agreed to purchase an additional 11% of the shares in aerospace insurance provider Global Aerospace Underwriting Managers, giving it a 51% stake in the company; a Berkshire Hathaway subsidiary owns the remaining 49%. “We are fortunate in having the backing of two such strong and committed share holders,” said Nick Brown, group CEO of Global Aerospace Underwriting Managers. “Munich Re has long had a strategic interest in increasing its investment in Global, and this deal achieves that.”

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Q&A

Chuck McTague President

What’s next for the MGA of the Year?

ANDERSON MCTAGUE

What do you think helped Anderson McTague win MGA of the Year at the 2017 Insurance Business Canada Awards?

Based in Saint John, New Brunswick Career highlight Being recognized by Lloyd’s of London in October 2016 as the longest-standing MGA coverholder in Canada

It goes without saying that winning the MGA of the Year Award at the 2017 Insurance Business Canada Awards is a tremendous honour. Although I’m cringing a bit at how clichéd this sounds, it really was a total team effort. I have believed for years that Anderson McTague’s underwriting team is one of the strongest in Canada in terms of knowledge and creativity, and it’s really incredible to have people outside our organization recognize that as well.

What can you say about your partnership with Everest Canada? As “Everest’s authorized sports & leisure MGA in Atlantic Canada,” how is the market in the region? We’re loving our new partnership with Everest, and it’s always a pleasure to add another name to the list of great relationships we’ve built over our 80 years in business.

Tell us about Team 24 – how is business going? What are your thoughts on services such as Airbnb, and will Anderson McTague ever produce products for the on-demand market? Team 24 was created in 2012 to service a very specific need that was developing in the market. We had just moved to a new computer system, so we decided to

CDPQ invests in Hyperion Insurance Group

Institutional investor Caisse de dépôt et placement du Québec [CDPQ] has agreed to acquire a significant minority stake in Hyperion Insurance Group, which includes retail broker Howden, specialty broker RKH and underwriting agency DUAL. CDPQ will invest more than US$400 million to provide new growth equity to Hyperion and liquidity for existing shareholders. While CDPQ will become a “long-term growth partner” alongside General Atlantic, Hyperion management and employees will remain the largest shareholder group.

fully embrace the spirit of change and make room for a viable Team 24 environment within the traditional Anderson McTague business model. Our vision was premised on making promises that we could keep. An important piece of this vision is providing complete quotes by assigning market capacity at the quote stage and ‘front-end-loading’ the data. Anderson McTague is currently building on initiatives that we began working on in 2017, which aim to provide a product offering for the on-demand market.

What new developments can you tell us about – any upcoming products and/or services? Anderson McTague is constantly working on improving our organization to better serve our broker partners. In early 2018, we’ll be announcing a few of the exciting developments that we’ve been planning for all year.

Which current insurance trends have caught your eye? Honestly, there are a few things happening right in our backyard that are causing us to re-evaluate the way we do business. As far as trends are concerned, there have never before been so many MGAs attempting to enter our local business environment. We’ve seen them come and go over the decades, likely intrigued by the size and ‘untapped’ nature of the markets in Atlantic Canada, but there really do seem to be more new competitors in our space than ever these days.

Reel Media inks partnership with Allianz

FFI Holdings subsidiary Reel Media has entered a strategic underwriting relationship with Allianz Global Corporate & Specialty [AGCS]. In Canada, Reel Media will become AGCS’ MGA for studios, independent films and television, in addition to documentary, industrial, commercial and educational [DICE] business. “This new model will combine unparallelled capacity and heightened responsiveness to handle the most complex and urgent business needs of our US and Canadian clients and brokers,” said AGCS’ Lauren Bailey.

CFC Underwriting adds nutraceutical product

CFC Underwriting has announced the launch of a new insurance product designed for nutraceutical businesses. Coverages include product liability, commercial general liability and cyber, along with broad product recall cover to guard against accidental contamination, malicious product tampering, cyber product tampering, product extortion and government action. The coverage provides a product liability limit of up to $5 million and a general liability limit of up to $7 million.

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS Gore Mutual introduces digital sales platform

Gore Mutual has introduced a digital sales application programming interface [API] that will allow brokers to “quote, bind and issue Gore Mutual products directly from their own website or mobile app,” according to the company. “Most APIs just enable quoting, but we’ve gone a few steps further by redesigning our underwriting questions, coverages and pricing for full online transactions,” said Gore Mutual digital director Sachin Rustagi. In addition to launching the digital tool, Gore Mutual announced that it plans to expand its digital offering by adding at least 10 new API-based products over the next year.

Allianz partners with American telehealth provider

Through its digital investment unit Allianz X, Allianz has invested in American telehealth solutions leader American Well. As part of the US$59.2 million investment and strategic partnership, Allianz hopes to “develop digital solutions that will widen access, lower cost and improve quality of healthcare for millions of patients worldwide.” According to Allianz, the partnership will build upon American Well’s platform while leveraging Allianz’s international expertise in technologies such as wearable sensors, remote monitoring and virtual visits.

Digital assistants could be ‘juicy’ targets for hackers

The next big cybersecurity threat could be digital assistants from companies like Amazon and Google. Devices that help users control home systems, order groceries and more are not entirely

foolproof, and experts say they could be vulnerable to exploitation. “Eventually there will be ways to hack into these virtual systems,” said Dana DiTomaso, president of Edmonton-based digital marketing agency Kick Point. “They’re too juicy a target for hackers to turn it down.” DiTomaso also warned that apps can be abused in a similar manner, allowing criminals to listen in on the conversations of unsuspecting device owners and gain personal information.

iA Financial Group rolls out online claims service

iA Financial Group has launched an individual online claims service that allows users to not only file claims, but to track them as well. According to the company, the online claims service can process life, disability and critical illness insurance claims. “Clients now have the choice of managing their online claims themselves or being assisted by an advisor,” said Pierre Vincent, iA Financial Group’s senior vice-president of individual insurance and sales. “Our goal is to serve our clients the way they want to be served.”

Amazon could enter insurance via India-based startup

According to The Times of India, online retail giant Amazon has been making moves toward investing in Acko General Insurance, an India-based, online-only insurance startup. Sources close to the matter told the newspaper that Amazon was looking to invest around $19.6 million into the company and is developing financial products alongside the insurer. If the deal goes through, observers expect that Amazon will begin sales of its own financial products through its website – the latest sign that the retailer might be on its way into the industry.

Tapping into insurtech’s potential Traditional brokerages can still get in on the insurtech revolution. But where should they start? Insurance startups often look to capitalize on technologies such as on-demand insurance, blockchain and cryptocurrencies – and they’re attracting the savviest customers as a result. While it’s not too late for traditional insurers to get into the latest technologies to stay competitive, diving into something new can get confusing. So how can traditional brokers keep up with these increasingly advanced innovations? Joe Sultana, managing director of broker solutions at Applied Systems, believes brokers just need to pick the right tech provider to work with if they want to stay in touch with cutting-edge developments. “There’s lots of legacy in the market, which makes it difficult for brokers to use mobile technology,” he says. “The first thing brokers need to do is think about having a technology provider that allows them to do all of this.” Sultana also advises brokers to try an alternative approach to using technology in insurance sales – offering customers the option to self-serve using digital methods or providing an omni-channel method for customers to engage with brokers. “What we’re seeing with many of the insurtechs and startups is that they are very much driven purely by tech, and they don’t have the expertise and support that a broker can give a consumer,” he says. “We allow the broker to give their consumer choice. If they

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Q&A

want to pick up the phone, that will always be there, as will face-to-face, but if they want to use digital – whether that’s after hours, or because it’s their preferred method of communication – we allow that to happen. It’s about giving brokers the ability to offer a

“There’s lots of legacy in the market, which makes it difficult for brokers to use mobile technology” blended customer service.” Legacy systems could also be holding brokers back from fully embracing newer technology, Sultana adds. “Brokers often feel that some of the technology they have from incumbent suppliers is just not fit for purpose, because it’s legacy,” he says. “For a broker to have to do this in isolation – for example, to try to build a mobile app to communicate with a legacy platform – is just beyond many of them.” Although legacy systems can leave brokers lost as they try to navigate the technology landscape, Sultana says a good tech partner can more than make up for a company’s unfamiliarity with the newest innovations. He advises brokers to do their research, get some advice and talk to customers about what they want before deciding on a partner.

Sean Mulcair Founder GRADIENT SOLUTIONS

Years in the industry 30 Fast fact Mulcair founded a broker-focused consulting firm in 2001, concentrating on efficiency systems optimization and coaching

Insurers must hone IT strategies What can you tell us about Gradient Solutions? What does your company do for insurance companies? We apply Lean SixSigma methodology to help operationalize IT solutions between insurers and brokers, ensuring their investments and efforts lead to tangible benefits for everyone – including the consumer. We have worked with Canada’s top insurers and brokerage firms over the past 10 years. We have been involved in helping build ‘lean’ workflows and processes focused on e-docs and other insurance modernization projects.

What new developments are you working on right now? We are currently working on a new program called DATA+. It’s still in the development stage; however, we’re excited about the potential benefits it will bring to brokers and insurers. We have established a new method for analyzing and measuring efficiency. The goal is to help organizations have a clearer understanding of the quantifiable benefits IT and operational transformations would bring to them.

What important piece of technology do you think most insurers are missing out on? I’m not sure I would say they are missing out on any pieces of technology; rather, I would suggest that insurers need to have a better understanding of where technology can provide them and their broker partners an opportunity to shine in the eyes of the consumer. From our perspective, insurers have three key areas they can focus their IT strategies on. With the huge demand for resources and continuous pressure on profitability, artificial intelligence brings an opportunity for some clerical and basic customer service steps to be managed by AI solutions. Insurers also need to focus on data conglomeration – having access to all the information they need to assess and manage risk. The blockchain phenomenon is a reality. Insurers will want to enable data to effectively be used in a way that drives efficiency and eliminates redundancy. Finally, objectives such as growth, retention, strong service and customer support will always remain the focus of both insurers and brokers.

As an insurance industry strategist, what would you say are some of the common issues plaguing insurance companies? It’s great to see many insurers building labs and running hackathons to drive innovation; however, many of the solutions that are created focus on that specific insurer. Moving forward, for brokers to truly thrive, IT solutions need to enable the brokerage industry to be agile and broker portfolios in a quick and effective manner. That’s one of the main reasons why consumers choose to work with a broker.

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PEOPLE

INDUSTRY ICON

MAKING JUSTICE ACCESSIBLE Barbara Haynes, president and CEO of DAS Canada, outlines what it took for her company to become a market leader in legal expense insurance

BARBARA HAYNES admits that insurance wasn’t her chosen industry right off the bat. “I was a horse-mad teenager, and I wanted to be a show jumper,” she says. “But by the time I got to about 17, I thought maybe I’d better choose something more practical.” After contemplating law school, she decided to try the world of business. “At the time, my dad suggested that I look at management training programs in insurance, banking and hotel management, which I did,” Haynes recalls, “and the only reply I got was from an insurance company, asking for an interview.” Haynes subsequently secured that position, working with Sun Alliance Insurance in the UK. After three years, an opportunity arose to join one of the organization’s Canadian branches. “I came to Canada seeking adventure, and I’ve never looked back,” she says. During the course of her 25 years in the industry, Haynes has gained experience in a wide range of roles, including underwriting management, sales leadership, marketing and operations, with both insurers and brokers. In 2009, she became founding CEO of DAS Canada, which is currently the leading legal expense insurance market in the country.

A successful launch Although DAS Canada has grown substantially in the nine years since it opened, Haynes admits the first couple of years were

pretty challenging. “I thought it was a bit like trying to push water up a hill because the product was barely known at all in Canada,” she says. Although legal expense insurance has a substantial presence in Europe, where DAS is headquartered, the product initially suffered from a lack of awareness in Canada. However, Haynes points out that there’s an upshot to coming from behind.

“We live, eat, dream legal expense insurance – it’s what we do,” Haynes says. “And we are very much invested for the long-term market. We have the backing of ERGO and the Munich Re Group, and they understand that it takes a long time to establish a market. We’ve also had the support of other members of the DAS Group, so we’ve been able to fast-track a lot of our learning.”

“The research we’ve done shows that because there’s a real issue of access to justice in Canada, the potential to address that issue and build this market is huge. It’s a big challenge, but a big opportunity as well” “The research we’ve done shows that because there’s a real issue of access to justice in Canada, the potential to address that issue and build this market is huge,” she says. “It’s a big challenge, but a big opportunity as well.” When DAS Canada opened its doors in 2010, Haynes says, there were a few companies in Canada that offered legal expense insurance “as a sideline to their main area of business,” but DAS Canada was the first insurer in the country to focus solely on this particular product.

DAS Canada has also invested significantly in the people needed to build a successful operation in this country. “We’ve got our Canadian underwriting, marketing [and] claims right here in Canada, and we’ve got salespeople across the country,” Haynes says. “We put a lot of effort into building strong relationships with brokers, insurers, associations and law firms. That requires a lot of investment and resources, and it’s a big area of focus for us.” The work has clearly paid off. “We’re the fastest-growing DAS startup there’s been

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PROFILE Name: Barbara Haynes Company: DAS Canada Title: President and CEO Based in: Toronto Years in the industry: 25 Career highlight: Her work at DAS, as well as starting up the special risks division at Sun Alliance Canada

www.insurancebusiness.ca www.insurancebusiness.ca

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PEOPLE

INDUSTRY ICON

so far,” Haynes says. “We’ve now got around 600,000 customers, so that’s 600,000 Canadians who have greater access to justice. We’re also leading the market. I feel pretty pleased about that, the team I’ve worked with and what we’ve been able to accomplish.” Haynes’ passion for her role as leader of DAS Canada is evident. “I love startups, and this is the most fun ever,” she says. “The product is really worth-

and-centre focus for Haynes. “We’ve grown the company and we’ve grown the staff, and we’re now up to about 45 staff internally,” she says. “The customer is always at the heart of what we do. But a key value for us – and we’re very much a valuesdriven organization – is also being a great place to work. I consider making that happen to be one of my essential roles as CEO.” In 2016, the business was included on

“Not everybody gets the chance to build something brand new right from the beginning. I feel very lucky to have done that, working with a great team of people. It’s been absolutely amazing” while. It speaks to a need in people’s lives – access to justice.”

