Insurance Business Canada 3.03

20 I N C 15 P L U D RO E D W GR I T H AM T H I S DIR I S S U EC E TO R

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WWW.INSURANCEBUSINESS.CA ISSUE 3.3 | $6.95

YOUNG

GUNS Get to know 38 of the industry’s rising stars

ABOVE AND BEYOND WHAT TODAY’S CONSUMERS EXPECT FROM CYBER COVERAGE

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VIDEO MARKETING AN EXPERT OUTLINES 10 MISTAKES YOU’LL WANT TO AVOID

REACHING NEW MARKETS ZURICH’S CEO ON THE COMPANY’S REVOLUTIONARY NEW PRODUCT

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ISSUE 3.3

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CONTENTS

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UPFRONT 04 Editorial

In praise of Young Guns

YOUNG

GUNS

COVER STORY

YOUNG GUNS

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Through the eyes of these 38 rising stars, the future of the insurance industry looks bright

FEATURES

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MOVING ON UP

Elliott Special Risks transforms into Markel Canada – and offers brokers an expanded slate of liability products

INDUSTRY ICON

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08 Head to head

Expanding coverage for Airbnb users

10 News analysis

The FIFA scandal puts reputational risk back in the spotlight

12 Intelligence

This month’s big movers and shakers Covering CASL violations

16 Technology update

How mobile technology can help producers up their game

FEATURES

42

Today’s cyber liability policies offer extra services to clients who have been victims of a data breach

18 Opinion

Reaching young people isn’t a new issue, writes Karen Costain

PEOPLE 44 Producer profile

David Imschweiler’s passion for dogsledding has taught him many valuable business lessons

53 Career path

Greg Kruk’s life-changing decision

Zurich general insurance CEO Michael Kerner reveals how the insurance giant plans to attract new customers

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Mergers and acquisitions continue to dominate the industry

14 MGA update

MORE THAN JUST COVERAGE PEOPLE

06 Statistics

55 Other life

Dave Kennedy takes to the high seas

FEATURES

FEATURES

48

TAKING A HARD CHARGE AT A SOFT MARKET April Canada expands into the commercial marine space

50 Making movies

10 things you should avoid when making videos to connect with clients

56 Expert advice

How to determine the real replacement value of a property

INSURANCEBUSINESS.CA CHECK IT OUT ONLINE

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Your specialty mga Hospitality programs Host Liquor & Special Event Liability Weddinguard Server Liability Performer Liability Event Planners Caterer Liability Exhibitor/Vendor & Kiosk Liability

contingency programs Event Cancellation/Non-appearance Prize Indemnity

UniqUe property coverages Contents in Storage ATM, VLT & Vending Machines Miscellaneous Property automatic rates and instant policy issuance available for most pal products online!

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UPFRONT

EDITORIAL

Young guns are hitting their targets

T

ried, true and mostly gray-haired – it’s an easy insurance industry stereotype to make, but it’s also not too far from the truth. After all, statistics pin the average Canadian insurance professional at over 55 years old.

Yet despite knowing that young blood is crucial to the survival of the industry, insurance companies’ track record for hiring and retaining young employees is not too impressive. In fact, research from The Middleton Group suggests that only one out of every five people hired will go on to become a successful producer.

That’s why it’s so refreshing to see ambitious young people entering the industry and bringing with them fresh ideas, new perspectives and innovative change.

These triumphant tales underline just how important it is for the industry to win over young people ...

Over the past two months, we’ve asked you to tell us about your ‘Young Guns’ – insurance professionals under the age of 35 who have made their mark on the business despite their limited experience. You responded, and we’ve sifted through hundreds of remarkable individuals to narrow down that group to 38 leaders prepared to take the industry on to even greater heights.

We hope you’ll find these young professionals – ranging from CEOs to top producers – inspiring, and that you’ll take time to learn from their stories. These triumphant tales underline just how important it is for the industry to win over young people, to help inspire change in the way the Canadian insurance industry views, courts and manages emerging talent.

After all, a career in insurance boasts many qualities young people say they prioritize: a competitive salary, work/life balance, career advancement opportunities, stability and a meaningful community presence. Unfortunately, most prospective employees don’t understand how insurance overlaps with so many of their goals.

It’s our responsibility to get that word out.

The team at Insurance Business Canada

www.insurancebusiness.ca JULY/AUGUST 2015 EDITORIAL Editorial Director Vernon Clement Jones Associate Editor Donald Horne Writers Caitlin Bronson Jill Gregorie Tim Garratt Maryvonne Gray Olivia D’Orazio Jordan Maxwell Executive Editor – Special Features Ryan Smith Copy Editor Clare Alexander

CONTRIBUTORS Karen Costain Geoff Anderson

ART & PRODUCTION

SALES & MARKETING National Account Manager Eric Langille Associate Publisher Trevor Biggs General Manager, Sales John Mackenzie Marketing and Communications Claudine Ting 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

Design Manager Daniel Williams

Human Resources Manager Julia Bookallil

Designer Joenel Salvador

Global CEO Mike Shipley

Production Manager Alicia Salvati

Global COO George Walmsley

Traffic Manager Kay Valdez

EDITORIAL INQUIRIES

vernon.jones@kmimedia.ca

SUBSCRIPTION INQUIRIES

tel: 416 644 8740 • fax: 416 203 8940 subscriptions@kmimedia.ca

ADVERTISING INQUIRIES trevor.biggs@kmimedia.ca

‘

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

Insurance Business Canada is part of an international family of B2B publications and websites for the insurance industry INSURANCE BUSINESS AUSTRALIA tim.garratt@keymedia.com.au T +61 2 8437 47OO

INSURANCE BUSINESS AMERICA caitlin.bronson@keymedia.com T +1 720 316 0154

Copyright is reserved throughout. No part of this publication can be reproduced in whole or part without the express permission of the editor. Contributions are invited, but copies of work should be kept, as the magazine can accept no responsibility for loss

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When it’s grim, you need Great

®

‘ A construction incident like this is a painful way to learn the carrier you recommended has less than stellar claims service.

To process claims quickly and smoothly takes the expertise of specialists who know and understand how to turn grim to great.

Great American’s strength of specialization gives us that rare ability.

We’re able to see risks, write coverages, and handle claims in a way that gives your clients greater satisfaction.

Don’t settle for less. Turn grim to great with Great American.

Property & Inland Marine Executive Liability Fidelity / Crime www.GAIG.com

Contact our Underwriting & Servicing offices at 416 309 0800 Coverage is summarized. Refer to the actual policy for a full description of applicable terms, conditions, limits and exclusions. Coverage is underwritten by Great American Insurance Company– Canadian Branch, a foreign registered insurer in all Canadian provinces and territories. The Great American Insurance Group eagle logo and the word marks Great American®, Great American Insurance Group® and When It’s Grim, You Need Great® are registered service marks of Great American Insurance Company. ©2014-2015 Great American Insurance Company. All rights reserved. Scotia Plaza, Suite 2100 40 King Street West Toronto, Canada M5H 3C2

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UPFRONT

STATISTICS

More mergers ahead?

The industry’s recent wave of mergers and acquisitions shows no signs of ebbing in 2015 MERGERS AND acquisitions played a big part in the insurance industry in 2014. There were eight deals worth more than $1 billion as sectors contracted across the industry.

The final quarter of the year saw several key moves, and industry experts expect the pace of 2014 to continue in 2015.

While much of the consolidation was focused on the reinsurance space, there was increased activity across the broker business

ACQUIRER Canada Pension Plan Investment Board TARGET Wilton Re Holdings Limited DATE June 2014

and in general insurance. The Deloitte 2015 M&A Outlook notes that 2015 should bring “continued acceleration of activity in the insurance M&A market.”

Companies should be prepared for entreaties by private equity firms looking to invest in insurance, other new entrants to the market from both home and abroad, and a changing regulatory landscape that could affect M&A activity.

$1.8 billion

ACQUIRER TIAA-CREF TARGET Nuveen Investments (part of Madison Dearborn Partners) DATE Oct 2014

$6.25 billion

$11 billion

PartnerRe and AXIS Capital merge in a mammoth deal signed in January 2015

$1.9 billion

$4.2 billion

ReinsuranceRe Holdings acquires Platinum Under­ writers in November 2014

Irish-based XL Group acquires Catlin to create one of the largest players on the Lloyd’s market

$1.8 billion Fairfax Financial buys UK specialty insurer Brit in February 2015

Sources: Mondaq, Wall Street Journal, PartnerRe, Deloitte 2015 M&A Outlook

REINSURANCE SEES BIG M&A ACTIVITY Increased activity isn’t limited to the brokerage sector – reinsurance is a burgeoning M&A market, and major industry players expect this to continue

BROKERAGE BUYOUTS AN UNEVEN TREND In terms of volume, the insurance brokerage sector saw its second-highest number of M&A deals (321) in 2014, but how many deals will happen in any given year is difficult to predict 400 350

“Global reinsurers have seen the future, and it requires greater scale … for reinsurers, the game seems likely to remain ‘eat or get eaten’” “We believe that the consolidation of reinsurance and a diversification of these organizations into primary specialty insurance (with a particular emphasis on obtaining access to the Lloyd’s market) may be a sea-changing event for the industry” –Deloitte 2015 M&A Outlook

250 M&A deals

– Standard & Poor’s RatingsDirect

300

200 150 100 50 0

2003

2004

2005

2006

2007

2008

2009

2010

2011

2012

2013

2014

Source: Deloitte 2015 M&A Outlook

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INSURANCE MEGA-DEALS

ACQUIRER London Stock Exchange Group TARGET Russell Investments (part of Northwestern Mutual) DATE Dec 2014

Billion-dollar deals have been the norm in the insurance industry over the last year or so, and they’re happening on a global scale – but Canadian and US insurers are playing a major role.

$2.7 billion ACQUIRER Dai-ichi Life Insurance Company TARGET Protective Life DATE Feb 2015

ACQUIRER Manulife TARGET Standard Life (Canadian operations) DATE Feb 2015

$5.7 billion

ACQUIRER XL Group TARGET Catlin Group Limited DATE May 2015

ACQUIRER Tokio Marine Holdings TARGET HCC Insurance Holdings DATE Pending (announced June 2015)

$4.8 billion

$4 billion

$7.5 billion

United States

The year’s top targeted nation, for cross-border M&A

Big cross-border moves

$5.58 billion

Dai-ichi Life Insurance buys Protective Life in June

$433 million

Fosun International acquires Meadowbrook Insurance Group

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Arthur J Gallagher 38 deals

2

Hub International 28 deals

3

AssuredPartners 23 deals Source: Deloitte 2015 M&A Outlook

$76

Increase in crossborder insurance M&A activity between 2013 and 2014

Even as the number of deals in the insurance sector moved up in 2014, the average value of those deals took a drop compared with the previous 12 months

$107

45%

The top three deal-makers saw major M&A activity both at home and abroad

AVERAGE BROKERAGE DEAL VALUE DROPS

$3.4

M&A activity from foreign-based companies picked up speed in 2014, and 2015 looks to be no different

... BUT DOMESTIC PLAYERS ACTIVE TOO

$3.0

INTERNATIONAL INTEREST GROWING ...

2013

2014

2013

2014

Aggregate value of deals ($ billions)

Average deal value ($ millions)

YOY: +13%

YOY: -29% Source: Deloitte 2015 M&A Outlook

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2015-06-19 9:50:31 AM

UPFRONT

HEAD TO HEAD

How should home-sharing insurance gaps be closed?

Currently, once a homeowner using a service like Airbnb hands over the keys to a third party, their coverage can be voided

Michelle Ohm

Daniel Mirkovic

Steve Kee

Broker Verge Insurance Group

Co-founder, president and CEO Square One Insurance

Directior of media and digital communications Insurance Bureau of Canada

“The onus is still on the insured/ client, who is obligated to always contact their insurance brokers for any and all changes that might affect their property/homeowner’s policies.

Whenever an insured has a claim – i.e., water loss, fire, a break-in – one of their first calls is usually to their insurance broker. The same should be true when they make any material changes in or to their home, and/or begin to use their home for any other purpose than as a homeowner.”

“There are no regulatory obstacles preventing insurance providers from offering protection to homeowners participating in Airbnb or other homesharing programs. Square One home insurance complements the protection provided by the Airbnb Host Guarantee.

As long as the homeowner properly discloses their participation in Airbnb, our policy protects against accidental damage caused by guests. The Airbnb Host Guarantee, on the other hand, only protects against intentional damage caused by guests.”

“Insurers will do what’s best for them based on the decisions and choices that will make the money.

There have been a lot of high-profile cases lately, and more people are paying attention, but I think it comes down to personal responsibility. Think about the people who rent cottages – it’s a similar principle.

You have to make sure you’re covered, and I don’t think it comes down to regulations, but more so awareness.”

Y u

NEW MARKET DEMANDS NEW COVERAGE Legitimate bed-and-breakfast operations pay insurance and taxes to guard against damages by guests, but the growth in popularity of ordinary homeowners using Airbnb under their homeowners’ policies is creating a problem – and presenting a coverage gap.

After a Calgary couple who recently rented their house on Airbnb returned home to find it completely trashed by the renters, the Canadian insurance industry has been prompted to weigh in on the growing popularity of Airbnb and what it means for the market.

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W le

In

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Move

Move up to Chubb.

Your customers have built a great lifestyle. Entrust us to understand its value.

At Chubb, we understand the value of your customers’ lifestyle and offer them a world of superior coverage and services, a place where unfortunate events are met with a surprisingly easy, supportive claims experience. Unlike typical insurance, Chubb is here to help protect your customers’ standard of living, not just their things.

