Insurance Business Canada 4.06

WWW.INSURANCEBUSINESS.CA ISSUE 4.6 | $12.95

LEADING

RISK MANAGERS 2016

They’re the defenders of Canada’s corporate interests – and your best business partners KEEP THINGS RUNNING

How to break into the equipment breakdown space

OFC & Spine-SUBBED.indd 2

MAPPING OUT FLOOD COVERAGE

Floods have been hitting Canada hard – so what are insurers doing about it?

WHAT’S NEW IN CLAIMS?

A look at how brokers can get speedier claims processing

8/12/2016 5:47:15 AM

A STRONG TEAM, OPERATIONALIZING A STRONG BALANCE SHEET. Property | Casualty | Executive & Professional Lines

Berkshire Hathaway Specialty Insurance is pleased to bring underwriting flexibility, claims handling excellence, and financial strength to Canada.

Our experienced team in Toronto is committed to providing precisely the coverage you need.

BHSI Canada Royal Bank Plaza North Tower 200 Bay Street, 15th Floor Toronto, Ontario M5J 2J2 info@bhspecialty.com

Atlanta | Boston | Chicago | Houston | Irvine | Los Angeles | New York | San Francisco | San Ramon | Seattle Stevens Point | Auckland | Brisbane | DĂźsseldorf | Hong Kong | Melbourne | Singapore | Sydney | Toronto

IFC-01.indd 4

8/12/2016 5:46:05 AM

40939

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

burnsandwilcox.ca

Commercial | Professional | Personal | Cross Border | Binding | Risk Management Services

40939 BURNS Insurance Business Overview Canada Resize APPROVED.indd 1 IFC-01.indd 5

6/24/16 3:00 PM 8/12/2016 5:46:20 AM

ISSUE 4.6

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

CONTENTS

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

UPFRONT

LEADING

RISK MANAGERS 2016

COVER STORY

26

04 Editorial

The common thread of achievement

06 Statistics

FEATURES

THE CLAIMS DEPARTMENT

IBC talks to the head of Markel’s claims department to take the pulse of claims in 2016

PEOPLE

INDUSTRY ICON

As the cyber market continues to explode, Lockton’s head of cyber weighs in on where it’s headed next

20 2

08 Head to head

What’s holding Canadians back from using telematics?

10 News analysis

The industry response to Canada’s recent large-scale floods

12 Intelligence

This month’s big movers, shakers and new products

14 Technology update

Despite technology’s potential to simplify risk management, the industry still lags behind in adoption

16 MGA update

Do brokers really value MGAs?

LEADING RISK MANAGERS

Risk managers represent a vital partnership for brokers.

We’ve uncovered the details on 30 of the top corporate risk managers across Canada

40

How the insurance industry is embracing social media

FEATURES

42

INSURANCE BUSINESS AWARDS GUIDE

Find out who won big at the first annual Insurance Business Awards

18 Opinion

What does the future look like for risk management?

FEATURES 24 A game-changer for brokers

A closer look at Insurr, a revolutionary online search tool for specialty insurance

64 Expert advice

Inside a new offering that takes brokers beyond cookie-cutter education

PEOPLE 38 Brokerage insight

Bryson Insurance Brokers reveals how it has created an enviable culture

FEATURES

63

BREAKING DOWN BREAKDOWN What brokers need to know about equipment breakdown insurance

INSURANCEBUSINESS.CA CHECK IT OUT ONLINE

www.insurancebusiness.ca

02-03_TOC-SUBBED.indd 2

8/12/2016 5:50:13 AM

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

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

www.trisura.com

a step above

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

02-03_TOC-SUBBED.indd 3

8/12/2016 6:18:09 AM

UPFRONT

EDITORIAL

It’s not just who, it’s how

T

here’s a new event on the calendar of insurance professionals across Canada. On November 30, the first-ever Insurance Business Awards were held, celebrating the cream of the Canadian crop. The awards, sponsored by platinum partner Markel and produced by Insurance Business Canada, toasted the outstanding professionals and organizations across the insurance channel, with more than 190 finalists across multiple categories.

The event, held at the Liberty Grand in Toronto, will now become an annual celebration, and in this edition of the magazine, we take a closer look at this year’s winners. However, the real message is not so much who these people are, but how they achieved their success.

We often assume that people who are successful in any field are either blessed with talent or just plain lucky. It’s an assumption that is at best misplaced and at worst outright condescending – because the reality behind the achievement is almost always hard work and going above and beyond expectations to fulfil goals.

Another common trait among high achievers, no matter their background, is the ability to listen to those around them. In insurance, this is particularly crucial, as success is rarely achieved alone.

Risk managers are a significant cog in the wheel of a broker’s success – a crucial part of the ‘how’ behind the ‘who’ Some of the greatest allies for insurers and brokers in achieving that success are the risk managers that we profile in this edition of Insurance Business Canada.

They, perhaps more than any other professionals in the industry, are the ones who must be alert as changes such as disruptive technologies and environmental disasters impact the industry on a scale that was previously unheard of – look no further than the wildfires of Fort McMurray for only too recent proof. To thrive, insurers and brokers need to pay attention to new developments, new trends and new risks within the industry or take the chance that they will be left behind – and risk managers can provide vital support by identifying risks and weaknesses in business processes.

In many ways, risk managers are the vanguard of the nation’s fight to minimize corporate risk and the trusted partners who can provide the link between business and broker. They are a significant cog in the wheel of a broker’s success – a crucial part of the ‘how’ behind the ‘who.’

The team at Insurance Business Canada

www.insurancebusiness.ca JANUARY/FEBRUARY 2017 EDITORIAL Managing Editor Paul Lucas Writers Ryan Smith, Libby Macdonald, Tim Garratt, Henry Preen, Joe Rosengarten, Lyle Adriano Copy Editor Clare Alexander

CONTRIBUTORS Penny Dyte, Georgia Murch

ART & PRODUCTION Design Manager Daniel Williams Designers Joenel Salvador, Randy Pagatpatan Production Manager Alicia Salvati Traffic Manager Kay Valdez

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

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

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

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

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

4

www.insurancebusiness.ca

04-05_Editor's page-SUBBED.indd 4

8/12/2016 5:38:39 AM

t e

200+ prOducT lineS & in hOuSe capaciTy excluSive TO cheS Special riSk inc.

Our market approach is different from other Managing General Agents & insurance organizations.

Through our extensive market experience we help our supporting Retail Brokers to identify their clients unique risk exposure through a genuine collaboration with our Underwriters, and then engaging with our insurance carriers. Together we will help our brokers identify the many ways they can resolve their clients’ financial Risk, leading to inspired solutions.

STOp Searching – STarT finding inSurance SOluTiOnS.

make yOur mOve ChesSpecialRisk.ca

04-05_Editor's page-SUBBED.indd 5

Ottawa Office | t 613.745.6100 e quotemehappyOttawa@chesspecialrisk.ca tOrOntO Office | t 416.452.7850 e quotemehappyToronto@chesspecialrisk.ca

8/12/2016 5:38:45 AM

UPFRONT

STATISTICS

Social media security

HOW LARGE IS LINKEDIN’S NETWORK? The data shows that Canadians are using professional networking on an increasingly frequent basis. LinkedIn is by far the largest professional network out there, boasting two new members every second, and its stats present a compelling case for businesses of all sizes to join.

The growth of social media has been unprecedented, but is the insurance industry catching on?

REGARDLESS OF what some Luddites might tell you, social media is no longer purely the domain of musicians, teenagers and reality TV stars. Large companies have long been aware of the power of social and professional networking sites such as LinkedIn, Facebook, Instagram and Twitter.

RSA, for example, made a strategic decision to engage their brokers using LinkedIn, as it is one of the most prominent tools in

19%

Canadian users who log into LinkedIn once a day or so

29%

Canadians who visit LinkedIn around once a week

B2B marketing. RSA has a LinkedIn page dedicated to broker-related content and a group with almost 2,000 members. LinkedIn is the world’s largest professional network, boasting more than 467 million members, and Canadians across all industries are logging in each day to make new connections, market their products and even apply for jobs.

But what about the insurance industry – is it linked in to LinkedIn?

28%

Canadians who log into LinkedIn once a month or so

13 MILLION of LinkedIn’s members are Canadian

25%

Canadian LinkedIn users who log in less than once a month Source: Adweek.com

WHO’S ON LINKEDIN? Social media sites have revolutionized the way we interact in both our personal and professional lives – and the data shows they’re no longer just for millennials.

PERCENTAGE OF CANADIANS WITH A LINKEDIN PROFILE, BY AGE

WHICH SOCIAL MEDIA TOOLS DO INSURANCE PROFESSIONALS USE? Although almost half of both insurers and brokers don’t use social media for business, among those who do, LinkedIn is by far the site of choice.

None

50% Facebook

40% 30%

Twitter

20% 10% 0%

Linked In

18-24

35-44

45-54

55-64

65+

10%

20% Insurers (P&C)

AGE Source: Forum Research

6

0%

30%

40%

50%

Brokers or agents (P&C) Source: Insurance-canada.ca

www.insurancebusiness.ca

06-07_Stats-SUBBED.indd 6

9/12/2016 5:36:17 AM

47% of users access LinkedIn via mobile

30% of Canadians have a LinkedIn profile

200 countries and territories have residents who are on LinkedIn

50,000 new posts are made each week

44,000 mobile job applications are made via LinkedIn each day

37% of the male population in Canada (and 25% of the female population) has a LinkedIn profile

Source: LinkedIn, Adweek, Statista

TOP 5 WAYS BROKERS CAN USE LINKEDIN

WHO DO INSURANCE PROFESSIONALS COMMUNICATE WITH? Professional networking sites give users the ability to connect with millions of people across all industries. But who, specifically, are Canadian insurance professionals reaching out to?

80% Insurers (P&C) Brokers or agents (P&C)

60%

1 CONNECT AND ENGAGE: Think of LinkedIn as an up-to-date Rolodex. Use it to connect with your email contacts, old colleagues and follow up with potential clients after meetings.

2 JOIN GROUPS: Identify new prospects and establish yourself as a thought leader by engaging in group discussions.

40%

3 SHARE ORIGINAL CONTENT: Sharing business

updates, relevant articles and insight positions you as an expert and helps potential customers trust you.

20%

4 ADVANCED SEARCH: Use keywords to find 0%

specific connections.

Fellow employees

People in other firms Insurers, within the insurance policyholders, industry claimants, prospects

People outside the insurance industry

Special interest groups

The general public Source: Insurance-canada.ca

5 ADVERTISE: LinkedIn is an excellent advertising tool and can yield a big return for little money.

Source: Diane Begin, Apex Public Relations

www.insurancebusiness.ca 7

06-07_Stats-SUBBED.indd 7

9/12/2016 5:36:24 AM

UPFRONT

HEAD TO HEAD

What will drive uptake of telematics in Canada?

Consumers in the US and Europe have embraced the technology, but Canadians are lagging behind

Hugh McTavish

Alex Veilleux

Nino Tarantino

President InsureMy

Vice-president of innovation and strategic partnerships Desjardins Insurance

CEO Octo Telematics North America

“To see an increase in telematics adoption, we need three things. The first is product innovation to educate consumers on how collected data allows for improved safety, the ability to manage costs, earn rewards and manage environmental impact.

Second, engaged data ownership will make customers eager to share personal data because they see clear value in doing so with products that move away from risk and focus more on performance, rate relief and incentives. Finally, segmentation of the market will allow for tailored use of data to benefit more people: young drivers, poor drivers, mature drivers, and possibly span industries for even broader applications.”

“It’s key that the industry continues to demonstrate its commitment to customer privacy and data security to alleviate potential fears about the unauthorized use of customer information. It would also be beneficial if provincial regulators were consistent and shared telematics best practices and codes of conduct. Differing regulations add cost and complexity and are a barrier to more widespread offering of these programs.

Insurers should also look at ways of evolving their telematics programs beyond premium discounts by enriching the customer experience through various value-added services and features. ”

“Consumer education and awareness is what’s needed to drive uptake.

Consumers need to understand the benefits beyond pricing. Insurers need to understand and market the entire value proposition of telematics.

Beyond discounts, UBI can also help expedite the claims process after a crash, send help onsite and increase road safety by educating drivers on better driving habits. Value-added services are also an important consideration, such as theft tracking, automated emergency calls, breakdown and vehicle health notifications, fuel efficiency, and even weather warnings.”

THE GREAT WHITE NORTH AND THE SMALL BLACK BOX Canadian consumers have not taken to telematics with the same enthusiasm as their counterparts in the US and Europe. According to a report from analyst firm Berg Insight, the European market for telematics policies reached 5.3 million in the final quarter of 2015, while the North American market hit 6.3 million, driven largely by the US. Canada has been more resistant: When consumers in one province were offered up to 25% off their car insurance earlier this year if they installed a telematics device for six months, users were slow to sign up even in the face of an expansive advertising campaign. “[It] seems like people are very leery about having this device in their vehicle for the insurance companies to look at,” a spokesperson from the insurer said at the time.

8

www.insurancebusiness.ca

08-09_Head to head-SUBBED.indd 8

8/12/2016 5:39:45 AM

YOUR SPECIALTY MGA PAL thanks our valued Brokers!

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 - Hole in One

UNIQUE PROPERTY COVERAGES NEW PAL’s Collectables Program Contents in Storage ATM, VLT & Vending Machines Miscellaneous Property Automatic Rates and Instant Policy Issuance available for most PAL products online!

www.palcanada.com 08-09_Head to head-SUBBED.indd 9

8/12/2016 5:39:46 AM

UPFRONT

NEWS ANALYSIS

Flood warning: what next?

Windsor, Port Alberni, Cape Breton, Fort McMurray – the floods just keep coming. As the insurance bill rises along with the water levels, how is the industry innovating flood coverage?

EXTREME WEATHER events seem to be happening in Canada with an increased frequency – and the cost to insurers continues to add up.

The storms that rocked Atlantic Canada on Thanksgiving Day caused more than $100 million in insured damages, according to data from the Insurance Bureau of Canada. The organization puts the damages from floods that ripped through Windsor and Tecumseh in September at around $108 million.

And in August, just months after the area was gutted by wildfires, Fort McMurray was rocked by an onslaught of torrential rain, which city councillor Keith McGrath described as “a bad dream.”

industry agree that the risk is changing?

“There has been an increase in recent years in extreme weather events that has resulted in urban flooding,” says Steve Cohen, executive director of personal lines for Aviva Canada Inc. “This means it is no longer only homes close to rivers that are at risk, but also others where an intense rainfall can quickly overwhelm the storm sewer system.”

Donna Ince, senior vice-president of personal insurance at RSA Canada, adds that while there have been a number of high-profile floods recently – the effects of climate and weather changes – they are not necessarily unusual or unexpected, particu-

“Technology that enables consumers to understand the risks their properties face can empower them to make decisions” Steve Cohen, executive director of personal lines, Aviva Canada Inc. A report on the effects of climate change, released in October, warned that Canada is ill-prepared for the increased flooding and extreme weather that climate change will bring. The University of Waterloo’s Intact Centre on Climate Adaptation said the country must take action or face much higher costs to fix damaged buildings and infrastructure in the future.

The warnings are clear – but does the

10

larly in areas such as Windsor.

“Flood continues to pose a big challenge to policyholders as well as insurers,” she says, adding that insurers have made efforts to address the issue “in a way that is creative but also is affordable for most policyholders so that they have the proper coverage.”

As insurers take steps to mitigate the risk, policyholders are becoming increasingly able to put up some of their own defences, aided

largely by technological advances.

“Up to 60% of basement floods have nothing to do with public infrastructure and occur on private properties,” Cohen points out. “So technology that enables consumers to understand the risks their properties face can empower them to make decisions and take actions to lessen the impact of an emergency or disaster.”

To that end, Aviva Canada Inc. has teamed up with the Institute for Catastrophic Loss Reduction [ICLR] to find new ways to mitigate risks and damage from extreme weather, resulting in a new app called Plan & Protect. The free app allows users to create a risk profile and helps determine the policyholder’s level of vulnerability to Canada’s five most common natural disasters: floods, wildfires, severe wind, winter storms and earthquakes.

It recommends what items to include

www.insurancebusiness.ca

10-11_News Analysis-SUBBED.indd 10

8/12/2016 5:40:23 AM

FLOODS IN CANADA BY THE NUMBERS

50%

Percentage of Canada’s natural disasters since the 1970s that have been flood-related

40% Percentage of flood risk that is insured each year

$108 million

Cost of insured damages for the Windsor-Tecumseh floods in September

$1.8 billion

Bill for insurance payouts after the 2013 Alberta floods Source: Swiss Re, Insurance Bureau of Canada

in a 72-hour emergency kit, and can also store home and auto insurance policy information.

100-year floods showed which areas were most vulnerable, the reaction from insurers has been mostly positive.

“We can’t expect the government to take all of the cost or the risk, and we can’t expect insurers to, either” Donna Ince, SVP of personal insurance, RSA Canada But empowering consumers to mitigate their own risks doesn’t stop there. The City of Edmonton became the first Canadian city to release its flood maps to the public in November, following a freedom of information request.

While the city’s branch manager urged residents not to panic, as its neighbourhood flood history and predictions for one-in-

“I absolutely believe that the transparency is of good value,” Ince says, adding that insurers, policyholders and governments need to work together so there is a shared understanding of the risks.

“I think as these products continue to evolve and the threat continues to grow – because these events are becoming more and more costly – everyone needs to have a

good understanding of the risks,” she adds.

RSA, meanwhile, is taking steps to empower policyholders by rewarding vigilant customers with a water mitigation discount, offering between a 5% and 15% reduction on premiums if a sump pump or backwater valve is installed.

The shift in the dynamics of responsibility is evident from recent disasters too.

Insurers shouldered around $3.6 billion of the costs of rebuilding Fort McMurray, compared to the government’s $1.5 billion.

That figure stands in stark contrast to the 2013 Alberta floods, where provincial and federal governments took a $3 billion loss compared to $1.8 billion for insurers, due to a general lack of flood insurance.