Expansion and growth Not content to rest on her laurels, Haynes has her eye on a particular opportunity to grow DAS Canada in the years ahead. “We want to expand what we do to include other legal services that respond to other life events that people face,” she says. “Things like wills, power of attorney, potentially contract review – it’s not just legal disputes or legal insurance. We’re keeping our eye on doing that within the next couple of years.” But for the near-term, Haynes has committed the company to focus on making a profit in 2018. “We’re on track to do it,” she says. “It’s really growing into our expense ratio, if you like.” Organizational culture is another front-

the Best Workplaces in Canada list compiled by the Great Place to Work Institute. “We were pretty excited about [that recognition],” Haynes says. “When you’re growing something quickly, you can’t just assume that’s going to continue. It needs a lot of work. So [we’re] adding new people [and] lots of skills, which is great, but you’ve got to make sure they’re all working together well. Our people work very hard, but it’s also important that they’re enjoying themselves and having fun … to lighten those stressful moments.” Despite the challenges involved, Haynes feels fortunate to have had the opportunity to be DAS Canada’s founding CEO. “Not everybody gets the chance to build something brand new right from the beginning,” she says. “I feel very lucky to have done that, working with a great team of people. It’s been absolutely amazing.”

DAS BY THE NUMBERS

1928

Year the first DAS office opened in Germany

Number of countries across Europe and Canada where DAS operates

2010

The year DAS Canada commenced operations

$30 million

DAS Canada’s annual premiums

600,000

Approximate number of DAS Canada customers

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The driver of change isn’t the technology — it’s the customer. Alice Keung, SVP & Chief Transformation Officer

Your clients count on you to not only set them up with the products and services that are exactly right for them, but also to make that experience a simple and seamless one. Economical is committed to helping our broker partners deliver on those expectations with an advanced policy-admin system that makes doing business with us easy, quick, and more accurate than ever.

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

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

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FEATURES

SPECIAL REPORT

TOP 10

BROKERAGES 2018 Find out which Canadian insurance brokerages are leading the pack, and learn more about the strategies that got them there

FOR THE fourth year in a row, Insurance Business Canada is shining a spotlight on the brokerages that have achieved impressive growth and unparallelled success over the past year. Despite difficult economic conditions in some areas of the country and an industry that is rapidly changing with modern times, these brokerages have found success by embracing technology, entering new markets and expanding their expertise and teams to find a competitive edge in today’s insurance industry. By employing a ‘handicap’ method for the rankings, IBC

ensures all brokerages – large and small – were measured on a level playing field. While the amount of written premium and revenue are obvious marks of a successful brokerage, each company’s growth over the past year – both in terms of new policies and new clients – was equally important. This year’s list features some familiar names, along with a few newcomers. On the following pages, they share their most valuable insights on the factors that have driven their success over the past 12 months.

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THE METHODOLOGY To qualify for consideration, each brokerage supplied its own details to Insurance Business Canada about 11 key business areas, including:

Revenue Revenue growth* Revenue per broker

TOP 10 BROKERAGES

Archway Insurance

Tailor Made Insurance Services

COMPOSITE SCORE: 86

Number of brokers New brokers Number of clients

Insurance & 2 McDougall Financial COMPOSITE SCORE: 98

Client growth* New clients New clients per broker

& Whale 3 Mitchell Insurance Brokers COMPOSITE SCORE: 106

Policies written Policy growth* Each brokerage was ranked according to these criteria, and their rankings for the categories were added into a composite score. The brokerages were then ordered by their composite score – as with a golf score, a lower composite score equals a higher ranking. The majority of the criteria used by IBC recognized business volume achieved per broker, rather than just critical mass, allowing brokerages of all sizes to compete fairly. In addition, expressing metrics such as revenue growth and policy growth as a percentage of total business ensured that the very best-performing brokerages were rewarded. *% change between 2016 and 2017

Surex Direct

Elevate Insurance Brokers

A-WIN Insurance

Oracle RMS Insurance Risk Management Services

COMPOSITE SCORE: 117

COMPOSITE SCORE: 130

COMPOSITE SCORE: 133

COMPOSITE SCORE: 143

Sharp Insurance

Costen Insurance

Laura Greening, BA, CIP, CRM Insurance Woman of the Year The Canadian Association of Insurance Women is proud to bestow the 2017 Insurance Woman of the Year posthumously to Laura Greening, BA, CIP, CRM of the Nova Scotia Insurance Women’s Association. Laura joined NSIWA in 1994. She served and chaired numerous committees throughout the years. Laura rose through the ranks of the NSIWA Executive and was a Past President. She also served as our CAIW Director and eventually served as CAIW President. She was active in community and charitable activities too. She was involved with the Brain Injury Association of Nova Scotia, Head for the Hills Ski challenge, Labatt Lite 24 Hour Relay Ski Challenge, NSIWA’s Cancer Crusade, Operation Red Nose and the Children’s Wish Foundation. She entered the Insurance Industry in 1989 and most recently was a Senior Property Casualty Underwriter with Sovereign General Insurance. Laura was an accomplished and well-respected Insurance Professional. Laura had many talents – music being one of the most recognizable. She was beautiful inside and out, and was friendly, dynamic, outgoing, blessed with a very engaging personality and was always willing to lend a hand to others. Sadly, Laura lost her fight against cancer in 2016. She is dearly missed by her family, friends, colleagues and fellow NSIWA and CAIW members. www.caiw-acfa.com

COMPOSITE SCORE: 153

COMPOSITE SCORE: 162

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FEATURES

SPECIAL REPORT

THE TOP 5 BY CATEGORY To ensure brokerages of all sizes had the opportunity to shine, each brokerageâ&#x20AC;&#x2122;s performance was ranked as a percentage of total business. While several of the brokerages that ranked in the Top 5 for each category didnâ&#x20AC;&#x2122;t place in the final Top 10, they still deserve recognition for their individual growth and success in 2017.

Number of brokers

New clients

TOP 5 AVERAGE: 153

TOP 5 AVERAGE: 12,569

1. McDougall Insurance & Financial

2. Rogers Insurance

2. Archway Insurance

3. Archway Insurance

3. Surex Direct

4. A-WIN Insurance

5. MHK Insurance

5. Tailor Made Insurance Services

Revenue for 2017

New brokers

New clients per broker

TOP 5 AVERAGE: $97 million

TOP 5 AVERAGE: 115%

TOP 5 AVERAGE: 176

1. McDougall Insurance & Financial

1. Archway Insurance

1. Mitchell & Whale Insurance Brokers

2. A-WIN Insurance

2. Platform Insurance Management

2. Archway Insurance

3. MHK Insurance

3. Costen Insurance

3. Surex Direct

4. Oracle RMS Insurance Risk Management Services

4. Surex Direct

4. Cheep Insurance (WebBroker Canada)

5. Bedrock Insurance Brokers

5. Tailor Made Insurance Services

5. TW Insurance Brokers

Revenue growth

Number of clients

Policies written

TOP 5 AVERAGE: 550%

TOP 5 AVERAGE: 47,846

TOP 5 AVERAGE: 90,982

1. Elevate Insurance Brokers

1. McDougall Insurance & Financial

2. InSureU! Brokers

2. Archway Insurance

3. Cheep Insurance (WebBroker Canada)

3. PBL Insurance Limited

4. Freedom Insurance Brokers

4. A-WIN Insurance

5. Platform Insurance Management

5. TW Insurance Brokers

5. MHK Insurance

Revenue per broker

Client growth

Policy growth

TOP 5 AVERAGE: $1.4 million

TOP 5 AVERAGE: 238%

TOP 5 AVERAGE: 311%

1. Mitchell & Whale Insurance Brokers

1 InSureU! Brokers

2. TW Insurance Brokers

2. Cheep Insurance (WebBroker Canada)

2. Freedom Insurance Brokers

3. Elevate Insurance Brokers

3. Freedom Insurance Brokers

3. Cheep Insurance (WebBroker Canada)

4. Go Insurance

4. Platform Insurance Management

5. Tailor Made Insurance Services

5. Archway Insurance

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It’s not what we do that makes us different... it’s how we do it!

Find out more about our industry leading specialty insurance and surety solutions at

www.trisura.com

a step above

Trisura Guarantee Insurance Company is a Canadian owned and operated Property and Casualty insurance company specializing in niche insurance and surety products. We are a proud supporter of the Insurance Broker’s Association of Canada. www.insurancebusiness.ca 25

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FEATURES

SPECIAL REPORT

The Costen Insurance management team (left to right): Andrew Shareski, Crista Costen and Phong Le

COSTEN INSURANCE Headquarters Calgary, AB Year founded 1987 Number of offices 5 Number of employees 20 Website costeninsurance.com

Did Costen Insurance experience any significant challenges in 2017? Crista Costen, president: We did experience some challenges in the past year, with the biggest challenge being hiring the right people with values that align with ours. Having a strong screening process is our solution to this. Ensuring that our new brokers were up to speed with Costen Insurance’s policies and procedures and having them

focus on writing quality business, not just quantity, were our other main challenges. We overcame these by investing heavily in training, education and auditing.

brokers provide – not just placing their business with whoever offers the lowest premium.

Did you do anything differently in 2017 that contributed to your success? CC: We implemented a new business plan

with new growth. However, finding and hiring the right people is imperative, no matter what the position. You can teach the skills and technical knowledge required, but you can’t as easily influence people’s values, character and personality. We have a very thorough recruiting and interview process, and we feel that everyone who has joined our Costen family will contribute to the overall success of our brokerage and our team.

with a focus on profitable and manageable growth. We opened three new branch offices within Calgary to assist us with bringing in new business and diversifying our clientele. We also doubled our production team to assist us with growth, with a focus on book diversification (i.e. increasing our commercial and property volumes) and book health.

What do you think is the biggest challenge for brokers industry-wide? CC: We believe the biggest challenge facing brokers is the direct writers. They are often able to offer lower rates than what we as a broker can offer. However, their coverage is often not as comprehensive. The challenge comes in educating our clients about the differences in coverage and the value that we as

What lessons did you learn in 2017? CC: There are always challenges that come

Do you have advice to brokers who are just starting out? CC: Hire the right people! Don’t just settle for a warm body. Create an environment where good people will want to work and where they can have input on decisions that impact the brokerage and their career. Treat customers and insurance companies right. Focus on quality, not just quantity. Growth is good only if it’s profitable and manageable.

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8 SHARP INSURANCE Headquarters Calgary, AB Year founded 2009 Number of offices 1 Number of employees 76 Leadership Sherif Gemayel, president Website sharpinsurance.ca

What did Sharp Insurance do differently last year to boost success and garner more business? Cathy Lipe, VP of personal lines: There were many strategies for success and growth last year at Sharp. A few of them included adding three new markets and placing more of a focus on the commercial sector. Sharp has

also moved into the Ontario and British Columbia markets with hopes of future expansion into Saskatchewan, Manitoba and the Atlantic provinces.

harmony. Sharp Insurance keeps both of these at the forefront of every decision.

What challenges did you overcome in 2017? CL: Alberta has seen a recession in the past

changing environment, it’s easy to get distracted in countless ways. It’s important to keep your eye on the end goal and make your decisions accordingly.

few years, and insurers are struggling to keep loss ratios in line. Sharp created some programs and streamlined processes to help combat the declining market. We also focused on training our team to handle the changing landscape.

What do you think are the biggest issues facing brokers today? CL: Leadership into the future is challenging, as brokers are faced with a multitude of options and no clear roadmap of what the future holds. Leadership strategies will need to change focus from what they have been in order to grow with those changes. Technology is on everyone’s agenda, but we must remember that our clients are the main priority. The amalgamation of tech and people needs to be brought together in

Any lessons learned in the last year? CL: We learned not to lose focus. In a

Did you have any lines or areas of business that experienced notable growth in 2017? CL: We made an acquisition of a group home and auto program last year. One of our focuses was to grow that book of business through a strengthened marketing program, exceptional staff and strong resources.

What’s one factor that keeps Sharp Insurance ticking? CL: Empowerment. We empower our team to make decisions quickly, we empower our clients to manage their policies in a multitude of ways, and we empower our people to be innovative. It is one of our core values here at Sharp.

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FEATURES

SPECIAL REPORT

ORACLE RMS INSURANCE RISK MANAGEMENT SERVICES Headquarters Concord, ON Year founded 2011 Number of offices 1

Number of employees 75 Leadership John Ferraro, co-founder and CEO; Michael Di Nardo, co-founder and president Website oraclerms.com

What opportunities did Oracle capitalize on for growth in the last year? John Ferraro, CEO: Oracle has taken advantage of many opportunities to grow this past year. We have invested in new technologies, divisions and personnel. As visionaries in the insurtech space, we have been identified as a 2017 CSIO Technology Leader by leveraging a new CRM system to better manage and integrate our day-to-day operations. With the introduction of Oracle’s in-house innovation space, and alongside our group home and auto division, we believe this adds more value and a competitive advantage to our offerings and allows for synergies across divisions.