With over 85 years of excellence in Canadian customer service, Chubb Personal Insurance offers leading customer experience and smart policies tailored to your customers’ individual needs.

Insure wisely. Live confidently.

chubbinsurance.com

Chubb refers to member insurers of the Chubb Group of Insurance Companies.

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15-02-17 10:29 AM 19/06/2015 6:50:42 AM

UPFRONT

NEWS ANALYSIS

Red carded As scandal continues to plague FIFA’s reputation, the corporate world’s most dynamic risk – and the policies that cover it – have been brought to the forefront once more THIRTY-FIVE YEARS ago, Joan Jett famously wailed that she was “never gonna care” about her bad reputation. Today, she may be the only one. Indeed, the concerns over brand and reputation as a strategic risk are such that even the global governing body for the world’s most popular sport is not immune.

It’s been a rough few months for FIFA, the Fédération Internationale de Football Association, culminating in the June resignation of the organization’s president, Sepp Blatter, and indictment of nine FIFA officials. Shadowy allegations and government inquiries have dogged FIFA for the better part of the year, spurring worldwide reflection on power, greed, temptation and the financial fallout that can plague a once-respected brand.

For the insurance community, the tale is a stark reminder that a fall from grace can

cutors, they had taken more than $150 million in bribes for media and marketing rights.

FIFA is also under fire for allegedly taking bribes for the 2018 Russia World Cup and the 2022 Qatar World Cup – accusations currently being investigated by the Swiss government. Moral questions have also come up, as more than 1,000 workers have died while building the stadium for the Qatar event, and 4,000 more are estimated to perish by its completion.

In addition to the official government investigations, the scandal has raised questions about a possible relocation of the 2022 World Cup. The financial fallout from that decision could have a severe impact on Qatar, which is expected to spend $200 billion over a 12-year period in preparation.

Already, the country’s stock market has dropped three percentage points due to the

“A business reputation ... may be irrevocably blemished due to breaches in its ability to conduct business ethically, securely or responsibly” Loretta Worters, the Insurance Information Institute destroy even the most popular and powerful.

Tracing the scandal back to its origins is difficult, but after years of rumors that Blatter and other FIFA officials were accepting bribes and using earmarked money for their own purposes, several officials were indicted in May by the US Department of Justice. According to prose-

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threat of relocation.

The government investigations and possible World Cup relocation raise valid questions about global insurance policies, but FIFA’s fall from grace provokes a far more nuanced question about risk management in the 21st century: Can reputational risk ever truly be insured

against, and if so, how effectively?

There is no arguing against reputational fallout as a serious threat to business.

According to Aon’s 2015 Global Risk Management Survey, damage to brand and reputation is the number one risk concerning business executives around the world. Given the unique nature of digital communication, the rising importance of the consumer and the fact that, according to a World Economic Forum study, more than 25% of a company’s market value is directly attributable to its reputation, the concern is hardly surprising.

“A business reputation, particularly the trust placed in the organization by its customers, may be irrevocably blemished due to perceived or actual breaches in its ability to conduct business ethically, securely or responsibly,” says Loretta Worters of the US-based Insurance Information Institute.

While reputational risk can encompass many things – such as pollution or product recalls – in the case of FIFA, the damage is more nebulous. The organization’s current

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A GOOD REPUTATION CAN’T BE BOUGHT ACE asked global business executives how strongly they agree with the following statements Reputational risk is more difficult to manage than any other specific risk category 92% Reputation is our company’s most significant asset 81% We monitor and measure our reputation on an ongoing basis 77% We find it difficult to quantify the financial impact of reputational risks on our business 77% Information and advice on managing reputational risk is difficult to come by 68% We feel inadequately covered for our reputational risks from an insurance perspective 66% Ultimate responsibility for reputational risk lies with the CEO/ managing director 56% insurance status is unknown, but the case provides a reasoned argument for the purchase of reputational risk insurance coverage, particularly for large companies and well-known brands.

A reputational risk insurance policy gives the insured the ability to consult with experts whenever a threat to reputation is identified, or at the first sign of negative publicity. It also connects the insured to experts who

television, print and online advertising, as well as the launch of a social media campaign and monitoring of the brand after negative publicity.

Of course, there is only so much an insurance policy can do to diffuse loss due to reputational fallout. According to a global survey conducted by ACE, more than threequarters of respondents agree that it is difficult to quantify the financial impact of

“There is much that insurers and brokers can do collectively to help their clients manage reputational risk” Andrew Kendrick, ACE European Group can develop a communications strategy and manage the disclosure of sensitive information before it becomes public.

Some coverage options can also provide cover for the cost of communications in response to bad publicity, including

reputational risk on their businesses.

“Nevertheless, we believe there is much that insurers and brokers can do collectively to help their clients,” says Andrew Kendrick, president of ACE European Group. “This could include the evolution of new, more

Social media has greatly exacerbated the potential for reputational risks to affect our company 56% Source: ACE

holistic insurance solutions that involve the input of crisis and PR specialists. More generally, it should involve professional risk engineering to improve risk management processes and governance.”

Kendrick recommends brokers work side-by-side with clients to develop better ways of tracking perceptions of their main external stakeholders, such as customers, the media, pressure groups or regulators.

Additionally, brokers should help clients test crisis response plans regularly to allow for a faster response when reputational damage does strike.

While there is no easy answer to the kind of fallout currently afflicting FIFA, encouraging better risk management techniques and ensuring proper coverage can go a long way to reduce the consequences of a loss of good opinion.

www.insurancebusiness.ca

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19/06/2015 6:51:16 AM

PRODUCTS

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

The Co-operators

The Edge Benefits

The Co-operators Life Insurance Company will provide simplified disability products through The Edge Benefits

Dalton Timmis Insurance Group

Mainway Hunter Creighton Insurance Brokers

The acquisition will allow Dalton Timmis to increase its presence in transportation, commercial and specialty lines, personal home and automobile insurance across Canada

EGR

Labrecque, Brouillette & Castelli

The deal will allow EGR to expand its insurance premium volume, thereby strengthening its position in risk management and damage insurance

Hamilton Insurance Group

Sportscover Underwriting

Hamilton CEO hopes that establishing a presence with Lloyd’s will be a “key strategic initiative”

Hub Insurance

Gamble & Associates Insurance

Hub will double its Ontario office locations and increase staff to 650 employees in the province

Inowest Insurance Brokers

Sylvan Agencies and Procom Insurance

The purchase reaffirms parent company Rogers Insurance’s previous investment in Central Alberta after previously acquiring Mooney Insurance Agency

Insurity

Oceanwide

The American solutions provider believes Oceanwide’s expertise in specialty lines, small carriers and MGAs will complement its own experience as a large carrier

Intact Financial Corporation

Canadian Direct Insurance

The acquisition will allow Intact to offer its direct-to-consumer services from coast to coast

James Richardson & Sons acquires major national insurer

James Richardson & Sons, Limited [JRSL] has announced an agreement with Parris & Heimbecker, Paterson Global Foods and Cargill to obtain full ownership of Wynward Insurance Group. Prior to this agreement, a subsidiary of JRSL owned 55% of Wynward and served as its largest shareholder. JRSL hopes to take advantage of Wynward’s recent growth initiatives, as well as the organizations’ history of cooperation.

“Our firm’s involvement in the insurance business dates back to 1870 through an agency contract with the Royal Exchange,” said JRSL president and CEO Hartley Richardson. “The timing was right to execute a transaction that benefits all four companies and their shareholders.”

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Data-driven tool to reduce auto claim inefficiencies

Montreal-based insurance analytics provider InEdge has introduced a tool called Auto Repair Claims Analytics [ARCA] to the market.

This ‘turnkey solution’ will leverage data metrics to bridge the gap between body shops and claims management, using analytics to link appraisals, body shop management, and parts and labor. ARCA also will aid in performance analytics by seeking to optimize the number of revisions necessary to draft an estimate, the time required to provide it, and any discrepancies between the initial estimate and final cost.

Aon Benfield launches state-of-the-art flood model

Aon Benfield’s catastrophe model development team, Impact Forecasting, has launched a fully probabilistic flood model to help insurers and reinsurers in Canada with underwriting and administering related exposures. The tool, which took two years to develop, will provide “a complete view of Canadian flood risk, from providing underwriting data that drills down to individual locations while helping insurers understand the impact of accumulations on their portfolios, to structuring reinsurance cover and fulfilling regulatory and rating agency requirements,” according to the risk management provider.

www.insurancebusiness.ca

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19/06/2015 6:51:42 AM

PEOPLE

PEOPLE New Co-operators product addresses ‘unmet needs’

The Co-operators General Insurance Company has announced the launch of new coverage for damages caused by overland flooding in Alberta.

The coverage will be available province-wide, and is designed to protect against flooding caused by excess water either from natural overflows, sewer/water backup or surface accumulation from heavy rains. Residents of Alberta can obtain this protection in the form of an endorsement to Co-operators homeowner’s policies. The insurer hopes to expand this coverage nationwide.

Motorcycle coverage raises eyebrows in Saskatchewan

Motorcycle drivers in Saskatchewan will have a new option for coverage starting in 2016.

SGI announced that it will offer a new option for riders to obtain a slightly scaled-back package that will reduce costs by 20% to 30%. As a result, motorcycle enthusiasts will have a choice between three options: comprehensive coverage with generous no-fault benefits, tort coverage with limited benefits but the option to sue, or a condensed package similar to the tort provision but without the ability to pursue litigation. Rates will include such factors as make and model of the motorcycle, as well as the driver’s claims history.

Berkshire Hathaway introduces new anti-crime products

Berkshire Hathaway Specialty Insurance has introduced a new product to the Canadian market that will cover losses relating to unauthorized impersonations and other related crimes. The Executive Impersonation Coverage will be available to large public and private organizations throughout the country. The endorsement will feature limits of $25 million and more in response to damages “arising when a perpetrator impersonates an employee, executive or a business associate of the insured for the purpose of defrauding the insured.”

NAME

LEAVING

JOINING

NEW POSITION

Jean-François Chalifoux

Desjardins Life Insurance

FIRST Insurance Funding of Canada

Relationship manager

Shaun Johnston

Aon Risk Solutions

BMS Canada Risk Services

Chief operations officer

Ulrich Kadow

N/A

Allianz Global Corporate & Specialty

Chief agent for Canada

Jeffrey Landesmann

Aon

Allianz Global Corporate & Specialty

Head of global broker management

Frank Sparfel

FirstOnSite Restoration

DKI Canada

Director of commercial services

Rod Spurrell

N/A

Markel Canada

VP of underwriting and business development

Ray Wilderman

Convergint Technologies

Xpera

Director of technical services

IBC names Desjardins executive to board chair

Following an election, the Insurance Bureau of Canada [IBC] has named Sylvie Paquette as its board chair.

Paquette, who has served on the board since 2010, is president and COO of Desjardins General Insurance Group. As chair, Paquette hopes to align IBC imperatives with the evolving needs of Canadian P&C insurers.

“The pace of change in Canada’s private property and casualty insurance industry continues to increase. The market and consumers both demand more from insurers, and they require it more rapidly than ever before,” Paquette said. “I look forward to working with IBC and its other member companies to ensure that our strategic priorities meet the needs of Canadians.”

ingenie Canada appoints new CEO

Auto insurance provider ingenie Canada, which has been operating in Ontario since March and plans to expand soon to other provinces, has announced the appointment of Lorie J. Phair as its CEO. Phair has previously held leadership positions at the Registered Insurance Brokers of Ontario, Insurance Brokers of Toronto Region and The Insurance Institute of Canada.

In her new role, Phair is tasked with helping drivers between the ages of 16 and 24 adopt prudent driving behavior; ingenie hopes to replicate the success it has had with young motorists in the UK.

www.insurancebusiness.ca

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UPFRONT

MGA UPDATE

MGA develops new CASL coverage As CASL enforcement ramps up, businesses are seeking protection from inadvertent violations

overseas hackers who hijack Canadian organizations’ servers and maliciously distribute spam emails. While the CTRC might not levy substantial fines for this particular CASL violation, tangential costs can quickly escalate.

“As long as companies show that they were diligent in trying to prevent this, they will probably not receive fines,” McLachlan says.

“They may, however, need to attend hearings, investigate what happened and invest resources in figuring out how to stop it from happening again in the future.”

“We came to the conclusion that its bark is a lot bigger than its bite”

The popular dating website PlentyOfFish. com never intended to spam its web users, yet in March 2015 it was fined $48,000 by the CRTC. This penalty was the result of an inadvertent breach of Canada’s Anti-Spam Law [CASL], which went into effect on July 1, 2014. Unintentional violations such as the one committed by Plentyoffish Media can be costly, so one MGA has developed a solution for small businesses to mitigate CASL-related perils.

NEWS BRIEFS

“On the surface, these rules look extremely onerous – CASL allows the CRTC to levy fines of up to $1 million per individual and $10 million per business,” says Michael McLachlan, president of Trinity Underwriters. “We looked at this and came to the conclusion that its bark is a lot bigger than its bite, and this could be an insurable risk.”

McLachlan explains that one of the biggest threats in the anti-spam arena revolves around

The Co-operators acquires majority interest in MGA

The Co-operators has acquired a majority interest in The Edge Benefits, a Newmarket, Ont.-based agency specializing in living benefits. The Edge Benefits, which boasts more than 45,000 policyholders, will retain its management team and continue to operate as an independent entity. The Co-operators expressed that this is a natural progression, since the two companies have been partners since 2013, when Co-operators Life Insurance Company began providing simplified disability products through The Edge Benefits.