“Quite frankly, we can’t expect the government to take all of the cost or the risk,” Ince says, “and we can’t expect insurers to, either – it’s just not feasible.”

www.insurancebusiness.ca

10-11_News Analysis-SUBBED.indd 11

11

8/12/2016 5:40:29 AM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

AmTrust Financial Services

ANV Holdings BV and affiliates

ANV is a specialty insurance company that underwrites a variety of commercial P&C insurance products

The Co-Operators

Assurance Aubin Insurance Brokers

Personal and commercial insurer Assurance Aubin has locations in Hearst, Wawa and Terrace Bay, Ontario

Fairfax Financial Holdings

AIG business units in Latin America, Central and Eastern Europe

The units will be sold for approximately $240 million; Fairfax will serve as network partner for the purchased operations

HUB International

Riviera Insurance Services

The acquisition of California-based Riviera Insurance Services expands HUB’s geographic footprint in the region

Markel International

Galleon

London-based MGA and Lloyd’s coverholder Galleon specializes in marine professional indemnity and cargo liability

Moore-McLean Insurance Group

Hallmark Insurance Group

The new companies will be known as McLean Hallmark Insurance Group and McLean Hallmark Financial

Securian Financial Group

Ivari affiliate companies

This is Securian’s first expansion attempt outside the US; purchased companies will remain independently operated

Sompo Holdings

Endurance Specialty Holdings

Sompo plans to purchase Endurance for US$6.5 billion to increase growth avenues amid a bleak outlook in Japan

Vertical Insurance Group

Axis Insurance Managers

Vertical’s “strategic acquisition” of Axis will expand its offerings to clients and enhance its partnerships with insurers

Moore-McLean Insurance purchases Hallmark Insurance

Toronto-based Moore-McLean Insurance Group has announced that it has acquired Hallmark Insurance Group and its family of companies. Following the acquisition, the two companies will join and form McLean Hallmark Insurance Group and McLean Hallmark Financial. The resulting firm will have a broad footprint in the GTA, with locations in Toronto, Markham, Mississauga and Kingston.

Moore-McLean president and CEO Daryn McLean will resume his role in the newly created firm. He commented that the acquisition provides Moore-McLean with the scale it needs to offer a wider suite of risk management services.

12

Vitality program offers free physical checkups

Manulife, in partnership with diagnostics company ExamOne, is offering complimentary physical checkups to members of its incentivized health program, Vitality. Members can receive a free ExamOne-facilitated physical checkup from any location. Members can select another accredited medical practitioner to perform the checkup, but costs will apply. Checkups and other health/fitness goals help Vitality members earn points; the more points, the more rewards a member is entitled to, including premium rebates and gym membership discounts.

Manulife launches new simplified travel plan

Manulife recently unveiled a simplified travel plan, which reduces the policy from 40 pages to 14 and eliminates 37 exclusions. The new Manulife Premium Protection Plan also does away with pre-existing condition clauses and stability periods often associated with travel insurance, reduces 24 definitions traditionally used to define and interpret coverage, and simplifies pricing by eliminating complex rate tables. “Our goal was to create a simple product that made it easy for Canadians to understand their coverage,” said Manulife’s Robert Lafrate.

www.insurancebusiness.ca

12-13_Intelligence-SUBBED.indd 12

8/12/2016 5:40:55 AM

PEOPLE HUB rolls out commercial transportation risk management solution In cooperation with Fleet Complete, HUB International has launched a dashboard feature for its commercial fleet operator clients. The dashboard allows fleet operators to monitor and assess behaviours that could negatively impact premiums, including harsh braking, rapid acceleration and excessive speeding. Data gathered by the dashboard is seamlessly shared with HUB so the insurer can evaluate risk and liabilities. The system also includes communication, vehicle diagnostics, electronic logging capabilities, traditional vehicle tracking and safe driving data communications.

NAME

Chubb creates family office liability package

Chubb has introduced a new Family Office Amplifier package to address the specific risks of financial management firms that offer family office services. The flexible package of coverages includes professional liability, trustee liability and employment practices liability. “Family Office Amplifier recognizes the unique needs of family offices and offers liability protection in a customizable insurance package to help protect the firm from these liabilities,” said Cameron Rose, senior vice-president of financial lines for Chubb Canada.

NEW POSITION

OpenText

Hamilton Insurance Group

Member of the board of directors

Jean-François Blais

N/A

Insurance Institute of Canada

Chair of the board of governors

Kathy Boychuk

N/A

Peace Hills General Insurance

President and CEO

Don Fox

CIBC World Markets

Intact Financial

Executive vice-president

Craig Fundum

N/A

Zurich North America

Chief administrative officer

Paul Horgan

N/A

Zurich North America

CEO of global corporate in North America

John Hull

N/A

Global Risk Institute

Member of GRI Advisory Council

Paul Martin

N/A

Global Risk Institute

Member of GRI Advisory Council

Monique Maynard

N/A

Great-West Life

President, Quebec affairs, and president of London Life and Canada Life

Jack Mintz

N/A

Global Risk Institute

Member of GRI Advisory Council

Carla Owens

N/A

QBE North America

David Stegall

Commonwell Mutual Insurance Group has unveiled two new cybersecurity products aimed at protecting businesses and farms. Both products, CyberOne and Data Compromise, will service a multitude of farm and commercial entities throughout Ontario. “Virtually every business has data [that] can be stolen, electronically ‘hacked’ or lost,” said Commonwell president and CEO Tim Shauf. “We created these products to protect and assist Canadian businesses in responding to the [associated] financial burden and service expectations.”

JOINING

Mark Barrenechea

Steven Reiss

Commonwell adds cyber coverage for farms, SMEs

LEAVING

Chubb, Continental Europe unit Risk Consulting & Expert Services

Chubb

Senior vice-president, Specialty Business Group Executive vice-president and REH industry practice leader

The Society of Risk Management Consultants

President

James C. Trainor

FBI

Aon

Senior vice-president, cyber solutions group

Mark Tullis

N/A

Intact Financial

Vice-chairman

Former FBI official joins insurer’s cyber team

James Trainor, who once served as the assistant director of the cyber division for the US Federal Bureau of Investigations, has been appointed to the role of senior vice-president in Aon’s cyber solutions group. In his new role, Trainor will oversee the company’s overall cyber strategy on behalf of its clients. “As the FBI’s foremost expert in cybersecurity, Jim brings unparallelled experience and knowledge that will be invaluable to clients as they evaluate and address their cyber exposures,” said Aon CEO Mike O’Connor. “Jim’s unique insights and relationships will help us continue our innovative and industry-leading approach to cyber risk management.”

Society of Risk Management Consultants elects new president

The Society of Risk Management Consultants has appointed David Stegall as president of the association for 2017. Stegall is the principal consultant at Risk Consulting & Expert Services, a US-based risk management and insurance consulting firm that he founded in 2007. The organization also made appointments to several other roles: Benjamin C. Few of Ben Few & Company was named president-elect, Christopher J. Franki of Insurance Buyers’ Council was appointed secretary, and Joe C. Underwood of Albert Risk Management Consultants was named treasurer.

www.insurancebusiness.ca

12-13_Intelligence-SUBBED.indd 13

13

8/12/2016 5:41:00 AM

UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS QBE turns to social media to stop fraud Global insurer QBE Insurance Group recently published a paper that examines how social media can help insurers combat fraud. The paper noted that some claimants publicly share facts of their lives on social media that contradict the basis of their claims; such details could help inform insurers of any fraudulent activity. The study concludes that through interconnectivity between social media, traditional websites and public record databases, data on insureds could be easily monitored and assessed as needed.

Capgemini creates global fintech initiative Consulting and technology giant Capgemini has launched a global initiative to fast-track fintech engagements, connecting them with Capgemini’s financial services clients around the world. The initiative will bring together Capgemini’s domain and integration expertise to scan, select and evolve innovation for its clients via a curation and collaboration process. It also aims to solve one of the biggest problems in integrating external innovation by bridging gaps in adoption, including tech integration, data management, process changes, and compliance and regulatory requirements.

New app offers transparency for consumers A new app from insurtech startup SafeStuff establishes greater transparency between consumers and insurance companies by letting users take control of their possessions and evaluate their net worth with a few clicks

14

and swipes. The idea is that consumers can handle their insurance claims through a much faster, simpler and more secure process, since they will have proof of what they own in case it gets stolen or damaged, enabling them to also choose the most appropriate coverage for their assets. “Customers have the possibility to do their damage control through the use of our app,” said CEO Alfred Karlsten.

Brokerage creates program for women professionals

Full-service insurance brokerage National Brokers Insurance Services has launched an insurance, networking and healthcare membership program called Bloom specifically for female entrepreneurs. The program supports women entrepreneurs by providing customized commercial, personal and health insurance coverage options. Members of the program will also be given access to an exclusive online networking forum. “The benefits of being connected to other likeminded female entrepreneurs have been unmeasurable, and that is why we started Bloom,” said NBIS president Joyce Usher-Mesiano.

Innovator partners with telematics provider

Calgary-based InsureMy has announced a partnership with UK-based telematics provider Trak Global Group to distribute its products. Trak Global’s telematics program in the UK has been so successful that the occurrence of road traffic collisions among its new policyholders was reduced by 42%.

InsureMy is looking to reproduce Trak Global’s success in Canada. “The data is telling us how effective telematicsenhanced driver coaching is when it comes to teaching new drivers good habits, and that can’t be ignored,” said InsureMy president Hugh McTavish.

Technology crucial to risk management Innovations in computing and communications are changing the way insurers approach risk management It’s no secret that insurers actively seek and retain risk; the entire insurance industry revolves around risk, after all. Smart insurers employ risk management to properly identify, assess and mitigate the various risks they handle, as failing to do so threatens their assets and their earning capacity.

Lately, however, things have become much more challenging for insurers in that regard. Recent natural catastrophes like the devastating wildfires in Fort McMurray, Hurricane Matthew and the Windsor floods – which cost insurers in Canada $3.6 billion, $7 million and $108 million, respectively – have proven to be exorbitant. Even man-made disasters and trends, such as the surge in auto insurance claims, have brought threats of potential rate hikes.

Had insurers been stuck with traditional methodologies of risk management analytics for today’s major risks, they would likely be overwhelmed by the sheer amount of calculations required. Worse, acting on even a single miscalculation or misworded policy language could land an insurer in hot water, compliance-wise.

“Many of these [old] models involve calculating financial statements for every month many years in advance, and then the present value of target figures is calculated,” said Joel Fox of Willis Towers Watson in a feature published last year. “This calculation is repeated many times across a variety of possible economic scenarios, producing

www.insurancebusiness.ca

14-15_Tech update-SUBBED.indd 14

8/12/2016 5:41:24 AM

k t

a distribution of possible outcomes. As you might imagine, the number of calculations can be massive.”

But with new technology such as cloud computing, big data analytics and more, risk management software platforms have made things much easier for insurers. Updated versions of these platforms even allow insurers to manage risks outside the office.

But although technology is a major gamechanger in risk management, the reality is that many insurance companies have yet to fully embrace it. A recent study by Applied Systems found that only 45% of brokerages surveyed have adopted technology that allows staff to access their management system outside of the office using a mobile device.

“Insurance has not kept up with the advancements seen in other parts of society in terms of technology” “Insurance has not kept up with the advancements seen in other parts of society in terms of technology,” says Matt Miller, CEO of US-based Embroker. “The core job of the insurance broker is still taking information from a customer, taking that to the carrier and taking information back to the customer. There’s not a lot of technology involved in that process, and it’s a huge pain point for customers when brokers use their time on inefficient workflows.”

Insurers late to shift to tech-driven risk management models will have to adapt quickly; they could be losing out on potential profits. Younger clients typically value self-service and techbased offerings, and insurers who fail to respond accordingly might lose relevance.

Q&A

Karen McGee

The importance of broker portals

General manager PLUS UNDERWRITING MANAGERS

Fast fact Plus Underwriting Managers uses an Internet-based pointof-sale system that allows the company to help brokers and their clients wherever and whenever they need it

Technology-wise, what does Plus Underwriting Managers do to help make brokers’ lives easier?

In addition to our web-based portals, brokers can access online applications for some of our select products, which automatically populate submissions to our underwriters while simultaneously sending signed applications back to our brokers. These submissions then also populate proposals, which are broker-branded and can be presented direct to the consumer, saving the broker valuable time in not having to create proposals for their clients.

“We find that transacting business on portals frees up our underwriters’ time to focus on writing more challenging risk-managed business ... allowing us to do more for our brokers” How do your company’s broker portals work, and how are they different from what other MGAs are offering?

We have developed two different styles of portals based on requests from our brokers. The first is an online quoting portal for high-valued home submissions, which is provided on an exclusive basis to our HVH brokers, allowing them to complete applications online from any location to receive their quotations.

The other method we’ve deployed is a direct-to-consumer portal, which is only done in partnership with our brokers who have exclusive programs with affiliated business. We want to partner with our brokers, supporting their efforts to make doing business easier for their customers.

Is underwriting done in-house, or do you rely on a partner to handle it?

All of our underwriting is done in-house, where we have a team of underwriters with a broad spectrum of expertise. We find that transacting business on portals frees up our underwriters’ time to focus on writing more challenging risk-managed business. The two methods of transacting business complement one another, allowing us to do more for our brokers.

www.insurancebusiness.ca

14-15_Tech update-SUBBED.indd 15

15

8/12/2016 5:41:28 AM

UPFRONT

MGA UPDATE

Do brokers value MGAs’ expertise?

Speciality lines call for speciality knowledge – but is the insight provided by MGAs underappreciated?

know what you’ve been involved with, and you have to have the claims expertise behind that,” Bellinger says.

While most brokers strongly value the proposition of an MGA, there will always be some who deal less frequently with speciality lines – and in such cases, the value of expertise might get “lost in the equation,” particularly as competition heats up, Bellinger admits.

“There’s a lot of competition – there’s no

“It takes a certain knowledge base to be able to competently work out premiums and everything else”

With an increasing number of MGAs driving their business through specialty lines, the need for specialized knowledge is becoming more critical. But how much does the industry value the expertise MGAs provide?

“It takes a certain knowledge base to be able to competently work out premiums and everything else, to have underwriters who understand the specialized business they underwrite,” says Ted Bellinger, vice-president

NEWS BRIEFS

of business development at ENCON Group.

“That to us is a very important issue – that you have competencies in the business that you’re underwriting.”

At ENCON, that depth of knowledge exists not just around pricing, but claims as well. The MGA has its own in-house claims staff with specialist knowledge in the areas where it provides cover.

“When that claim comes in, you’ve got to

Markel acquires marine and cargo specialist MGA

Markel International has acquired London-based MGA Galleon, which specializes in the marine professional indemnity and cargo liability businesses.

The acquisition marks Markel’s first foray into the specialist marine professional indemnity market. Galleon will become part of Markel’s marine, energy and property division. “We are delighted that we are going to be able to continue the development of our business with the benefits of Markel’s financial strength and its global relationships,” said Galleon’s Chris Curran.

16

doubt about that. In speciality markets, it wasn’t that long ago that D&O had 10, maybe 15 competitors – now there’s 45.”

In addition to pricing pressure, “there’s no doubt that business that used to be speciality is not as special as it used to be, so obviously that is a challenge too,” Bellinger says.

Still, the majority of brokers view the knowledge provided by MGAs as “extremely important,” he points out, adding that there are several things a broker should look for when doing business with an MGA. “I think the people who are in the business want to understand that claims will be managed, to know what carriers are behind the programs, and whether they are going to be there when things happen,” he says.

HUB International snaps up Albertabased MGA

HUB International announced in September that it had acquired Canadian MGA New Dimensions Underwriters. New Dimensions is a managing general agency based in Edmonton, originally founded as Davis Agency in 1948. Russ Davis, the owner and president of New Dimensions, will join HUB Financial as part of its management team. This acquisition is one of many purchases HUB has transacted this year as the global insurance brokerage looks to expand through acquisitions as part of its growth strategy.

www.insurancebusiness.ca

16-17_MGA update-SUBBED.indd 16

8/12/2016 5:50:57 AM

Q&A

Grant Kimball President/owner

What’s next for the MGA market in Canada?

ANGUS-MILLER LTD.

Years in the industry 38 Fast fact Angus-Miller Ltd. specializes in several different sectors, including commercial auto, boiler & machinery and hole-in-one

What is your company doing to set itself apart from other MGAs? Firstly, we stress service above all else, and our service starts with our staff. As an MGA, it is important to our broker partners that they can reach us when they need us, they can speak to an underwriter who understands the area and has the time to discuss rate and terms of the particular risk.

Our second focus currently is on utilizing technology to help us better understand what our brokers need for market and also what they are successfully placing with us and what they aren’t. To this end, we have hired a data analyst to take our data and put it into a format that will give us insight into what risks we are having a better closing ratio on, what brokerages are more successful placing risks with us, and what areas are most successful. On top of that, we can also analyze our internal process to see which underwriters are having success in what sectors.

What have been the major changes in the MGA market in 2016, and what changes do you anticipate in 2017?

The major change we have seen in 2016 was an increase in the importance of MGAs to the Canadian insurance market. As domestic insurers reduce their appetite for entire classes of business right across the country, it allows MGAs to look at risks on an individual basis and find a solution for the broker’s needs and ultimately for

Brokers flock to Insurr, ‘the Google of insurance’

A month in, the new Google-like database for brokers searching for specialist insurance lines in Canada has been making waves in the industry. Insurr was launched at the end of October as a modern alternative to print directories, and brokers have been seeing the benefits of its intuitive, instant search facilities. “Prior to Insurr, we were forced to visit each company’s website,” said Roxanne McKenzie, president of JW Davis Insurance Brokers. “[This] platform allows me to see which other MGAs would be able to facilitate my clients’ needs.”

the insured. Most MGAs have long-tenured underwriters in their commercial departments who will assess a risk on its own merits, and in most cases, find a suitable carrier for the risk, as many MGAs represent several carriers, both domestic and international. For 2017, I see more market constriction by the domestic carriers, which will increase the importance of MGAs even more.

Do you believe there is an oversaturation of MGAs on the market currently?

There are considerably more MGAs in the Canadian market than there were, say, 10 or 20 years ago. With so much excess capital making its way into the market, it is increasing the pressure on everyone to attain market share, and working with MGAs is a fairly effective way for companies to put their investment capital to work.

MGAs are a developing market in Canada, so it is too premature to say if there is an oversaturation of them or just over-capitalization of the market as a whole. I do firmly believe competition is good for everyone.

What are the major challenges facing MGAs currently, and how are you addressing them?

Finding good talent! We are currently in a growth period, so we are looking for a couple of underwriters to add to our team, and it is difficult to find qualified people. We are at the point where it is going to be a combination of finding some experienced underwriters, but also hiring some keen young people who we can develop.