What has been your top challenge? JF: For Oracle, finding the time to investigate and fully understand new technology was a challenge. We overcame this obstacle by applying the method of functional gap analysis [to assess] the difference in performance

between information systems and technology to determine whether our business requirements were being met. The first step was to establish specific target objectives by looking at our mission statement, strategic goals and improvement aims. By analyzing and comparing Oracle’s current state by collecting information through a variety of data sources, we conducted a comprehensive plan that outlines specific steps to fill the gap between the current state and future state.

create a better client-driven experience. Oracle found that by developing buy online, e-docs, e-signatures, mobile-optimized websites, cybersecurity, email security, search engine optimization, e-approvals, social media presence and pricing algorithms, we have simultaneously been able to drive down processing times and increase client satisfaction. Oracle understands that while we are far from perfect, our adoption rate of new technology with the organization’s culture allows us to get better and stronger.

What do you think is the biggest challenge for brokers industry-wide today, and how are you working to overcome it? JF: The modern insurance industry evolved

How else are you tackling the technology revolution? JF: As the need for technological integration

where business was done in person, contracts and insurance policies were written on paper, and pricing was more subjective than objective. Respondents felt the industry had failed to show leadership in digital technology and innovation – remarkable for such a massive global industry. Oracle’s vision is clear: Use technology to

is on the rise, Oracle’s aim was to stay on top of this trend. We engaged in change management initiatives to introduce our new CRM and broker management systems, assist our team to adapt to these new technologies, and encourage creativity and the flow of innovation ideas. We learned that with the right balance of human expertise and technological systems, Oracle will be able to accomplish our company-wide goals.

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8/02/2018 12:28:38 AM

SUM_

Underwriting. Optimized. CANADA’S LEADING MARKET FOR THE CANNABIS INDUSTRY

We can tackle all of your clients’ coverage requirements. Contact us today!

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8/02/2018 1/30/18 12:28:42 9:05 AMAM

FEATURES

SPECIAL REPORT A-WIN INSURANCE

Headquarters Calgary, AB Year founded 2001 Number of offices 41 Number of employees 131 Website awinins.ca

What makes A-WIN unique? Joanne Lemna, COO: Along with our traditional brokerage and our new digital journey, A-WIN Insurance provides a franchise program for qualified insurance professionals to enjoy the independence of a solely owned branch while benefiting from the advantages of being part of a larger organization. Along with the A-WIN brand, franchisees have access to the top Canadian insurers, advanced technology systems, marketing, accounting and a broad range of back-end services. This allows the franchisees to focus on sales and service for their customers while A-WIN looks after the rest.

Industry-wide, what do you believe is the biggest challenge facing brokers today? JL: Relevance is probably the biggest challenge, given the rapidly changing marketplace. New entrants, disruptors and evolving technology make it necessary for brokers to continue to evaluate their own organizations.

What strategies did you employ in 2017 to garner business and boost your success? JL: One of our key strategies throughout 2017 was our commitment to our digital journey. At A-WIN, we believe customer choice is paramount. This includes how they choose to do business with us, as well as our ability to meet their unique needs through one of our

Debi Walker, VP of operations (left) and Joanne Lemna, COO (right)

many insurer partners. We also focused on building an information bank on our website for consumers to research insurance-related topics in easy-to-understand terms.

ships. Our team worked diligently with our customers to ensure that their insurance policies were structured to meet their individual situations and needs.

How has A-WIN overcome the economic challenges in Alberta? JL: While the Alberta economy has been

What was a key takeaway from 2017? JL: Complacency or ‘status quo’ is not an

struggling over the past few years, we have a unique retention strategy that we believe helps strengthen our underlying business portfolio and our ongoing customer relation-

option. In order to ensure our brokerage thrives, it’s important for us to continue to evolve through our digital journey and to reinvent ourselves for both our existing and future customers.

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8/02/2018 12:28:54 AM

ELEVATE INSURANCE BROKERS Headquarters Grand Prairie, AB Year founded 2012 Number of offices 1 Number of employees 12 Leadership Pierce Krol, president Website elevateinsurance.ca

How did Elevate boost business in a down economy? Pierce Krol, president: It was still a year of economic hardship in our local economy in 2017. Our strategies consisted of getting in front of our clients and potential clients to talk about their insurance programs on a ‘move forward’ basis. We were able to boost our success by staying ahead of the curve versus being reactive to further economic changes that presented themselves. While many of our clients saw decreases in premium, which can lead to a decrease in brokerage volume, we were prepared. We implemented a marketing campaign designed to reach new industries that were not hit as hard by low oil prices. The ability to adapt and concentrate on various lines of business played a large role in our success.

curve, [so] we implemented Elevate University, which is a question-and-answer session on anything from market placement to coverages, where there are no wrong questions. The more prepared we are to handle the day-to-day, the easier we may be able to overcome objections.

What’s been a major challenge for Elevate in the past year? PK: I feel licensed employees are our biggest

How does Elevate stay competitive in the marketplace? PK: We are always the smaller brokerage, so

challenge. In our geographical location, we just don’t have the population to have an abundance of licensed individuals. We have now hired many people from outside of the insurance industry to fill our needs. This has proven successful for us, as we have a lot of experience in our office, which trickles down as needed. Insurance has a very aggressive learning

to speak, when competing in our marketplace. Competing against large national brokerages is the best part of the job. They can be predictable and will normally lean on items such as volume or loss control as the sales tactic. Our staff is well aware of this, and in the David and Goliath scenario, we don’t mind being looked at as David. This will continue to shape our identity for the future,

5 and we look forward to the hurdles ahead, as that helps secure our brokerage culture.

What must brokerages do to stay relevant in a challenging market? PK: Our top-line growth came from both our commercial and personal divisions. This was driven by internal factors, as we were able to grow in a downturn. One thing about insurance versus other industries is you can always outwork your competition. Take a restaurant, for example – when it’s slow, you have fewer people walking though the door to make purchases. You have an option to spend on marketing to bring in customers. In insurance, you can literally pick up the phone or go knock on doors and develop new relationships or potential customers. This can all be done with little to no spend; you just have to warm up to hearing the word ‘no’ from time to time.

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FEATURES

SPECIAL REPORT

4 SUREX DIRECT Headquarters Magrath, AB Year founded 2012 Number of offices 3 Number of employees 80 Leadership Lance Miller, co-founder and CEO; Matthew Alston, co-founder and COO Website surexdirect.com

What makes Surex different from other brokerages? Jamey Holt, business development rep: One unique aspect of Surex Direct is that we’re less dependent on third-party vendors than the typical brokerage. By building an in-house software/development team, it has given us the advantage to innovate faster and cheaper. With the ability to test, redesign and launch software solutions quickly, we’re confident we can adapt and change to meet the needs of an ever-evolving industry.

What strategies did you employ to boost your success in 2017? JH: We launched our Ontario operation in the spring of 2017. Opening in Canada’s largest provincial market was integral to our growth, both for 2017 and beyond. We also continued to push our partnerships outside the insurance industry. We promoted an employee to a business development rep role to take some of the pressures off Lance Miller and Matthew Alston, Surex Direct’s co-founders, in moving these partnerships forward. Finally, we hired a director of data science in the fall of 2017 to push forward our artificial intelligence and machine learning initiatives.

How was the experience of moving into a new province? JH: Opening up business in Ontario was an obstacle due to the differences in regulation and how our carriers price insurance products. Due to our growth, resources are always a limiting factor in what we can do. We created a process-orientation accounting/financial structure to allow us to model and forecast our future financial needs more accurately.

What do you think is the biggest challenge facing brokers today? JH: One of the biggest challenges we feel the

broker channel faces is apathy and the lack of an urgent mindset. We see huge potential for brokerages willing to invest and adapt to changing customer expectations. We’re bullish on the broker channel and feel that all the challenges the industry faces are actually opportunities.

Which areas or lines of business experienced notable growth last year? JH: Ontario was our biggest area of growth. As mentioned previously, we started doing business in Ontario in the spring of 2017. Now we do upwards of $500,000 in new business premiums each month in Ontario. That number will only increase. We also launched new co-branded partnerships, driving prequalified buyers to our producer team. In 2017, we invested heavily in streamlining and improving our broker workflow by launching a new version of our internal software platform to maximize broker efficiencies.

Any advice to share with fellow brokerages? JH: Don’t underestimate metrics. Our brokerage nearly doubled in 2017. The bigger you are, the more important it is to let your key performance indicators drive your decision-making.

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8/02/2018 12:29:04 AM

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FEATURES

SPECIAL REPORT

3 MITCHELL & WHALE INSURANCE BROKERS Headquarters Whitby, ON Year founded 1948 Number of offices 1 Number of employees 45 Leadership Adam Mitchell, president Website mitchellwhale.com

What strategies did you employ to boost your success in 2017? Adam Mitchell, president: It was a year of catching up with the momentum of our fast-paced growth. We added more team members last year than any previous year, which means continuous growing pains. For the team, it meant a lot of learning, maturing and improving, while at the same time still posting our biggest growth year to date.

What do you think is the biggest challenge facing brokers today? AM: We believe one of the biggest challenges facing brokerages and insurance companies is catching up or keeping up with the increasing demands of the modern customer. The average customer today is savvy with a search engine, which means they have access to more rates and companies than the average brokerage. To combat these challenges, we’re changing the way the brokerage looks, having in-house developers, longer business hours, self-service tools, more insurance companies and always striving to provide exceptional customer service with as much choice as possible while living our mission “to make insurance not suck.”

Which areas of business grew the most for Mitchell & Whale in the past year? AM: Pretty well all lines of business swelled for us, from commercial to personal lines. Our marketing and sales keep maturing, and as the service team continues to evolve, improve and carry out our mission to make insurance not suck, it looks like green pastures and good times ahead.

We believe the most important factor to our continued success is culture – having an amazing place to work and attracting the best teammates allows us to move forward fast and do cool things. In 2018, we’re moving into our new office, and with those things in mind, we’re building the best office possible, attracting great talent who are tired of driving into Toronto and want to join a winning team in Durham.

What makes your brokerage stand out from the competition? AM: We are growing faster than most in the industry and doing it in a fun way that is our own style, certainly breaking the status quo. What other brokerage do you know that has a Nerf gun wall, hot dog roller, keg fridge, office putting green, basketball court, Trolley Tuesdays [serving up food and drinks] and Wine Fridays, to name a few things?

What lessons did you learn in 2017? AM: We learned to be faster, nicer, easier, with more choice and more fun. We think we’re on the right track, given the tenfold growth in the last 10 years. With all those lessons learned, we plan to stay the course, and we’re ready to take on the next tenfold growth.

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8/02/2018 12:29:14 AM

Left to right: Don Stanton, Kelly McKinney, Ross McDougall and Christian Hutchison

MCDOUGALL INSURANCE & FINANCIAL Headquarters Belleville, ON Year founded 1946 Number of offices 32 Number of employees 350 Website mcdougallinsurance.com

What makes McDougall unique? Kelly McKinney, VP of marketing and digital: We are both big and small. We bring big-city scale and expertise, but deliver it with personal, small-town service. We enjoy some of the benefits of a large broker (technology, multiple markets, expertise, heft), but we thrive in small towns.

How did McDougall achieve doubledigit growth in 2017? KM: In 2017, we obtained double-digit organic growth by investing heavily in technology to support our producers and our service team. We also targeted a few niches where we saw opportunity. In addition, we spread the word to our insurance company partners that we continue to be in acquisition mode. These partners are now assisting us by advising brokerages that we are a great partner. This resulted in three fantastic acquisitions.

Which lines of business experienced notable growth last year? KM: We have experienced significant growth in our transportation division. Externally, the market is undergoing tremendous change, and we have found a way to capitalize. Internally, we have assembled an incredible team of both producers and support staff who understand the business.

Did you experience any hardships last year? KM: We do not feel we experienced any unique hardships, any different from any

small business in Canada in 2017. However, we continue to strive to find the very best people. This is challenging.

What do think is the biggest challenge for the broker community? KM: Technology. In 2018, the biggest challenge is the pace of change. Technology outside of the industry is driving customer expectations. We can’t compare ourselves to other brokerages; we need to compare ourselves to Amazon, Google, Tesla. Technology inside the industry is coming, but it’s not keeping up. Double entry, inefficient systems and cumbersome legacy systems are stunting our growth and reducing productivity. We are combating this by hiring smart people and investing in technology like never before.

What was your key takeaway from 2017? KM: Hard work and attitude trump everything. It’s simple, but we keep learning it. Throughout the organization, the people who work smarter outperform everyone else by a large margin. Working a little harder also helps.

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FEATURES

SPECIAL REPORT

1 TIE

Principals Greg Knott (left) and Colin Knott (right)

TAILOR MADE INSURANCE SERVICES Headquarters Sherwood Park, AB Year founded 1993 Number of offices 7 Number of employees 37 Website tailormadeins.com

community and the challenges that are specific to our customers give us a distinct advantage over the non-local and direct writers.

What strategies did you employ to boost your success in 2017? CK: Entering our 25th year in business, we decided to make a strategic move and acquire a top-level brokerage. This not only positioned us as a substantial player in the Alberta marketplace by giving us significant representation in both Central and Northern Alberta, but also strengthened our relationships with our key markets.

What makes Tailor Made Insurance Services unique? Colin Knott, broker/principal: We are a

Industry-wide, what do you think is the biggest challenge facing brokers today? CK: We feel the biggest challenge is finding

locally owned and family-operated brokerage. Our local presence and knowledge of the

the right balance between offering digital solutions, yet maintaining and promoting the

public awareness that “the best insurance is an insurance broker.” We have taken the approach of gaining a social media presence and staying technologically advanced, but continuing to strive to be recognized as a personal, trusted service provider to our customers.