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As an MGA that’s heavily involved in technological and cyber-related liabilities, Trinity Underwriters developed a coverage solution to meet heightened broker demand in the small business market.

“We were told by a number of retail brokers that their clients were concerned about CASL,” McLachlan says. “Most commercial clients communicate with customers by email, and they were concerned they might get inadvertently fined.”

So far, feedback has been positive. “We’ve had a lot of interest and have already reviewed some applications,” McLachlan says, “but the goal right now is to introduce this to the market, get businesses familiar with the product and continue talking to brokers who are interested in it.”

Coverage for community sports in Canada

While few activities seem as wholesome as a community sports league, even this innocuous pastime can generate a host of liability concerns. All Sports Insurance, the largest insurer of nonprofit sports associations in Canada, helps to meet this demand. “The majority line of business we offer is general liability and directors & officers for national, provincial and local sports associations,” said president Murray Morrison. “In conjunction with that, we offer a no-fault sports accident policy that includes items like physiotherapy and dental.”

www.insurancebusiness.ca

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Q&A

Guy Boissé President and founder

The post-acquisition landscape at NBS

NBS

Fast fact Boissé founded NBS in 1998. He has more than 30 years of experience in the insurance industry, specializing in special risks

It’s been three months since Totten Group’s acquisition of National Brokerage Services was announced. How are things progressing?

We’re still in the early stage of the transition.

It’s only [been] four months. It’s becoming very clear how it’s going to happen. We’re seeing doors opening. The response from our clientele is awesome. We’ve increased premiums by over 30% over the last four months, so that’s astounding.

[The acquisition] is boosting our image in Canada.

We have corporate backup that we didn’t have previously. This allows us more time to concentrate on what we are good at … [and] exploring some new niches for our clients. And as months go by, we’re entering into a more professional, corporate mode.

were both seeing the benefit of it. We didn’t expect that [the benefits] would come so fast. It has given NBS a very strong, positive image on the market, and I think it’s very positive for Totten as well.

DETAILS OF THE ACQUISITION

What are key benefits will the acquisition provide to brokers?

We [can] offer them more markets. We have started to merge some facilities together to the benefit of our clientele. We have a larger book of premiums in merging some facilities together.

One of the benefits is the access to insurers that we did not have before at NBS. We’re benefiting from the force of the Totten Group.

Is there anything else you’d like to say about the transaction?

When we [considered entering] this transaction, we

US model heading to Canada?

Captive life insurance agencies are rampant in the US, raising the concern of independent brokers in Canada. However, while the products are similar, experts see differences on the distribution side. “There is much less career captive distribution left in Canada than there is in the US,” said Foresters president and CEO Tony Garcia. “I would say that the Canadian market is dominated for pure life insurance by the MGA independent system.

The banks have a larger piece of some of the critical illness [and] mortgage protection products than you would see in the States.”

On March 4, Totten Insurance Group announced its was acquiring National Brokerage Services, a Quebec-based commercial insurance wholesaler.

In a statement released at that time, Totten – a leading national MGA – said the acquisition complemented its areas of focus, “predominately in the business segments of construction, contracting, hospitality, agriculture, restoration and remediation, errors & omission, directors & officers, and hot works roofing, among others.”

IDC Worldsource purchases Prairie MGA

IDC Worldsource Insurance Network [IDC WIN] has acquired First Prairie Financial, a prominent regional MGA in Alberta and Saskatchewan. “We are very fortunate to have the opportunity to partner with First Prairie. They are a highly ethical and professional organization and one of the top regional MGAs,” said IDC WIN chairman and CEO Paul Brown.

“This acquisition will give us a very strong presence in one of the main markets in the country.” The deal is expected to close in the second quarter of 2015.

ENCON Group expands cyber liability coverage

ENCON Group has added enhancements to its E&O information technology and multimedia insurance. The policies will now include data asset loss that restores corrupted or deleted data, network business interruption loss that assists with lost income or extra expenses resulting from downtime due to a network and security breach, remediation and notification expenses that are enhanced for expert costs, cyber breach coaches and attorney fees, and crisis management expenses for public relations consultation in the case of a breach.

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS UBI app to tackle distracted driving

GeodeTech has unveiled a Distracted Driving feature for its GeodeVu mobile app. Citing statistics that show distracted driving can cause the same level of impairment as drinking four beers, the New Brunswickbased company hopes to leverage telematics to tackle this public safety concern. Its Distracted Driving Alerts notifies motorists of distracted driving incidents, including the date, duration and severity of each episode. Data is uploaded in real time to the cloud, accessible as soon as drivers make a complete stop. Improved habits might qualify drivers for discounted auto insurance.

Insurers off the hook for IBM employee data breach

The Connecticut Supreme Court has ruled in favor of the Chubb Corporation subsidiary and Scottsdale Insurance Company, which were involved in IBM’s employee data breach back in 2007. Affirming the decision of a lower court, the judges unanimously decided that the insurers “were not obligated to defend or indemnify under their general and umbrella liability policies the loss of cyber data” resulting from 130 tapes containing employees’ personal information that fell off a truck in New York state.

Duo pioneers flood insurance tool Rogers Insurance has partnered with Sharp Insurance to launch Floodinsurance.ca, an online tool designed to provide information on overland water insurance for Albertan homeowners. Floodinsurance.ca not

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only highlights consumers’ various options for coverage, but it also includes a blog examining flood-related topics, weather advisories, and a quick quote feature with a supplemental chat function that connects homeowners with an expert to discuss insurance options. The site also searches for rates and delivers quotes to users in less than an hour. Although the tool is currently only intended for Alberta residents, it will soon be available nationwide.

Google Compare to include agent support, insurer review tools

Google Compare for Auto Insurance is adding several new features to its site, including the ability for drivers to review their insurance providers, similar to popular ratings site Yelp. Because research suggests that consumers use the Internet as a springboard to speak with brokers on the phone or in person, Google Compare also will provide access to local insurance professionals who can assist with the application or renewal process. Google Compare also plans to launch a mortgage component to its site.

US-Canadian acquisition will create P&C tech powerhouse

Insurity, a provider of tech solutions for property and casualty insurers, has acquired Montreal-based insurance software firm Oceanwide. Insurity, which specializes in core processing applications and data integration, hopes to leverage Oceanwide’s vast client base, as well as its “proven rapid deployment and SaaS offerings.” The American solutions provider also believes Oceanwide’s expertise in specialty lines, small carriers and MGAs will complement its own experience as a large carrier.

Mobile technology redefines insurance New evidence-based tools can help brokers deliver more promising results Mobile technology represents a fundamental shift for all organizations and has far-reaching ramifications that will disrupt traditional business models, provide new sources of data and insight, impact customer loyalty and drive bottom-line results.

Marketplace data has identified five key trends, which have strong implications for the future of mobile. First, people are using mobile devices as their primary channel to complete a transaction. However, data also shows that enterprises are often not meeting peoples’ expectations. The mobile experience needs to transcend any single type of device, and attention to design and usability are paramount.

As consumers increasingly use their mobile devices to complete transactions, vast amount of data are being collected – data that, when analyzed, provides valuable insights into customer behavior and preferences that could not be gleaned any other way.

Mobile is not just about devices like phones and tablets. It’s about technology becoming more instrumented, interconnected and intelligent. Finally, mobile is not just about businessto-consumer interactions. Increasingly, it is playing a key role within businesses to increase productivity, reduce costs and keep back-office functions secure.

Businesses just starting out in mobile often treat it as a supplementary transaction channel, but his kind of thinking misses the transformative potential of mobile to empower

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your workforce to execute their day-to-day activities, improve internal processes, reach out to customers more effectively and reduce costs while increasing sales.

With insurance, mobile is key in helping organizations transform the overall consumer experience. New mobile capabilities – like new payment structures that turn the mobile device into a digital wallet and mobile applications

“Mobile is key in helping organizations transform the overall consumer experience” that measure driving behavior – allow insurers to build customer value, generate loyalty and regain trust.

New solutions include Risk Inspect, an app that allows underwriters to price profitable businesses faster and more accurately. Another example is the Retention app, which provides agents with timely, prioritized alerts about the status of their customers’ accounts, helping them better deliver excellent service and timely follow-up.

Mobile technology is not simply a passing fad, and while there are always risks associated with using new technologies, there are more risks in not taking advantage of mobile.

Contributed by Christine Haeberlin, insurance business development executive, and Christian Corso, global business services partner, IBM Canada

MOBILE ON THE RISE Mobile is changing how we interact with each other, what we expect as consumers, and how we work. Consider these facts: The average mobile phone user checks his or her phone 150 times a day 85% of adults expect a mobile transaction experience to be better than when they use a laptop or personal computer 81% of employed adults use at least one personal mobile device over the course of their day to accomplish a wide range of work activities

Q&A

John Belyea

Embracing new technologies

COO MOORE MCLEAN INSURANCE GROUP

Years in the industry 26 Fast fact Belyea was recently appointed to the board of directors for the Centre for Study of Insurance Operations [CSIO].

What do insurance consumers expect technologically from their transactions with brokers in 2015?

Our clients are expecting less friction in terms of how they do business with us. They’re also expecting us to be there when they need them, 24/7. We [need to] have information online that they can access to answer their questions. Having that strong online presence is absolutely essential, and I believe that goes beyond just websites. There are other tools that we can give our clients, through mobile apps and tools that allow them to do an element of self-service, so that they can view their policy or payment information immediately, without even having to talk to us.

How has the adoption of commercial lines eDocs been? eDocs, as a whole, has been around for a few years now, but mostly around the domestic and personal lines of insurance. I think it’s lagged on the commercial side, probably mostly due to limitations at the insurer’s end, in terms of enabling that technology. There’s still a significant opportunity for not only more insurers, but also more brokers to adopt eDocs.

How can brokers take advantage of Google Analytics to make a difference to their businesses?

It’s an unbelievably powerful tool … that allows us to get a sense of what is going on in that digital space. Through Google Analytics, we get a sense of who is coming [to our website], where they’re coming from and at what time of day they’re doing this.

Understanding that is essential. I wish more brokers understood what this tool can do.

What are potential consequences of brokers choosing not to take advantage of emerging technologies?

I think they’re at risk of being left behind, not only because other brokers are embracing these tools and emerging technologies … but also [because of] the direct writers and the other competitors out there, who are also embracing them. We can’t continue to do business the way we always have.

What advice would you give to brokers who are confused as to where to start?

Don’t feel that you have to do everything and do it at once. It’s impossible. But that’s okay, because I don’t think we have to do everything right now … the utmost important thing is to start learning. There are a ton of resources out there. Our brokers’ associations are doing an awful lot around educating brokers about what to do. CSIO has produced several resources designed to educate brokers on new and emerging technologies, including the CSIO Advisory Hub [www.csio.com/advisory-hub]. And I think finding out which brokers are doing things well, and just picking the phone up and talking to them ... that’s the best way to learn.

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UPFRONT

OPINION

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

It’s not a millennial problem Brokers are calling on the industry to better serve millennial clients, but, as Karen Costain writes, reaching out to young people isn’t a new issue MILLENNIALS ARE our existing and future consumers, so we cannot afford to ignore them. For our industry to grow and flourish, we must ensure our business development strategies and marketing plans include awareness campaigns that target the specific needs of the millennial client base.

So what is the optimal strategy to guarantee success? The first issue we have to address is their lack of awareness of our services and products. Millennials need to immediately comprehend the value of their purchases and have the ability to purchase what they want instantly and efficiently. Herein lies our challenge as an industry. We have to embrace new platforms for communicating and educating our clients, and find a way to stay connected to this population so we can ensure they are protected with the right products.

However, the lack of awareness is not specific to millennials. Every generation of 20- to 30-year-olds fails to contemplate protecting themselves. This is an age of spontaneity, of confidence, and there’s no fear of loss. They’re living in the moment. Every generation has experienced this inability to see the value in protecting themselves – this is not a millennial phenomenon. The question is: What does this next generation require us to do to ensure they’re aware that the risks they take today can affect their future? And how can we express the way our products and services can best protect them?

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As a member of Generation X, I witnessed technology transform everything from our purchasing habits to the way we communicate. These changes directly affect the way we as insurance brokers need to design our strategic growth plans for the future.

seconds to win their attention. How do we create awareness in just 30 seconds?

In the travel insurance industry, for instance, we’re working with our partners to create short and impactful YouTube videos that underline the results of what could happen if you don’t have travel insurance products for your vacations. Sometimes you can infuse humour or use a shock-and-awe strategy, but you have to get your point across immediately with a call to action for your audience so they can either do more research or purchase your products online. This is what millennials are searching for and what they respond to. This method creates the awareness they require and presents them with an immediate value, creating an urgency to purchase travel insurance.

It is important to note that insurance brokers and companies have a great deal of privacy and compliance restrictions in regard to what they can and cannot do online. This extends to the point of sale systems and online business-to-consumer sites. Brokers need to be involved in working with regulators

“The next generation absolutely must be able to purchase all their insurance products online – without exception” But millennials are also accustomed to buying what they want the moment they want it, and they have all the tools to purchase products available at their fingertips. This is especially important for brokers to remember as consumers, particularly millennials, increasingly move online.

For instance, if your clients purchase flights and book hotels online, it is imperative that they be able to purchase insurance products online as well.

This change is less a result of the evolution of the Internet; instead, it’s a product of the evolution of the ways we communicate. We have to alter how we communicate with this or any generation. To reach all of our key demographics, we need to communicate with them over the platform of their choosing.

For many millennials, that means social media. However, we are afforded just 30

to allow us to evolve our online presence so we are able to meet the diverse needs of this crucial segment of the population.