Canadian MGA hits milestone with Lloyd’s

New Brunswick-based Anderson McTague has been recognized as Canada’s longest-standing MGA coverholder for Lloyd’s of London after reaching 50 years.

“The insurance industry is like many others in that you have to plan and begin executing that plan now to lay the groundwork for another 50 years,” said company president Chuck McTague, adding that the achievement is a result of the collective efforts of the team.

In the past three years, the MGA has posted double-digit growth targets and has almost doubled its workforce.

European firm opens business in Canada

European insurer ARAG Group announced that it has expanded into Canada through its new unit, ARAG Services Corporation; the new Torontobased company is an approved Lloyd’s coverholder. The company will act as an intermediary, developing legal insurance products and managing underwriting, sales and marketing activities in the Canadian market, operating at first in Ontario, BC and Alberta. It will primarily focus on group policies for private customers and small to mid-sized companies.

www.insurancebusiness.ca

16-17_MGA update-SUBBED.indd 17

17

8/12/2016 5:51:01 AM

UPFRONT

OPINION

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

Where is risk management going?

Risk management is in a state of constant change, writes Michael Loeters, pushing risk managers beyond the traditional model RISK MANAGEMENT as a function is in a state of constant evolution. Since the 2008 global financial crisis, which caught many organizations off-guard, the ‘traditional’ risk management model has been questioned. The traditional focus on insurance and operational risks has become insufficient for many organizations, and the evolution of risk management into a more strategic role has been underway.

There are three primary trends driving this evolution. The first is the introduction of new technology. Big data and the use of algorithms are introducing new risk management techniques that enable organizations to make better and faster decisions at an increasingly lower cost. Computing power is getting faster and cheaper, which allows organizations to quickly process increasing amounts of data from a wide range of sources. This can provide better and timelier information upon which to detect problems earlier, make better decisions and predict problems before they happen.

This, in turn, can give an organization a competitive advantage.

The second trend is the globalization of risk. As our economy, supply chains and networks become more globalized, sociopolitical, macroeconomic or disaster events abroad have a ripple effect like no other time in history.

This comes with an increasing realization that we can no longer insulate ourselves entirely.

We now understand that the risk exposures and prearedness of our key suppliers and

18

customers in areas such as business continuity planning, labour practices and concentration of assets in natural catastrophe-exposed zones can make an impact far and wide across the globe when something goes wrong.

more difficult for organizations to adjust their risk management plans and insurance programs at a speed that keeps pace with this change. Decisions will need to be made quickly and changes implemented rapidly. Insurance products often lag behind the evolution of new risks, which will force organizations to increasingly self-insure in the short-term. Having a strong risk culture that starts at the top and filters down to all levels creates a level of preparedness to mitigate risk when insurance is not available, affordable or feasible.

To create a strong risk culture, organizations must establish a few key elements. First, buy-in at the C-suite or board level will ensure that risk management becomes an important component of the business planning process.

Second, it requires a risk appetite and philosophy that is well understood across the organization. This is because it becomes the measuring stick by which people will make their day-to-day decisions. Lastly, the culture needs to be reinforced with sound metrics for measuring effectiveness and incentives that

“Having a strong risk culture that starts at the top and filters down to all levels creates a level of preparedness to mitigate risk when insurance is not available, affordable or feasible” To respond to this trend, an organization must commit to an enterprise-wide risk management approach. This means risk managers will need to develop a much broader skill set and potentially form an internal risk committee to access the knowledge required for better initial risk assessment that contemplates the compounding effects of interrelated risks, and how these relate to the corporate financial materiality threshold. The result might lead to a recalibration of the risk management atrategic plan that achieves greater awareness and influence on management decisions versus the more conventional model, which focuses on a silo top-down approach.

The last trend that will impact risk management moving forward is the focus on creating a strong risk culture. The increasing speed in the evolution of risk means that it will become

promote risk-intelligent behaviours.

To effectively deal with these three trends, successful risk managers will have broad skill sets that include knowledge of financials, operations, technology, marketing and others.

These skills will need to be coupled with strong interpersonal skills that will enable them to be true change agents within an organization, translating vast amounts of information into meaningful risk strategies that can be effectively communicated and implemented. In the end, this will separate the winners from the losers in Canada and around the world.

Michael Loeters is vice-president and risk management practice leader at BFL Canada.

BFL Canada helps its clients become resilient organizations by taking a strategic approach to insurance and risk.

www.insurancebusiness.ca

18-19_Opinion-SUBBED.indd 18

8/12/2016 5:54:54 AM

CA W

AVOID NASTY SURPRISES

When it comes to cyber risk our specialist insurance policies leave no stone unturned.

For organizations that rely on technology, cyber threats can emerge in many ways. For some the consequences can be devastating.

Our cyber product covers the liability which may arise, together with the policyholders own losses. And all in one affordable price.

So you and your clients can rely on Markel 100% – without a shadow of doubt.

www.markelinternational.ca/cybercover

WHY RISK GOING ANYWHERE ELSE?

18-19_Opinion-SUBBED.indd 19 CA Why Risk Cyber 8.25x10.875.indd 1

8/12/2016 5:54:59 AM 08/02/2016 16:33

PEOPLE

INDUSTRY ICON

INSURANCE’S NEXT FRONTIER Lockton Companies’ cyber guru, Ben Beeson, discusses the challenges facing the industry today in its efforts to deal with the most talked-about emerging threat

IN 2013, Ben Beeson was relaxing on vacation in France when he received a phone call from Lockton Companies’ head office in Kansas City.

“They wanted me to go to Washington, DC, for a meeting at the White House within two days,” he recalls. “And I thought, ‘This doesn’t sound right. It must be a joke!’ Within 48 hours, I was sitting with other industry leaders in front of one of the president’s lead advisors on cybersecurity and a number of lead agencies representing the insurance industry. The federal government basically wanted to engage us in helping to roll out the NIST [National Institute of Standards and Technology] Cyber Security Framework, which they had devised to help US businesses understand the risk and how to deal with it.”

Beeson is Lockton’s US cyber risk practice leader, a role he took on in January. But his involvement in the cyber risk space dates back to 1999, following a career in London’s reinsurance market. Beeson joined Lockton in 2007, just after the company made the decision to become a global broker, and Beeson and his colleague, Emily Freeman, founded Lockton’s cyber risk practice in London.

“Working with leading underwriters in Lloyd’s, we built a platform that provided both client advisory and placement services to our global clients and became the leading team in the London market,” Beeson says.

Beeson’s extensive experience in cyber

20

insurance has even given him the opportunity to testify before the US Congress in March 2015, about the evolution of the cyber insurance market. He calls it one of his proudest achievements in the cyber space to date.

“That was a great moment, having made the decision to relocate to our Washington, DC, office in 2014 and only been in the US a year, to be asked to do that,” he says.

“And what resonated with me at that point was what a great opportunity we have, as

“The good news is, the awareness is much better than it was, say, two years ago, particularly at the board and executive level,” Beeson says. “I think that, generally speaking, businesses understand there is a risk.”

However, he says, there remains a lack of understanding as to the best way to deal with the threat.

“That’s because the issue has traditionally been owned by the IT department, the

“Cyber is not a product; it’s a peril, and it’s a peril that can have lots of different types of consequences. We have to start talking much more broadly about cyber risk ... and change that perception of it only being something that we’re focused on as a privacy issue” an industry, on this risk issue. We mustn’t lose that, and [we] have to capitalize on that if lawmakers are giving us that type of attention.”

Increased awareness After years of high-profile cyber attacks, there’s no doubt that the business world has a greater appreciation of cyber risk in 2016.

technical people who are invested in the box of tools – the firewalls [and] the antivirus software – to keep the problem at bay,” Beeson says. “That approach no longer works because prevention is very difficult, and so you have to build resilience across the organization because you should expect you are going to get hit, no matter how much you try to mitigate.”

www.insurancebusiness.ca

20-23_Industry Icon-SUBBED.indd 20

8/12/2016 5:41:56 AM

PROFILE Name: Ben Beeson Company: Lockton Companies Title: Senior vice-president and US cyber risk practice leader Fast fact: Beeson was named Advisen Cyber Risk Champion of the Year in 2016 and has served as a media commentator on cybersecurity issues on CNN and Fox News, as well as for the Financial Times, Thomson Reuters and the Huffington Post.

www.insurancebusiness.ca

20-23_Industry Icon-SUBBED.indd 21

21

8/12/2016 5:42:02 AM

PEOPLE

INDUSTRY ICON

He says building that resilience requires ensuring that the effort extends right across the organization.

“It includes the people you hire, what access you give them to what information, and how you engage with third-party vendors who deal with your organization. And that all requires a strategy that comes from the top of the firm, starting in the boardroom.”

Beeson says too many companies misinterpret cyber as a risk that only involves their handling of individuals’ personal information.

“They view it first and foremost, and

Keeping pace with change As quickly as the business community is becoming aware of the nuances of cyber risk, the threats are evolving at an even faster rate.

“It’s growing as rapidly as technology advances, so very fast,” Beeson says. “The bad guys are still ahead of the good guys. That’s the problem – we’re still playing catch-up with the bad guys, because the economics are much easier for the bad guys than the good guys. The bad guys only have to succeed once, essentially. We’re continually investing in mitigation, playing catch-up, to keep every

“The bad guys are still ahead of the good guys. That’s the problem – we’re still playing catch-up with the bad guys, because the economics are much easier for the bad guys than the good guys” maybe only, as a privacy issue – the liability to the company from handling customer data or employee personal data or their healthcare information,” Beeson says. “Of course, that’s a big risk, and that’s certainly where the insurance industry has been focused for the last 15 or 16 years, but it’s way broader than that now, and it’s only just being understood that it’s broader.”

Beeson raises the theft of a company’s intellectual property and cyber espionage as key examples of cyber risk unrelated to personal information. “[Cyber] is not a product; it’s a peril, and it’s a peril that can have lots of different types of consequences. We have to start talking much more broadly about cyber risk as a peril that can have different consequences, depending on who the buyer is, and change that perception of it only being something that we’re focused on as a privacy issue.”

22

attack at bay. The economics dictate that it’s much harder to do that.”

While the insurance industry offers products that provide breach response services, Beeson says there’s substantial work to be done with respect to the pre-breach side – the time before things go wrong.

“Most companies right now are really struggling, for example, to understand how to identify the critical assets they want to protect,” he says. “How do they quantify the risk to those assets? How do they understand what the ROI is on mitigation to those assets, and whether they should or should not buy cyber insurance and how much should they buy?

“Those questions, we as an industry right now are trying to work on and help clients answer,” he adds, “but we haven’t solved that yet, and it’s incumbent upon us to come up with those answers.”

LOCKTON COMPANIES

BY THE NUMBERS

1966

The year Lockton Companies was founded

$1.24 billion

Total revenue Lockton Companies achieved in 2015

6,000+

Number of associates employed by Lockton Companies worldwide

125

Number of countries with clients served by Lockton Companies

68

Number of offices Lockton Companies has across the globe

www.insurancebusiness.ca

20-23_Industry Icon-SUBBED.indd 22

8/12/2016 5:42:06 AM

Impact Auto Auction Education Award Sponsored by Impact Auto Auctions st Winners: 1 place: Montreal Association of Insurance Women 2nd place: Nova Scotia Insurance Women’s Association Manitoba Association of Insurance Professionals 3rd place:

 

Premiere Generale/First General Award Sponsored by First General Winner: Nova Scotia Insurance Women’s Association

Insurance Information Campaign Award Sponsored by Paul Davis Systems Canada Sponsored

by Canadian Association of Insurance Women Winners: 1st place: Newfoundland Labrador Association of Insurance Insurance Information Campaign Award Sponsored

by Paul Davis SystemsWomen Canada place: Nova Scotia Insurance Association Winners: 12stndplace: Newfoundland Labrador Association of Insurance Women Winner: Lynn Kelly, Insurance Professionals ofWomen’s Calgary 2 nd place: Nova Scotia Insurance Women’s Association Essay Contest Award Sponsored by Wawanesa Mutual Insurance Company

Insurance Woman of the Year Award

Essay Award Sponsored

by Wawanesa MutualAssociation Insurance Company Winners:Contest 1st place: Whitney Morrison, Manitoba of Insurance Professionals Winners: 12st place: Whitney Morrison, Manitoba Association of Insurance Professionals nd place: Lynne Gerhardt, Nova Scotia Insurance Women’s Association

THANK YOU to our generous Sponsors, Donors and Participants of our 2016 Convention held June 8-12, 2016 in Toronto, Ontario. Our convention would not have been the success it was without you! Your contributions are truly appreciated by all CAIW members!

2ndSpeaking place: Lynne Gerhardt, Nova Scotia Women’s Association Intact Public Contest Award Sponsored byInsurance Intact Insurance Intact Contest Sponsored Intact Insurance Winners:Public 1stSpeaking place: Rebecca Award Burke (Nova Scotia by Insurance Women’s Association) st 21nd place: Kathryn Braun Insurance Women’s Association) Winners: Rebecca Burke(Toronto (Nova Scotia Insurance Women’s Association) 3 rd place: Dominique Charbonneau (Montreal Association of Insurance Women) 2nd place: Kathryn Braun (Toronto Insurance Women’s Association) place: DominiqueAward Charbonneau (Montreal Association of Insurance Women) 3rdAuction Impact Auto Education Sponsored

by Impact Auto Auctions

 



Impact Award Sponsored

by Impact Auto Auctions Winners: Auto 1st Auction place: Education Montreal Association of Insurance Women nd place: place: Nova Scotia InsuranceofWomen’s Association Winners: 12st Montreal Association Insurance Women Manitoba Association Insurance Professionals 3rd 2 nd place: place: Nova Scotia Insuranceof Women’s Association Manitoba Association of Insurance 3rd place: Premiere Generale/First General Award Sponsored

by FirstProfessionals General    Premiere General Award Sponsored by First General Winner: Nova Scotia Insurance Women’s Association Generale/First   Winner: Nova Scotia Insurance Women’s Association   Insurance Woman of the Year Award Sponsored by Canadian Association of Insurance Women   Insurance Lynn Woman of Insurance the Year Award Sponsored

by Canadian Association of Insurance Women Winner: Kelly, Professionals of Calgary   Winner: Lynn Kelly, Insurance Professionals of Calgary

    YOU to our generous Sponsors, Donors and Participants of our 2016 Convention held THANK   June 8-12, 2016 in Toronto, Ontario.

Our Donors convention not have been the Convention success it was  THANK YOU to our generous Sponsors, and would Participants of our 2016 held   without you!

Your are truly appreciatedwould by allnot CAIW members!

June 8-12, 2016 in contributions Toronto, Ontario.

Our convention have been the success it was    without Your contributions are truly appreciated by all CAIW members! you!                                               

                  



                  

                                                  

 

 

    

20-23_Industry Icon-SUBBED.indd 23

 www.insurancebusiness.ca 23  

 8/12/2016 5:42:11 AM

FEATURES

TECHNOLOGY

Insurr: a game-changer for brokers Insurr is an innovative new tool that allows insurance brokers to search, evaluate and connect with hundreds of specialty and niche market providers online in a fraction of the time it used to take. Insurance Business Canada caught up with Melissa Young Sing, project manager of this powerful new site, to find out more IBC: What exactly does Insurr offer brokers?

Melissa Young Sing: By typing in a search word like ‘cyber’ or ‘artisan,’ brokers immediately get a list of insurance providers for that type of coverage, along with instantly accessible product fact sheets, application forms and key info like coverage limits. So rather than having to trawl through 20 or even 50 different provider sites and somehow aggregate the information they’ve found, it’s now all there for them in a standard, easily comparable format. Our search results currently cover over 80% of specialty insurance providers in Canada, and more are coming on board all the time.

IBC: Why does the industry need Insurr right now?

Melissa Young Sing: Expectations are changing. When a broker’s last online experience was booking a flight in five minutes, they expect something just as quick and easy to use

"Insurr makes it exponentially quicker and easier for brokers to access and compare detailed information on products available" 24

when it comes to finding coverage for clients.

There will always be a need for direct interaction with insurance providers, but Insurr uses technology to hugely improve the speed and efficiency with which brokers can access specialty market information.

IBC: Insurr focuses on specialty and niche markets – why?

MYS: New specialist risks are emerging every day, and it’s becoming increasingly difficult for brokers to keep up with the products available to cover these risks. Now, Insurr makes it exponentially quicker and easier to access and compare detailed information on that complex array of products out there. Brokers add the most value through advice and service to their clients, and having a tool that automates the specialty market search and evaluation process frees them up to focus on that. It also enables brokers to significantly expand their book of business by finding cover for more out-of-the-box client risks.

IBC: How is Insurr different from traditional directories in the market that have existed for decades?

MYS: Insurr delivers a user experience that is comparable to consumer-facing sites. A simple keyword search allows brokers to search in a truly intuitive way that’s not limited by category choices. The information returned is far richer and more comprehensive. And the big difference is that it’s completely free to use and requires no commitment from the broker other than entering their email address. It’s also free for markets to list.

TOP 10 INSURR SEARCHES Interested in what most brokers are searching for?

These are the top 10 keywords searched on Insurr: Drones Cyber E&O Snow removal Restaurants Vacant building A&E Pollution Airbnb Aviation IBC: Since Insurr’s launch in late October 2016, what has been your experience?

MYS: It’s been a very exciting time for us – we’ve had an overwhelming response from the broker market with absolutely minimal marketing or publicity. And the variety of search terms that brokers have been entering – everything from ‘drones’ all the way to more obscure things like ‘mushroom farms’ and ‘snow removal’ – proves there are lots of risks out there for which coverage previously was really hard to find.