What was your key takeaway from 2017? CK: We need to be flexible and innovative, and capitalize on opportunities when they present themselves.

Which lines of business experienced notable growth last year? CK: We experienced phenomenal growth in our personal lines products. We attribute that to our renewal procedures and the referral business achieved by our employees. They are the driving force behind our reputation for integrity and honest business standards.

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8/02/2018 12:29:24 AM

CEO Michael Stack (left) and president Gina McFetridge (right)

1 TIE

ARCHWAY INSURANCE Headquarters Amherst, NS Year founded 1985 Number of offices 22 Number of employees 150 Website archwayinsurance.ca

What strategies did you employ to boost your success in 2017? Gina McFetridge, president: In 2017, we focused more heavily on our online presence.

Working with our technology partners, we made numerous changes to our website to better find clients through online marketing campaigns and SEO optimization. For our work in this and other areas, we were recently recognized as a Technology Leader by CSIO. It’s also provided great support to our brokers by creating a new source of leads through our website. We also invested in the continuing education of our brokers. The industry is rapidly changing, and constant refreshing of technical skills and product knowledge is key to boost our success. Our training has evolved over the years to cover both technical knowledge and soft skills to improve our customer service and support our managers.

What was your biggest challenge in 2017? GM: The biggest challenge we faced in

2017 was integrating our new locations and employees. Archway doubled in size in terms of locations, as well as our number of employees. There were a number of acquisitions throughout the year, but the most strategic and significant was the purchase of Alliance Assurance in northern New Brunswick. The purchase of Alliance required a complete financial analysis and restructuring of the management of the company in order to integrate nine offices located in a completely new territory. There was a tremendous amount of risk involved in going into a new area of operation where our knowledge of managing clients, employees and our approach to insurance underwriting was limited. The deal was a year in the making and a major undertaking for the company. Communication, having senior management present on a regular basis in the new locations and promotion of local employees to management positions enabled us to overcome the challenges of this momentous growth and begin the cultural shift of helping these new employees feel like part of the Archway team.

What do you think is the biggest challenge facing brokers today? GM: Technology is the greatest challenge – and you could say opportunity – facing brokers today. Within our brokerage, we embrace new technology and continue to work to stay ahead of our competitors in terms of our digital services to clients. We have developed a digital workflow for clients wishing to get a quote through our website. In 2018, we will roll out an online platform for clients who wish to self-serve using an Archway online portal.

What lessons did you learn in 2017? GM: In a year of rapid growth, a key takeaway was the need for time and regular communication to help new employees embrace our company culture. A cultural shift takes time, and it’s important to have strong leaders in place at the local level to help re-enforce the cultural shift and new processes on a daily basis.

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8/02/2018 12:29:34 AM

SPECIAL PROMOTIONAL FEATURE

TERRORISM INSURANCE

The new face of terrorism Chloe Gordge of Markel International tells IBC how insurance companies have responded to the latest wave of terrorist tactics TERRORIST EVENTS are occurring around the globe with increasing regularity, and insurance products that provide protection against such tragedies are playing a crucial role in the modern world. The tactics employed by terrorists have evolved in recent years, and businesses need to ensure that they’re protected should they be caught up in such a potentially catastrophic event. Even if a business isn’t the specified target of an attack, it may still suffer as a result of indirect interruption to its operations. The tragic events witnessed over the past few years in North America and Europe have demonstrated that almost any business has the potential to be impacted. To help safeguard businesses against the fallout from a terrorist attack, many insurance companies now offer stand-alone terrorism policies, which “protect against acts of terrorism that are motivated by political, religious or ideological reasons,” says Chloe Gordge, assistant underwriter for war and terrorism at Markel International. “No government certification is needed for the policy to respond to a loss. Traditional policies also require a property damage trigger for there to be cover. Resultant business interruption can also be covered.” As terrorists’ tactics evolve away from largescale explosive devices and toward ‘lone wolf ’ attacks with easily accessible weapons such as vehicles, the insurance industry has been forced

to adapt by creating policies that offer relevant coverage. Although many instances of this new breed of terrorist attack have led to relatively little property damage, businesses in the immediate vicinity are often forced to halt operations for sustained periods. “Terrorism policies need to reflect the indirect

ruption, the policy gives the insured the option to add various extensions to protect against indirect business interruption losses such as denial of access, contingent business interruption, and disruption to public services and utilities. “We also write terrorism liability policies that indemnify for third-party property damage and

“Understanding the nature of the risk a client may face is wider than analyzing their business alone. Brokers should make themselves aware of all the coverage types available in the political violence market” Chloe Gordge, Markel International nature of losses that businesses can face through coverage extensions, such as denial of access, which will pay for business interruption losses suffered because there is no access to the property in the aftermath of an event,” Gordge says. In response to the new wave of terrorist attacks, Markel Canada has launched a policy that covers insureds against losses arising from terrorism or sabotage. In addition to providing coverage for property damage and business inter-

bodily injury claims if a business is found to have been negligent in its protections against terrorism,” Gordge says. “This may be due to security procedures not being followed correctly or because there were not sufficient security measures in place to protect against the risk of a terrorist attack.” Markel isn’t stopping there, though. The company is also launching two new products: one that provides protection against active

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assailant attacks, and another that covers loss of attraction due to an act of terrorism or active assailant incident. The active assailant product will indemnify for first-party property damage, business interruption and medical expenses, as well as counselling costs for third parties, in the aftermath of an active assailant event. “Insureds will also have access to a crisis management company that is able to provide assistance post-loss to get the business back up and running and with the handling of their public relations,” Gordge says. “This cover does not require a defined motive for the attack. An active assailant is defined as a person who is actively engaged in killing or attempting to cause serious bodily harm to three or more persons using a

vehicle, explosive device or handheld weapon.” The loss of attraction product is designed to cover loss of profits suffered as a result of a terrorist attack or active assailant incident. It’s expected to be particularly helpful for businesses operating in the hospitality industry. “We are also able to offer policies covering against additional political violence perils, including strikes, riots, civil commotion, insurrection, coup d’état, war and civil war,” Gordge says. “We currently have a US$50 million line for terrorism, sabotage, strikes, riots and civil commotion cover, a US$30 million line for the active assailant product, a US$10 million line for loss of attraction policies, and a US$20 million line for the remaining political violence perils.” The grim reality of the modern age is that

many organizations need adequate terrorism coverage in place in order to protect their businesses. In addition to indemnifying losses associated with property damage and business interruption, a stand-alone terrorism policy helps an organization protect its clients and visitors against the risk of both terrorism and active assailants. “Understanding the nature of the risk a client may face is wider than analyzing their business alone,” Gordge says. “Brokers should make themselves aware of all the coverage types available in the political violence market to ensure their client is fully protected for their individual needs. Markel is an experienced leader in the political violence market and is willing to assist with any broker’s understanding of the product offerings available.”

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7/02/2018 3:23:10 AM

FEATURES

BROKERAGE INSIGHT

Building business and family Partners Sam Ciccolini and his nephew, Robert Ciccolini, share how Masters Insurance has developed an impressive presence in Canadian construction insurance IBC: How did Masters Insurance get its start in the construction sector? Sam Ciccolini: Back in 1968, there were a few emerging contractors who reached out to us to facilitate unique insurance and surety bonding solutions. One contractor, who is still one of our valued clients today, was involved in a project at the international airport and was in need of a bond. Although we were unable to facilitate his request at that time, we were able to direct him to where and how he could get one. This marked one of many pivotal points for us to cultivate our knowledge and specialization in the construction world. Over the years, we worked hard to acquire the necessary skill sets and learn the intricacies to facilitate protection requirements for projects and contractors of various complexities.

IBC: How have you grown your construction expertise since then? SC: Around 1970, I became a member of the Canadian Construction Documents Committee [CCDC], where I reviewed and helped put together the groundwork insurance language for construction contracts that were being issued on most construction sites. Through our experience with CCDC, we obtained valuable information and forged strong relationships with several of the major construction-focused insurance companies.

As we continued to grow as a business, we extended our membership to all of the main construction-related associations. There was also a growing need for strong technical expertise in our market, so we hired experienced individuals from other brokerages and insurers to better service our clients. Once we had the right people and reputable insurers on our side, we were able to aggressively compete in quoting and securing insurance and surety coverage for larger construction companies.

IBC: How do you stay up-to-date with construction risks and trends? Robert Ciccolini: About 80% of our book of business is construction and realtyrelated. With our volumes, we are engaged with industry happenings on a daily basis. Our commercial department is set up in team units that handle an assigned group of client accounts. Team members are actively involved in all aspects of underwriting and servicing,

as well as analyzing claims data related to construction risk. We also attend project site inspections and participate in various industry events to receive firsthand knowledge and see the real-life risk exposures our clients face.

IBC: What are the main challenges in this space? RC: One thing that is a continuous challenge in this space is the need to make sure policy coverage evolves with the actual risk. We have carved out our niche by adapting actual exposures from construction projects and different subcontractor risks that we had to tailor, manuscript and manipulate coverage for. Another challenge would be related to the significant increase in GTA residential condo development and homebuilding. There are many long-standing and experienced developers with a proven track record and industry connections; however, in recent years there has been an influx of new investors to the market who are

KEEPING IT IN THE FAMILY Founded in 1966 by brothers Frank and Sam Ciccolini – who were later joined by a third brother, Max, in the early 1970s – Masters Insurance has its roots in the family’s modest beginnings in Pescosolido, Italy. In 1981, Gary Corby, a respected surety bondsman, joined the Ciccolini brothers to form and solidify Masters Insurance. Preferring to keep a low profile, Masters is now in its 52nd year of business; more than 18 members of the Ciccolini/Corby families, spanning three generations, work at the firm alongside the four original partners.

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FAST FACTS: MASTERS INSURANCE

Established in 1966

Employs more than 100 people

Has six offices: four in Ontario, one in New York and one in Florida

“Our approach is to not only provide coverage at competitive terms, but to continuously consult and advocate on our client’s behalf ” assuming the role of developer. A challenge to any insurance broker serving these new developers would be to focus on expertise and added value through consultation, all the while providing competitive terms. A new developer looking to build a professional team around them will put trust in a broker who can anticipate all aspects of their operational and project insurance requirements.

IBC: What differentiates Masters Insurance from other construction insurance specialists? RC: An important part of our service is the consultative side of what we do on a

day-to-day basis, and this is where we feel we differentiate ourselves in this industry. We are heavily involved with the drafting and coordinating of insurance language with lawyers and law firms that handle many of our construction, developer, and homebuilder client contracts and agreements – which are intricate parts of their projects and operations. Our ability to then procure competitive, tailored insurance and surety solutions that complement our consulting work allows us to hold a unique position in this space.

IBC: How do you ensure your clients are properly covered?

Supports approximately 80 charities annually

Founding partners: Sam Ciccolini (pictured at left), Frank Ciccolini, Max Ciccolini and Gary Corby SC: For us, formulating an insurance program and coverage recommendation starts with learning as much as we can about a client’s business operations or the specific project to be constructed. We have an extensive underwriting review process – tailored specifically to our construction and builder clientele – where we obtain the critical details necessary to build a proper policy and align the risk with a suitable insurer. Our approach is to not only provide coverage at competitive terms, but to continuously consult and advocate on our client’s behalf in all situations related to their insurance and surety needs.

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7/02/2018 4:49:28 AM

FEATURES

TRANSPORTATION

What’s driving the transportation industry? A recent roundtable hosted by The Guarantee Company of North America explored the emerging risks and trends brokers in the transportation sector need to know about THE PROSPECT of a NAFTA breakup is casting an increasingly large shadow over Canadian businesses, but there are few sectors following the developments as closely as the transportation industry. For decades, the success of many transportation firms has been reliant on sending freight across the border. As Mario Graziano, vice-president of sales and marketing at Light Speed Logistics, puts it, the industry is “holding its breath.” “We could have a situation where we continue to have the trade, but there will be a cost to it,” Graziano says. “It means you have to be innovative in the type of business you are going to run. In our case, we are focusing more on short haul out of the US into Canada, so that it minimizes the amount of losses in miles our drivers suffer.” There are 10 million trucks crossing the border annually, so NAFTA plays a central role in how the transportation industry functions and how organizations generate profit. Although there is trepidation around what a dissolution of NAFTA could mean, Kevin Berry, president of Premier Bulk Systems, does believe it’s time for a change. “NAFTA is 30 years old and needs to be renegotiated and modernized, but at the end of the day, it needs to be fair,” Berry

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says. “They have to get trucks across the border. What a lot of people don’t realize is that there are 9 million jobs in the US that rely on free trade.” The current NAFTA uncertainty is creating much confusion, and according to Sandy Baigent, safety and compliance manager at Doug Coleman Trucking, many transportation carriers don’t fully grasp the potential impact of changes to NAFTA and resultant regulation. Transportation companies, Baigent says, are often the last to know. “Education is key; it is the biggest issue that transportation companies have to deal with,” she says. “If companies don’t know the full details of what changes mean, then dispatchers don’t know and the driver doesn’t know.”