Our job is to ensure millennials see the value of insurance protection and that they understand the repercussions should they opt not to purchase this insurance. The next generation must be able to purchase all their insurance products online – without exception. This will not only protect millennials’ financial futures, but also ensure they see insurance brokers as integral components to their financial well-being.

Karen Costain is Allianz Global Assistance’s director of business development for Western Canada. She is a 27-year veteran of the British Columbia insurance industry, holds a level three general insurance licence and is a certified corporate trainer.

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18/06/20156:54:28 1:32:25 19/06/2015 AMAM

PEOPLE

INDUSTRY ICON

GLOBAL THINKING Michael Kerner, CEO of general insurance for Zurich Insurance Group, talks about preparing for the unexpected, and taking insurance solutions to more customers than ever before ONE DAY in Michael Kerner’s three-decade career in insurance stands out from the rest – September 11, 2001.

He was working in Zurich’s offices in downtown Manhattan, across the street from the World Trade Center. “In addition to the personal impact that kind of an event has on you, being that close to it … it reinforced for me, frankly, that you always have to expect the unexpected,” he says. “The things that you can’t even imagine could happen, actually could happen. And that’s actually why we’re here as an insurance industry – to help people through those times – and we need to be prepared to respond. I think that’s very much ingrained in the way I think about risk management for an insurance company.”

In the beginning Kerner’s first foray into the industry was via a summer internship back in 1986 with Insurance Services Office, an organization providing actuarial and other services to insurance companies. “It was a great experience,” he says.

“When I graduated from university, I wanted to work for the company.”

He secured a full-time role with Insurance Services Office and worked there for three and a half years before deciding to move on. “[I] decided that I’d like to work for a real insurance company that was actually selling insurance policies,” he says. Kerner went to Continental Insurance Company, and then on to Zurich.

His rise through the ranks at Zurich has seen him achieve much while learning valuable lessons. When Hurricane Katrina hit in 2005, Kerner was Zurich’s head of ceded reinsurance in North America. “Essentially, my responsibility was to make sure we had a reinsurance program

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in place that protected the North America balance sheet. When you have a responsibility like that, you plan for adverse things to happen, but you hope you never get tested as to whether it really is going to work or not.

“In the end,” he continues, “the reinsurance we had in place protected the balance sheet and did exactly what it was supposed to do, and the company came out of it the other side in reasonably good shape, and it was my team that had put that all together. We were very proud of the result we were able to deliver for the company.”

Aside from the success, Katrina offered a key takeaway. “We had analytics; we had models; we had a way of thinking about things. But, of course,

different approaches to different things, and still be successful in that environment.”

The global perspective Thinking globally is vital at Zurich, which works to create multinational insurance products. “It is still and will continue to be important for us to continue to consider risks both locally and regionally,” Kerner says. “There are differences around the world in terms of work environments, customer behaviour, building codes, the local standard around loss control and engineering … and it’s important that we have teams of people based locally who actually understand those things and help us understand customers’ risks.”

“We always have to remember that models are actually not facts. They may be useful and help you make some judgments and decisions, but they’re not necessarily 100% accurate” the models were not exactly correct, and I think even as we move forward with big data …we always have to remember that models are actually not facts. When you get the result of a model, it isn’t exactly the truth. They may be useful and help you make some judgments and decisions, but they’re not necessarily 100% accurate.”

At the end of the same year, Kerner packed up his family and headed to Europe to run Zurich’s group reinsurance – in Zurich. “This was a very, very different kind of experience, and I really learned quite a lot about how to work with people with different backgrounds, different cultures, different communication styles,

But he adds that the key is being able to take that local knowledge and bundle it together to assist customers to have true global enterprise risk management. “I think the focus we have on global risks really is a matter of following our customers. We see the economy expanding a lot more in terms of customers who are doing business internationally.”

He says customers starting out in building global businesses will buy a number of local insurance policies, only to discover inconsistencies between policies, program gaps and that their policies won’t perform as expected. “They begin to realize that more of a global enterprise

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PROFILE Name: Michael Kerner Company: Zurich Insurance Group Title: CEO, general insurance Years in the industry: 29 Career highlight Spearheading Zurich’s response to Hurricane Katrina in 2005 Industry involvement Kerner is a Fellow of the Casualty Actuarial Society and a member of the American Academy of Actuaries

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PEOPLE

INDUSTRY ICON approach is the right approach to take for their risk management, and driving that kind of an approach generates more consistency, better standards in terms of the risk management program ...”

As to global challenges, Kerner sees regulation, particularly around consumer protection, as a major pressure for the industry in times ahead.

“I think the regulatory environment will continue to evolve, and that will be a challenge as we have to adapt our business models to comply with those regulatory challenges,” he says. “I think regulators are very much focused on making sure the consumer is protected, and that makes a lot of sense. But often, it can go a bit too far. Often, as well, one jurisdiction’s regulation conflicts with a regulation from another jurisdiction, and as a global company, it’s very challenging for us to deal with conflicting regulations.”

Economic Forum in Davos. “I think it’s a real example of how the industry can step up and do something that’s transformational and really innovative around this particular issue of microinsurance,” he says.

The Bermuda-based MVI entity was formed for the purpose of delivering insurance solutions to very low-income individuals in developing countries. Zurich is one of nine companies involved in the MVI. “We think it’s pretty critical that more and more people have the opportunity to participate in the financial services industry.

Often, those who are most exposed to losses that really would impact their lives on a very detrimental basis are those who are least able to access the protection mechanisms that are in place in society, that those kind of financial services would provide.”

Providing these offerings will present many

“The focus we have on global risks really is a matter of following our customers” Kerner also cites the new capacity coming into the market, and the pressure it will place on margins, as another key challenge for insurance.

New markets He also sees great opportunities for the industry, especially in emerging markets in Latin America and Asia. “As the middle class grows, people accumulate assets, those assets wind up needing insurance, and we are in a position where we can provide that insurance. It’s the same products, but just for different people and different geographies.”

According to Kerner, there are also plenty of opportunities arising from the increasing occurrences of extreme weather events. “While it’s a challenge for the industry to be able to deal with those … events, it also creates a lot of demand for insurance, and as an industry, if we can deal with those challenges and provide a product that’s valuable, clearly we would expect to see revenues go up from that kind of product.”

One opportunity Zurich has taken up, about which Kerner is particularly excited, is the microinsurance venture incubator project (MVI), announced earlier this year at the World

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logistical challenges, and Kerner sees the partnership between these organizations as key to being able to create the necessary innovations.

“We’re going to work together to really try to develop the right innovations to make this something that works more holistically for that part of the population that’s really exposed to adverse events.”

Kerner expects that Africa, emerging Latin America and emerging Asia will be the prime areas of activity for the MVI. He reinforces that the MVI is not a charitable endeavour, but a business. “Charities get cut when budgets get cut. Businesses that make money get continued, whether there’s a soft market, a hard market … so it’s not a charity.

It’s a business.”

He’s also buoyed by the impact it will have on Zurich employees, both current and future. “We will help the MVI with seconded resources; we’ll give employees opportunities to rotate through that organization … so it’s not just those who are getting access to the financial services that benefit.

It’s our employees who get to contribute to something that they feel is really meaningful from a social responsibility perspective.”

MICHAEL KERNER’S CAREER TIMELINE

2012 Becomes a member of the Zurich Group executive committee and CEO of general insurance 2009 Begins tenure as CEO for Zurich Global Corporate in North America 2007 Becomes global chief underwriting officer for general insurance and head of group strategy in Zurich 2006 Becomes global head of group reinsurance 2002–2005 Serves as head of ceded reinsurance for Zurich North America 1999 Becomes COO for Zurich North America Specialties 1992 Joins Zurich as a pricing actuary in the speciality lines business 1990 Joins Continental Insurance Company as a pricing actuary in the speciality lines area 1986 Enters insurance industry working for Insurance Services Office

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2015-04-17 10:43 AM 19/06/2015 6:55:36 AM

SPECIAL PROMOTIONAL FEATURE

REBRANDING

MOVING ON UP Instead of resting on its business laurels, Elliott Special Risks underwent a strategic transformation, allowing it to reemerge as Markel Canada, a preeminent specialty carrier for Canadian brokers SKEPTICS GENERALLY advise against retaining too much of a good thing – and particularly in the case of insurance business, excessive satisfaction can lead to harmful complacency.

With its net earned premium overtaking its net written premium, Elliott Special Risks [ESR] was on track to realize this very fate.

“Historically in Canada, ESR produced very good results and provided extremely good service, a legacy to certainly be proud of,” says Karen Barkley, president of Markel Canada. “However, the portfolio premium was shrinking, and the business relationships had remained constant over the years rather than expanding.”

When Barkley first arrived at the specialty insurance provider after serving in leadership roles at various other organizations, she quickly realized that the carrier was in need of a strategic new direction – as well as a slight jolt of energy in order to be viable in today’s world.

“Traditionally ESR hired seasoned individuals, which was great from a knowledge and marketing perspective,” she says. “However, this ongoing practice does produce a highly paid team versus the average policy premium. So we had to revitalize that and bring some balance to the equation.”

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In order to achieve this, the newly formed leadership team concentrated their efforts regionally to ensure that each place where Markel operates was sufficiently staffed with a multifaceted, versatile underwriting team.

“Because every region has the ability to be different, we tried to balance out the talents of the underwriters so they could have authorities in various lines of business and provide brokers with a full product scope capability instead of just focusing on the specialty area,” Barkley says.

This has provided Markel with the ability to offer a thorough product within the business areas where they operate, while also allowing brokers to obtain everything they need in a ‘one-stop shop’ location.

“In the past, we would write the most difficult area of a business, like the design/

build or architects and engineers’ errors & omissions, and then the broker had to go to someone else to have the property and casualty placed around it,” Barkley says. “So what we’ve done is expanded our products to the broker community to incorporate the whole package, instead of selecting against ourselves and just writing the tough portion of the risks.”

New vision, new offerings This July marks the beginning of a new era, as Markel officially shifts from operating as subsidiary ‘Elliott Special Risks (ESR), a Markel International company’ to ‘Markel Canada.’

Along with this rebranding, the insurer hopes to “offer more of our global capabilities to our existing client base and make it easier for the broker by not requiring the account to be split over various insurers,” Barkley says Markel is particularly eager to unveil some of its new liability products.

“We’re excited to launch and expand on our offerings to the Canadian marketplace, especially with our general liability product,” says Clive Fernandes, central region VP and CGL product line leader. “This begins with a great conversation around our broad appetite to write more business.”

In fact, there are a several segments where Markel foresees meeting the growing demands of brokers, including: • Manufacturing, realty, security industry liability, business and personal services

“[We’ve] expanded our products to the broker community to incorporate the whole package, instead of selecting against ourselves and just writing the tough portion of the risks” Karen Barkley, Markel Canada

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• Life sciences liability insurance – designed for biotechnology and medical research facilities, this will provide “comprehensive yet flexible coverage” to address the risks facing firms ranging from scientific start-ups to large, established research laboratories • Abuse liability insurance – a supplement to the sports, leisure and recreation program’s CGL, and will offer protection against any incidences or threats relating to molestation, harassment or any type of mental or physical abuse • Medical marijuana insurance, including product liability, errors & omissions and bio contamination coverage.

While medical marijuana has been insurable under Markel’s product over the past few years, Fernandes notes that “it is now beginning to gain some serious traction.”

A competitive advantage In addition to these product offerings, Markel hopes to remain a competitive solution by way of its services and delivery model.

First and foremost, Markel Canada now offers a completely online platform for miscellaneous E&O and D&O, allowing brokers to rate, quote, bind and issue policies in a matter of minutes.

Operating under a Lloyd’s Canada license, Markel’s products and service model have been built to meet the needs of Canadian brokers.

“We have the ability to transact business very, very quickly because we have the autonomy to make decisions locally,” Fernandes says. “There’s less red tape and fewer impediments because we have the local resources and authority in Canada to do the job.”

The insurer hopes that its focus on brokers will be its biggest differentiator from competing organizations.

“Unlike most of our competition, we will conduct business with any licensed broker,” Barkley says. “We don’t insist on a broker contract, nor do we insist on a minimum amount of premium – we perform our due diligence in the background.”

Markel hopes to facilitate an ongoing dialogue with brokers to discover how a partnership could be mutually beneficial to both parties.

“We’re not going to make someone fill out a form that we’ll never read,” Barkley says.

“We will make contact with brokers and find out what they need, or if there’s anything they don’t know about us that they should.

There are a lot of these conversations to be had, because our doors are open to any licenced brokers.”

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FEATURES

COVER STORY: YOUNG GUNS

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YOUNG GUNS 2015

Meet the young stars making waves in the Canadian insurance industry WELCOME TO Insurance Business Canada’s annual Young Guns report. We asked you to nominate insurance professionals 35 and younger who had already made a splash in the industry, and your suggestions came flooding in. It was tough going, but we’ve whittled the list down to 38 young people we think merit a mention.

From the already seasoned pros who’ve started their own businesses to the young producers whose success has made them mentors to their peers, all of the men and women on this list have proven themselves to be exceptional. Despite their youth, they’re some of the top producers in their companies, racking up tens of millions of dollars in volume.

A rapidly changing industry demands fresh ideas and perspectives, and these hot young professionals hold the future of insurance in their hands.