A1 M W As Ca Av B Gr Re In Lt Co In C E EN In Co Ri G H Un I In In M Se In Un Ca Pl P Ri Ins S Co Su an of Ins Br Ins Co Ins V M

Visit www.insurr.com today – it’s free

www.insurancebusiness.ca

24-25_Q&A-SUBBED.indd 24

9/12/2016 12:48:54 AM

Insurr

A10K  ABEX Affiliated Brokers Exchange  AgPro Insurance Brokers  All Sport Insurance Marketing  Allianz Global Assistance  Allianz Global Corporate & Specialty  Allied World Insurance  AM Fredericks  Underwriting Management  Anderson McTague & Associates  Angus Miller Insurance  Approved Surety Company  APRIL Canada  Arch Capital Group  Atrium Underwriters  Aurora Underwriting Services  Aviva Canada  Avro Insurance Managers  AXIS Canada  Beacon Underwriting  Belec & Company  Berkley Canada  Berkshire Hathaway Specialty Insurance  Brownstone Insurance Group  Burns & Wilcox Canada  Cambrian Special Risks Insurance Services  Canadian Resources Insurance Solutions  Canadian Specialty Underwriting  Canadian Sports Insurance Brokers  CanAm Special Risk Insurance Agency  Can-Sure Underwriting Ltd  XL Catlin  CFC Underwriting  CFSU  CHES Special Risk  Chubb Insurance Company of Canada  Chutter Underwriting Services  CNA Canada  Coachman Insurance Company  Coast INSURANCE Underwriters  Creechurch International Underwriters WITH SPECIALTY PROVIDERS ALL IN ONE PLACE  CSP CanadaDAS Legal Protection  DUAL Commercial  E. Paul Abbott Financial  Eagle Underwriting  Ecclesiastical  Echelon Insurance  Economical Insurance  ENCON Group  EPA Ultimate Concepts  Equine Insurance Underwriters  Everest Insurance Company Canada  Evolution Insurance  Fenchurch General Insurance www.insurr.com TRY ITYof .

A Company  Frank Cowan Company  GameDay Insurance  Global Aerospace  Global TOD Risk ManagementFRGlobal EE. Special Risks  GMS  Great American Insurance Group S ' T I  Groupassur  GroupOne Insurance Services  Guardian Risk Managers  Hagerty  Heartland Farm Mutual  Helm Insurance Group  HUD Insurance Services  i3 Underwriting Managers  Insure BC Underwriting Services  Intact Insurance Company  Ironshore Canada  K&K Insurance Canada  Le Groupe Estrie-Richelieu  Liberty International Underwriters  Lions Gate Underwriting  Markel Canada  MedThree Insurance Group  Metrix Professional Insurance  Monarch Insurance Brokers  Moorgate Underwriting Managers  Morin Elliott Associés Ltée  National Brokerage Services Inc / Brokerage Services de Courtage  Northbridge Insurance  OA Jewellers Insurance Services  Oceanic Underwriters  Optimum General  Optiom Inc  OWL Underwriting Agency  Pacific Marine Underwriting Managers  PAL Insurance Brokers Canada  Peace Hills General Insurance  Pirbright Professions  Pistagnesi Doyon  Plus Underwriting Managers  Portage Mutual Insurance  Premier Group of Companies  Professional Risk Underwriters  Pro-Form Insurance Services (BC)  QBE  Red River Mutual  Red Rock Insurance Services  Risk-Can Underwriting Managers  RMA Insurance Solutions  RSA  Signature Risk Partners  South Western Insurance Group  Special Risk Insurance Managers  Sports & Fitness Insurance Canada  STARR Companies  Sterlon Underwriting Managers  Strategic Underwriting Managers  Sutton Special Risk  TCB Underwriters  Tern Financial Group  The Boiler Inspection Unlimited search a single Submit enquiries direct toCompany company and Insurance Company of with Canada  click ThetoCUMIS Group Ltd  The Guarantee access comprehensive results for every underwriters for quick responses on of North America  The Sovereign General Insurance Company  The Wawanesa Mutual specialty market in Canada quotes and product specifics Insurance Company  Thistle Canada  Totten Insurance Group  Towerhill Insurance Brokers  Trans Insurance Marketing  Travelers Get Canada  Trillium Mutual GainCanada immediate access to over 5000 immediate notifications on product original product documents updatesGuarantee and new product launches Insurance Company  Trinity Underwriting Managers  Trisura Insurance Company  TRU Transportation Risk Underwriters  TSW Management Services  Ufans www.insurr.com View full product profiles, including Bookmark and use as many times asLP Insurance Services  Underwriting Contract Administrators  Underwriting Solutions target classes, coverage areas, you like absolutely free of either cost  VAL International Incand  WEDensure  Western Surety Company  Western Underwriting deductibles exclusions or commitment Managers  Wynward Insurance Group  XN Holdings  Zurich Canada

SEARCH, EVALUATE AND CONNECT

Sign-in

Sign-in

www.insurr.com

Sign-in

Search by keyword

ACCESS 150+ PROVIDERS AND 1,600+ PRODUCTS IN SECONDS Search by keyword

Sign-in

www.insurr.com

Sign-in

Sign-in

www.insurr.com Insurr_FP 24-25_Q&A-SUBBED.indd Ad_Sign Up Today.indd 25 1

www.insurancebusiness.ca 25

8/12/2016 9/12/2016 12:49:01 11:09:10 AMPM

FEATURES

COVER STORY: LEADING RISK MANAGERS

LEADING

RISK MANAGERS 2016

These 30 men and women are at the vanguard of Canada’s fight to minimize corporate risk, protecting their organizations against everything from A to Z RISK MANAGERS protect Canada’s corporations from threats of every kind. Identifying potential risks, checking business processes for weakness and identifying brokers who can become trusted partners are all part of their crucial remit.

For this report, Insurance Business Canada has gone behind

26

the scenes at an eclectic mix of organizations to find out more about some of the people in this important role. The resulting list highlights a diverse range of people, businesses, risk and coverage. Read on to meet 30 risk managers from some of the largest and most dynamic companies in the country.

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 26

8/12/2016 5:42:48 AM

INDEX OF LEADING RISK MANAGERS

MARK LAPALME Director, risk advisory and assurance

COMPANY

PAGE

NAME

Agrium

33

Jennifer MacAulay Bryant

Air Canada

27 Mark Lapalme

Barrick Gold Corporation

33 Christopher Venter

BMO Financial Group

28 Surjit Rajpal

Bombardier

27 Daniel Desjardins

Canadian Blood Services

28 Alison Baizana

Canadian Broadcasting Corporation

34 Nata Maggio

Canadian Pacific Railway

33 Laird Pitz

Canadian Tire Corporation

34 Robyn Collver

CHC Helicopter

31

CIBC

Laura Dottori33 Attanasio

City of Calgary

37 Fazal Ashraf

City of Toronto

27 Jeff Madeley

City of Vancouver

33 Robert Bartlett

Dream

35 Joshua Lintern

DANIEL DESJARDINS

Element Fleet Management/ ECN Capital

28 Cathy Taylor

Senior director, global risk management and insurance

Hydro One Networks

30 Karin McDonald

BOMBARDIER Montreal, Quebec

Irving Oil

36 Steve McCormick

Liquor Control Board of Ontario

32 Daryl Carre

Morguard

36 John May

Nexen

30 Javier Pardo

Ontario Lottery and Gaming Company

32 Ella Kila

RioCan Real Estate Investment Trust

34 Renee Simms

Scotiabank

36 Stephen P. Hart

TD Bank Group

30 Mark Chauvin

Teck Resources Limited

36 Anne Chalmers

Telus

30 Michael R. Galin

TransCanada

36 Sean Brett

University of Toronto

32 John Kerr

York University

37 Stephen Pottle

Philip Haddad

AIR CANADA Montreal, Quebec

As Air Canada’s risk advisory and assurance director, Mark Lapalme oversees the facilitation of the enterprise risk management program for Canada’s largest full-service passenger airline. In addition, Lapalme leads a team of business professionals in the evaluation of Air Canada’s key business risks. Recently, Air Canada inaugurated a nonstop flight from Vancouver to New Delhi, the only nonstop service connecting Vancouver to India, which opened up the passenger airline to additional risks.

Prior to Air Canada, Lapalme worked for PricewaterhouseCoopers and BDO Canada, where he served as manager of risk advisory services, providing support to organizations in evaluating risks.

As one of the world’s more recognizable names in aviation and train manufacturing, Montreal-based Bombardier retains a global presence with operations in 28 countries.

Keeping up with the company’s global risk objectives is Daniel Desjardins, who has served as Bombardier’s senior director of global risk management and insurance since 2004 and has been with the company for almost three decades.

Prior to his role at Bombardier, Desjardins worked as a risk management and insurance manager for the pulp and paper company Domtar Corporation.

The former president of RIMS’ Quebec chapter, Desjardins remains active with the association and also sits on the client advisory boards for ACE Bermuda, AIG New York and Allianz Global Corporate & Specialty.

JEFF MADELEY Director, insurance and risk management CITY OF TORONTO Toronto, Ontario

Soon after graduating from the University of Toronto, Jeff Madeley was recruited to a sales position at a personal lines insurer, which paved the way to his current position as the City of Toronto’s director of insurance and risk management. Toronto is Canada’s largest city by population, and the city’s joint and several liabilities are among Madeley’s chief concerns. “When defendants’ insurance limits are insufficient, they look for a city contribution,” he says.

As a result, Madeley is focused on changing joint and several rules for Ontario’s municipalities, improving liability loss control within the city’s operating divisions, and staying current on innovative risk transfer products.

When choosing an insurance provider to work with, Madeley says he considers an insurer’s appreciation for the complexity and diversity of operating units within the city, as well as how they handle processes such as claims and coverage.

According to the last complete census by Statistics Canada, there are more than 2.615 million people living in Toronto Toronto is the fifth most populous city in North America

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 27

27

8/12/2016 5:43:06 AM

FEATURES

COVER STORY: LEADING RISK MANAGERS SURJIT RAJPAL Chief risk officer BMO FINANCIAL GROUP Toronto, Ontario

Since 2011, Surjit Rajpal has served as chief risk officer for BMO Financial Group, a diversified financial services provider and parent company of the Bank of Montreal, Canada’s first bank. Rajpal first joined BMO in the early 1980s, holding a variety of positions in capital markets, corporate finance and more before being appointed to executive managing director in 2006.

In addition to his work at BMO, Rajpal serves on the board of the Risk Management Association and was chair of the Risk Committee of the Canadian Bankers Association from 2012 to 2014.

ALISON BAIZANA Director, risk and insurance management CANADIAN BLOOD SERVICES Ottawa, Ontario

Canadian Blood Services is a nonprofit that provides safe, affordable and accessible quality blood supplies to all provinces and territories, with the exception of Quebec.

Managing the national supply of blood, blood products and more comes with plenty of risks associated with handling biological materials, all of which fall under the purview of Alison Baizana, who assumed her role as the organization’s director of risk and insurance management in 2008.

Prior to joining Canadian Blood Services, Baizana worked for The Dominion of Canada General Insurance Company as a senior underwriter, as a business analyst for Canada Mortgage and Housing Corporation’s insurance product and services department, and as risk manager for Canada Post. Highly involved in her community, Baizana is a board member at the Ottawa Catholic Child Care Corporation, the Ontario School Boards’ Insurance Exchange and the Ottawa Catholic School Board. She also previously sat on the boards of the RIMS Canadian Capital chapter and the NECTAR Foundation.

28

CATHY TAYLOR Vice-president, risk ELEMENT FLEET MANAGEMENT/ ECN CAPITAL Toronto, Ontario

A trained civil engineer, Cathy Taylor began her 30-year career in risk management at NOVA Corporation under the tutelage of the late risk management icon Bill McGannon.

Subsequent roles in leading Canadian organizations led her to her current role as VP of risk at Element Fleet Management and its new spin-off, ECN Capital.

Taylor joined Element in 2015 in the midst of an $8 billion acquisition that was closing concurrently with the upcoming renewal of the insurance program. “It was a two-month scramble to learn about the organization, the acquisition target and both insurance programs,” she says. “Fortunately, our broker and insurers went above and beyond the call of duty.”

Today, Taylor single-handedly manages risk management and insurance for both Element Fleet Management and ECN Capital.

Element Fleet, a global fleet management

company, provides services that span the entire fleet life cycle, while ECN Capital, a commercial finance company, operates across North America in three verticals: rail finance, commercial and vendor finance, and commercial aviation finance.

“As with most businesses today, we face a variety of financial and operational risks,” Taylor says. “Cybersecurity and business continuity are a key focus as our clients and we become more technology-dependent.

On the strategic front, we are exposed to competition and the threat of disruptive models impacting our industry. The ever-changing regulatory environment is also an area we must manage well.

“As we go forward with our growth strategy,” she continues, “the challenge is always to ensure we anticipate our ever-evolving risk profile. I see a need to focus on foresight, not hindsight, when assessing and managing risk.

The past is definitely not an indication of the future in a growth-oriented company.”

Taylor recently completed a term as chair of the Conference Board of Canada’s Strategic Risk Council, and is an active member of RIMS and Professional Engineers Ontario.

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 28

8/12/2016 5:43:13 AM

WE BELIEVE ACTIONS SPEAK LOUDER THAN WORDS. OUR CUSTOMERS AGREE. Our knowledgeable and caring claims professionals are some of the best in the business, consistently earning kudos from 9 out of 10 customers in post-claim surveys for the past decade.

Don’t just take our word for it. See what our customers have to say. economical.com/stories

property | auto | business Economical Insurance includes the following companies: Economical Mutual Insurance Company, Waterloo Insurance Company, Perth Insurance Company, The Missisquoi Insurance Company, Sonnet Insurance Company. ©2016 Economical Insurance. All rights reserved. All Economical intellectual property, including but not limited to Economical® and related trademarks, names and logos are the property of Economical Mutual Insurance Company and/or its subsidiaries and/or affiliates and are registered and/or used in Canada. All other intellectual property is the property of their respective owners. www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 29

29

8/12/2016 5:43:18 AM

FEATURES

COVER STORY: LEADING RISK MANAGERS MARK CHAUVIN Chief risk officer and group head, risk management TD BANK Toronto, Ontario

MICHAEL R. GALIN Director of risk management TELUS Toronto, Ontario

Getting his start in risk management by joining an emergency response team at a large high-tech manufacturing complex, Michael Galin eventually was charged with leading the company’s national security program, where he incorporated business continuity, pandemic planning, auditing and risk assessments to make it a true risk management program.

Galin now serves as director of risk management at Telus, overseeing the corporate business continuity office and the emergency operations centre for the national telecommunications company.

“From an operational risk perspective, the telecom industry is always focused on service continuity,” he says. “If you do not plan accordingly, severe weather, flooding,

JAVIER PARDO Manager, risk management and insurance NEXEN Calgary, Alberta

As manager of risk and insurance for an oil & gas company that constantly faces volatile conditions, high risk and high stakes, Javier Pardo certainly has plenty to consider when it comes to risk management and preventive measures. His

30

wildfires and seismic activity can pose a great risk to critical infrastructure.”

Galin is also the founder of ContingenSee, a business resilience advisory firm, and is known among business leaders for having developed an easy, inexpensive and effective approach to business continuity.

An expert on continuity and security programs, Galin is focused on ensuring that service continuity meets the needs of customers and major projects. He has managed corporate responses and recovery plans for crises and major events such as Y2K, 9/11, blackouts, ice storms and G8/ G20 summits. As a thought leader, he has authored articles on related topics and recently spoke on the subject of business continuity at the World Conference on Disaster Management in 2016.

“I believe risk management is everywhere in our professional and personal lives,” he says. “Every decision we make is, in fact, an exercise in risk management.” background as an underwriter and insurance representative helps in that regard by providing him with a foundation of knowledge about the kinds of insurance solutions available to oil & gas companies, as well as risks that may not be covered and would require preemptive measures.

Pardo is also an alternate director on the board of Nexen’s captive, ICMA, and spoke at the 2016 RIMS Canada Conference in Calgary on the business’s use of an insurance captive for risk financing needs.

Mark Chauvin has been with TD Bank for more than 30 years, holding various management positions before entering risk management in 2006. Serving as group head since 2010, he oversees the global management of enterprise and operational risks, and represents the company with external regulators.

Chauvin has served as director for the Risk Management Association. He also participated in the C.D. Howe Institute’s dinner series in 2014, where he spoke on execution risk.

KARIN MCDONALD Director, risk and insurance HYDRO ONE NETWORKS Toronto, Ontario

Karin McDonald is responsible for the administration of insurance and claims management programs for the largest electricity transmission and distribution systems operator in Ontario, which caters to more than 1.2 million customers. Hydro One frequently deals with weather-related risks and has a grid control centre in place to track storms and mobilize damage assessors, line maintainers and arborists to handle the aftermath. In her role, McDonald ensures smooth coordination between the company and insured parties, the broker, and the insurer, and is commended for being “a very collaborative partner and huge supporter of the three-way partnership.”

With 25 years worth of risk management experience in the real estate, construction and utility sectors, McDonald has been an active member of RIMS Canada for 23 years. She received the Ron Judd Heart of RIMS Award in 2013 for the work she’s done in the Ontario chapter since 2002, and she currently chairs the National Conference Committee of the RIMS Canada Council.

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 30

8/12/2016 5:43:24 AM

PHILIP HADDAD Director, insurance and risk management CHC HELICOPTER Vancouver, British Columbia

A licensed aircraft maintenance engineer and private pilot, Philip Haddad got his start in risk management seven years ago when he joined the risk management team at CHC Helicopter. Initially working in supply chain management, Haddad found himself getting involved with insurance claims following accidents or incidents within the company. He eventually found his niche within the insurance and risk management

department, which he now leads, overseeing the risk functions and insurance programs across the entire company, which operates more than 250 aircraft across six continents.

Because CHC primarily carries passengers to and from offshore platforms and vessels for many of the world’s top oil & gas companies, “the biggest risk we face is flying offshore in very challenging weather conditions,” Haddad says. “But we also face risks such as reputational risks of the company in the event of an accident, and how we manage the brand of CHC and mitigate future risks, as well as economic conditions and managing the expectations and issues that come with it.”

Another risk on Haddad’s radar is cyber – specifically, the need to understand what type of policies are available and a cyber breach’s potential impact on business operations.

Haddad says he enjoys the exciting nature of working in such a dynamic industry, dealing with a variety of business risks. “Every day is different; it can go from one end of the spectrum to the other,” he says. “There is a lot of accountability and responsibility when you are insuring billions of dollars’ worth of helicopters and facilities, as well as employees. It comes with a lot of challenges, but also with a lot of satisfaction to know that you are doing the job right.”

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 31

31

8/12/2016 5:43:29 AM

FEATURES

COVER STORY: LEADING RISK MANAGERS JOHN KERR Director, risk management and insurance UNIVERSITY OF TORONTO Toronto, Ontario

John Kerr’s 20-plus-year career in insurance began with a stint at Manufacturers Life Insurance Company. He then took on various positions with The Co-operators, worked in commercial lines for a mid-sized broker and transitioned into risk management at a multinational manufacturer. Kerr served as director of corporate risk and insurance for BMO before he joined the University of Toronto in 2012, which is also where he earned his CRM designation in 1993.