Digital disruption While the future of the trade pact is keeping industry insiders on high alert, the introduction of new technologies is also shaking up transportation carriers. Companies in the industry are being forced to embrace technology or face the prospect of being left behind. “Technology is coming in waves,” says Ron Martin, president of Bridgeland Terminals. “It’s important for all of us to take a step back. Things are happening so fast that it can be difficult to measure the benefits and return on investment. It’s prudent to pick something that will work for you and be mindful of what’s coming. Don’t chase everything.” For Angelique Magi, national VP of transportation and strategic initiatives at The Guarantee, the trucking industry’s desire to create efficiency and improve margins is unmatched in any other sector. “It comes down to working out a goal for what you want the technology to achieve,” Magi says. “Everyone goes through that assessment when they make a change, but there is no ‘one size fits all’ in this industry.” Berry says he has implemented various

types of technology into his company’s operations, including electronic logging devices [ELDs], which have taken the industry by storm but haven’t always been popular with drivers. Berry feels his fleet has now gathered the low-hanging fruit, and ELDs have played a major role in that effort. “We found that when we implemented ELDs, we didn’t have a drastic reduction in driver capability and productivity – some fleets do; some fleets don’t,” Berry says. “We thought we would lose 15% of our driving force, but we only lost one driver. Quite honestly, when the drivers figure out how to use the ELDs properly, they can be more productive than before.”

Attracting new talent It’s clearly a tumultuous time in the transportation industry, and the future success of trucking companies will be dictated by how they respond to the current challenges and how they prepare for future changes. Ron Martin believes attracting top talent will be the biggest challenge going forward. “It’s a specialized business, and our ability to hire people with the proper skill set and right attitude is going to dictate growth for our company,” he says. “We have the infrastructure in place to grow substantially, but we won’t grow if we don’t have the right people.” Baigent believes the industry needs to examine why so many drivers are leaving the business. For example, younger drivers are creating a new culture and are reluctant to be away from home for extended periods of time. “They want to be at home at 6 p.m.,” Baigent says. “So, in order to attract younger drivers, trucking companies need to understand that they need to change. There is a new mindset with younger drivers, and trucking companies need to tighten up.” Many insurance carriers see younger drivers as being particularly risky, a stance Magi disagrees with, explaining that new training regulations are making the industry safer than it’s ever been.

THE PARTICIPANTS Angelique Magi National VP, transportation and strategic initiatives THE GUARANTEE COMPANY OF NORTH AMERICA

Michael Derry Risk solutions specialist THE GUARANTEE COMPANY OF NORTH AMERICA

Sandy Baigent Safety and compliance manager DOUG COLEMAN TRUCKING

Kevin Berry President PREMIER BULK SYSTEMS

Mario Graziano VP of sales and marketing LIGHT SPEED LOGISTICS

Ron Martin President BRIDGELAND TERMINALS

“With the mandatory entry-level training [MELT] changes that are coming in, companies that embrace training will be well positioned to develop people,” Magi says. “These young drivers are growing company culture and learning as they go.” Michael Derry, risk solutions specialist at The Guarantee, urges trucking firms to embrace MELT. He believes the industry should take advantage of the changes and set up in-house training programs to further educate drivers. “If trucking carriers can add to their mentoring processes and create other advantages and benefits for drivers, drivers will be more likely to stay at their company,” Derry says. “It’s all about companies helping themselves out.”

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WINNERS REVEALED Nominations flooded in from across the industry for the Insurance Business Canada Awards. Here, IBC spotlights all the winners across 21 categories

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CELEBRATING THE industry professionals who strive for excellence every day, the 2017 Insurance Business Canada Awards were held on November 30 at a star-studded gala at Toronto’s Liberty Grand ballroom, sponsored by Markel Canada and produced by KMI Publishing and Events, the organization that produces IBC. The long-awaited event hosted hundreds of the industry’s top professionals, who enjoyed a red-carpet affair with free-flowing champagne and first-class entertainment from the Ascension Groove Band, professional dancers and event host Jessi Cruickshank, host of CBC TV’s Canada’s Smartest Person. Overall, the awards cut a wide swath across the insurance industry, with winners in 21 categories, ranging from individuals to entire organizations. Both the celebration and the impressive turnout speak to the industry’s perseverance over increasingly competitive forces. Today’s everevolving market did not stand in the way of this year’s honorees, including Trisura Guarantee Insurance Company, which took home the award for Insurance Industry Employer of Choice, and BMS Canada Risk Services, which was recognized for Outstanding Customer Service by a Brokerage. Preferred Insurance Group picked up the CNA Canada Award for Outstanding Philanthropy and Community Service. “This is a tremendous honour,” said Peter Carr, partner and VP of sales at Preferred, when accepting the award. “There are a lot of talented individuals and very well respected businesses represented at this event tonight, so to be included within this group is an accolade in itself. We’ve been very active in the communities we serve for many years. We don’t do it for rewards or business gain; we do it because we care about the people in the communities we serve.” Turn the page to hear more from the rest of the night’s worthy winners ...

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ADVERTISING CAMPAIGN OF THE YEAR WINNER The Guarantee Company of North America Guarantee Gold H20+

FINALISTS CAA Insurance Great Pairings

Economical Insurance Get Ready for the Future With Us

Markel Canada Cyber Risk

RSA Insurance Expert Advice

Trisura Guarantee Insurance Company Surety 101

IN A WORLD that’s inundated with so much media and advertising,

it takes considerable effort to stand out, and that’s what Guarantee Gold managed to do with its latest ad campaign. The Guarantee Company recognized the need not only for a comprehensive approach to water protection, but also for consumers and industry stakeholders to fully realize this need and actively seek coverage. In addition to print and digital ads, the Guarantee Gold H20+

“It’s a tremendous point of recognition, after many months of hard work, to be recognized amongst our industry peers in a category that’s very important” MARILYN HORRICK The Guarantee Company of North America

Wynward Insurance Group Wynward Is Here

campaign featured ads co-branded with broker partners, who shared them directly with consumers, along with various events, sponsorship activities and road shows to promote further education. The team also launched a mobile app to provide quick access to information and support, including real-time weather alerts, details and updates on the H2O+ policy, and claims reporting on the go. As a result, the Guarantee Gold team has witnessed a product adoption rate well above industry standards and a significant increase in revenue.

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THE IBC MAGAZINE READERS’ CHOICE AWARD FOR BEST INDUSTRY SERVICE PROVIDER WINNER Keal Technology

FINALISTS Applied Systems EquiSoft Humi iv3 Solutions Kronos Technologies Goose Digital PROUDLY SPONSORED BY

INSURANCE BUSINESS is published throughout the world with multiple editions. The Canadian edition is published bi-monthly, with a readership of 9,000 professionals across Canada. The print edition is supported by an online industry hub offering daily news and business intelligence via a website, with 80,000 monthly visitors, and e-newsletter sent daily to 16,000 subscribers across Canada. Committed to delivering the latest industry news, opinion and analysis, Insurance Business Online takes a fresh approach to covering the need-to-know developments of the day from government and regulatory bodies, platforms, underwriters and insurance firms, as well as industry service prtoviders.

AFTER COMING in as finalists at the 2016 Insurance Business

Canada Awards, Keal Technology clenched a win this year when IBC readers voted them Best Industry Service Provider. Supported by parent company Vertafore, Keal equips brokers with the most up-to-date tools to face today’s consumer needs. Delivering “on time, all the time” is one of the mottoes Keal lives by; the company closed 52% of all incoming calls the same day in the third quarter of 2016, and Keal’s Service Level Agreement support

“We’ve changed from being a familyowned company to being owned by a large operation, and it’s great that our customers are recognizing the hard work we have been putting together” LAURENT NADEAU Keal Technology

adherence sits at over 95%. One example of Keal’s service to brokers is the automation built for a client that allows them to manage and handle a large volume of trucking insurance. The system allows the client to integrate their in-house BMS for trucking insurance with Keal’s SIG broker management system.

For more information, visit insurancebusiness.ca

Laurent Nadeau and the Keal Technology team

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THE IV3 SOLUTIONS AWARD FOR EXCELLENCE IN RISK MANAGEMENT WINNER Intech Risk Management

FINALISTS Cheryl Madden Wynward Insurance Group City of Vancouver Risk Management Group Ingle International Peace Hills General Insurance Company PROUDLY SPONSORED BY

DEMONSTRATING THE value of implementing a consistent risk

management approach, Intech empowers clients to identify key organizational risks and their potential impact. The company assists decision-makers in risk avoidance, mitigation and control through the quantification of exposure and risk retention (including through the use of insurance deductibles) or contractual risk transfer (to a third party, including the use of insurance).

“To win this is truly unexpected. It’s very exciting to be recognized for all the hard work we’re doing, trying to achieve for our clients” FRASER ROBERTS Intech Risk Management

iv3 SOLUTIONS has been providing innovative insurance solutions that complement the evolving needs of a diverse marketplace since 1977. For nearly four decades, our goal has always been the same: to empower you to make the right underwriting decisions and respond more quickly to your customers. With our vast network of national property experts stretching across the country, iv3 will be able to help, no matter what your line of business, including actuarial, underwriting and brokerage, and loss control. For more information, visit iv3solutions.com

Fraser Roberts and the Intech Risk Management team

“I think nowadays with all the claims and catastrophic losses, risk management has become more and more important to all carriers across Canada,” says Denise Gaeta, president of award sponsor iv3 Solutions. By communicating, educating and demonstrating the value of addressing risk within an organization, and using insurance as a risk-transfer tool to manage the potential financial impact, Intech frames risk management as a value proposition rather than solely a compliance function. Intech also fosters the advancement of the risk management profession by hosting seminars, being involved in industry events, providing quarterly newsletters and writing articles/cases for various publications.

Denise Gaeta iv3 Solutions

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THE KEAL TECHNOLOGY AWARD FOR DIGITAL INNOVATION WINNER McDougall Insurance & Financial

FINALISTS Go Insurance GroupHEALTH Benefit Solutions Johnson Inc. LowestRates.ca Opta Information Intelligence Sharp Insurance Sonnet Insurance Surex Direct Zensurance ZipSure.ca PROUDLY SPONSORED BY

KEAL TECHNOLOGY develops and offers innovative broker management systems and other technology solutions across Canada. Keal is constantly introducing creative ways to boost productivity, lower costs and further enhance the workflow of broker clients. Its parent company, Vertafore, is a leader in modern insurance technology and believes technology to be the driving force in strengthening insurance relationships. Keal believes in adapting to the customer, not the other way around. Through the efficient use of technology, Keal delivers a fully integrated suite of personalized solutions, guaranteed to always meet the needs and business goals of Canadian insurance brokers.

IN TODAY’S evolving insurance landscape, digital innovation is more

important than ever, and McDougall Insurance & Financial is an example of how to use technology without sacrificing the human touch. The company’s chatbot features rudimentary artificial intelligence, adapting based on its interactions. Every month, McDougall works with its developers on enhancements to improve the chatbot’s service. In addition, McDougall’s ClickHook lead management tool allows the team to efficiently manage leads while also providing valuable insights such as response times and campaign success.

“We want to embrace the changing industry and make sure we are on top of it before it’s too late” ERIS HAYES McDougall Insurance

“Our technology provides another medium for our clients and potential clients to interact with us,” the company says. “It is another outlet for them to communicate with us, and the self-serve platform, chatbot and other features allow clients to interact with us 24/7, whenever it is convenient for them.” “[Industry technology] is going in the right direction,” said Laurent Nadeau of award sponsor Keal Technology. “There are a lot of challenges, but digital is the future.”

Eric Hayes McDougall Insurance & Financial

For more information, visit wp.keal.com

Laurent Nadeau Keal Technology

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THE PAL INSURANCE BROKERS AWARD FOR YOUNG GUN OF THE YEAR WINNER Joshua Kearley, Benson Kearley IFG

FINALISTS Andrew Cilinsky, Western Financial Group

Andrew Knee, Investors Group Cole Leitch, Avant Insurance Brokers Dorothea VanHerwaarden, Axis

Insurance Group, Shaw Sabey & Associates

Dustin Harvey, Aon Fowad Ahmed, Markel Canada Greg Markell, Ridge Canada Cyber Solutions

THE SON and grandson of brokers, Joshua Kearley originally

wanted nothing to do with insurance, but that’s no longer the case. In 2016, Kearley generated $380,000 in new business production; as of October 2017, he had already amassed $500,000 in new business for the year. Drawing on his own interests, Kearley has carved out a niche in the beverage industry. In 2017, he furthered his involvement in the sector by serving as a guest lecturer for the Niagara Teaching

“I’m shocked … I started crying on stage. Even being nominated was a win for me. And I won! This is such a great experience” JOSHUA KEARLEY

Gregor McAvity, Anderson McTague &

Benson Kearley IFG

Luke Keun, Archway Insurance

Brewery and Wine Makers program, joining the safety panel at the Master Brewers Association, and speaking at the Ontario Craft Brewers Conference. “In 2018, I think the business is always moving forward and always growing in different innovative ways,” says Amanda Erdelec of award sponsor PAL Insurance Brokers, “so I think it’s always good to promote the younger generation to have the ideas to build up the business.”

Associates

Matt Miller, Oracle RMS Simar Sidhu, Diamond Insurance Group Thomas Wright, Tredd Insurance Brokers PROUDLY SPONSORED BY

PAL INSURANCE BROKERS CANADA has been Canada’s leading specialty MGA for over 25 years. PAL’s online platform is very popular with brokers, as it allows quick and easy access to many of PAL’s programs. Responsiveness to brokers is one of PAL’s top priorities, whether in providing top-notch customer service or in the creation of several programs in direct response to broker demand. PAL’s younger generation continues to lead PAL into the 21st century by responding to shifting customer needs and technological advances.