INDEX BY NAME NAME

PAGE COMPANY

NAME

PAGE COMPANY

Bennett, Ryan

32

St. Clair Insurance Brokers

Minaker, Leigh-Anne

40

Gamble Insurance

Bosch, Braden

38

Bakova Group of Companies

Mitchell, Adam

34

Mitchell & Whale Insurance Brokers

Brown, Liam

38

Berkley

Moses, Daniel

30

Property & Casualty at Everest Canada

Buac, Halie

38

Intact Insurance

Mosley, Gavin

30

Palladium Insurance

Cake, Catherine

32

Drayden Insurance

Musgrave, Melissa

34

RBC Insurance

Charles, Jeffrey

40

Jones Brown

Newman, Matthew

40

Trisura Guarantee Insurance Company

Active Insurance

Palmer, Joe

29

Palmer Atlantic Insurance

Raymond, Greg

34

InsuranceHero.ca

Schuster-Vollans, Andrea

32

PBL Insurance

Scotland, David

30

Trisura Guarantee Insurance Company

Sharpe, Jason

40

Steers Insurance Limited

Sivakumaran, Kumar

36

Cunningham Lindsey

Stewart, Clare

34

Mutual Fire Insurance Company of British Columbia

Commisso, Vince Croswell, Matt

41 28

Jones DesLauriers Insurance Management

Cudney, Jon

38

Gen Re, Global Property Facultative

Donnelly, Rosanna

32

RBC Insurance

Follegati, Giorgio

35

ENCON Group

Gemayel, Sherif

30

Sharp Insurance

Godinho, Dina

28

Jones DesLauriers Insurance Management

Hare, Adam

36

Petley-Hare Limited

Taylor, Matthew

36

PAL Insurance Brokers Canada

Janzen, Peter

38

RSA

Teoh, Trisha

41

South Western Insurance Group

Kanee, Sean

34

Leibel Insurance Group

Traynor, Karen

33

Trisura Guarantee Insurance Company

Lea, Kevin

28

Rogers Insurance

Truong, Tommy

36

Can-Sure Underwriting

Maksymchuk, Caleb

37

Ravenhill Agencies

Wallis, Kirby

36

Wallis Insurance Agencies

Mather, Lindsay

28

Rogers Insurance

Walker, Simon

28

Highcourt Partners Limited

www.insurancebusiness.ca

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27

19/06/2015 6:56:45 AM

FEATURES

COVER STORY: YOUNG GUNS DINA GODINHO 31, partner and account executive JONES DESLAURIERS INSURANCE MANAGEMENT Dina Godinho began her career at Jones DesLauriers as an account assistant in 2006 and quickly rose through the ranks. She had a leading role in the development of Jones DesLauriers’ TechAssurance program. An acknowledged industry expert, Godinho has written numerous articles for industry publications. She’s been recognized as one of the company’s top young producers for two years running, and in 2014 became the company’s youngest female partner.

MATT CROSWELL 34, partner and account executive JONES DESLAURIERS INSURANCE MANAGEMENT Matt Croswell began his career as an underwriter in one of the largest property and casualty insurance operations in Canada.

Today, with more than 10 years of experience, he’s an acknowledged expert in residential construction. As such, he’s regularly tapped for his insight by trade publications and is a sought-after speaker at industry events. He’s also played a critical role in the evolution of Jones DesLauriers’ residential construction program.

Croswell has been recognized as one of the company’s top five young producers for two consecutive years. In 2014, he became one of the youngest partners at Jones DesLauriers.

SIMON WALKER 29, producer, HIGHCOURT PARTNERS LIMITED One of Highcourt Partners’ first hires in 2012, Simon Walker has more than proven his worth to the company. Walker initiated an insurance program for tech start-ups in Ontario that he hoped to expand across Canada. “The positive mental attitude that he brings to work every day is second to none,” says Highcourt Partners CFO David J. Garland.

KEVIN LEA 26, senior account executive ROGERS INSURANCE At the age of 22, Kevin Lea was already showing business savvy, owning and operating his own landscaping company. In just three years at Rogers Insurance, Lea has built a book of almost $700,000 in commissions and is one of the company’s top producers. Lea is also getting a pilot’s license in order to better understand the ins and outs of aviation insurance, a long-term focus of his, and leads the firm in his expertise on cyber liability insurance. An avid volunteer, Lea is active in charitable organizations such as the Drop-In Centre and the Canadian Military Families Assistance Fund.

28

LINDSAY MATHER 34, VP of human resources ROGERS INSURANCE Lindsay Mather has been with Rogers Insurance for five years and, at just 34, is one of the industry’s youngest HR executives.

She’s led Rogers to win more HR awards than any other brokerage in Canada, including recognition as one of the top employers in Alberta and one of the top 50 SME employees in Canada. In her time at Rogers, Mather has proved adept at meeting HR challenges; just last year, her team of four made 103 new hires in response to the company’s surge in growth.

She also developed a leading onboarding program and, as part of the Rogers manage­ ment team, is a key player in all of the company’s major decisions.

www.insurancebusiness.ca

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19/06/2015 6:56:50 AM

YOUNG GUNS 2015

JOE PALMER 35, president and CEO PALMER ATLANTIC INSURANCE Joe Palmer started in insurance in 2008 and worked his way up the ranks before purchasing a commercial trucking insurance business from his father at the age of 32. Palmer now handles one of the largest truck insurance books in Canada and has won numerous awards over the years, including being recognized as one of Insurance Business Canada’s elite brokers.

Palmer Atlantic is now the largest trucking insurance brokerage in Atlantic Canada.

Palmer also volunteers his time coaching minor basketball and serves as a director of the Miramichi Salmon Association, where he works to conserve wild Atlantic salmon.

www.insurancebusiness.ca

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19/06/2015 6:56:57 AM

FEATURES

COVER STORY: YOUNG GUNS DAVID SCOTLAND 35, VP of finance and controllers TRISURA GUARANTEE INSURANCE COMPANY When Trisura CFO and co-founder John Garner met David Scotland at PwC, he knew Scotland was a go-getter. “Dave has always had great enthusiasm for his job,” Garner says. “’Keen’ may be an understatement.” When Garner needed support in finance and accounting, he says, hiring Scotland was “a no-brainer.” Since coming onboard at Trisura, Scotland has helped take the company to a new level, playing an active role in managing Trisura’s investments and enterprise risk. “Dave is always taking the initiative and relishes new challenges,” Garner says. “He is constantly refining internal management reports to make them more useful to the management team, and looks for their input on further additions and enhancements.”

SHERIF GEMAYEL 35, president SHARP INSURANCE Since opening Sharp Insurance in 2009, Sherif Gemayel has pushed the limits of technology and online lead generation.

That determination is paying dividends – Sharp Insurance is one of the fastest-growing brokerages in Western Canada, and was ranked the country’s top brokerage this year by Insurance Business Canada.

Gemayel also has been recognized with the Business in Calgary Leaders Award for his contributions to the community.

DANIEL MOSES 30, VP of specialty commercial EVEREST CANADA Daniel Moses entered the insurance industry right out of high school in 2003.

Beginning as a receptionist and technical assistant for a national MGA, he worked his way through the ranks to his current position. Moses has a broad understanding of all aspects of the business, which has helped him excel throughout his career. In his previous role at Totten Group, he led the company’s conversion to paperless offices across Canada. Moses is also quick to share his knowledge with anyone who needs it, mentoring junior staff and giving freely of his personal time to educate his colleagues at Everest and in the industry at large.

30

GAVIN MOSLEY 34, senior account executive, group benefits PALLADIUM INSURANCE Gavin Mosley entered the insurance industry after graduating from college in 2005. His technical expertise and ability to simplify complex financial concepts quickly made him a favorite with his clients. When he joined Palladium Insurance in 2011, Mosley continued his track record of success. Given the mandate to develop and grow the company’s group benefits division, Mosley has quadrupled the division’s revenues. In 2014, he was recognized by GreatWest Life as one of the top associate brokers in the country.

www.insurancebusiness.ca

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19/06/2015 6:57:43 AM

SWGINS.COM Your specialty insurance provider

Contact us: Quotes@swgins.com Fax: 1-877-FAX-2-SWG (1-877-329-2794) Phone: 1-866-SWG-LINE (1-866-794-5463)

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19/06/2015 6:57:48 AM

FEATURES

COVER STORY: YOUNG GUNS RYAN BENNETT 31, sales manager and commercial account executive ST. CLAIR INSURANCE BROKERS Ryan Bennett started in insurance 10 years ago with a phone book and the determination to build an outstanding book of business. A decade later, Bennett is St. Clair Insurance Brokers’ sales manager and top producer.

Bennett is currently developing a commercial producer training program that will allow the company to hire, train and mentor young talent right out of university.

CATHERINE CAKE 28, branch manager DRAYDEN INSURANCE Catherine Cake is one of the founding members of Alberta’s Young Insurance Brokers and served two terms as president, helping it become the most active young broker group in Canada. Cake also has been recognized as one of the country’s top brokers under 40. She became a branch manager at Drayden in 2008 and a partner in 2011 – the youngest person to acheive both titles. Cake just completed a two-year term as director of the Insurance Brokers Association of Alberta.

ROSANNA DONNELLY 32, wealth insurance advisor RBC INSURANCE Since joining RBC Insurance three years ago as a wealth insurance advisor, Rosanna Donnelly has outranked all of the company’s field insurance advisors with the best retention in the country. In her three years at the company, Donnelly has racked up a slew of awards, including the Field Sales Award of Excellence and the RBC Insurance Atlantic Star Performer Award. She also has been a qualifier for both the National Leaders Conference and the National President’s Conference.

ANDREA SCHUSTER-VOLLANS 32, customer service manager PBL INSURANCE At just 32, Andrea Schuster-Vollans is already making her mark. With a large book of customers, Schuster-Vollans thrives in a fast-paced environment. She completed her CAIB designation while raising three small children and is working to become a CAIB facilitator. She also acts as the treasurer for her local brokers’ association and is quickly gaining a reputation as an educator, designing and delivering training sessions while maintaining her customer base. “She understands the need to keep abreast of the changes happening in our industry and wants to help spread the message to others, too,” says PBL Insurance manager Paula Theaker. “Expect to hear more great things about Andrea in the future!”

32

www.insurancebusiness.ca

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19/06/2015 6:57:54 AM

YOUNG GUNS 2015

KAREN TRAYNOR 32, manager, corporate risk TRISURA GUARANTEE INSURANCE COMPANY Karen Traynor joined Trisura a year into its operation and has been integral to the company’s success. After working as an underwriter for a few years, Traynor moved to the head office, where she now helps run the corporate risk operation.

Involved in all facets of Trisura’s business, Traynor has been integral in the implementation of the company’s main underwriting system. She also spearheaded Trisura’s transition to a paperless office system, works on the company’s overall reinsuirance structure, and liaises with brokers and reinsurers to bring them Trisura’s message.

www.insurancebusiness.ca

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19/06/2015 6:58:01 AM

FEATURES

COVER STORY: YOUNG GUNS ADAM MITCHELL 31, president MITCHELL & WHALE INSURANCE BROKERS Adam Mitchell has big ambitions for Mitchell & Whale Insurance – and the talent to fulfill them. This year alone, Mitchell grew the business by 50%. Under his guidance, Mitchell & Whale has been recognized as one of IBC’s top 10 brokerages, and Mitchell himself has been named an IBC elite broker. “He is always leaps and bounds ahead of the competition – myself included – with technology,” says Gillian Van Kempen of Best Buy Insurance Brokers. “And through the development of effective networking, he has the inside scoop – or perhaps an intuition – of what’s coming down the pipeline.”

CLARE STEWART 34, commercial farm manager MUTUAL FIRE INSURANCE COMPANY OF BRITISH COLUMBIA Clare Stewart joined Mutual Fire last year and has already had a major impact on the business. With more than a decade of industry experience and CIP and CAIB designations, Stewart has broad expertise in multiple lines of insurance.

Add to that her extensive experience in strategic change and senior-level underwriting, and her ability to relate to the company’s broker partners, and Stewart is a formidable force for growth. She’s also a big believer in education, and has become a mentor to the company’s underwriting teams.

SEAN C. KANEE 31, senior commercial account executive LEIBEL INSURANCE GROUP At just 31, Sean Kanee has already been in the insurance industry for more than 13 years.

Starting in Winnipeg as a processor, Kanee worked his way up through the ranks to become a sales team lead. In 2007, he headed out west and continued his rise through the ranks. Now one of the top producers in Western Alberta, Kanee is also among Leibel’s top three producers. Specializing in transpor­ tation, construction, excavation, and upstream/downstream oil and gas-related risks, Kanee has a methodical, consultative approach that wins over clients and convinces them to make the switch to Leibel.

34

www.insurancebusiness.ca

GREG RAYMOND 30, founder and managing director, INSURANCEHERO.CA Greg Raymond has never been satisfied with doing things the way they’ve always been done. That dissatisfaction led him to found InsuranceHero.ca, an online insurance brokerage that constantly challenges the status quo. The business was so successful that Raymond branched out into the mortgage industry, estab­ lishing MortgageCaptain.ca. Last year, Raymond was recognized as Innovator of the Year by the Insurance Brokers Association of Ontario, and has been featured as an up-and-comer by several industry publications, including Insurance Business Canada. He also serves as vice chair of the Insurance Specialty Group, a network of 11 leading Ontario brokerages.

MELISSA MUSGRAVE 35, home and auto insurance advisor RBC INSURANCE One of RBC’s top producers, Melissa Musgrave is an ace at deepening client relationships through referrals, cross-selling and spotting opportunities many other producers would miss. In her first year as an insurance advisor, Musgrave won the Leaders’ Conference for the year. Last year, she was recognized with the Atlantic Star Award.

Musgrave also has achieved the company’s highest cross-sell.