Kerr is a member of the University Risk Management and Insurance Association and RIMS’ Toronto chapter; he also founded RIMS’ Technology Advisory Council. He has taught business applications courses and participates in conferences as a speaker on risk management, insurance and information technology issues.

ELLA KILA

32

DARYL CARRE

VP, enterprise risk management

Manager, risk, insurance and claims management

ONTARIO LOTTERY & GAMING CORPORATION Toronto, Ontario

THE LIQUOR CONTROL BOARD OF ONTARIO Toronto, Ontario

As an accomplished certified accountant, auditor and risk manager, Ella Kila certainly knows how to compute and manage risks, and she has shared her knowledge on how risk management leads to better bets and maximized resources at the Canadian Gaming Summit.

Kila has been working in the Ontario Lottery & Gaming Corporation’s risk management department since 2008, starting as director before being promoted to interim VP in 2010 and VP of enterprise risk management in 2011. Now as VP and chief risk officer, she has ensured continuous incorporation of risk management process in business units amidst major organizational changes, overseeing insurance, crisis and fraud management programs, as well as business continuity plans.

After graduating from university, Daryl Carre worked in the regulatory affairs department of a chemical distributor, classifying products under the Transportation of Dangerous Goods Act and WHMIS regulations, and developing safety data sheets. Her risk management career took off when she was able to bring those skills to a risk control position at Hudson’s Bay Company. Now with the Liquor Control Board of Ontario [LCBO], Carre is responsible for all aspects of the enterprise’s insurance risk management program.

“In addition to the typical insurable property & casualty risks,” she says, “our business also faces the same risks as retailers and wholesalers of non-regulated products, including cyber threats, supply chain disruptions and increased market competition.”

In terms of future risks, Carre mentions the enhancement of the shopping experience for retail customers and the resiliency of the supply chain to ensure all requirements and expectations are met, as well as the improvement of IT security in order to mature the LCBO’s business resiliency plans.

Apart from risk management, Carre counts her past involvement with Ontario social housing as one of her proudest professional accomplishments. “I led a small team at our brokerage in the development and sale of a tenant insurance package policy for residents of social and nonprofit housing at an affordable monthly premium,” she says.

“I was very proud that our team was able to create and negotiate an insurance product specifically designed to benefit underserved and vulnerable citizens in our province.”

The LCBO offers nearly 19,000 products annually The organization is one of the world’s largest buyers and retailers of alcoholic beverages

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 32

8/12/2016 5:43:30 AM

JENNIFER MACAULAY BRYANT

LAURA DOTTORIATTANASIO

Manager, global risk management and insurance

Senior executive vice-president and chief risk officer

AGRIUM Calgary, Alberta

CIBC Toronto, Ontario

With a background in insurance, working for companies such as AXA and Marsh & McLennan, Jennifer MacAulay Bryant took on a different industry role in 2012 when she joined Agrium as its manager of global risk management and insurance. Agriculture is an integral part of Alberta’s economy, and Agrium supports the province’s agricultural community by providing products, services and more to help farmers and growers sustainably increase crop yield.

Laura Dottori-Attanasio went from managing corporate credit products and global banking operations at CIBC to leading the bank’s risk management function, which includes multiple aspects, ranging from operational and strategic to reputational risks. She also oversees the bank’s credit and market risks, and recently commented on the allowances the company has made to weather a possible housing downturn as well as oil price volatility.

Dottori-Attanasio also serves as executive champion for diversity & inclusion at CIBC, and has been listed among the Top 100 Most Powerful Women in Canada multiple times by the Women’s Executive Network. She also sits on the board of trustees for the Global Association of Risk Professionals.

LAIRD PITZ Vice-president and chief risk officer CANADIAN PACIFIC RAILWAY Calgary, Alberta

As a top transporter of goods and people in North America, Canadian Pacific Railway continually faces the challenge of ensuring safety across its transportation network and the various sites it operates in, which inevitably falls to Laird Pitz. As chief risk officer since 2014, Pitz presides over a wide range of activities, from risk management and police services to casualty and general claims, field safety and systems, and coordinating audit investigations.

During Rail Safety Week in April, Pitz expressed the need for “ongoing vigilance every minute of every day” on the part of the community as a whole by staying clear of railway tracks. In September, Canadian Pacific launched a new website, presenting its emergency response capabilities and other related resources for handling dangerous goods.

Formerly known as CP Rail, the company was incorporated in 1881 Canadian Pacific owns approximately 20,000 kilometres of track across North America

ROBERT BARTLETT Chief risk officer CITY OF VANCOUVER Vancouver, British Columbia

Robert Bartlett has quite an eclectic career background. After working for the UK Cabinet office, NATO and then managing risks for the Vancouver and London Olympic Games, Bartlett joined the City of Vancouver, where he created the municipality’s enterprise risk management program. As chief risk officer for the City of Vancouver, Bartlett oversees insurance, claims and enterprise risks for all the operations and assets of the city, and coordinates the business continuity portfolio.

Bartlett has identified four key areas that he focuses on in terms of risk: cybersecurity, compliance, issue management and risk-based resource allocation.

“There are key risks we face as a city that are common when you look across the global risk network,” he says. “The one thing that every business has to face is finding and allocating appropriate resources to ensure continuity of operations.”

Aware of emerging technologies and their associated risks, Bartlett mentions that even though municipalities are slower than businesses when adopting new technologies, they strive to ensure critical risks are mitigated and citizens’ information is protected. To mitigate and manage risks that are insurable, Bartlett works closely with his insurance broker to partner in the management of claims and appropriate coverage. Going out to market to renew every three years, Bartlett assesses factors such as service, expertise, transparency, market capacity, price and more when looking for a good fit.

CHRISTOPHER VENTER Vice-president, risk management & assurance BARRICK GOLD CORPORATION Toronto, Ontario

In March 2015, Christopher Venter moved from a position as regional manager for Australia-Pacific to VP of risk and assurance, where he’s responsible for risk management, audit and compliance programs for Barrick Gold’s global mining operations. With mines in 10 countries, the company faces various environmental, operational and regulatory risks. Recently, operations for a mine in Argentina were resumed following remedial works for a damaged pipeline, and a few months back, the company managed to reach a settlement for an unsuccessful (but thankfully insured) project in Chile.

Previously, Venter served on the advisory teams of Ernst & Young and Pricewaterhouse­ Coopers, which provided risk and audit services to clients in various industries.

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 33

33

8/12/2016 5:43:34 AM

FEATURES

COVER STORY: LEADING RISK MANAGERS NATA MAGGIO Director, insurance and risk management CANADIAN BROADCASTING CORPORATION Ottawa, Ontario

RENEE SIMMS Assistant vice-president, insurance RIOCAN REAL ESTATE INVESTMENT TRUST Toronto, Ontario

Back in 2001, Renee Simms started her career in risk management when RioCan underwent a strategic plan to internalize the management operations of its commercial portfolio of more than 25 million square feet of retail space. Simms got to work building the infrastructure for RioCan’s internal insurance and risk management department, including managing general liability and first-party claims, negotiating insurance contracts, developing a risk control program, and serving as an educational resource for internal stakeholders. According to one industry peer, “[Renee] continuously challenges

ROBYN COLLVER Senior vice-president, risk and regulatory affairs CANADIAN TIRE CORPORATION Toronto, Ontario

Having served as Canadian Tire Corporation’s general counsel for more than a decade, Robyn Collver took on the position as SVP of risk and regulatory affairs in 2015, and now oversees the assessment of risk exposures and tolerances as well as the regulatory requirements, compliance activities and other related initiatives across the company’s various businesses.

In 2015, Collver helped CTC achieve the

34

conventional practices and keeps improving her program.”

Working for one of Canada’s largest real estate investment trusts, with more than 350 existing properties and many more in development, certainly comes with its fair share of risks. For Simms, cyber terrorism, the increased frequency and severity of natural catastrophes, and environmental risks are at the top of the list when it comes the largest risks her industry faces today.

Also on her radar are online shopping and the rise of subscription economy, and the impact they may have on standard brick-and-mortar retail operations.

When choosing an insurance provider to work with, Simms looks for financial strength, capacity, rate and resulting premium, and engineering services, as she focuses on the future of managing the risks associated with construction and redevelopment.

Climate Disclosure Leadership Index [CDLI] for its continuous commitment to fighting climate change through environmentally preferable products, sustainable production process and the use of energy efficient technology. This July, CTC reportedly reintroduced plans for hydrogen production in one of its new distribution centres in Caledon, which has rekindled residents’ concerns about safety, given the combustible nature of hydrogen. In response, CTC has made a statement explaining the significance of the project in promoting the use of clean technology, as well as assuring concerned parties of its due diligence, including consulting with industry experts and city and fire officials.

Following the September 11 terrorist attacks in New York City, the Canadian Broadcasting Corporation realized the importance of having dedicated in-house insurance and risk management capabilities. Thus, Nata Maggio was charged with the task of leading the corporation’s newly created insurance and risk management department.

As Canada’s largest national public broadcaster, CBC/Radio-Canada faces a unique set of risks. “Like all broadcasters, the corporation must adapt to technological changes, shifts in demographics and evolving consumer demands, as well as structural changes in the industry,” Maggio says. “Given our statutory mandate to serve all Canadians, CBC/Radio-Canada also faces unique public expectations and financial challenges.”

Maggio adds that the broadcaster faces more typical business risks as well, including employee health and welfare, regulatory, and cybersecurity risks – an area that Maggio is particularly targeting for the future. “An area of focus is reviewing our approach to media liability for digital productions and cybersecurity risks as our industry continues to transition to digital,” she says.

Embracing the current modernization of the broadcasting industry, Maggio expects that those changes may soon affect insurance needs and requirements, but says her basic requirements for an insurer have stayed the same: client-focused service, timely turnarounds, and long-term commitment.

As risks have evolved throughout the years, Maggio is proud to have had a hand in risk management being considered a valuable tool for companies. “From an operational perspective, risk management has become part of the conversation at the planning stages of initiatives and projects rather than [after] an issue has arisen,” she says. “There is more emphasis on crossfunctional input to ensure that all aspects of a given topic are more comprehensively taken into consideration.”

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 34

8/12/2016 5:43:40 AM

JOSHUA LINTERN Director, risk and insurance DREAM Toronto, Ontario

“I started in the mud – literally,” says Joshua Lintern. “I began my career in environmental consulting with a small firm in Toronto.

Contaminated site investigation and remediation were my first real introduction to the risk management world.” Later, Lintern joined real estate company Dream to manage its environmental risk department.

Over time, his role expanded, and he now leads the risk management department of the multi-billion-dollar company.

“It shouldn’t come as a shock that our company’s biggest casualty risk is in property,” Lintern says. “As such, I am currently most interested in the intersection of those large-scope issues and the traditional categories of risk we are used to in the real estate space. I want to know what is changing fast, and whether our current structures and operations can thoughtfully adapt.”

When choosing an insurer to partner with, Lintern mentions three criteria he looks for: transparency, operational focus and entrepreneurism. But he is quick to point out that delivering risk management to Dream’s internal clients is about more than simply purchasing insurance and processing a claim. “The race to stay valuable and current is as important on the client side as it is in brokerage and marketing,” he says. “To that end, we are constantly tweaking processes internally to push efficiency and to extract valuable knowledge about our businesses that can be useful in other parts of the company. We are bringing our risk transfer partners to the table outside of traditional silos to leverage their expertise and platforms.”

Lintern is most proud of his role in making Dream’s risk management program part of “an ecosystem of market participants who mutually benefit from each other’s successes in a way that is fully intentional and by design.”

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 35

35

8/12/2016 5:43:45 AM

FEATURES

COVER STORY: LEADING RISK MANAGERS STEPHEN P. HART Chief risk officer SCOTIABANK Toronto, Ontario

ANNE CHALMERS Vice-president, risk and security TECK RESOURCES Vancouver, British Columbia

Stephen Hart has been in global risk management since 1999, mostly focusing on credit risk, and was appointed chief credit officer at Scotiabank in 2008. He took on the role of chief risk officer in 2013 and became responsible for enterprise-wide risk management. Following the Fort McMurray wildfires in May, Scotiabank expressed support and offered claims assistance to its personal and small business creditor insurance customers who were affected by the catastrophe.

STEVE MCCORMICK Senior manager, insurance & risk

The first risk management professional at Teck Resources to receive an executive title, Anne Chalmers leads a department responsible for every aspect of risk management for the country’s largest mining, mineral processing and metallurgical company. From identifying and mitigating risks to supporting crisis management, Chalmers must stay on top of the unique exposures faced by any one of Teck’s mines located across North and South America.

In mining, smelting and exploration, risks range from people and political risks to commodity prices and geotechnical risks, Chalmers explains. “When choosing an insurance provider,” she says, “[they must recognize] that risk transfer is just one piece of the risk management activity and scope at Teck, in addition to their ability to insure mining activities, their balance sheet, and their desire to enter into a long-term partnership on risk transfer activities.”

Noting the impact smelting operations and mines have on the environment, Teck formalized a strategy in 2010 to address the risks and opportunities facing the business in terms of sustainability to ensure responsible resource development and the health and safety of employees.

36

IRVING OIL Saint John, New Brunswick

Since 1995, Steve McCormick has been in charge of arranging insurance coverage for Irving Oil’s various units, including everything from marine and aviation to D&O policies. He is also responsible for third-party claims and litigation management, as well as workers’ compensation. McCormick also oversees risk management for the company’s major projects, such as refinery upgrades, terminal construction and other joint ventures.

SEAN BRETT Vice-president, risk management TRANSCANADA Calgary, Alberta

One of the nation’s largest providers of natural gas, TransCanada has been building and operating energy infrastructure for North America since its founding. Sean Brett serves as the organization’s vice-president of risk management, responsible for enterprise-wide financial monitoring and management, including corporate insurance, pension asset management and enforcement of risk policies.

JOHN MAY Director, risk management and insurance MORGUARD Toronto, Ontario

For the fourth consecutive year, Morguard was named one of Canada’s Safest Employers in the retail and services category by Thomson Reuters. As one of the individuals behind Morguard’s risk strategy, John May leverages more than 15 years of experience in corporate risk management and insurance to manage and maintain the real estate company’s risk objectives.

May recognizes the importance of a healthy relationship with insurers. “Risk managers do not have to have all the answers – in fact, it’s best if they do not – but rather know who to consult to obtain the expertise needed for any given situation,” he says.

Similar to many in the field, May is keeping an eye on changing weather and emerging cyber and technological risks as future concerns. “The developing and emerging risks associated with technology and robotics/artificial intelligence could pose the greatest benefits and risk/exposures that mankind has ever faced,” he says. “Many of the risks we face tomorrow are unknown or not fully understood today – and we will require creative thinking to overcome or mitigate their potential exposures.”

Morguard’s total assets are valued at almost $20 billion Morguard’s team consists of more than 1,500 professionals

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 36

8/12/2016 5:43:50 AM

STEVE POTTLE Director, risk management services YORK UNIVERSITY Toronto, Ontario

First starting his risk management career as York University’s Y2K coordinator, Steve Pottle was exposed to the discipline through frequent risk-related reporting of the Y2K project to the board of governors. From there, the board recommended that the university create a centralized risk management entity within the administration. Pottle was able to take his experience from Y2K and apply it to a larger risk management role.

As York University’s director of risk management services, Pottle has a lot of exposures to consider at the educational institution. Student mental health and well-being concerns, cyber risks,

internationalization of academic activities, nanotechnology, and the growing trend of educational malpractice claims among universities are just a few of the big risks Pottle faces today. To tackle those risks, he looks to work with “insurance providers that not only understand my industry, but appreciate it for what it is as well,” he says.

“I would much rather partner with insurers who take the time to get a sense of what I do and what my risks are – to work together to support the university’s academic mission.

“Universities are where risks are born,” he adds. “We welcome risk – it is what a university does. As a risk manager for a university, there is not one day that goes by that I’m not challenged to find a solution to a risk-based issue. The fact that I’m in those risk discussions as opposed to watching from the sidelines is an accomplishment in itself.”

FAZAL ASHRAF Leader, risk management and insurance CITY OF CALGARY Calgary, Alberta

Fazal Ashraf was pulled into the world of insurance after purchasing his first policy.

“Initially I was pursuing a career in law,” he says, “but that quickly changed when I took an insurance course and it spoke to me in a language I understood. In the years that followed, I held various positions in personal lines, commercial lines, underwriting and risk management.”

Today, Ashraf leads the risk management and insurance efforts of the City of Calgary, where he faces unique risks not typically seen in the private sector. “Risk management in the public sector is unique,” he says. “We certainly have to address the emerging risks that all organizations are faced with, but instead of being mindful of shareholders, our mandate is to manage risk on behalf of the citizens of Calgary.”

Faced with exposures that range from standard liability and property to emerging risks like cyber, drones and autonomous vehicles, Ashraf’s biggest challenge today is

to ensure the understanding of the changing marketplace. By remaining one step ahead of these risks, Ashraf is able to transfer, manage and control them to promote a healthy city.

In an industry where relationships form the foundation of business partnerships, Ashraf is no stranger to their significance, especially when it comes to looking for a long-term partnership with an insurance provider. “Choosing an insurance provider should not be a quick decision,” he says.

“Both clients and insurers prefer to operate on a long-term basis, so it is prudent to do your checks and balances before committing to that relationship.”

Panagiota Kalantzis, LL.L, LL.B, LL.M CAIW President 2016 – 2017 The Canadian Association of Insurance Women (CAIW) is pleased to announce they have elected a New President for the 2016-2017 term, Panagiota Kalantzis, LL.L, LL.B, LL.M. Panagiota is an attorney practicing with the firm of Gilbert Simard Tremblay, in Montreal, Québec.

Her practice revolves around insurance, civil and commercial litigation. She has gained extensive experience in representing the interests of Canadian and American Insurers in coverage matters, as well as their insured in areas of general and professional liability.

She has been a member of the Montreal Association of Insurance Women since 2001, a founding member of CAIW that just recently celebrated its 50th year anniversary. CAIW is made up of 10 Chapters across Canada and provides excellent opportunities for their members to better themselves both professionally and personally through networking and continuing education.