Amanda Erdelac PAL Insurance Brokers Canada

Joshua Kearley Benson Kearly IFG

Amber Morrison-Givens PAL Insurance Brokers Canada

For more information, visit palcanada.com

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BUSINESS DEVELOPMENT MANAGER OF THE YEAR WINNER Julia Fischer, Intact Insurance

FINALISTS Darrell Keezer, Anderson McTague & Associates

Frank Piluso, Aon Julie Visser, Rogers Insurance and Sharp Insurance

Lindsay Donelson, FirstOnSite Restoration

Melanie Pon, South Western Group Michael Kewley, Berkley Canada Richard McKenzie, Garriock Insurance Steve Thorogood, Intact Insurance

“I feel like I put my heart and soul into my job, and this is me reaping my rewards. This is very, very exciting”

FROM WINDSOR to Ottawa, Niagara Falls to Sudbury, Intact

Insurance’s Julia Fischer makes sure all bases are covered for her brokers. “Relationship-building is at the heart of everything I do,” she says. When meeting with a brokerage, Fischer takes time to engage other members of the team after meeting the principal. She is also responsible for integrating insights from analytics reports with information received from broker distribution in order to better advise principals. “I believe the more I know, the more I can help my brokers,” Fischer says. Thus, she always works to involve herself in the development of new initiatives, participating in working groups to test and review new products, such as the recently rolled out mobile application for Intact Insurance’s telematics program. Fischer supports 80 brokers, who account for $200 million of gross written premium, and has completed numerous face-to-face training sessions and coordinated many appreciation events. Her efforts definitely paid off when her branch was the only one to consistently meet or exceed monthly expectations set throughout 2016, even in the face of significant changes in operations, including auto reform and other profitability restrictions.

JULIA FISCHER Intact Insurance

Julia Fischer Intact Insurance

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7/02/2018 5:41:37 AM

THE WYNWARD AWARD FOR BROKERAGE NETWORK CLUSTER OF THE YEAR WINNER Prolink Broker Network

FINALISTS Canadian Broker Network GTI Broker Group InsureBC Intergroupe PROUDLY SPONSORED BY

TAKING HOME the award for Brokerage Network Cluster of the

Year, Prolink Broker Network strives to make brokerage ownership a reality for entrepreneurs who seek independence with the ability to better service clients. Launched in 2007, Prolink has grown its membership to more than 60 independent brokers who write over

“This is really a testament to our broker partners across the country and their hard work. This is a proud achievement, for sure, and great exposure for our network” BRIAN MAHON Prolink Broker Network

WYNWARD INSURANCE GROUP is a national property & casualty insurer known for developing innovative products and services for Canadian businesses from coast to coast. Founded in 1920, we are proud to be 100% Canadian-owned, conducting business in all 10 provinces and three territories. We distribute our products exclusively through a world-class broker network and continually strive to be a trusted partner by providing exceptional service. For more information, visit wynward.com

Brian Mahon Prolink Broker Network

$150 million in aggregated premiums. Prolink provides its members with all the critical elements they need to compete effectively in today’s market, including access to top insurers, marketing tools and direction, bridge financing, systems and organizational support, management training, regulatory expertise, and more. With many members coming from the direct side of insurance, Prolink targets entrepreneurs from within the insurance industry who want true independence. Armed with a daring compensation model, Prolink backs new members with startup funding, systems and services, regulatory support, marketing tools, training, and more. “Supporting this award is important to me because we’re a company that believes in the independent brokerage distribution model,” says Lori Baker of award sponsor Wynward Insurance Group. “They’re the backbone of our business and our success as an insurance company.”

Lori Baker Wynward Insurance Group Derrick Leue Prolink Broker Network

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7/02/2018 5:41:47 AM

THE EMPIRE LIFE AWARD FOR LIFE & HEALTH ADVISOR OF THE YEAR WINNER Samuel Waxman, Millennial Financial Group

FINALISTS Andrew Bradley, AndrewWBradley.ca Financial Services

Aviva North, Sun Life Financial Chris Gory, Insurance Portfolio Financial Services

SAMUEL WAXMAN’S practice is unique in that he focuses on the

next generation. In an industry in which the average advisor age is approaching 60, Waxman offers a perspective that is more in tune with today’s generation. His firm, Millennial Financial Group, is committed to ensuring that millennials have access to skilled financial advisors who understand their needs and desires for the future. “Many advisors do not spend much time catering to a younger demographic, as these individuals typically do not have large savings, income or the foresight for insurance needs,” Waxman says. “For this

Joshua Krenus, Alteri Insurance Brokers

“To be a young guy in an industry where the average age is 60, and to get an award like this, proves I’m doing something right”

Louis Antonio Maestre, Maestre

SAMUEL WAXMAN

Gavin Mosley, Palladium Insurance Jaimie Foncea, Active Insurance & Financial Group

Jay Papernick, Assante Capital Management

Financial Solutions

Paul Crossdale, Morrow, Crossdale & Associates

Mike Stocks Empire Life

Millennial Financial Group

reason, I spend most of my time focusing on the millennial generation, teaching them the importance of insurance and financial planning.” Praising Waxman’s tactic of pushing the envelope in the life & health space, Mike Stocks of award sponsor Empire Life said, “I think this is a great opportunity because it’s showing the next generation of advisors who are taking advantage of technology and innovation to help meet the needs of consumers, and that really is the future of the industry.” PROUDLY SPONSORED BY

Samuel Waxman Millennial Financial Group

EMPIRE LIFE is a proud Canadian company that has been in business since 1923. We offer individual and group life and health insurance, investment and retirement products, including mutual funds through our wholly owned subsidiary, Empire Life Investments. Empire Life is among the top 10 life insurance companies in Canada and is rated A (Excellent) by A.M. Best. Our mission is to make it simple, fast and easy for Canadians to get the investment, insurance and group benefits coverage they need to build wealth, generate income and achieve financial security. For more information, visit empire.ca

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THE WINMAR AWARD FOR OUTSTANDING CLAIMS SERVICE WINNER Crawford & Company

FINALISTS Aon Archway Insurance Cunningham Lindsey Huestis Insurance Group Louis Meier Insurance MGB Claims Consultants Willis Towers Watson

THE SUCCESS of the insurance industry relies heavily on the claims

services provided to customers, and Crawford & Company stands out for its commitment to simplifying and improving the claims journey. Recently, Crawford launched Crawford 360 claims management, which combines digital innovation with enhanced service plug-ins to

“We know the industry is evolving and will be forever changing, and we need to be agile to respond to the needs of the market” MARY ANN ANDERSON

Zurich Canada

Crawford & Company

Glenn Woolfrey WINMAR

Mary Ann Anderson Crawford & Company

progress the file through each phase of the claims cycle, mapping out the claims journey and customizing the experience for each client’s needs. “This fully integrated approach to claims handling enables our clients to consolidate service providers, streamline service delivery and reduce costs associated with enlisting the services of multiple firms and experts in the claims process,” the company says. “Outstanding claim service is very important, as it really reflects on what we can provide,” says Glenn Woolfrey of award sponsor WINMAR. “It’s hard to renew a policy if you don’t provide claim service in support of it ... so it’s a great opportunity for this company to be presented this award.” PROUDLY SPONSORED BY

WINMAR is a proud Canadian-owned and -operated restoration company with more than 90 locations coast to coast. All WINMAR franchises are independently owned and operated and are active participants within their communities for sports, culture and supporting such organizations as the Salvation Army and Habitat for Humanity. WINMAR believes in providing an excellent customer experience, and our philosophy is really very simple: We treat each customer’s claim as if it were our own, applying the same standards of quality workmanship that we would expect ourselves. For more information, visit winmar.ca

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7/02/2018 5:41:59 AM

INSURANCE INDUSTRY EMPLOYER OF CHOICE WINNER Trisura Guarantee Insurance Company

FINALISTS Economical Insurance Intact Insurance Jones DesLauriers Insurance Management Keal Technology Louis Meier Insurance Brokers Oracle RMS Platform Insurance Management Surex Direct Wynward Insurance Group

FROM RECRUITMENT and talent management to benefits, Trisura

prides itself on a culture of ownership and empowerment. This generates thriving and engaged ‘Trisurians’ who are able to offer brokers the best service and elevate the company to the Five-Star Carrier status it received from IBC readers in 2016 and 2017. The company is a platinum-level winner of Aon’s Best Small and Medium Employers in Canada, having received an engagement score of 92%. The Trisura team offers nontraditional career opportunities and creates new roles to fit growth demands and the unique skills and experiences of employees. Trisura’s Mentoring Values & Principles

“Our most important asset is our people – we’ve got the best team in the business, by far. In my opinion, this is the best award” MIKE GEORGE Trisura Guarantee Insurance Company

[MVP] program allows employees to learn firsthand from the president and other senior members about Trisura values, products and business strategy, and also provides soft skills training for employees to move beyond the technical aspect of their work and fully engage brokers. Trisura is also dedicated to improving life balance through its wellness offerings, recently introducing an enhanced Employee Assistance Program that includes a significant sum for critical illness insurance.

Mike George and the Trisura Guarantee Insurance Company team

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7/02/2018 5:42:01 AM

BEST BROKERAGE UNDER 10 PEOPLE WINNER

OF ITS various achievements in the past year, the one the ALIGNED

ALIGNED Insurance

Insurance team considers most significant is the launch of its employee ownership plan, which made all staff members co-owners – one of the competitive edges of being a small brokerage. With all hands fully on deck, it’s no surprise that the company managed to achieve 60% growth over the previous year, and was named one of the Top 10 Brokerages in Canada by IBC in early 2017.

FINALISTS Bensol Consulting Hatton Insurance Agency Insureu Brokers

TG Group

“We built this brokerage from scratch. We have a long way to go, but this is an amazing milestone. This is truly a team award”

Woodgate Financial

ANDREW CLARKE

Kase Insurance Le Groupe AFER/AFER Group Risk Balance Sussex Corporate Risk

ALIGNED Insurance

Zensurance

Andrew Clarke ALIGNED Insurance

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To stay aligned with both business goals and clients, the team places a high priority on consistent communication and transparency. ALIGNED has interjected a number of touchpoints throughout the policy/coverage period to ensure continuous customer engagement. In terms of marketing and lead generation, ALIGNED has effectively positioned itself as a leading source of information and education on commercial insurance products and practical risk management, having accumulated more than 700 posts from employees on related topics, most of which have been distributed to the brokerage’s 13,000+ LinkedIn connections. Thanks to this strategy, ALIGNED is able to generate new leads without spending on pay-per-click and paid advertising.

8/02/2018 12:31:36 AM

THE DKI CANADA AWARD FOR P&C INSURER OF THE YEAR WINNER Northbridge Insurance

FINALISTS Aviva Chubb Insurance Echelon Insurance Economical Insurance Intact Insurance Markel Canada RSA Insurance SGI Canada

HELPING CANADIAN businesses succeed by being a trusted insur-

ance partner is the main focus for Northbridge Insurance. Boasting an 88% repeat business rate and 8% revenue growth in 2016, Northbridge takes a proactive approach to helping customers manage risk. Northbridge’s commitment to clients is reflected in the company’s claims team, where each member has industry-specific expertise. Northbridge’s underwriting and risk services teams are also specialized in their clients’ industry sectors. “This strategy has allowed us to

“I think this is very special – we are being recognized for putting our customers first” STEPHANIE DUDLEY

Trisura Guarantee Insurance Company

Northbridge Insurance

Wawanesa Mutual Insurance Company

develop the expertise we need to deliver insurance solutions that are flexible and make a difference to our customers’ success,” the company says. To evolve with today’s changing insurance landscape, Northbridge is also investing in technology to transform its underwriting operations. Adam Tzarik, central region director at award sponsor DKI Canada, presented Northbridge with the award. “It’s important to give back to the industry and to support the industry and its growth, along with fellowship and friendship,” Tzarik says.

Wynward Insurance Group PROUDLY SPONSORED BY

DKI is the largest disaster restoration contracting organization in North America. The restoration services DKI provides to insurance, commercial and residential clients include emergency response, water damage mitigation, fire and contents cleaning, mold remediation, complete reconstruction, and much more, 24 hours a day, 365 days a year. DKI returns damaged property to its pre-loss condition quickly and efficiently, delivering complete satisfaction to our consumer, insurance and corporate customers.

Stephanie Dudley and the Northbridge Insurance team

Adam Tzarik DKI Canada

For more information, visit dki.ca

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8/02/2018 12:32:18 AM

THE FIRST INSURANCE FUNDING OF CANADA AWARD FOR LIFETIME ACHIEVEMENT IN THE INSURANCE INDUSTRY WINNER Ross Totten, HRT Consulting

This award celebrates a leading figure who has contributed much to the advancement of the insurance industry in Canada. Though there are no defined parameters, this award acknowledges someone who has actively advanced the profession, served as a coach and mentor to others, has put the interests of the industry at the top of their priorities, and who has consistently worked wonders within the profession.

ROSS TOTTEN, winner of this year’s Lifetime Achievement Award,

has many industry titles to his name. In addition to his leadership role at HRT, Totten is chairman of SIAdvisers Consulting & Solutions, serves on the board of directors of Arch Insurance Canada, is the founder of Totten Insurance Group and is past CEO and a majority shareholder of South Western Insurance Group. After spending four and a half decades as an insurance intermediary, Totten ‘retired’ from the industry and now spends his time consulting with startup MGAs, domestic and international companies, retail brokers, and specialty markets on a variety of areas

“This is a great honour, and I appreciate what the insurance industry has given me over the years. It’s given me so much” ROSS TOTTEN

PROUDLY SPONSORED BY

FIRST INSURANCE FUNDING OF CANADA provides the Canadian insurance market with comprehensive payment solutions. Brokers, MGAs and carriers can partner with FIRST Canada and expand their offerings to provide more value, choice and convenience for their clients. The combined strength of FIRST Canada’s dedicated team, evolved offering and innovative platform positions its partners to meet the demanding future of the Canadian insurance landscape. Armed with market-leading solutions for success, FIRST Canada is part of the Wintrust family of companies, with more than $25 billion in assets and part of the largest premium finance companies in North America. Follow FIRST Canada on LinkedIn and Twitter. For more information, visit firstinsurancefunding.ca

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HRT Consulting

in the claims, marketing, operations and distribution fields. He has partnered with Mike Callon for a web-based marketing resource dealing with niche, hard-to-place and specialty products for independent brokers across Canada, as well as with Scott Francis for SIAdvisers, a specialty claims boutique providing adjusting, TPA and subrogation services, along with claims and litigation management, to Lloyd’s syndicates and domestic markets. Involved in industry education for many years, Totten has been an Institute course instructor, coordinator of insurance studies at St. Clair College, and a teacher and lecturer for RIBO licensing and CAIB courses. He is also past president of the Insurance Institute of Ontario and a past governor of the Insurance Institute of Canada. CEO Stuart Bruce and SVP of national sales David Caringi of award sponsor FIRST Insurance Funding of Canada presented Totten with the Lifetime Achievement Award, saying, “It’s phenomenal to see people who have contributed so much over the years, and to be part of that is second to none for our business.”