YOUNG GUNS 2015

GIORGIO FOLLEGATI 26, sales representative ENCON GROUP Giorgio Follegati started at ENCON Group as a technical assistant, and was soon promoted to technical underwriter. Driven to move forward, Follegati then decided to take on a sales role. He was soon shining there, building rock-solid relationships with clients and brokers while taking on extra responsibilities to help out his peers and striving to satisfy his clients’ needs. Follegati is the recipient of ENCON’s Goldie Award.

www.insurancebusiness.ca

35

FEATURES

COVER STORY: YOUNG GUNS KIRBY WALLIS 25, broker WALLIS INSURANCE AGENCIES

KUMAR SIVAKUMARAN 31, VP of business excellence CUNNINGHAM LINDSEY Kumar Sivakumara started his insurance career in 2004 as a call centre agent. An aspiring programmer, Sivakumara helped develop new designs and technology for the company. All the while, he continued to move up the ranks. In 2009, he became an adjuster, then a was named a business analyst lead in 2013, becoming the driving force behind indentifying key metrics for the reporting platform Cunningham Lindsey uses today. He was named AVP of business improvement in 2014, and now – just six years after becoming an adjuster – Sivakumara is the youngest vice president in Cunningham Lindsey’s history.

MATTHEW TAYLOR 31, general manager PAL INSURANCE BROKERS CANADA Since becoming general manager at PAL three years ago, Matthew Taylor has been an integral part of growing the company’s business and product offerings. Taylor currently manages 20 employees in two offices while also strategizing the company’s best placement in the Canadian insurance industry. The grandson of PAL’s owner, Taylor has been part of the companyt’s expansion on all levels.

ADAM HARE 30, business development and marketing director PETLEY-HARE LIMITED Although he’s spent just over two years in the industry, Adam Hare is making a big splash. His most recent endeavor was the start-up and implementation of Insurance Jack, a completely modernized digital brokerage.

The venture demonstrates Hare’s commitment to pushing the limits of technology to enhance the customer experience. “With a diverse background in technology, business development and marketing, Adam recognizes that a unique customer interaction is the bedrock of delivering an extraordinary experience,” says Petley-Hare finance and HR manager Catherine Anderson. “Adam is the quintessential insurance professional.”

36

Since graduating from the Univer­sity of Manitoba in 2013, Kirby Wallis has continued his education – he earned his CAIB designation last year, and is two courses away from completing his CPIB designation. In the short time since graduating, Wallis has gone from being the agency’s ‘summer student’ to a trusted colleague who is frequently sought out for his industry knowledge. Wallis is also active in his community – he’s a member of several community groups and is an active volunteer firefighter.

TOMMY TRUONG 31, branch manager CAN-SURE UNDERWRITING As the youngest principal of Can-Sure Underwriting, Tommy Truong has been instrumental in the growth and success of the company. A branch manager overseeing a staff of more than 30, Truong is also one of the top insurance professionals in the company. Not content to rest on his laurels, Truong makes it his business to know the industry inside and out, taking on extra tasks in order to learn the commercial side of the business. “He is a kind, great leader,” says Can-Sure’s Andrea Tran. “He continues to smash targets even with his new responsibilities. It has been a pleasure working with Tommy, and I look forward to working alongside him for many more years to come.”

www.insurancebusiness.ca

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19/06/2015 6:58:17 AM

YOUNG GUNS 2015

CALEB MAKSYMCHUK 34, VP of operations RAVENHILL AGENCIES Caleb Maksymchuk is a busy guy. In addition to running a successful brokerage with his father-in-law, he’s has two young children at home.

In addition, for the last six years, Maksymchuk has volunteered on the board of the Professional Young Insurance Brokers of Alberta, and just finished his term as the organization’s president. With his expertise in self-branding, marketing and technology, Maksymchuk is a resource for new brokers looking to learn about the industry. “I have personally been able to rub shoulders with Caleb for the past three years, and I am happy to call him a friend,” says Jody Lohr of Prairie Villa Insurance. “He has educated me, helped me and worked with me to become a better broker and become more involved in the volunteer world of insurance myself. We are all very lucky to have Caleb in our broker world.”

www.insurancebusiness.ca

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19/06/2015 6:58:21 AM

FEATURES

COVER STORY: YOUNG GUNS BRADEN BOSCH

HALIE BUAC

32, president, BAKOVA GROUP OF COMPANIES

28, commercial underwriter INTACT INSURANCE

As president of Bakova Group of Companies, Braden Bosch is committed to innovation, leadership and outside-the-box thinking.

Bosch is not only an astute businessman, but is also adept at addressing the demands of today’s tech-savvy consumer. His company developed a cutting-edge online tool for getting quotes and purchasing tenant insurance, and also has develped software to help other companies with their online offerings.

Halie Buac serves on the executive committee of the Edmonton Pond chapter of the Honourable Order of the Blue Goose International. She’s also heavily involved with the Insurance Institute of Alberta and spearheads many company initiatives at Intact Insurance.

PETER JANZEN 28, underwriting manager, GSL RSA After graduating from Queen’s University, Peter Janzen started his insurance career as a commercial lines underwriting trainee at Lombard. After moving through various roles there, Janzen joined RSA as a senior underwriter in the company’s ProFin department. Focusing on publicly traded D&O, Janzen drove both top- and bottom-line success with his strong sales and trading acumen. He continued that strong performance as national sales manager in the Global Specialty Lines department, where he developed strategic initiatives to strengthen RSA’s customer proposition. Now RSA Canada’s underwriting manager for Central Region Global Specialty Lines, Janzen is a key voice in the redesign of the company’s distribution and operational strategies.

JON CUDNEY LIAM BROWN 35, AVP and national practice leader, life sciences and healthcare, BERKLEY Liam Brown worked successfully as a broker at Hub and Marsh before transitioning to the company side. Brown has a keen understanding of the power of specialization, and his broker experience gives him a serious edge over his competition. In 2014, Brown racked up $3 million in premiums.

38

32, Senior underwriting specialist and second vice president GEN RE, GLOBAL PROPERTY FACULTATIVE As a direct facultative reinsurance underwriter, Jon Cudney has a very unique job – he’s both an underwriter and an agent for all lines of property and inland marine facultative and program reinsurance business in Canada. Cudney handles business from coast to coast and works with some of the largest insurance companies in Canada.

Cudney’s broad expertise and market intelligence help to drive the strategy of some of the country’s most successful companies.

www.insurancebusiness.ca

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19/06/2015 6:58:28 AM

O U

“Cy pa sta we be alo pro ou for We an tec bro so ne

Ro AVP Dire rob

sov

Open minds.

Understand Risk. “Cyber exposures continue to evolve at a fast pace and it is important that we challenge the status quo when assessing risks. At Sovereign, we understand the importance of looking beyond offering coverage for a cyberattack alone. I encourage my team to be empowered, proactive and intentional when partnering with our brokers and insured’s to create structures for both risk mitigation and claims handling.

We look at each account individually and keep an open mind to the various classes facing the technology segment. Our aim is to empower our broker partners with knowledge and innovative solutions to enhance their ability to meet client needs now and into the future.�

Robin Shufelt AVP, Techonology & Cyber Direct 416-673-5077 robin.shufelt@sovgen.com

sovereigngeneral.com

26-41_Young Guns-SUBBED_v3.indd 39

19/06/2015 6:58:32 AM

FEATURES

COVER STORY: YOUNG GUNS LEIGH-ANNE MINAKER 26, Account Manager, GAMBLE INSURANCE Leigh-Anne Minaker started out at Gamble Insurance as a CSR in 2011, and was promoted to a selling CSR in January 2013. A top producer, she was recognized as one of Insurance Business Canada’s elite brokers in 2014. Minaker sits on the board of directors of the St. Thomas Elgin Insurance Brokers Association. Thanks to her passion for the industry, Minaker is highly regarded by coworkers and clients alike.

JEFFREY CHARLES JASON SHARPE MATTHEW NEWMAN 32, manager, surety TRISURA GUARANTEE INSURANCE COMPANY One of Trisura’s top employees, Matthew Newman has demonstrated an ability to learn quickly, then turn that knowledge into results. That ability, coupled with a commitment to the industry, makes Newman a valuable educational resource.

“Matt is always looking out for the greater good of the business, and not just in his own role,” says Trisura’s Chris Kucman. “In addition, he’s always looking to help his peers grow and learn through mentoring and training initiatives.”

40

34, owner/principal STEERS INSURANCE LIMITED Jason Sharpe owns Steers Insurance Limited, along with his brother, Jeff, and their father, Wayne. With 10 offices across Newfoundland, the company is one of the largest insurance brokers in the province. Steers sits on the board of directors of the Insurance Brokers Association of Newfoundland, and is chair of the province’s Young Brokers Association, which he co-founded in 2005. “I became involved in the IBAN board because it’s a great way to meet people of similar interests – people passionate about the things we do in this industry,” Sharpe says. “I also think it’s a way to give back to the industry. And I think it’s fair to say I wanted to earn the respect of other brokers and insurance people by letting them know I was serious about the business.”

32, managing partner, international JONES BROWN Jeffrey Charles has worked wonders for Jones Brown. He established the company’s membership as the exclusive Canadian broker in the BrokersLink global network, a formalized network of independent brokers from around the world. “Through Jeff ’s efforts, we became the Canadian BrokersLink partner in September of 2014,” says managing partner Peter Bryant. In the short time Jones Brown has been a member, BrokersLink has already been a source of significant revenue for the company.

Charles also has been the firm’s top producer for the last three years, and has been recognized as one of the country’s top insurance professionals under 40.

www.insurancebusiness.ca

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19/06/2015 6:58:40 AM

YOUNG GUNS 2015

VINCE COMMISSO 27, account executive, ACTIVE INSURANCE When Vince Commisso got into the insurance business a little over four years ago, he didn’t know anything about the industry – “except knowing that insurance was expensive,” he says. But he caught on quickly. Commisso has earned the highest commission and most new business written at his company for 12 months running. “I love helping people, and that’s why insurance is a good fit for me,” he says. “Nothing makes me happier than helping other people. It really makes my day when someone sincerely says thank you.”

TRISHA TEOH 32, senior underwriter SOUTH WESTERN INSURANCE GROUP Trish Teoh was brought on to spearhead South Western Insurance Group’s newest solution. Jumping in with both feet, Teoh worked closely with Lloyd’s of London to develop SWG’s pollution product. Teoh also has been instrumental in the steady growth of SWG’s casualty department, strengthening broker relationships with an impatial and honest approach. She’s also helped SWG refresh its image as the company works to connect with younger insurance professionals.

INDEX BY COMPANY COMPANY

PAGE NAME

COMPANY

PAGE NAME

Active Insurance

41

Commisso, Vince

PAL Insurance Brokers Canada

36

Matthew Taylor

Bakova Group of Companies

38

Bosch, Braden

Palladium Insurance

30

Gavin Mosley

Berkley

38

Liam Brown

Palmer Atlantic Insurance

29

Joe Palmer

Can-Sure Underwriting

36

Tommy Truong

PBL Insurance

32

Andrea Schuster-Vollans

Cunningham Lindsey

36

Kumar Sivakumaran

Petley-Hare Limited

36

Adam Hare

Drayden Insurance

32

Catherine Cake

Ravenhill Agencies

37

Caleb Maksymchuk

ENCON Group

35

Giorgio Follegati

RBC Insurance

32

Rosanna Donnelly

Everest Insurance

30

Daniel Moses

RBC Insurance

34

Melissa Musgrave

Gamble Insurance

40

Leigh-Anne Minaker

Rogers Insurance

28

Kevin Lea

Gen Re, Global Property Facultative

38

Jon Cudney

Rogers Insurance

28

Lindsay Mather

Highcourt Partners Limited

28

Simon Walker

RSA

38

Peter Janzen

InsuranceHero.ca

34

Greg Raymond

Sharp Insurance

30

Sherif Gemayel

Intact Insurance

38

Halie Buac

South Western Insurance Group

40

Trisha Teoh

Jones Brown

40

Jeffrey Charles

St. Clair Insurance Brokers

32

Ryan Bennett

Steers Insurance Limited

40

Jason Sharpe

Jones DesLauriers Insurance Management

28

Matt Croswell

Jones DesLauriers Insurance Management

28

Dina Godinho

Trisura Guarantee Insurance Company

40

Matthew Newman

Leibel Insurance Group

34

Sean Kanee

Trisura Guarantee Insurance Company

30

David Scotland

Mitchell & Whale Insurance Brokers

34

Adam Mitchell

Trisura Guarantee Insurance Company

33

Karen Traynor

Mutual Fire Insurance Company of British Columbia

34

Clare Stewart

Wallis Insurance Agencies

36

Kirby Wallis

www.insurancebusiness.ca

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19/06/2015 6:58:45 AM

FEATURES

CYBER

MORE THAN JUST COVERAGE Cyber insurance is becoming as pervasive as the Internet itself – but brokers need to sell not just the sizzle but also the steak

CYBER COVERAGE is more than just a policy – and brokers need to be proactive in partnering with their clients to provide risk mitigation support, as well as thirdparty liability resulting from a data breach.

Robin Shufelt, assistant vice president of technology and cyber for the Sovereign General Insurance Company, explains that as cyber attacks become more intricate, insurance companies should partner with security experts to offer a complete product to clients.

“Insurance companies should be looking to go beyond just offering coverage for a cyber attack,” Shufelt says. “Insurers should partner with their insureds to provide risk mitigation support as well.

Both from a risk mitigation and a claims handling standpoint, the partnerships with security experts are important to address these needs properly.”