Panagiota is pleased to be leading the Association into this next chapter of its rich history. Together with its Board members, she will continue to promote the Association’s mission of empowerment and excellence within the Insurance Industry, evolving to address contemporary issues and concerns.

We encourage you to search out our website for information on the Convention and other events held by Local Associations. The CAIW’s annual general meeting and Convention will run from May 24th to 28th, 2017, and will be hosted by the Montreal, Association of Insurance Women.

www.caiw-acfa.com

www.insurancebusiness.ca

26-37_Risk Management-SUBBED.indd 37

37

8/12/2016 5:43:54 AM

FEATURES

BROKERAGE INSIGHT

Bryson Insurance Brokers Kyle Paterson, director of operational analytics at Bryson Insurance Brokers, explains how his brokerage is truly anything but ordinary

IBC: Tell us a bit about Bryson Insurance Brokers.

Kyle Paterson: This year we are celebrating our 35th year in the business. We opened our doors in 1981, and since then, we have expanded our geographical reach and breadth of insurance specializations. Our founder, Richard Bryson, built a strong foundation for our brokerage, which his daughter, Tracy Makris, continues today. Through the years, we have maintained and evolved a culture of caring, business ethics and service excellence that has kept Bryson Insurance as a leading brokerage firm in the Durham Region.

IBC: What is one of your main specialties?

KP: Our primary niche is transportation and fleets. We started that practice back in 1979 before Bryson Insurance was even formed.

Richard Bryson’s first position in Toronto was with a small brokerage, where he discovered unique solutions for fleets. Since then, the segment has expanded drastically, and we have invested over 35 years developing this particular specialization. Today, we are honoured with the incredible transportation specialists and industry thought leaders who call Bryson home.

IBC: What are you doing to attract new talent?

KP: Our agility and flexibility has attracted

38

incredible talent. There is a cliché that holds true for us – talent attracts talent – and that has been a huge way that we have been able to get new talent in the door. We are open to great people and the infinite possibilities they bring to our organization, which I think is encouraging to younger professionals who are looking for a meaningful career.

IBC: How does your firm support the success of its employees?

KP: We are very supportive of continuing education, so we provide guidance, support and financial coverage to people who are looking to grow in their area.

We are also very proud of the Bryson Experience Program, which is a continuous support structure for learning and development. The Bryson Experience Program functions as a monthly individualized coaching program where team members are encouraged to self-identify the areas where they want to

stretch and grow personally and professionally.

IBC: What makes Bryson Insurance Brokers unique?

KP: One of the many things that makes us unique is that we have a lot of fun as an organization, placing a particular focus on health and wellness. We express this value through internal initiatives like team hikes and obstacle courses like Mudderella. Also, we are planning a hike to the bottom of the Grand Canyon.

These kinds of activities keep people engaged. We create these opportunities inside our organization because we want to lead as a workplace where those once-in-a-lifetime experiences one may only dream of actually exist as reality.

IBC: How has Bryson Insurance Brokers managed to be successful for more than three decades?

KP: At our core, we truly put business ethics

HOW BRYSON GIVES BACK TO THE COMMUNITY Bryson Insurance Brokers supports various organizations in its home base of the Durham Region. Along with sponsoring several youth sports groups that Bryson employees’ children have been associated with, the firm also supports many charitable causes, including the Canadian Cancer Society, Feed the Need in Durham, Community Care Durham, Sick Kids Hospital and the Canadian Diabetes Association. “We are fully engaged in the communities in which we live and work, raising funds for local charities and organizations,” says Kyle Paterson. “Our team chooses who we support based on their personal or vested interests in different causes, so we connect to our communities right down to the roots of who we are as people.”

www.insurancebusiness.ca

38-39_Agency Insight-SUBBED.indd 38

8/12/2016 5:44:15 AM

FAST FACTS: BRYSON INSURANCE BROKERS TOP SPECIALIZATIONS Transportation Franchises Commercial property Construction Manufacturing Personal lines – elite insurance program

Headquarters: Ajax, Ontario

“The success of the organization is not the effort of a single person. If we land a new client, we recognize that everyone in the organization made that happen” very high on the list of things we care about.

We have developed a level of trust, reputation and respect in the industry from companies looking for an insurance partner who is actually seeking their best interests.

In many instances, we align more as a strategic partner than a traditional broker. In part because of our stand for business ethics, we have been able to develop unique and amazing relationships with insurance markets and their wonderful underwriters.

As an organization, we are very ethically focused, and we recognize that the only constant in life is change. When you try to resist change, that can be a full-throttle recipe for failure. By being conscious of our natural

resistance to change, it allows an opening to actually start embracing it.

Also, we keep our egos at bay. The success of the organization is not the effort of a single person. If we land a new client, we recognize that everyone in the organization made that happen. Each individual is incredibly committed to the success of the whole. There is a real ‘in it for all’ or ‘everybody wins’ mentality.

But at the end of the day, we do have unwavering core values, and that is why we continue to attract great customers and talent, and they both stay with our brokerage for a long time. We have customers who have been here since the early days, and we

Number of offices: Two Number of employees: 39 Year founded: 1981 Head leadership: Tracy Makris, president; Dennis Downey, CFO; Doug Bundock, CCO; Kyle Paterson, director of operational analytics; Tammy McCarthy, director of commercial insurance; Matthew Leyland, director of personal lines; Rose Anne Shaw, office manager also have employees who have called Bryson home for most of their professional careers.

To say that we put business ethics before profits or to say that we have a great culture with great people may sound cliché, but these are real cornerstones of our organization. We are always striving to create an extraordinary experience for our team, our clients and our community.

www.insurancebusiness.ca 39

38-39_Agency Insight-SUBBED.indd 39

8/12/2016 5:44:21 AM

SPECIAL PROMOTIONAL FEATURE

CLAIMS MANAGEMENT

The changing face of Markel’s claims department Jeff A. Smith, vice-president of claims at Markel Canada, discusses the key challenges that have faced the claims department in 2016 THERE IS no doubt that 2016 has been a tumultuous year, both in Canada and globally.

Natural disasters, surprise election results, political turmoil – these events create massive challenges across all industries, and insurance has been particularly affected. Whether it’s the potential for new risk on the horizon from innovations such as autonomous vehicles, the rapid growth of cyber exposure, or events like the Fort McMurray wildfire, the insurance industry is being forced to adapt in order to help Canadian consumers through difficult, uncertain times.

No area of the insurance business has been impacted as much as claims departments, and with that in mind, we caught up with Jeff A. Smith, vice-president of Claims at Markel Canada, to discuss the major challenges of 2016 and find out how his department has responded.

“A lot of the challenges in the claims department stem from the changes made on the underwriting side in the past few years,” Smith says. “There has been a change in the makeup of the business that has caused some challenges, which we had to respond to. For example, our property book was in its infancy a couple of years ago. In 2013, we had a little

40

over $3 million; this year it closed at almost $20 million. We’ve not traditionally been a big player in the property space, but it’s one of our strategies to grow. We’ve also just increased our capacity to $20 million.”

Another factor driving change in Markel’s claims department has been the nature of the accounts that the organization has been targeting.

“Even on the casualty side, which has been our traditional space, we’re seeing more significant, large commercial accounts that generate more frequency, which impacts the

great opportunity to prove our commitment.”

The growth in Markel’s property business has created challenges for the claims department, and Smith and his colleagues have been forced to react.

“One of the ways we’ve managed the growth is by partnering with the right adjusting firm,” he says. “Although we have in-house examiners, we have more of an outsourcing model and rely on external adjusting partners for the front-line claims handling. With the quick increase in growth and the need to make sure we’re servicing and settling claims in a

“There is more urgency in the handling of a first-party claim – because we’re providing claims services directly to our clients, it’s a great way to prove our commitment” claims department significantly,” Smith says.

“The property book presents different challenges from handling third-party claims.

There is more urgency [in the handling of a first-party claim] – because we’re providing claims services directly to our clients, it’s a

timely manner, it was crucial that we identified the right team to handle the independent adjusting.”

Markel has been careful to create a system that enables its external adjusting firm to make decisions quickly and effectively. As a

www.insurancebusiness.ca

40-41_Markel-SUBBED.indd 40

9/12/2016 5:35:32 AM

result, Smith and his department are able to focus on the significant losses.

“It helps us manage the claims volume and allows our internal claims team to not get bogged down with the smaller, more commodity-type files,” Smith says. “Our internal claims team can really make a difference by focusing on the more severe and complex losses.”

The department has also just received

approval to increase its headcount in order to help it manage organizational growth and increased claims volume.

“Our claims philosophy is to implement processes that will help up deliver the best possible service to clients before the growth gets beyond our capability,” Smith says. “We’ve got some pretty big growth targets, and we’re making sure the service is going to remain at

the same high level in the future.”

Throughout 2016, Smith has noticed an increase in late development and late notices on Markel’s excess and umbrella book, which is a result of overall damages continuing to rise.

“We’re seeing a lot of development in the $5 million+ or $10 million+ excess claim realm,” he says. “[Historically], we would attach at $5 million and feel pretty comfortable, even on something high-risk like a transportation account. But we’re seeing more claims reach that level, and we’re seeing late notice of these claims, which means primary carriers get taken by surprise. It’s not unusual to get a notice of a claim two or three years after the loss occurs.”

The tragic wildfire in Fort McMurray was certainly the biggest insurance news story of the year, and although Markel didn’t escape completely unscathed, the organization managed to avoid huge losses.

“We only had around $2.5 million across the board,” Smith says. “We were impacted more from a severity standpoint – we only had two real claims hit us, so it was fairly easy to manage. The challenge was finding the right adjuster in the field with the right capacity to take on our losses, which we managed to do. It was more on our property book, which is still growing, so we didn’t have too many significant loses.”

Due to the lack of access that all insurers were facing, Markel’s biggest challenge in the early days of the catastrophe revolved around obtaining information about the true impact of the wildfire. The company had its data mapping in play, but being able to categorically know if a property in the affected zone had been impacted was extremely difficult.

“We had resources deployed and literally waiting outside of Fort Mac to enter, but access was restricted for quite a long time which prevented us from providing meaningful information up the chain,” Smith says. “That made assessing the exposure, from an organizational standpoint, a real challenge.”

www.insurancebusiness.ca 41

40-41_Markel-SUBBED.indd 41

9/12/2016 5:35:42 AM

BROUGHT TO YOU BY

Hundreds of insurance professionals recently gathered at the Liberty Grand for a gala event celebrating the industry’s best and brightest

IB_Awards Guide 2016-SUBBED.indd 42

8/12/2016 7:45:30 AM

BROUGHT TO YOU BY

CELEBRATING THE industry professionals who strive for excellence and innovation every day, the first-ever Insurance Business Awards arrived in Toronto on November 30, and it’s fair to say it was a night that won’t be forgotten in a hurry.

Held on the banks of Lake Ontario at the Liberty Grand, which boasts one of the city’s few traditional ballrooms, the event was hosted by TV favourite Ben Mulroney and included entertainment from the acclaimed Ascension Groove Band. The ceremony – already heralded as “the Oscars of the insurance industry” – attracted more than 400 of Canada’s most talented insurance leaders and promising young professionals.

“The entries were of an incredibly high calibre, which really speaks to how Canada has secured a space as a worldwide leader in insurance,” says Tim Duce, CEO of KMI Publishing and Events, which organized the annual industry gala. “It’s humbling to see the incredible innovation that’s happening right

across the country. I hope everyone here is proud of what they have achieved and is inspired by the success of their peers.”

In an industry that is sometimes criticized for not adapting quickly enough to change, both the Young Gun and Lifetime Achievement awards provided evidence of just how far – and how quickly – Canada’s insurance industry has progressed. The evolution of insurance in Canada is happening at a rapid rate, and the Insurance Business Awards were a shining example of how well most professionals are adapting.

A total of 19 awards were given out on the

night, ranging from individual accolades like Broker of the Year to company-wide honours such as P&C Insurer of the Year.

One of the most notable recognitions went to Aly Kanji of InsureLine, who picked up this year’s Young Gun Award.

“I know this is a personal award, but for me it’s a team award,” Kanji said in his acceptance speech. “I’ve got a phenomenal team back home, and we’ve got a phenomenal business. We’ve got phenomenal people at our team office, and it’s a team effort.”

And the rest of the worthy winners are …

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 43

43

8/12/2016 7:45:37 AM

BROUGHT TO YOU BY

The Insurr Award for

Advertising Campaign of the Year WINNER

“We weren’t sure about the reaction we would get in the industry, so we’re really excited it gave us a chance to be shown in the forefront at the Insurance Business Awards” TINA RUPAREL Zurich North America

“We are delighted to showcase the best in the industry, as it is important to raise the bar” MELISSA YOUNG SING Project manager Insurr

FINALISTS AIG Canada

ATTRACTING THE attention of potential policyholders is more challenging than ever in today’s media-saturated world. Succeeding in a market where consumers are bombarded by marketing every day makes Zurich’s Advertising Campaign of the Year Award win all the more impressive.

The insurer’s captives campaign captivated the IB Awards judges. Published both in print and digitally, the promotion highlighted Zurich’s coverage of human risk alongside P&C for businesses. Zurich described captives as “one of the most efficient ways to execute and control an organization’s risk management strategy,” incentivizing the product’s nearly two-year-long advertising strategy.

Distilling sometimes complicated packages into meaningful messages is at the heart of great advertising, and the Zurich team met that high expectation – according to the company, the campaign’s success has exceeded previous global benchmarks. The featured picture from the campaign showed a businessman and an assembly line manufacturing robot both wearing hard hats, hammering home the intersection of personal and corporate insurance.

The campaign was taken to Toronto’s Captives Summit in a trade show-style booth, where Zurich distributed brochures and displayed a banner explaining the product’s solutions to interested parties.

April Canada Aviva Canada Inc. Economical Insurance The Guarantee Company of North America Markel Canada Sun Life Financial Trisura Guarantee Insurance Company RSA Canada Wynward Insurance Group

Zurich Canada

AWARD SPONSOR INSURR is the most comprehensive online resource for brokers to search, evaluate and inquire about speciality insurance. Insurr provides brokers with product details and documentation from an extensive number of speciality insurance providers in a standardized format for easy browsing and quick reference. Our team is composed of researchers, editors and product developers with expertise in engaging business audiences through digital media. Together we identify the varying business needs of the insurance world and simplify them for your convenience.

For more information, visit insurr.com

44 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 44

8/12/2016 6:33:40 AM

BROUGHT TO YOU BY

The Burns & Wilcox Award for

Philanthropy & Community Service WINNER

“We’re really proud of what we do with the community fund – it just keeps going from strength to strength, and it feels fantastic to be engaged with all of the communities” JASON STORAH Aviva Canada Inc.

“It’s important that we help out and give back to our communities, as well as encouraging our employees and others to do the same” JODIE KAUFMAN DAVIS Corporate vice-president and managing director Burns & Wilcox

FEW VIRTUES are held in such high regard as giving back to the community you operate in. Aviva’s unique My Community Fund program matches employees’ donations to their charity of choice, leading to a three-year partnership with the Red Cross.

That partnership includes training Aviva employees in disaster response. In May, more than 275 of those trained personnel were called into Fort McMurray to assist in relief efforts.

In 2015, Aviva contributed $1.9 million to many charities throughout Canada, and its employees cumulatively volunteered more than 4,500 hours working with communities and causes they cared about.

Through the Aviva Community Fund, the company donates to a number of charities, which compete with each other for prize money that this year totalled $1 million.

But Aviva doesn’t isolate its corporate responsibility to external donations. The company also gives climate action discounts to policyholders for driving a hybrid vehicle, replacing damaged items with eco-friendly alternatives, and using solar or wind energy to power their homes.

Covering the spectrum of employee choice of charities, disaster response and climate change mitigation, Aviva has clearly worked hard to cover all philanthropic bases. The company plans to announce this year’s Aviva Community Fund recipients on December 6.

FINALISTS Aviva Canada Inc. Economical Insurance Henderson Insurance

AWARD SPONSOR

HUB International – Eileen Greene

BURNS & WILCOX, the Kaufman Financial Group’s flagship organization, is North America’s leading independent managing general agent. Burns & Wilcox offers wide-ranging and comprehensive solutions to serve more than 30,000 independent brokers and agents worldwide.

Sharp Insurance

For more information, visit burnsandwilcox.ca

Preferred Insurance Silvercrest Insurance Group Special Risk Insurance Managers Trisura Guarantee Insurance Company

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 45

45

8/12/2016 6:33:45 AM

BROUGHT TO YOU BY

The Empire Life Award for

Life & Health Advisor of the Year WINNER

“We don’t just focus on insurance – we focus on a holistic financial approach, and insurance plays a core part of it. I think our allencompassing approach is what really differentiates us there” JASON PEREIRA Woodgate Financial

JASON PEREIRA is one of three founding partners at Woodgate Financial, which provides financial planning to business owners, executives and wealthy families. Now serving 340 families, Woodgate Financial focuses on educating clients on segregated funds and whatever their specific needs may be.

FINALISTS Andrew Bradley AndrewWBradley.ca Financial Services/ LifeInsurance-Orleans.ca Gavin Mosley Assurances Palladium Insurance Jamie Wilson BMO Nesbitt Burns Chris Gory Insurance Portfolio Samuel Waxman Milliennial Financial Group

Pereira has worked in the life and health insurance industry for 13 years, and he says his company boasts “one of the most accredited, recognized and decorated teams in the country.”

He describes his client retention strategy as working to become the client’s CFO. It’s an approach that has clearly paid off: 95% to 99% of Woodgate’s business is repeat business.

Pereira is also the recipient of a 2016 Plan Plus Global Financial Planning Award – the only global award for financial planners. The multi-award winner first started in the financial services industry when he was 17 years old; he now regularly writes for The Globe and Mail’s Financial Facelift section and is a regular guest lecturer at the Schulich School of Business at York University.

“At Empire Life, providing advice to clients is something that’s critical to our business, so [this] award fits very much with what’s a priority for our organization” MIKE STOCKS VP and chief marketing officer Empire Life

AWARD SPONSOR

Rosanna Donnelly RBC Life Insurance Company

THE EMPIRE LIFE INSURANCE COMPANY is a proud Canadian company established in 1923. We offer competitive individual and group life and health insurance, investment, and retirement products, including mutual funds through our wholly owned subsidiary, Empire Life Investments. Our mission is to make it simple, fast and easy for Canadians to build wealth, generate income, and get the insurance and group benefits coverage they need.