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David Caringi FIRST Insurance Funding of Canada Stuart Bruce FIRST Insurance Funding of Canada

Ross Totten HRT Consulting

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WOMAN OF DISTINCTION WINNER Lynn Oldfield, AIG Canada

FINALISTS Cathy Lipe, Sharp Insurance Darlene Diplock, HUB International Eileen Greene, HUB International Ellen J. Moore, Chubb Insurance Company of Canada

Jodie Kaufman Davis, Burns & Wilcox Canada

Karen Barkley, Markel Canada Kathleen Peace, Woodgate Financial Rosetta Bilodeau, Rogers Insurance Sandra Henkel, Trisura Guarantee Insurance Company

Shari Douglas, RSA Insurance Victoria Masucci, Oracle RMS

“Women make up more than half of the industry, and we need to keep moving women forward in leadership positions. I’m a huge proponent of fostering talent for the P&C insurance industry” LYNN OLDFIELD

WHEN LYNN OLDFIELD joined AIG in 1991, it cemented her

decision to build her career within P&C insurance. Since then, she has weathered the challenges brought by the global financial crisis and helped the company restore its annual gross written premium volume to billion-dollar levels. In the aftermath of the Southern Alberta floods in 2013, Oldfield rallied a group of commercial carriers to issue advance payments to insureds to support their rebuilding efforts. The past year was also fruitful for Oldfield, despite stiff competition in the market. AIG managed to achieve growth with its claims team, which delivered on its promise of providing clients 50% of loss value if an idea of quantum is reached. Also in 2017, Oldfield received the Fellow of Distinction Award from the Insurance Institute of Canada. On top of these accomplishments, Oldfield heads AIG’s diversity & inclusion efforts and is responsible for ensuring the company’s support for industry events such as the RIMS Canada Conference and the Women in Insurance Cancer Crusade. She is also a regular speaker at diversity & inclusion and women’s leadership council events, and serves as a mentor to many insurance professionals and to women throughout the AIG network.

Lynn Oldfield AIG Canada

AIG Canada

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LIFE & HEALTH INSURER OF THE YEAR WINNER Great-West Life

FINALISTS BMO Insurance Empire Life Foresters Life Insurance Industrial Alliance LaCapitale Financial Group Manulife Canada RBC Life Insurance Company SSQ Financial Group

“I think this award is recognizing our history in the industry. It’s recognizing our dedication to helping improve Canadians’ lives” AMANDA FICKLING Great-West Life

IN THE LIFE & health insurance space, having a long-term view-

point is essential – and this is what Great-West Life works to guarantee in its solutions and service, with emphasis on adaptability and flexibility. The company takes pride in being “the only insurer in Canada that offers a revolutionary approach to healthcare spending accounts and benefit plan design” through its Health SolutionsPlus program, which allows plan members to pay for products and services not covered by their existing health and benefits plan with a Visa payment card. To grant members easy access to their plans and other resources, Great-West Life has introduced mobile apps such as The GroupNet Mobile, which lets members view coverage details, access their benefits card and submit claims online, as well as the DrugHub app, which helps members manage their medications by allowing them to look up ingredients and interactions and set reminders for when to take them. In addition to these product offerings, Great-West has also set up the Great-West Life Centre for Mental Health in the Workplace to address mental health issues by offering practical steps, tools and resources. A dedicated organizational health consultant team works to align the needs of the centre with existing resources from the company’s suite of disability products.

Amanda Fickling Great-West Life

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THE CNA CANADA AWARD FOR OUTSTANDING PHILANTHROPY & COMMUNITY SERVICE WINNER

WITHIN AN 18-month period, Preferred Insurance Group supported

Preferred Insurance Group

35 community-based and charitable causes, for a total annual economic impact of $119,300. While many might not find that number impressive, for a team of just 27 individuals, Preferred contributes $4,418 per employee. The company’s largest initiative is Preferred’s Turkey Bowl, an annual event that started as a small get-together 10 years ago and in

FINALISTS Darling Insurance and Realty Mark Halpern WEALTHinsurance.com OracleRMS Rhodes & Williams Insurance Brokers Special Risk Insurance Managers Trisura Guarantee Insurance Company

“I know there’s a recent trend in the corporate community to view this as a strategic investment, but we don’t like to look at it like that. For us, it’s a love of helping others and serving the community” PETER CARR Preferred Insurance Group

Peter Carr Preferred Insurance Group

2016 hosted approximately 225 guests and raised more than $40,000 for Childcan, a London, Ontario-based organization that supports families dealing with childhood cancer. In the past five years, Preferred has donated more than $140,000 to Childcan. “We just celebrated our 100th anniversary, and to commemorate that, we’ve adopted the theme of giving back,” says Nick Creatura of award sponsor CNA Canada. “In keeping with that theme ... we thought this was a wonderful thing to be able to participate in.”

PROUDLY SPONSORED BY

CNA is the eighth largest commercial insurer in the United States. CNA provides a broad range of standard and specialized property & casualty insurance products and services for businesses and professionals in the US, Canada, Europe and Asia, backed by 120 years of experience and more than $45 billion in assets. For more information, visit cnacanada.ca

Nick Creatura CNA Canada

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THE MARKEL AWARD FOR BIG BROKERAGE OF THE YEAR WINNER Archway Insurance

FINALISTS Aon HUB International Huestis Insurance Group Jones DesLauriers Insurance Management McDougall Insurance Rogers Insurance Willis Towers Watson PROUDLY SPONSORED BY

ARCHWAY INSURANCE has grown impressively since its start in

1985 as a half-million-dollar business. Today, the company has grown to 150 employees and 21 locations across Nova Scotia and New Brunswick. In 2016 alone, Archway doubled in size with several acquisitions, including the purchase of Alliance Assurance. In recent years, the company has also focused on boosting its online presence with a revamped website, which allows Archway to better find clients

“We are excited about the growth we’ve seen, moving from small to big brokerage … and it’s our industry partners that make it happen” MICHAEL STACK Archway Insurance

MARKEL CANADA was formed in 2009 following the acquisition of Elliott Special Risks, a specialist insurance firm established in 1966. Operating across Canada with offices in Montreal, Toronto, Calgary and Vancouver, and built on a reputation of underwriting excellence and product knowledge, Markel partners with brokers to provide effective solutions for unique commercial liability needs.

through online marketing campaigns and SEO optimization, and also provides support to brokers by creating a new source of leads. Archway also recognizes the importance of continuously updating its employees’ skills and knowledge. Over the years, the company’s training has evolved to cover both technical knowledge and soft skills. That commitment to professional growth resulted in $4.95 million in revenue from new policies in 2016, and nearly 48,000 clients for the year. Acknowledging Archway’s success, Karen Barkley of award sponsor Markel Canada said, “We don’t deal with that many really big brokers, so we’re quite happy to provide the award for really big broker.”

For more information, visit markelinternational.ca

Michael Stack and the Archway Insurance Team

www.insurancebusiness.ca www.australasianlawyer.com.au

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OUTSTANDING CUSTOMER SERVICE BY A BROKERAGE WINNER BMS Canada Risk Services

FINALISTS Avant Insurance Brokers Cornerstone Insurance Services Erb & Erb Insurance Brokers Gillons Insurance Ken Gibb Knight Archer Newman, Oliver & McCarten Insurance Brokers Nuera Insurance Sharp Insurance Wardell Insurance Wells Insurance Services

IT’S CLEAR what BMS Canada Risk Services considers funda-

mental to delivering exceptional client service: having experienced team members who are well acquainted with the operations of their clients. Many BMS staff members, including CEO Brian Gomes, have experience in the association sector at different levels and in varying areas, which enables them to see the opportunities and challenges their clients face. Each association client also has multiple points of contact at BMS to ensure that they’re properly connected. A dedicated email address and a toll-free phone line are also provided for inquiries; in 2017, the

“Five years ago, we set on a track to do something different that truly centred around client service and customer service in a way that we had not seen done before” BRIAN GOMES BMS Canada Risk Services

Brian Gomes BMS Canada Risk Services

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company responded to more than 14,000 member calls. In addition, BMS conducted 1,200 live chats, which allowed members to bind their policies within an average time of five minutes. Aside from communication, the BMS team is focused on client education, participating as speakers at various conferences and events. The company has a specialist risk management and strategic communications staff that produces engaging and well researched risk-related resources; the team produced and delivered 50 original risk resources and presentations in 2017 alone. For associations looking to work with BMS, the team has an onboarding process to help the association and its members transition smoothly, including providing collateral such as online tools and communication materials in advance for review.

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THE BURNS & WILCOX CANADA AWARD FOR BEST BROKERAGE OVER 10 PEOPLE WINNER Platform Insurance Management

FINALISTS A.P. Reid Insurance Dalton Timmis Insurance HighStreet Insurance Group Ives Insurance Brokers Masters Insurance Sound Insurance Services Surex Direct TK WoodMar Insurance Brokers PROUDLY SPONSORED BY

THE TEAM at Platform Insurance Management stands by the belief

that the results they deliver are their most effective source of advertising. Over the past year, Platform was able to drive premium levels above $20 million, including revenue growth of $2.69 million between 2015 and 2016, which was supported by new hires that doubled Platform’s employee base in just one year. The company’s growth has largely been due to its commitment to building its referral network. Recognizing that clients were not the only stakeholders with an interest in ensuring the best coverage, Plat-

“This is validation for believing in building a company based on culture and based on putting our employees before everything else. If you do that, everything else falls into place” CHARLES QUENNEVILLE

BURNS & WILCOX is North America’s leading insurance wholesale broker and underwriting manager, internationally recognized for its expertise in commercial and professional liability, property, marine and personal insurance. Burns & Wilcox offers wide-ranging and comprehensive solutions to serve retail insurance brokers. Burns & Wilcox is a member of H.W. Kaufman Group, a global network of companies dedicated to shaping the insurance industry, employing more than 2,000 professionals in 60 offices across the US, Canada and the UK. For more information, visit burnsandwilcox.ca

Platform Insurance Management

form’s team focused its attention on other key stakeholders, including lenders, lawyers and equity participants. Recognizing the impressive growth that helped Platform win the award for Best Brokerage Over 10 People, Jodie Kaufman Davis of award sponsor Burns & Wilcox Canada says, “Our brokers are our support – that’s how we are successful. We are partners with our brokers to offer them solutions to better help their clients.”

Charles Quenneville and the Platform Insurance Management team

Jodie Kaufman Davis Burns & Wilcox Canada

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THE ARAG CANADA AWARD FOR MGA OF THE YEAR WINNER Anderson McTague & Associates

FINALISTS ABEX Affiliated Brokers Exchange Angus-Miller April Canada Burns & Wilcox Canada Can-Sure Underwriting CHES Special Risk Encon Group K&K Insurance Canada PAL Insurance Brokers Canada Pen Underwriting Signature Risk Partners South Western Group

MGA OF the Year Anderson McTague & Associates achieved

$27.3 million in gross written premium in 2016 – a 22% increase over 2015, all through organic growth. Founded in the late 1930s, Anderson McTague serves more than 220 brokers across four provinces and averages 1,500 new business quotes a month. With eight full binding authorities from Lloyd’s of London, as well as limited binders with the marine and aviation markets, Anderson McTague is the longest-standing MGA coverholder for Lloyd’s in Canada.

“This is the reward for lots of hard work that we’ve put in over the past five decades. We couldn’t have done it without the team within our organization that makes it all happen” CHUCK MCTAGUE Anderson McTague & Associates

Special Risk Insurance Managers PROUDLY SPONSORED BY

ARAG SERVICES CORPORATION provides an innovative and comprehensive range of legal expense products for intermediaries, underwriting agents and insurers. Our products are designed for businesses, families, drivers and landlords. We have a unique corporate identity as an international family enterprise. We are independent, which enables us to bond with our clients who also strive for independence and self-fulfilment. We support our clients in every phase of life in their efforts to achieve freedom of action, and we accompany them at significant turning points in their lives. In short, our clients can concentrate on their opportunities because we attend to their risks.

In 2011, the firm took a huge step in transforming into the “MGA of the future” in Atlantic Canada by completely changing its operating system and the entire workflow of the company. Since that time, Anderson McTague has grown by 100%, while almost doubling its underwriting team and opening a branch office in St. John’s. “It’s exciting times to be in this industry with all the technology advances and distribution possibilities, and bringing a new product to the Canadian market makes it a truly exciting time for us,” says Peter Talacek, CEO of award sponsor ARAG Canada.