Beyond the basic cyber coverage policy, add-ons are growing in popularity among clients. “’Cyber’ as a term has evolved to include many different types of products,” Shufelt

42

says. “The main products we see offered are privacy breach expense coverages such as notification expense, crisis management and forensic coverage. The biggest benefit to these coverages is having expert help available when something goes wrong.”

Jacqueline Detablan, vice president of financial lines for AIG, says it is essential for insurers to be able to provide clients with another layer of expertise.

“As cyber incidents grow and evolve, it is important for insurance companies to partner with leading cybersecurity firms that provide clients with another layer of expertise and protection to help mitigate and manage this growing and evolving

risk,” she says. “Insurers should help clients integrate pre-breach threat intelligence, governance tools and the latest best practices into their cybersecurity end-to-end risk management program.”

A shifting threat The real challenge with cyber exposures is that they are continually changing and evolving faster than insurers can provide risk management tools to control them,

“Many businesses invest significant dollars in intrusion detection, but little budget is left for the resolution once they have had an issue” Robin Shufelt, Sovereign General Insurance Company

www.insurancebusiness.ca

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19/06/2015 6:59:27 AM

CYBER COVERAGE BY THE NUMBERS

80% Percentage of companies likely to suffer a data breach within 12 months

Less than $1 million Average associated costs of a data breach

5% Chance the breach will cost a company more than $20 million

1 in 5 Number of companies surveyed that have a cyber liability policy in place Source: Ponemon Institute

ant to tailoring the proper coverage for a client, Detablan says.

“It is very important to note that when it comes to cyber insurance, there is not one solution that fits all risks,” she says. “Not only must risks be assessed based on industry, but there is the variability among cyber risk controls in place, incident response Shufelt points out.

“Many businesses invest significant dollars in intrusion detection, but little budget is left for the resolution once they have had an issue,” she says. “An astute company should have an incident response and business continuity plan developed so they are prepared in the event they are subject to an incident.”

“The services and products have evolved greatly over the past six months,” Detablan adds. “Insurance carriers are continuing to partner with leading cybersecurity experts that specialize in the many components necessary to monitor, mitigate and manage the dynamic nature of cyber risk.”

Technologies such as anti-virus and data encryption are must-haves when trying to protect against cyber attacks, but insurers are finding that many attacks come internally from staff mistakes.

“Insurers should help clients integrate pre-breach threat intelligence, governance tools and the latest best practices ...”

Jacqueline Detablan, AIG “Employee training plays a significant role in protecting a company’s networks,” Shufelt says. “Educating team members to recognize and prevent social engineering or other phishing schemes, using strong passwords and changing them often, understanding the risks of plugging foreign devices into a company’s computer system, and being alert to media with viruses are just a few examples.”

Analyzing the potential risks is import-

planning and the level of engagement from a corporate governance perspective.”

Clients have begun to look past the liability implications and the costs associated with managing these events – for example, PR, notification and data restoration costs, Detablan points out.

“Often the conversation now turns to the financial impact of a cyber event or the possible scenarios that could lead to bodily injury or property damage.”

www.insurancebusiness.ca

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PEOPLE

PRODUCER PROFILE

BORN TO RUN

David Imschweiler has learned a lot about life – and business – from his passion for dogsledding DAVID IMSCHWEILER will never forget the first time he saw the Northern Lights.

He was out on the trail of the Yukon Quest dogsled race, near the Alaskan village of Circle City. It was 30 degrees below zero on a crisp, clear night.

“You could see through the village, all the chimneys bellowing smoke,” he says. “And looking up to the sky, you could just touch the northern lights – all those colours dancing in the sky.”

Insurance is Imschweiler’s livelihood – he runs a family-owned insurance agency in Pennsylvania – but dogsledding is his passion.

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He got into the “mushing thing” in 2002 when he went to Alaska for the first time as a volunteer for the Yukon Quest, which is widely acclaimed as the toughest dogsled race in the world. Competitors endure frigid temperatures, blizzards and gale-force winds on a 1,000-mile course between Whitehorse, Yukon Territory and Fairbanks, Alaska, that alternates its direction every year. Winners generally finish in eight to 10 gruelling days.

Stepping off the plane that first time, Imschweiler felt as if he’d entered one of those books about Alaskan trappers that he had loved to read as a kid. He was completely

captivated by the vast, quiet landscapes; the sense of sportsmanship and camaraderie among the competitors; and most of all, by the furry, friendly four-legged athletes that pulled their mushers along the trail.

“I used to fly airplanes, skydive and scuba dive,” says the self-professed adrenaline junkie. “And when I got on the runners of a dogsled, I was hooked.”

Mush!

When Imschweiler the state of Pennsylvania, where he lives, he joined a statewide sled dog club. “Before I knew it, I had 24 dogs in

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“I used to fly airplanes, skydive and scuba dive. And when I got on the runners of a dogsled, I was hooked” my yard,” he says. But it all started with one dog named Lakota – the Sioux Indian word for ‘friend.’

Lakota was a Wakon Giant Alaskan malamute, the same kind of dog that once lived with the ancient Inuit peoples in the high Arctic, and that the Vikings used to haul their supply sleds. Weighing up to 180 pounds, Wakons “look like big bears,” Imschweiler says.

Soon, he was hooking Lakota up to a sled to haul firewood from his woodshed to his house. “That’s what started the whole thing,” he says.

His pack grew rapidly to eight or so dogs.

Then he befriended a musher and over-the-road trucker who had twice that many. The two agreed to house their dogs together at Imschweiler’s place so they could train together on weekends, and split the cost of food and vet bills.

Several times each winter, Imschweiler and his mushing buddy would travel to compete in sprint races that were often hundreds of miles away. Despite the long hours of driving, Imschweiler loved the feeling of being right in the thick of it all.

“The atmosphere before the start of a big race is electric,” he says. “It’s organized chaos.”

From sprinting, Imschweiler graduated to mid-distance races (from 30 to 300 miles)

like the Can Am Crown International Sled Dog Race that skirts the Canadian border in Maine and the Midnight Run in Michigan’s Upper Peninsula.

The cold, the wind, the dark, the blizzards, the sleep deprivation – Imschweiler doesn’t mind that part of mushing at all. “You don’t think about it,” he explained. “Your mind is so much on the care of the dogs. They feed off of your energy, and as long as you are upbeat and talking to them, they’ll keep on running.”

The sled dogs he raises now are a cross between husky and German shorthair pointer – otherwise known as Alaskan huskies or village dogs. They are bred for endurance and cold weather. They might seem a bit on the small side, but when they are active, they consume 10,000 calories a day. Imschweiler buys dog food by the truckload.

Although breeding and mushing dogs is expensive, it’s all relative, he points out: “Everyone’s got their hobby. These insurance guys who like to golf – they’re not golfing with a $200 set of clubs. And they belong to country clubs.”

Although elite sled dogs go for big bucks, Imschweiler isn’t in it for the money. The name of his kennel is Born to Run. “They are born and die there,” he said of his dozen or so huskies, each of whom he loves like a child.

“I’m not into selling dogs.”

The family business Imschweiler hasn’t had as much time for his hobby lately, ever since he took over the insurance agency started by his father, a Hartford insurance adjustor who went on to buy his own agency.

There was a time when Imschweiler couldn’t imagine getting into the family business. As a kid, he would sometimes answer the phone at night, “and people would curse and say, ‘Put your father on’ – they were upset about their claims and stuff.” But after serving a dozen years in the US Navy, he began working as an agency manager with

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PEOPLE

PRODUCER PROFILE the Carl W. Peter Agency, which was owned and operated by his father.

Imschweiler became a partner at his father’s company in 2000, running the branch office in Kutztown – a small college town in eastern Pennsylvania – and subsequently purchasing it in 2009. In September 2014, his father retired, and Imschweiler bought the agency, where he now works with his brother.

DJI Insurance is a “blue-collar agency,” and Imschweiler says his clients are a lot like him – working-class Americans. He works with truckers, machine shops, warehouses, “and I do a lot of horse farms and dairy farms, because we are in a very agricultural area out here,” he said.

He keeps his long hair tied back in a ponytail that he cuts off and donates to Pantene’s hair donation program every few

years. “And I come to work in Dockers and a regular flannel shirt – I’m not dressed to the nines,” he says. “People are paying me for what I know, not how I dress and what I drive.”

Imschweiler also works part-time driving a tractor trailer for one of his clients, Johnson Horse Transportation, which specializes in hauling hunter jumper horses and racehorses for prominent clients throughout the country.

Several times a year he takes time off to haul horses to shows in Washington, DC, and Calgary, among other places.

“I try to keep busy for sure,” Imschweiler says. Besides scratching his itch to drive big trucks (he earned his commercial drivers license in 2008), the horse-hauling gig also helps him forge connections that have grown his insurance business clientele.

Return to Alaska Since that first visit to Alaska in 2002, Imschweiler has returned to volunteer for the Yukon Quest many times, befriending many elite mushers. He loves all the little villages that serve as checkpoints along the way, where mushing fever is a way of life.

“It doesn’t matter what you do for a living,” he says. “It’s all about ‘How are your dogs?’

You truly get the sense of community up there, because you are not going to get through an Alaskan winter by yourself.”

Imschweiler has high hopes of getting back into competitive mushing sometime down the road. He just bought a 46-foot camper trailer with 18 kennels, painted with sponsorship logos and a big mural on the side, showing him racing his dogs under the dancing northern lights.

LESSONS FROM THE TRAIL Raising and mushing sled dogs has imparted many lessons that Imschweiler applies to his day job as an insurance agent.

Patience “When you are working out in 20-30 below temperatures, it’s all about attention to detail. A slow, steady pace wins the race.”

Failure “Never be afraid to fail. Failure is such a strong word to people, but it is a teaching mechanism.

You have to look at it as if you are running a race.

Even if you don’t come in first, getting from Point A to Point B is fun.”

Perspective “Mushing teaches you to really not sweat the little stuff. Sometimes not winning has its benefits.

Big-time agencies, huge producers ... there’s a price to pay for that, folks. It’s there, but people don’t see it.”

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www.insurancebusiness.ca

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19/06/2015 7:00:20 AM

SPECIAL PROMOTIONAL FEATURE

COMMERCIAL MARINE

TAKING A HARD CHARGE AT A SOFT MARKET One insurer is making waves in the commercial marine market with the recent launch of a new product THE MARINE market in Canada is strong, but with key players merging and experienced marine underwriters retiring, an expertise gap is developing. That’s why April Canada is introducing a new commercial marine offer to its brokers.

Helping guide the launch of the new unit is Claude Deslage, the new national director of commercial marine. “The marine market is

48

pretty strong in Canada,” he says, “but we feel it is a good time for someone to come in and take a fresh approach – to simplify the lives of brokers where their clients have commercial marine exposures.”

This forward-thinking and new product development has led to the introduction of the new commercial marine product. ““We are looking to be a key player in

the market,” Deslage says. “We will be looking for synergies with our commercial property and liability businesses and to use our influence in these segments to develop competitive marine products. I expect April to bring more appetite and expertise on multi-marine liabilities – like ship repairs and legal liabilities.”

Through April Marine, the April Group

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already insures more than 50,000 pleasure boats worldwide – nearly half of which are in Canada.

Necessary coverage One issue for brokers and their clients to keep in mind, Deslage says, is the limitation of liability on P&I insurance.

“Especially for small tour boat operators, who operate with a $1 million limit of liability, they may be carrying 10 to 12 passengers,” Deslage says. “The government limitation of

“If you are looking at a ship repairer, you will probably have a $5 million limit without a problem,” says Deslage, adding that cyber liability coverage for marine is coming. “The board of underwriters has a group right now that is looking at cyber, especially with the new builds that are coming in.”

For instance, on the laker fleet that carries cargo through the Great Lakes, the government is mandating double hulls for all oil tankers, says Deslage. “These vessels are very high-tech, and cyber coverage will

“We will be looking for synergies with our commercial property and liability businesses and to use our influence in these segments to develop competitive marine products” Claude Deslage, April Canada liability has gone up, so they need to be aware of that.”

Another issue is for small companies, such as HVAC repairers, who are working onboard ship. About 10% of their work is done onboard the ship, so they need a ship repairer’s policy.

“They come into situations where they don’t have enough limit of insurance,” he says, “and that’s where we’ll be able to step in and explain it to them properly.”

Marine insurance is “probably the only form of insurance left where all the insurers still talk to each other to some extent,” says Deslage, “and the risks are shared quite broadly.”

Typically, on a vessel valued at $10 million, an underwriter will offer a lead quote that puts up a 10% or 20% line, and the broker will go out and fill that line with five or six other marine markets, Deslage says. “I think you’ll see it like that for quite a while,” he adds.

become an issue,” he adds.

A natural fit April’s decision to expand into commercial marine was an easy one, according to Kidd.

“For us, it is simply about creating synergies to bring additional value to our brokers,” he says. “We have a very strong proposition in the personal marine area.

We’re also a strong property and casualty player, and have a great offer in the transportation and logistics market. So for us, being able to complete our offer in the commercial marine space was just a very natural place for us to go.”

April has been contemplating this gap in its proposition for some time now, Kidd says, but it hasn’t been a question of sitting back and looking at small and big targets.

“We are often asked to support our many brokers across Canada in the placement of their marine clients’ risks,” he says. “We therefore wanted to enter this market in a

very robust way, through recruiting recognized talent who can immediately start looking for ways in which we can bring new value and who also understand that we don’t simply want to replicate everyone else’s approach. We hope commercial marine will become a welcome addition to the product stable.”

The company is planning a very traditional rollout of the new product through its broker partners.