Jason Pereira Woodgate Financial

For more information, visit empire.ca

Paul Crossdale Morrow, Crossdale & Associates

46 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 46

8/12/2016 6:33:48 AM

BROUGHT TO YOU BY

The Award for

Business Development Manager of the Year WINNER

“The biggest thing is always making sure you listen to brokers, the people you work with – communicate the best you can, and make sure you fulfil everyone’s needs” CHERYL HOBBS Creechurch Underwriters

BUSINESS DEVELOPMENT management suits Cheryl Hobbs’ personality because it demands helping and communicating with others, she says. Developing broker relationships, spearheading crossselling opportunities and organizing seminars are all part of what Hobbs does at Creechurch Underwriters.

Creechurch has gone from mostly working

FINALISTS Andrew Ali Aon Canada Mitzy Gale Aviva Canada Inc. Jodie Kaufman Davis Burns & Wilcox Canada Cheryl Hobbs Creechurch International Underwriters Jeff Walker Intact Insurance Company Kelly Hopkins RSA Insurance Debbie Arnold Sound Insurance Services

in technology and life science insurance to covering a wide variety of exposures and industries, including cyber, architects and engineers, miscellaneous errors & omissions, medical malpractice, management liability, property & casualty, sports and leisure, and legal expense.

Hobbs believes Creechurch’s competitive advantage comes from building solid relationships, something she contributes to by coaching meeting preparedness.

Arranging in-person meetings to develop new relationships or expand existing ones helps Creechurch stay competitive in an increasingly crowded market.

Creechurch recently opened an office in Vancouver, giving Hobbs a location to meet brokers in BC while the company increased its business in western Canada by 300%.

Hobbs’ background as a broker informs her communication and helps her facilitate her company’s customer service. Her awareness of what each broker is doing and how their relationship with Creechurch impacts their business is a major part of the value she offers. People like doing business with people they like, and Hobbs knows how to make that happen.

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 47

47

8/12/2016 6:33:57 AM

BROUGHT TO YOU BY

The Insurance Business Canada Readers’ Choice Award for

Best Industry Service Provider WINNER

“We’re an organization that started with three individuals sitting around a kitchen table in 1987, and we’ve grown into literally the largest service provider in Canada” JEFF SUTTON SCM Insurance Services

“There’s a lot of interest in an event like this that gives a lot of recognition back to the insurance industry” ANDREW COWAN National sales manager Key Media International

FINALISTS Applied Systems Cunningham Lindsey Canada Claims Services Crawford & Company (Canada) EquiSoft Goose Digital Keal Technology Octo Telematics SCM Insurance Services Sharp Mobile Technology

IBC’S READERS have spoken, and SCM Insurance is their champion. SCM began as a one-location operation in Edmonton and has grown into the largest independent, privately owned provider of claims management, risk management and related services in Canada.

The company now employs 2,600 people in more than 200 offices, working in engineering and environmental sciences, health solutions, risk management, and investigation. SCM provides “coast-to-coast coverage” with experts that include loss control specialists, adjusters and investigators.

The firm’s client retention tactics include specialized contacts for each of their business relationships and metrics systems like its Net

Promoter Score evaluation system, which has been adopted company-wide. A vast majority of SCM’s business (upwards of 90%) comes from returning clientele.

This year’s Insurance Business Canada Readers’ Choice Award winner refers to the philosophy behind its successful programs as ‘client lifetime value.’ SCM says that by “offering end-to-end solutions for insurers and the insured,” it increases business with existing partners, going beyond simply maintaining the business.

The company’s impressive growth and popularity among IBC readers are a testament to SCM Insurance’s commitment to the highest quality of service.

AWARD SPONSOR INSURANCE BUSINESS CANADA focuses on providing CANAD A practical and accessible advice tailored to the needs of Canada’s insurance professional. The insurance industry is constantly changing due to regulation and significant macro events, and it’s important that professionals are kept up to speed with industry developments and the latest business techniques.

Insurance Business Canada has quickly become a key business resource that insurance brokers and industry professionals turn to for in-depth news and analysis.

For more information, visit insurancebusiness.ca

48 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 48

8/12/2016 6:34:02 AM

BROUGHT TO YOU BY

The Northbridge Insurance Award for

Brokerage/Network Cluster of the Year WINNER

“We never actually thought we’d be here – we’re just a small company from the East Coast. It’s really rewarding to see all the hard work you put into this business and get the acknowledgements” STEVEN WHITE GTI Broker Group

GTI BROKER GROUP’S goal is to keep the broker channel open. The firm strives to be the brokerage of choice in Atlantic Canada and has adopted a ‘ready for anything’ mindset when it comes to finding partners. That mindset extends to the company’s mission to go above and beyond for customers, pursuing excellence at every turn.

GTI has developed methods to allow brokerages to be passed on to family members and to retain the staff of the brokerages they purchase. The ‘poster child’ example of the company’s succession plan is a 2013 acquisition where a family member was included in the ownership and the retiring principal was kept on to foster existing relationships.

Creating camaraderie is a key part of GTI’s

approach to finding fun in its work – and those comrades are multiplying. GTI says its member offices have grown 30%, and business grew 16% in 2015. The company currently has 19 offices throughout the Maritimes.

“As an employee in the insurance industry for over 20 years, I was able to work with many talented people and forward-thinking companies and brokerages,” says Rachel Bastarache, GTI’s director of human resources and corporate strategy. “When I was given an opportunity to work for GTI Broker Group, I instantly thought that this would be a great career path to work with such a great brokerage with a vision and bright future, and I have absolutely no regrets about my decision.”

“Seeing independent brokers cluster and network together to provide that competitive edge across Canada really means a lot to us” SHARI DODSWORTH SVP of national sales and distribution Northbridge Insurance

FINALISTS

AWARD SPONSOR

DPM Insurance Group

InsureBC

NORTHBRIDGE INSURANCE has a history and reputation for innovative commercial, specialty and personal insurance solutions created with the customer in mind. We’re proud to partner with some of Canada’s best brokers to offer tailored solutions and a superior customer experience.

And whether it’s through dedicated and knowledgeable regional teams, risk management experts or experienced business claims specialists, we deliver on our promises.

PROLINK Broker Network

For more information, visit nbins.com

GTI Broker Group Intergroupe

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 49

49

8/12/2016 6:34:07 AM

BROUGHT TO YOU BY

The Life Health Professional Award for

Insurance Industry Employer of Choice WINNER

“We just have a great time – brokers are our first customers, and it’s great working together” CINDY GRANT Trisura Guarantee Insurance Company

SPECIALIZING IN P&C, Trisura Guarantee Insurance Company is a Canadianowned and -operated company that distributes products through independent brokers.

It was founded by three industry veterans – Robert Taylor, Michael George and John Garner – in 2005. Trisura is “uniquely positioned to address mid-market risks in contract, commercial and developer surety; D&O; fidelity; professional liability; casualty; and warranty.”

Trisura describes itself as uncompromising when it comes to the people it hires, and the approach appears to have had a meaningful effect. The company’s employee retention is over 90%, in part because of Trisura’s array of

expanding growth opportunities.

A team devoted to e-commerce was launched in January 2016, made up entirely of internal promotions. Trisura also partners with universities to offer co-op positions to students, some of whom go on to become fulltime employees.

Trisura also regularly consults with staff about operational issues and personal satisfaction. The company distributed its five-year strategic plan to all personnel to so they could express their concerns before it was put into action. In the same vein, president and CEO Mike George regularly sits down for ‘fireside chats’ with each of Trisura’s 105 employees to get feedback.

AWARD SPONSOR

FINALISTS

LIFE HEALTH PROFESSIONAL is a free online information resource for all Canadian advice and planning professionals. It focuses on providing the latest industry news, opinion and analysis in print and multimedia formats. The site generates newsletters that reach more than 15,000 industry professionals each week, and its comment and forum arenas actively engage advisors in topical discussions about the issues that matter most to them.

Ives Insurance Brokers

For more information, visit lifehealthpro.ca

Mitchell Sandham Special Risk Insurance Managers Surex Direct Trisura Guarantee Insurance Company Wynward Insurance Group

50 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 50

8/12/2016 6:34:12 AM

BROUGHT TO YOU BY

The DKI Canada Award for

P&C Insurer of the Year

WINNER

“Last Friday was our 145th anniversary as a company, so I can’t think of a better way of ringing in our 146th year than by winning this award” INNES DEY Economical Insurance

THIS AWARD comes at an auspicious time for a company that was founded in 1871.

This year, Economical Insurance reached its highest-ever premium growth, a record-setting $2 billion in revenue and highest-ever bookend value of $1.78 billion. “We achieved these revenues despite very disciplined underwriting action and the full impact of the last round of mandated auto insurance rate reductions in Ontario,” the company says.

Those results were helped by the implementation of sophisticated pricing segmentation, which returned profitability to the company’s commercial property portfolio.

Boosting the broker channel and capitalizing on analytics influence all aspects of

FINALISTS Aviva Canada Inc. The Co-operators General Insurance Company Economical Insurance Northbridge Insurance RSA Canada Travelers Canada

Economical’s business, including its sophisticated product design, risk classification, pricing, business mix optimization, marketing and customer service. Economical reports that more than 92% of its customers are satisfied or very satisfied with the quality of the service they receive.

“Our success would not have been possible without the commitment and determination of our people,” the company says. “Every day, our employees work stronger together. At Economical, we believe diversity is a source of strength, particularly diversity of thought, and we are taking positive steps to ensure that [our] employees are representative of the diverse Canadian population.”

“We work with a lot of P&C insurers across the country, and they really create a lot of opportunities for people and provide them peace of mind” CHRIS SCHMIDT CEO, DKI Canada

AWARD SPONSOR DKI fosters a results-based culture with a total commitment to exceptional customer service and process efficiency. Our services are delivered with professionalism, integrity and empathy, 24 hours a day, seven days a week.

DKI promotes accountability, continuing education and teamwork, and actively contributes to sustainable development through environmental protection and social responsibility as we seek to finish each claim by leaving the environment in a better state upon completion.

For more information, visit dki.ca

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 51

51

8/12/2016 6:34:22 AM

BROUGHT TO YOU BY

The PAL Insurance Brokers Canada Award for

Young Gun of the Year

WINNER

“I know this is a personal award, but for me it’s a team award. I’ve got a phenomenal team back home, and we’ve got a phenomenal business” ALY KANJI InsureLine Brokers Inc.

AFTER 11 years in the insurance industry, Aly Kanji’s innovative spirit and hard work have earned him the Young Gun Award.

Kanji’s insurance journey began when he worked as general counsel for Sussex in 2005.

By 2007, Kanji had become COO of Sussex and stayed on until 2014. He keenly negotiated Sussex’s agreement to operate in BC and Alberta’s Walmart stores, tripling the company’s locations in those provinces and doubling its gross product.

Kanji’s savvy business manoeuvres earned him capital to co-fund the startup InsureLine Brokers Inc., where he is now the president and CEO. InsureLine is a technology-focused company with unique communication products that bridge the gap between mortgage and insurance professionals. “[Obtaining] the home valuation and the insurance quote enables the insurance broker to quickly give the client a comprehensive quote over the telephone in only a few

“It’s so important for us to sponsor this award because PAL comes from a younger generation” MATT TAYLOR General manager, PAL Insurance Brokers Canada

AWARD SPONSOR PAL INSURANCE BROKERS CANADA has been Canada’s leading specialty MGA for more than 25 years. PAL’s online platform is very popular with brokers, as it allows quick and easy access to many of PAL’s programs. Responsiveness to brokers is one of PAL’s top priorities, whether in providing top-notch customer service or in the creation of several programs in direct response to broker demand.

For more information, visit palcanada.com

minutes,” the company says. Driving client data innovation has provided a seamless transition between mortgages and insurance, largely thanks to Kanji’s efforts.

Kanji concurrently runs Kanji Consulting and sits on the board of directors for the Women in Insurance Cancer Crusade.

FINALISTS Neil Bryson Bryson Insurance Brokers Simar Sidhu Diamond Insurance Group Dave Giles Giles Financial Solutions Maxime Poulin Groupe Ostiguy & Gendron Aly Kanji InsureLine Brokers Inc. Peter Demangos PDF Financial/Collage HR Crystal Underhill Reith & Associates Insurance and Financial Services Shawn Graydon Rempel Insurance Brokers

52 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 52

8/12/2016 6:34:26 AM

BROUGHT TO YOU BY

The FIRST Insurance Funding of Canada Award for

Lifetime Achievement in the Insurance Industry John Hubbard accepted the Lifetime Achievement Award on behalf of his father, Dick Hubbard

WINNER

“He was very touched by winning the award – he was committed to this industry for over 60 years. It gives me a lot of pride, to the point where I’m a little choked up just even talking about it” JOHN HUBBARD

DICK HUBBARD founded his own insurance company, Hubbard Insurance, in 1987 after working in the industry everywhere from Toronto to Montreal for 35 years. His son, John, joined him at his Mississauga company the following year. In his acceptance speech, Hubbard mentioned his great satisfaction in seeing his two sons come through the company.

Hubbard’s focus from day one has been on risk management, primarily for corporate insurance clients, which make up more than 75% of the company’s book of business.

Hubbard himself still comes into the office regularly and remains a go-to source for insurance knowledge and experience.

“Coming into the office also gives me the chance to tell my sons all the things they’re doing wrong – but that’s a full-time job in and of itself,” he joked.

Hubbard Insurance provides personal insurance with an emphasis on strong relationships, commercial insurance with a focus on efficiency, and group benefits with a holistic approach. The company also supports such philanthropic organizations as World Vision, the YMCA and Samaritan’s Purse Christmas Child.

Hubbard also took the time to congratulate “all the great insurance professionals in the industry” during his acceptance speech, displaying his truly great character.

AWARD SPONSOR FIRST INSURANCE FUNDING OF CANADA provides the Canadian insurance market with comprehensive payment solutions. Brokers, MGAs and carriers can partner with FIRST Canada and expand their offerings to provide more value, choice and convenience for all of their clients.

The combined strength of FIRST Canada’s dedicated team, evolved offering and innovative platform positions its partners to meet the demanding future of the Canadian insurance landscape armed with market-leading solutions for success.

For more information, visit firstinsurancefunding.ca

“To be able to support a broker who’s put that sort of longterm effort into the industry meets with our objectives of being here in the long term” STUART BRUCE CEO, FIRST Insurance Funding of Canada

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 53

53

8/12/2016 6:34:30 AM

BROUGHT TO YOU BY

The Award for

Risk Manager of the Year

WINNER

“We’re always being asked to do things that have never been done before, and the team finds a way” ED MARTINGANO Oxford Properties Group

THIS YEAR’S Risk Manager of the Year says he, like many people in insurance, didn’t originally intend on pursuing a career in the industry. Given his success, it was a fortunate turn of events for Ed Martingano.

His first foray into the role that would eventually land him this industry accolade was at Eaton’s. Martingano was working as an accountant in the tax department when the company’s risk manager retired and he was asked to take over.

FINALISTS Joshua Lintern Dream Cathy Taylor Element Financial Corp./ECN Capital John May Morguard Ed Martingano Oxford Properties Group Anne Chalmers Teck Resources Stephen Pottle York University

“As Canadians, we need to be very proud of where we are in insurance – we’re actually role models and recognized all across the world” KAREN SLAUNWHITE Executive director Insurance Brokers Association of Nova Scotia

“I went in with no experience, working in a large function, including through the bankruptcy,” Martingano says. “It was a lot of learning very fast, not about how you do something, but why.”

From there, Martingano went to Oxford Insurance Brokers, where he’s currently the director of risk management.

“We’ve grown considerably throughout the country and outside of it, learning to work in

international markets,” Martingano says.

“We’ve got a great team, and we’ve already had great support from our brokerage.”

Martingano’s strategy for success includes being aware of industry demands and working closely with both internal and external partners.

“When you know what your suppliers and your team need, you can help them,” he says.

“It’s always been collaborative with us.”

54 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 54

8/12/2016 6:34:33 AM

BROUGHT TO YOU BY

The EquiSoft Award for

Life & Health Insurer of the Year WINNER

“We’ve really taken feedback to heart. Since we launched the Fast & Full Life app, we’ve made over 18,000 enhancements to it that have been driven by user feedback” CHRIS STOCKS Empire Life

THE WORLD is rapidly evolving, and even though Empire Life has been around since 1923, the company says it’s ready for anything.

“We’re accessible, friendly and customerfocused,” Empire Life says on its website. “Is it because we’re headquartered in a smaller community, and we’re not a large, impersonal company? Or is it just the nature of our people? Whatever the reason, customers and advisors tell us they love to experience a personal connection and talk with someone who knows them and their business.”

Small and medium-sized businesses are

FINALISTS Desjardins General Insurance Group Empire Life The Great-West Life Assurance Company LaCapitale Financial Group Manulife Canada RBC Life Insurance Company Standard Life Sun Life Financial

the company’s bread and butter: More than 90% of Empire Life’s clients employ between two and 200 people.

“We work with companies in all industries, which means we have breadth of expertise as well as depth,” the company says.

Every year, Empire Life supports three charities in its community through donations, employee volunteer hours, in-kind contributions and community sponsorships. The charities focus on health and medical research, education, community well-being, and the arts.

“We get to work with all of the insurance companies in Canada. For us, innovation and creative thinking are particularly important” OLIVIER LAFONTAINE Vice-president, insurance division, EquiSoft

AWARD SPONSOR EQUISOFT offers innovative business solutions to its clients in the insurance and wealth management industries. In addition to being an Oracle OIPA integration partner for more than 15 carriers globally, EquiSoft also develops and markets innovative front-end applications (InsuranceElements and WealthElements) with an industry-leading user interface and state-of-the-art technology. To complete this unique offering, EquiSoft also brings extensive experience in data migration through its subsidiary, Universal Conversion Technologies [UCT].

For more information, visit equisoft.com

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 55

55

8/12/2016 6:34:37 AM

BROUGHT TO YOU BY

The Keal Technology Award for

Digital Innovation

WINNER

“We’re really excited the insurance industry is moving towards technology, and we do a lot of focus on moving forward” CATHY LIPE Sharp Insurance

TECHNOLOGY is a disruptive factor in every industry, and insurance is no exception.