Chuck McTague and the Anderson McTague & Associates team

Peter Talacek ARAG Services Corporation

For more information, visit arag.ca

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THE SOUTH WESTERN GROUP AWARD FOR BROKER OF THE YEAR WINNER Nick Wong, Sharp Insurance

FINALISTS Brock Longworth, Cornerstone Insurance Services

Chris Sikorski, Magna Insurance Group Joe Palmer, Palmer Atlantic Insurance

NICK WONG left a career in high-end retail to “try something new”

– and it landed him the successful insurance career he has today. In the four years since Wong joined Sharp Insurance, he has earned recognition Sharp’s top salesperson; from September 2016 to September 2017, Wong wrote more than $1.77 million in total premium across 1,014 policies. “I always take the time to educate and explain things thoroughly to clients, verify important information and anything else that will reduce errors and omissions,” Wong says.

Wayne LeGear, HUB International

“This is a really prestigious award, and I never saw myself standing up here winning it. It shows how much I have progressed in the industry”

Wendy Wildeman, Rogers Insurance

NICK WONG

Kevin Stedman, Jones DesLauriers Insurance Management

Mark McKinley, Lloyd Sadd Insurance Brokers

Michelle Elliott, HUB International

PROUDLY SPONSORED BY

SOUTH WESTERN GROUP is a wholesale insurance intermediary/managing general agent offering a broad range of insurance solutions for specialty, niche, program and hard-to-place business. Since 1961 we have proudly provided underwriting expertise to independent insurance brokers across Canada. We have earned a reputation for excellence in underwriting, risk management and customer service. Using electronic delivery systems and paperless file management, we have been able to significantly reduce document delivery time, as well as more quickly respond to broker needs. With our strategically located offices and our varied product lines, we are the premier intermediary, conducting business with more than 3,000 brokers in Canada. For more information, visit swgins.com

Sharp Insurance

In 2016, Wong participated in an internal company innovation lab, where he developed the idea for a cross-selling calculator that is now used by all staff, contributing to the loyalty and retention of Sharp’s client base. South Western Group president and CEO John C. Barclay presented Wong with the award. “Brokers are the lifeblood of our industry, and they’re the direct connection between our product and the consumer,” Barclay says. “Without really strong advice for the consumer, everything else we do has less relevance, and it makes it more difficult.”

John Barclay South Western Group Nick Wong Sharp Insurance www.insurancebusiness.ca www.australasianlawyer.com.au

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FEATURES

VIRTUAL WORKFORCE

How to build a virtual workforce From cutting costs to freeing up brokers to meet clients, ditching the office has a lot to offer if you can get it right, explains virtual working expert Ruth MacKay THE TRADITIONAL boundaries of officebased work no longer apply in the modern business environment. Thanks to the proliferation of mobile technology, professionals can now work from home, on the road, in their favourite café or almost anywhere there is a good internet connection. Never before have workers had so much autonomy over when, where and how they work. This brings a long list of benefits to the forward-thinking companies that are using virtual workforces to maximize their competitive advantage, attract and retain the best talent, and become first-choice employers, all while cutting overhead costs and increasing productivity. However, running a successful virtual workforce requires a completely new management philosophy. Traditionally, the manager’s role was to supervise, direct and interact face-to-face with employees. For most managers, that was easy. With employees at their desks from nine to five, managers could stop by at any time and check in. Now they’re asking: “How can we maintain solid oversight while allowing our employees the freedom to work virtually?” That’s a good question, and one that can only be answered with solid planning, training and a top-down understanding of how to implement, integrate and manage a virtual workforce designed to address the

challenges of doing business in the 21st century. Follow these four steps to build an effective virtual workforce that will take your business to the next level.

STEP 1 Evaluate Not every business is the same, so there is no one-size-fits-all virtual workforce that you can simply drag and drop into play. Some businesses will be more suited to a virtual workforce than others, as will certain business units within your company. Take some time to carefully evaluate your business for strategic fit by considering the following: How might a virtual workforce increase your competitive advantage? Consider how a mobile workforce might be able to outpace your competition by providing your clients with on-location service. How will a virtual workforce impact your market position? Without the overhead drain of maintaining a bricks-and-mortar office, you may be able to offer discounts to high-value clients or become a lowercost provider. Will a virtual workforce open entry into new markets? Having employees stationed around the country and even around the globe, operating in a range of time zones,

may open up new opportunities to expand your territory and enter new markets. What is your competition doing? If they have moved or are moving to a virtual workforce, you are definitely at risk of being left behind the eight ball.

STEP 2 Assess Virtual workforces offer a range of potential benefits, but they also require investment in key areas to ensure maximum effectiveness. As with every business decision, you must assess the benefits against the costs to determine if a virtual workforce is the right fit for your organization. Here’s some food for thought to get you started: POTENTIAL BENEFITS The reduction in employee commuting time increases flexibility and improves work–life balance. This leads to reductions in staff attrition and associated recruitment and training costs. Fewer in-office distractions can improve employee productivity and boost motivation and engagement. Cutting overhead costs may offer an opportunity to rethink your pricing structure and improve your competitive advantage.

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Sales and IT have worked with all areas of management to identify the most effective management of software, hardware and support. Each business unit has clearly written policies that can be easily distributed to your virtual employees. During your pilot program, look for gaps that might require training, new technology or infrastructure. Also, recruit staff – either internally or externally – with the attributes required to work virtually. Plan out the scope, tasks, timing, resourcing, costs and acceptance criteria (use these as the basis for your ongoing management metrics) so that the transition is as seamless as possible. Be disciplined in completing the plan, and after a meaningful period (this should represent at least one complete business cycle), measure outcomes to goals. This will enable you to construct a new project plan that offers solutions to the gaps in the initial cycle. This may be improved by utilizing relevant outside expertise. Staff stationed in various locations offers the potential to improve client relationships via face-to-face visits.

STEP 3 Implement

Training and support will be needed to assist employees as they transition to the new technology and work philosophy.

Once your evaluation and assessment are complete, it’s time to enter the implementation stage. Running a pilot program provides a positive pathway to transitioning to a virtual workforce in one part of your business without impacting overall operations. Most important, you must have the various business units take full ownership of the transition to ensure they have clearly identified both the opportunities and the risks within a virtual workforce. Also, your managers will need to be trained and motivated so they are up to the challenge of effectively leading their virtual employees. To run a successful pilot project, ensure that:

Resources may be required to ensure buy-in up and down the management chain to prevent resistance.

Software and hardware selection and application are approved by all of the company’s units.

POTENTIAL COSTS Investment in new software and hardware technology to support the virtual model will be required. Initial management training will also be required to convert to virtual workforce management practices and techniques.

STEP 4 Launch Your pilot project will have lessened the overall risk while gaining much-needed support for the virtual model across your organization. With all your evaluations, assessments and planning in place, it’s now time to pick a specific date to launch – because the only way you can identify what will work and what will need improvement is by doing it.

Ruth MacKay is the founder and managing director of Ourtel Solutions, where she manages a 100% virtual workforce. She is passionate about helping businesses gain a competitive advantage, improve profits and retain top talent by leveraging proven virtual workforce models. MacKay is also the author of the new book The 21st Century Workforce. For more information, visit www.ourtelsolutions.com.

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PEOPLE

CAREER PATH

LIFELONG LEARNER

Natural curiosity and a thirst for knowledge have propelled Linda Colgan from the mailroom to the top of her field

Brought up helping out with her father’s small business, Colgan demonstrated her work ethic early on. At the age of 10, she set up a roadside stand on the path to the beach in her PEI hometown to sell berries she had picked herself, sometimes bringing along her horse to attract more customers

1970

STARTS HER FIRST BUSINESS

1980

GETS PROMOTED In her new position as account manager, Colgan acted as an assistant for two account executives with large portfolios. Although she describes the job as “basically a glorified secretary,” Colgan credits it with giving her an extensive education in her new field

“It was an amazing start – very educational. They knew I had a great interest in the industry and would always answer my questions. They gave me a lot of insight ” 1997

SPREADS HER WINGS Seeking a new challenge, Colgan moved on to a small brokerage specializing in transportation. She didn’t make the decision alone; in fact, it was the subject of a family meeting “We had a vote, and it was unanimous. My career is a family affair: They supported and encouraged me; they were always supportive when I had to be away from home. I couldn’t have done it without them”

2013 JOINS BRYSON Colgan was drawn to Bryson, where she was put in charge of developing the transportation book of business, by the brokerage’s service-first ethos “Our motto is ‘brokers and then some’ – we go the extra mile; we do whatever we have to do ethically. It’s been a good marriage between us; we’ve been able to build on existing relationships and develop new clientele and markets”

1979 FINDS INSURANCE Working in retail since high school, Colgan realized she’d had enough of being on the clock every holiday and weekend and listening to Christmas music for two months a year. A friend helped her break into insurance with a job in the mailroom at Tomenson Saunders Whitehead “I lasted about six months – I was so inquisitive that I enrolled in insurance courses and got my licence and advanced to being an account manager the next year”

1986 MOVES INTO TRANSPORTATION Two years into her time as an account executive, Colgan was invited to work in the fledgling transportation division of a company founded by a former colleague, who soon became a mentor “I think I owe my career to him. He was a people person; he taught me how to understand people and to understand that insurance is about people. I was elated to work alongside those people”

2001

GRAVITATES TOWARD SAFETY When her brokerage was sold to a larger firm, Colgan decided not to make the transition to the new company, instead taking a position with Safety Insurance. Safety’s specialization in transportation insurance made for a powerful incentive, but perhaps more important than that was the presence of someone who had the potential to be another mentor “She is well respected and knowledgeable – a real moral beacon. She made the choice of where to gravitate toward obvious”

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PEOPLE

OTHER LIFE

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

The races, which travel to a neighbouring sailing clu b, ca n last up to five hours

Number of races for which McKenzie has served as race officer

6–8

Typical distance, in nautical miles, of a weekend race

16–21

Number of boats sailing in a typical race

OFF TO THE RACES When she’s not arranging insurance coverage, Roxanne McKenzie can often be found watching the boats go by ROXANNE MCKENZIE’S first foray into sailing came when, to her surprise, “my husband came home and told me he’d bought a sailboat. Neither of us knew how to sail!” The couple soon learned the ropes, but McKenzie, the president of JW Davis Insurance Brokers, realized she wasn’t cut out for their local sailing club’s races.

“Racing requires skills: You have to be strong or coordinated,” she says. “The joke is that I am neither of those, so I joined the committee to organize the races.” So while her husband participates in the weekend events as part of a racing team, McKenzie serves as a race officer. “It’s relaxing – seeing huge boats

moving through the water is humbling,” she says. “And the last thing you’re thinking about is insurance – until you see two boats almost collide.” Sometimes, though, McKenzie and her husband simply untie Soca Sailor, the 38-foot sailboat they bought in 2010, “and go wherever the wind blows us.”

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FEATURES

EXPERT ADVICE leadership program, the 2018 curriculum has been updated with an emphasis on digital transformation insights. “We are proud of the industry-leading executive education program we’ve built with RSA over the past decade,” says David Saunders, Dean of the Smith School of Business. “Our world-class faculty in the areas of leadership, strategy and building customer value brings solid bench strength, helping equip independent brokers with the latest management tools and techniques to grow their businesses.”

Digitize to differentiate

RSA evolves its 2018 Making Partner program to deliver digital value to brokers TECHNOLOGY HAS had a major impact on shaping customer demands, and that’s why RSA is committed to innovating its educational offerings to maximize relevance and utility to participants. More than ever before, brokers are feeling the pressure to embrace their customers’ desire for simple digital solutions while still offering key differentiators to remain relevant. “Technological innovation is no longer a competitive advantage, but rather table stakes for an insurer, in part due to the advancements made in other sectors,” says Bala Lajos, Learning and Development Program Manager at RSA Canada. “The capacity to lead digital transformation is now an essential competency for all future P&C leaders who want to remain competitive and lead successful brokerages in today’s business landscape.” Before organizations rush to become more

‘digital,’ it’s important for industry leaders to understand what that really means for insurers and brokers. RSA Canada’s Making Partner program, now in its 12th edition, aims to provide that very perspective, along with the crucial skills that are needed to ‘make partner’ in today’s dynamic digital era.

Built in partnership with the best The program is run every year in partnership with Queen’s University’s Smith School of Business, an institution that is consistently recognized as one of the best in the world for executive education and business training. Evolving your business is about picking the right partner; RSA’s partnership with Queen’s University, and its commitment to evolving, is a testament to this notion. In addition to the many core elements of this highly successful flagship executive

This year’s session will enhance brokerage leaders’ ability to profitably grow their business in a changing environment. They will gain practical skills and knowledge to adopt new approaches to improve sales and negotiate successfully. During the week-long session, participants will learn how to modernize existing business models using SMAC methodology, which leverages the value of social, mobile, analytics and cloud to deliver on the needs of today’s changing competitive environment. Making Partner features leadership training, a mentorship and networking program, and sponsorship to attend an industry conference. Twenty candidates, representing a national and diverse set of brokers, will be selected to attend and gain new insights into the latest thinking and practice in the areas of strategic planning and implementation, strategic collaboration, finance, leadership, decision-making, digital transformation, and building customer value. Participants will learn through a variety of delivery techniques, including small and large group activities, experiential exercises, and a series of interactive case studies. This year’s class will include candidates from RSA’s broker partner network, chosen by RSA from a pool of applicants who come endorsed by brokerage principals for their demonstrated capacity to lead effectively. Making Partner, taking place at Queen’s University’s Smith School of Business from May 13–18, 2018, is part of RSA’s suite of educational tools available to brokers. To learn more about RSA’s investment in broker education, visit rsabroker.ca/rsa-advantage/ education-training.

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Markel.

Expect more from your insurance carrier

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

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