“In this market line, face-to-face is the best way to help brokers understand our approach,” Kidd says. “That’s why I say, ‘We’re bringing this to market one broker at a time.’

“This offer will be available to all of April’s brokers in Canada – regardless of how many commercial marine clients they have,” he adds. “As is key with our approach in other lines, we’re here to support our brokers’ needs, large or small.”

April’s decision to bring in Deslage to steer the new commercial marine division is an extension of that personal, face-to-face approach.

“I think it is important to understand that marine is still a people business, much more than some other lines of insurance,” Deslage says.

Based on the company’s research, both Kidd and Deslage are confident that the opportunities in commercial marine are there.

“The cargo market is very soft right now, but we are going to bring additional capacity,” Deslage says. “Where we’re going to have our advantage on the cargo side is for the small brokers who have a couple of small marine accounts, but they’re not really sure what to do. They already deal with April, and now they are going to have somebody to talk to who understands marine.

“We’re going to be able to offer a complete line of marine products,” Deslage continues, “not just on cargo, not just on liability – we’re going to be looking at all marine exposures.

We’re in this market for the long haul.”

www.insurancebusiness.ca

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FEATURES

MARKETING

Making movies: 10 things to avoid Video can be a great way to engage customers, and these days it costs very little. Video expert Geoff Anderson points out some mistakes to avoid VIDEO IS one of the most powerful and accessible tools we have in business today.

When it is done well, it builds community, creates rapport and enhances your brand.

However, when it is done poorly it can turn away followers, customers and create brand damage.

Here are 10 mistakes to avoid when making videos for your business.

1

No clear audience

As with any marketing activity, it is critical to be clear on who your audience is.

Don’t try to be everything to all people. If you do this, your message will get lost and have little meaning.

By being clear on your audience, you can target your message in a way that truly resonates. If you struggle with your target audience, think about who you would like to be writing a policy for after seeing the video.

If you have a niche for your insurance brokerage, then be clear about it.

2

An unfocused message

The clearer you can be about why you are making the video, the easier it will be to

50

focus your message. What is the action or message you want the viewer to take away after watching your video? Keep coming back to this as you draft your scripts and think, “Is this relevant or helpful for my intended audience?”

3

Too much information

The days of getting 10 or 15 minutes of your audience’s time to watch your video have passed. The key now is to keep the content concise and valuable, which goes back to the purpose of your video.

For example, if the purpose is to encourage people to visit your booth at the next industry event or call you to discuss their insurance requirements, then find ways to get to that point quickly and clearly.

Sometimes too much information ends up turning people away, or worse – boring them.

4

Facts instead of emotion

You might be offering the best rates or customer service, but how can you make this information resonate with your audience?

Does it mean they can have less stress if the unthinkable happens and they have to file a

claim? Focus on the emotional needs of your audience and how you can satisfy them.

Keep asking yourself – why does this feature matter to my customer? You can connect with people at an emotional level when you focus on how they will feel and benefit as a result of using your services. Leave the weighty details on your website for those who really need to know.

5

Too much emphasis on you

Keep the focus of your video on the viewer and how your work can help them rather than focusing on yourself. If you find yourself talking about we and I, stop and think about how you can shift it to ‘how you will benefit from this service.’ If you focus more on what’s important for your customer, you are more likely to keep them engaged.

www.insurancebusiness.ca

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you shoot in portrait aspect, you will end up with a thin image with black bars on either side. Also avoid using the zoom; this will just reduce the quality of the recording – instead, stand closer to the device to fill the frame.

8

Uninteresting or distracting background

Be aware of what is in the background of the shot, as this will form part of the story you are telling. Avoid filming people up against walls, which creates shadows and looks uninteresting and flat. The more depth you can have in the picture, the better, and a background provides an opportunity to show some additional information that can enhance the character of the presenter or the information you’re sharing.

As with any marketing activity, it is critical to be clear on who your audience is. Don’t try to be everything to all people 6

Poor audio

Viewers will put up with rough visuals, but they won’t forgive poor sound.

No matter what camera you are using, make sure you connect a suitable microphone to it. Ideally, you want to have a camera that allows you to monitor the sound as it is being recorded. That way you can check if there are any rubbing noises or buzzing that could be affecting the quality of the audio. If you can’t plug in headphones while you record, then do a test recording first and listen back to check the quality.

Even if you’re shooting on a smartphone, there are plenty of microphones you can get to ensure the audio sounds right. These include a shotgun, lapel or a handheld microphone.

7

Badly framed

When filming people, make sure you put the top of their head at the top of the frame. Many newbies look through the camera and put the face in the middle of the screen. This results in empty space above the head. Learn to look through the viewfinder as if it is a framed picture on the wall.

Generally, if someone is talking directly to camera, make sure they are centred in the frame. The only time you might play with this is if you want to use the space on the side to add extra information, such as text points.

If you are interviewing someone on camera, ensure you give a little space for “talking room”.

If you are using your smartphone for filming, then please, please, please make sure you hold the camera in landscape mode. If

9

Wobbly cam

10

Using cheap technology to impress

A tripod is a must for newbies to avoid shaky hands and wobbly video. You can even get holders for mobile phones that will ensure your shot is steady. Unexplained camera movement distracts the viewer and dilutes the impact of your message.

Cheap and easily accessible devices such as mobile phones are a way to stay connected with your community. However, I wouldn’t recommend trying anything too tricky or impressive using a phone camera, such as a promotional video or green screen effects.

Better-quality lenses, image sensors and audio will give you a better result for that sort of stuff. Talk to the professionals.

Keep the DIY content for maintaining rapport with existing customers. If you are looking to use video to attract new customers, then spend the time and money to work with professionals.

Geoff Anderson is a video producer and owner of Sonic Sight, a corporate video production company. He is also the author of the Amazon Bestseller Shoot Me Now: Making Videos to Boost Business. Visit www.sonicsight.com.au.

www.insurancebusiness.ca

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19/06/2015 7:01:31 AM

THE CHOICE IS YOURS WITH

MAGAZINE-EMAG

WEBSITE-ENEWSLETTER-MULTIMEDIA

Insurance Business magazine features a series of industry reports recognizing the achievements of key individuals and businesses as well as providing the latest in business best practice. Access every emag from our website or download on your iPad from the iTunes store for access anywhere, anytime.

Insurance Business Canada has an online industry hub committed to delivering the latest industry news, opinion and analysis for today’s sophisticated insurance professional.

Subscribe to the exclusive e-newsletter and get up-to-theminute insurance news delivered to your inbox daily.

FOR MORE INFORMATION, VISIT INSURANCEBUSINESS.CA 52-53_Career Path-SUBBED.indd 52

19/06/2015 7:02:09 AM

PEOPLE

CAREER PATH

FAMILY MAN

Facing a fork in the road, Greg Kruk of James W. Kloepfer Insurance Brokers chose the family path As director of the IBAO’s Young Brokers Council, Kruk had the chance to learn about a different side of the industry “It was a great learning experience for me to see what the IBAO did on a day-today basis, lobbying the government and also recruiting talent from universities”

2015

FINISHES TENURE AS YBC DIRECTOR

““It was a big change for us, having two offices, but it was a signal for growth for the company and growth for me as well” 2011

OPENS SECOND OFFICE IN BROOKLIN, ONTARIO A blood clot in his lung claimed Kruk’s father’s life when he was just 52 years ole “I wanted to work in the industry for 10 years before I took over, but I didn’t have the chance, 2009 so I went back to run the brokerage. It was tough HIS FATHER – I was still a little green, but it was a well-oiled PASSES AWAY machine at the time, and our staff was fantastic, so I had the chance to sit back, learn and grow into being a principal broker”

2006

MOVES TO THE ECONOMICAL INSURANCE GROUP

2005

BECOMES VOLUNTEER FIREFIGHTER “I wanted to get involved in the community, especially being from a small town like Kawartha Lakes. I saw a lot, including a 3-year-old girl who died in a car crash. But on the positive side, I got to meet a lot of people responding to medical calls, and established relationships with people in the town” As a student at McMaster University, Kruk started by studying accounting, but it wasn’t long before he changed course “I really hated it and couldn’t imagine doing it for the rest of my life. So I switched gears and went into finance.

It was more broad and more into my taste of what I wanted to accomplish in my career”

At the Economical Insurance Group, Kruk relied on his firefighter background to help with doing loss control and inspecting buildings “My firefighting background really … helped me because I knew what I was doing in terms of fire inspection. The company provided us with training that’s become essential to what I do now”

2004 GOES TO WORK WITH HIS FATHER

2000

GIVES UP ON ACCOUNTING

Despite having an offer on the table from Chubb Insurance, Kruk decided to return to James W Kloepfer Insurance Brokers, the firm started by his great-grandfather and later taken over by his father “It allowed me to continue my education, get my WETT certification and continue learning. It turned out to be a great decision”

www.insurancebusiness.ca

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PEOPLE

OTHER LIFE

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

COME SAIL AWAY Insurance can be a hectic field, but one broker finds calm on the water as an avid sailor DAVE KENNEDY of Darling Insurance grew up in the Kawartha Lakes region of Ontario and lives there to this day, so it’s no surprise that his affinity for water is matched only by his passion for boats. Since a young age, Kennedy has been an avid boater, taking to the lakes, the seas or any body of water he can find to drown out his hectic work life.

“I’ve pretty much been driving and sailing a boat since the age of 6,” he says. “Growing up in the Kawartha Lakes region really gives you that love for the water, and I still even live on the lake today.”

Kennedy has travelled to places such as Georgian Bay, Thousand Islands and even the Caribbean to sail, and he continues to plot different trips to explore the world’s greatest bodies of water. One of his most recent trips saw him go more than 100 kilometres in a day to travel between the US and the British Virgin Islands.

29

Years of boating experience

54

150

Kilometres sailed in one day from St. John in the US Virgin Islands to Anegada in the British Virgin Islands

3

Years as a partner at Darling Insurance

www.insurancebusiness.ca

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WE KNOW

WHAT WE KNOW You can depend on our 140 years of experience, ďŹ nancial strength, specialized underwriting and claims expertise as we partner with brokers and agents to deliver innovative solutions to target customers.

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FEATURES

EXPERT ADVICE TOP 5 REASONS WHY CLIENTS ARE UNDERINSURED

1

The sum insured was based on the mortgage or sale/purchase value rather than the replacement costs

2

Changes in legislation and bylaws that affect rebuild methods and costs, such as fire safety, drainage and waste disposal, energy efficiency, and disabled access

3 4 5

Neglecting to consider professional fees, debris removal and new foundations Failing to increase sums insured based on improvements, extensions and renovations Financial pressures that result in people seeking cheaper premiums at the cost of coverage

THE IMPORTANCE OF REPLACEMENT COST THE INSURANCE industry in Canada widely uses ‘insurance to value,’ or ITV, to assess a risk and ensure that your clients’ insurance fully covers the real replacement cost of their home. If your clients don’t have the proper amount of coverage, they may not have enough to replace and rebuild in the event of a claim.

Most people think the market value of their home (usually calculated based on comparable real estate sales in their neighbourhood) is the best figure to use for insurance purposes.

However, a more accurate figure is the replacement cost – i.e., what it would cost to rebuild the home after a catastrophic or major event such as a fire. This cost includes considerations such as the price and availability of labour (which would be higher, for example, after an earthquake or wildfire due to scarcity),

56

debris removal, more demanding building codes, the higher cost of materials, etc.

Benefits of accurate ITV Underinsurance doesn’t help anyone, least of all your clients. Having an accurate ITV will ensure full coverage for your client’s qualifying risks in all covered events.

Under most insurance policies, it is the clients’ responsibility to report any changes to their property, such as renovations or additions, that could warrant an increase in coverage to fully insure the home’s replacement value.

As a broker, having the right conversation with your client at renewal time can ensure that they are properly covered so that things will go smoothly in the event of a claim. But

it also has benefits for your brokerage, including increased revenue and ease of doing business.

How can a broker help?

As a trusted advisor, you can help ensure that your client is carrying the right amount of insurance. To start the conversation, ask if your clients have done any renovations or improvements to their home. You can also remind them that if they don’t declare it, you can’t insure it.

It’s also important to remind your clients that replacement costs aren’t the same as real estate value. The cost of labour, materials and constructing to code have all likely increased since the client last re-evaluated their home’s value, unless a full inspection has been undertaken recently.

RSA has some helpful checklists that you can share with your clients so they can more accurately assess their homes. Visit www. rsabroker.ca/fullycovered to download a home assessment checklist.

Kellee Irwin is RSA’s vice president of personal insurance for the Western region

www.insurancebusiness.ca

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You can expect more at Trisura.

a step above 56-IBC_Expert Advice-SUBBED.indd 57

19/06/2015 7:03:54 AM

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Malicious Code.

Hacked network.

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B U S IN E S S

*Per claim and in the aggregate. Certain conditions, limitations and exclusions apply. The information that appears on this advertisement is provided to you for information purposes only. Your insurance contract prevails at all times. Please consult it for a complete description of coverage and exclusions. Non-insurance services are provided by The logothird is aparty. registered trademark Association of Canada (IBAC).

All other trade-marks IDT911, Inc., BIP an independent These services provided do not constituteof legalthe advice.Insurance If you require legalBrokers advice, please consult a lawyer. Intact Financial Corporation and its affiliates assume no responsibility for making the services available to you or for your use of the services. The BIP logo is a registered trademark of the Insurance Brokers of Canadaof (IBAC).

All other Financial trademarks are property of Intact Financial Corporation under license. © 2015, Intact areAssociation property Intact Corporation used used under license. ©Insurance 2009,Company.

Intact Insurance Company.

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