As a technology company, Sharp is well suited for the direction insurance is headed, as the company has displayed with its innovative products. Through its self-service app and mobile portal, Sharp gives clients the ability to see their payment dates, find policy information, print pink cards and review the details of their coverage and deductibles.

FINALISTS Bullfrog Insurance C-surance.ca Global Service/ Bene-FIX Global Service EasyInsure Instinctive Insurance Technologies LowestRates.ca Nuera Insurance Opta Information Intelligence Sharp Insurance Surex Direct Trillium Mutual Insurance Company ZipSure.ca

“Our technology has not only increased customer satisfaction and retention, but it has also streamlined our internal processes,” the company says. “That means more time focused on cross-selling and giving quality advice to clients rather than spending most of a broker’s time emailing pink cards or answering coverage questions.”

Sharp describes its service as a “virtual

broker” that saves people time and provides them peace of mind.

“The app helps reduce easy service calls so our brokers can provide valuable advice on insurance products to our clients,” the company says.

According to Sharp, the app’s adoption rate of 60% is higher than expected, and the company is seeing 50 or 60 logins per day.

“We want to keep innovating, and we believe brokers need to innovate also” LAURENT NADEAU Vice-president of sales and marketing, Keal Technology

AWARD SPONSOR KEAL TECHNOLOGY’S history dates as far back as 1876 to a man named Melvil Dewey, who invented the Dewey Decimal Classification System, the classification system that still bears his name. In 2000, the Melvil Dewey Company had gone through a series of acquisitions, with CGI being the latest owner. Keal purchased the company’s BMS division from CGI in 2000. Under the leadership of Pat Durepos, a broker by profession, Keal evolved to what it has become today – a Canadian leader in broker management solutions.

For more information, visit keal.com

56 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 56

8/12/2016 6:34:43 AM

BROUGHT TO YOU BY

The Special Risk Insurance Managers Award for

Outstanding Customer Service by a Brokerage WINNER

“Everything we do, we try to make life easier for our customers or our interior staff. Every decision is focused on them” TRACY ROGOZA Knight Archer Insurance Brokers

“We have to thank Insurance Business for such a great evening to recognize all the fantastic and superior people we have in our industry” MARK WOODALL President and CEO Special Risk Insurance Managers

KEEPING CUSTOMERS happy keeps business in good shape: It’s a principle Knight Archer insurance has clearly taken to heart.

Knight Archer uses the guiding principle of ‘making life easier’ to shape their entire decision-making process. The firm’s commitment to customer service is driven by their training and education programs, where they incentivize both internal and external development sessions. For Knight Archer, the more awareness their staff brings, the better their clients’ needs are served.

Voice prompts? Not at Knight Archer. They believe personal interaction and getting faceto-face makes the difference. After the phone

rings twice, it’s everyone’s job to answer.

“Knight Archer was one of the first in our trading area to extend our hours into the evening and on weekends to provide service to our customers,” the company says. “We have also provided our customers with an emergency number to contact Knight Archer 24 hours a day,” a late-night service that can help customers prevent having their vehicles impounded.

The company also points to its e-broker technology, which allows customers to interact with Knight Archer on their own schedule, as another factor that keeps everyone content.

AWARD SPONSOR SPECIAL RISK INSURANCE MANAGERS is an independently owned and operated Canadian MGA. We provide insurance markets for specialty products to support the retail broker network. SRIM has a product menu that includes sports, leisure, entertainment, logging, trucking, aviation and much more. We respond to brokers’ needs Canada-wide with offices in four provinces and more than 60 staff.

Our staff is committed to providing innovative and customized insurance products and programs that are unique within the marketplace.

For more information, visit srim.ca

FINALISTS Bullfrog Insurance Conestoga Insurance Brokers Knight Archer Insurance McDougall Insurance & Financial Mitchell & Whale Insurance Brokers Sharp Insurance

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 57

57

8/12/2016 6:34:48 AM

BROUGHT TO YOU BY

The APRIL Canada Award for

Best Brokerage Over 10 People WINNER

“We recognize that you’re nothing without the team. We invested in our people. We treat people with the utmost respect, and that translates into everything we do” SHAUN MCPHERSON Platform Insurance Management

IN AN EFFORT to serve one area of the industry especially well, Platform Insurance Management focuses on real estate and construction insurance. It’s an effort that has clearly paid off: The company’s success in these specialized fields has attracted top talent. And its growth is impressive, too – 75% of Platform’s business was new in 2015.

Platform’s approach of developing a

knowledgeable team to deliver top-tier results liberates them from needing to rely on traditional advertising or sponsorships.

The company says they network, rather than promote, leading to 30% of their business coming from referrals. It’s about more than just the client, the company says, but also about all the stakeholders affected, such as lawyers, banks, mortgage brokers,

“Brokers are the foundation of this industry; they’re what it’s all about. They’re the rubber that hits the road” NICK KIDD, CEO, APRIL Canada

equity suppliers, finance companies and asset managers.

Because construction is a deadline-driven industry, clients need to know the project will be done on time, and that includes the risk management company’s paperwork being filed on time. Platform believes there should be no problem issuing terms 30 days before renewal. Giving this kind of notice reduces the client’s stress and allows time for issues to be raised, especially in the case of a premium increase.

FINALISTS Aligned Insurance Bryson Insurance Brokers

AWARD SPONSOR

Erb and Erb Insurance Brokers

APRIL CANADA is an independent MGA backed by worldwide expertise in providing innovative insurance solutions for your hard-to-place insurance risks. True to its values and commitments, APRIL strives to give meaning to the customer relationship. Choosing APRIL is being assured of the benefit of high-quality advice and excellent service. We do not provide ready-made products, but made-to-order solutions.

Hubbard Insurance Group

For more information, visit april.ca

Sharp Insurance

Mitchell & Whale Insurance Brokers Oracle RMS Platform Insurance Management Reith & Associates Insurance and Financial Services

58 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 58

8/12/2016 6:34:52 AM

BROUGHT TO YOU BY

The Award for

Best Brokerage Under 10 People WINNER

“Long hours, weekends – we’re there on the phone if the client needs us” RICHARD TINIANOV Louis Meier Insurance Brokers

LOUIS MEIER Insurance Brokers is heavily focused on consultation, and is always willing to look at a policy or quote from another company to give advice.

“If we are told that our cost is too high, we still spend time on the phone with insureds to offer support and advise,” the company says. “When a client leaves us, we also offer for them to send us their new policy so we can review it for them. We send out letters, and we speak to people in the community and explain new products that are in the market that insureds should have.”

More than anything, the award winners say they value customer service. Louis

Meier Insurance Brokers says they don’t have trouble keeping customers because they don’t charge fees and provide the best service possible.

As a case in point, they refer to a situation they were particularly proud of in the past year, where they fought long and hard for a client’s payout in a cottage that, after legal action was discussed, got the client the claim they deserved.

Louis Meier Insurance Brokers

“Without question, the insurance broker community is alive and well. There is a strong set of individuals who are entrepreneurial and are really driving the pace forward”

ProBenefits Consulting

BRETT BOADWAY

FINALISTS Bedrock Insurance Brokers C.M. Steele Insurance Brokers Jones-Dooley Insurance Brokers

Sussex Corporate Risk

Director of broker relations and communication Insurance Brokers Association of Ontario

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 59

59

8/12/2016 6:34:57 AM

BROUGHT TO YOU BY

The Lloyd’s Canada Award for

MGA of the Year

WINNER

“It’s all about meeting or exceeding the expectations of the brokers, who are our clients, so we walk the extra mile” MARUF HASAN CHES Special Risk

GROWING RAPIDLY, CHES Special Risk says it tries to balance competitive pricing for its brokers while making an underwriting return for its providers.

The MGA has consulted with carriers on what risks are the most attractive, bringing capacity from insurers that haven’t previously entered the MGA arena. Because of that, CHES exclusively offers a house binding authority through a range of more than 200 products where there is limited capacity.

“We seek genuine carrier engagement,

FINALISTS ABEX Affiliated Brokers Exchange Anderson McTague & Associates Angus-Miller Ltd. APRIL Canada Burns & Wilcox Canada Can-Sure Underwriting CHES Special Risk ENCON Group South Western Group Special Risk Insurance Managers

reducing the risk of poor claims handling and misunderstanding of the product that has been written, thus ensuring we treat our customers fairly while offering high-quality A-rated security,” the company says.

The entire underwriting team is assessed on email responsiveness – all emails are answered

within a day, and the company doesn’t have a voicemail because they answer every call.

CHES will soon offer online quote-and-bind ability for some brokers, but the company also values face-to-face interactions highly.

“Regular visits to brokers’ offices keep us in their mind’s eye,” the company says.

“We don’t usually have events that have the TPAs, the service providers, life, P&C, the brokers, everyone all in one room, so it’s a different dynamic” HEATHER CIAVARELLA Senior business development manager, Lloyd’s Canada

AWARD SPONSOR LLOYD’S is best known in Canada as a market for commercial risks in respect to property, casualty and specialty classes of business. As a mature market, it reflects the sophistication and diversity of Canada’s economy.

Lloyd’s underwriters work closely with brokers and local underwriting agents, and are able to offer tailor-made insurance products for large risks, as well as for the small and medium enterprise market.

For more information, visit lloyds.com

60 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 60

8/12/2016 6:35:02 AM

BROUGHT TO YOU BY

The Markel Award for

Big Brokerage of the Year

WINNER

“It’s a team effort that we have – the account managers, the producers and the executive team working very, very hard to grow the business and bring value to the customers” MARK WATSON Jones DesLauriers Insurance Management

A ROUNDTABLE for Jones DesLauriers’ construction clients to discuss trends in the marketplace and how they affect their business was just one way this year’s Big Brokerage of the Year improved its customer service.

Jones DesLauriers says they offer the service of a larger company, combined with the flexibility and personalized approach of a smaller company. The firm also tailors products for niche industries to meet their unique needs.

Using dedicated account managers, securing strong relationships, and providing 24-hour in-house claims, fleet safety consulting, and access to all markets are some of the ways Jones DesLauriers successfully retains clients – most

of their business is repeat. Their 360 Risk Management Strategy also helps clients lower premiums by reducing their total risk cost.

Jones DesLauriers values training and development as well. “Brokers are encouraged to update their industry knowledge through continued education, which enables them to provide clients with expert advice,” the company says.

Jones DesLauriers also gives back to the community, partnering with such organizations as Free the Children, the United Way, the Juvenile Diabetes Research Foundation, the Sick Kids Foundation, the Canadian Cancer Society and CanadaHelps.org.

ROD SPURREL VP of underwriting and business development, Markel

AWARD SPONSOR MARKEL’S operation in Canada, formerly known as ESR, has been in existence since 1966 and is highly respected for exceptional expertise and service. In 2009, ESR was purchased by Markel International, whose strength and specialist expertise further improves the ability to assist brokers in solving their customers’ needs. Built on a reputation of underwriting excellence and product knowledge, Markel partners with brokers to provide effective solutions for unique commercial liability needs. Markel Canada operates across Canada with offices in Montreal, Toronto, Calgary and Vancouver.

For more information, visit markelinternational.com

“Key Media and Insurance Business have been great for our business. [We are] very proud to have been able to sponsor an award for you guys tonight”

FINALISTS Arthur J. Gallagher Canada JLT Canada (Jardine Lloyd Thompson) Jones DesLauriers Insurance Management Lloyd Sadd Insurance Brokers Rogers Insurance

COMMEMORATIVE GUIDE 2016 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 61

61

8/12/2016 6:35:07 AM

The South Western Group Award for

BROUGHT TO YOU BY

Broker of the Year

WINNER

“I really didn’t expect it.

Being a small-town kid, being in the industry for 17 years, it’s been very humbling” SHAWN GRAYDON Rempel Insurance Brokers

SHAWN GRAYDON knew he wanted to be of service in a meaningful way, so he chose to pursue business insurance at the age of 19.

After putting himself through the CAIB 1 program, Graydon landed a position at Dowling Insurance. Soon, Dale Rempel, an insurance broker from Graydon’s hometown of Morris, Manitoba, approached him to come work at Rempel Insurance.

FINALISTS Scott Bryson Bryson Insurance Brokers Jeff Rodin Condominium Insurance Solutions, powered by Benson Kearley IFG Michelle Topping HUB International Michael Di Nardo Oracle RMS Joe Palmer Palmer Atlantic Insurance Shawn Graydon Rempel Insurance Brokers Bryce Kumka Rogers Insurance

“Over the next decade, I was fortunate to work with and learn everything I could from Dale Rempel, my greatest mentor,” Graydon says. “It was under his guidance that I developed a passion for the business and for serving our clients.”

In 2008, Rempel was diagnosed with a brain tumour, and Graydon took over the breadth of the responsibilities. Rempel passed

away in 2012, and Graydon assumed the role of a business development manager, researching and developing special programs with insurance companies, and training and mentoring within the brokerage.

“Rempel Insurance has been Manitoba’s largest independent trucking insurance broker for the past 10 years, and that part of our business has doubled since 2012,” Graydon says.

“[This is] a phenomenal industry, so to see it come together like this ... it’s been a terrific night” JOHN BARCLAY President and CEO, South Western Group

AWARD SPONSOR SOUTH WESTERN GROUP is a wholesale insurance intermediary/managing general agent offering a broad range of insurance solutions for specialty, niche, program and hard-to-place business. Since 1961, we have proudly provided underwriting expertise to independent insurance brokers across Canada.

We have earned a reputation for excellence in underwriting, risk management and customer service. We are continuously perfecting the way we do business and are satisfied with nothing less than the absolute highest level of service.

For more information, visit swgins.com

62 IBAWARDS.CA

IB_Awards Guide 2016-SUBBED.indd 62

8/12/2016 6:35:14 AM

FEATURES

EQUIPMENT BREAKDOWN

Breaking down breakdown The Sovereign General Insurance Company’s Joseph Alcaraz shares insights on the role of risk engineering and loss control in equipment breakdown insurance IBC: In the equipment breakdown arena, what responsibilities does an insurance company have with regards its brokers and their clients?

Joseph Alcaraz: In Canada, the owners of large or hazardous boilers and pressure vessels must ensure they are inspected and issued a certificate to operate. Insurers in Ontario and Quebec that provide equipment breakdown coverage are required to perform inspections and issue certificates. The certificate is proof of inspection that must be renewed based on provincial guidelines; therefore, the boilers and pressure vessels are inspected regularly.

When equipment breakdown insurance is not in place, the inspection of these boilers and pressure vessels is completed by the provincial authority, and those costs will be passed along to the owner. An equipment breakdown insurer will include the costs associated with this inspection service as part of the premium they receive. Often, the owner will find that the cost to include equipment breakdown coverage in their insurance portfolio is affordable, given the need to inspect as per provincial requirements. Therefore, this inspection service and certificate issuance completed by insurers can be considered a value-add to clients.

IBC: On the loss control side, how have you found working in the equipment breakdown space?

JA: In general, the insured is focused on maintaining their equipment, as it is the lifeline of their business. If they are a manufacturer and do not maintain their equipment and it breaks down, manufacturing stops – they can be rendered unable to fill orders and possibly

lose customers. When we complete equipment breakdown inspections and/or a risk assessment, we are not only conducting an inspection, but we are also looking for opportunities to share helpful risk engineering best practices.

Our goal is always to help by sharing our expertise with our insureds to reduce or eliminate the exposure to loss as much as possible.

IBC: How are the insurers in this space?

JA: There are a lot of areas where insurers add value, but the client relationships could be further enhanced by delivering awareness and presenting best practices when conducting inspections. The opportunity we focus on with our insureds is the importance of maintaining equipment. A breakdown could result in a significant business interruption loss – a loss that is so great that it might make it difficult for an insured to fully recover, including maintaining their client base.

Insurance companies that provide this inspection service have an opportunity to provide a great client experience, and that’s what we’re striving for.

IBC: What should brokers know about equipment breakdown insurance?

JA: Supporting clients in discovering the importance of coverage and creating awareness that they have an exposure can be the two biggest challenges for brokers. Brokers need to understand that an equipment breakdown insurance product can help insureds fill the coverage gap in a standard property policy.

Brokers also need to support the client in understanding their obligations when it comes to equipment that requires inspections and certificates as per provincial guidelines. These are opportunities for both brokers and insurance companies to provide a true value to our mutual clients.

www.insurancebusiness.ca 63

63_Sovereign-SUBBED.indd 63

8/12/2016 5:45:13 AM

FEATURES

EXPERT ADVICE

Go beyond ‘cookie cutter’ education John McNeil, manager of learning and development at RSA Canada, discusses the need for customized education to prepare brokers to meet disruptors head-on THE INSURANCE industry is changing.

Disruptors such as technology and new customer buying behaviours are changing the way we do business. The current market landscape sees the continued growth of another disruptor to brokers: the direct channel. This is one reason why investing in our brokers through education and development is more important than ever.

Earlier this year, RSA launched a new learning management system, Wise Up™, to help brokers achieve their professional development hours. Wise Up™ provides brokers access to education programs anytime and anywhere with the flexibility to choose learning offerings, a way to track continuing education hours and print their certifications. We soft-launched Wise Up™ in Alberta, Manitoba and, BC with a full launch in Ontario. The name symbolizes

64

the upward trajectory of brokers’ careers when they use it. By using Wise Up™, brokers can become smarter, better and faster in order to move their careers forward and upward. It also allows them to ‘top up’ their knowledge and enhance what they already know.

Within 48 hours of launching in Ontario, we had 80% of the courses filled up and a wait list of more than 600 brokers, so we added new webinar sessions to meet the demand. In Ontario alone, we helped facilitate over 3,000 continuing education hours in two months.

The program has been such a success that we are currently working on the rollout of this program across all regions in 2017.

Wise Up™ was created to help with broker professional development as part of our longterm commitment to and support of the broker

channel. We truly believe in the value of a broker and the knowledge and service they can provide to their clients.

We see brokers as trusted advisors, and when brokers are well informed, they can educate their clients and further establish that role. This type of personal service and the ability to educate clients is something the direct channel does not offer.

RSA’s investment in broker education goes far beyond best practices around selling our product or using our tools. It’s a macro-level investment in setting our broker partners up for long-term success.

We see Wise Up™ as a way to give brokers an edge. Soft skills and training in areas beyond insurance are just some examples of the courses offered through Wise Up™. One of our most recent courses instructed brokers on the basics of LinkedIn and how to use it as a tool to build their brand as a trusted advisor. This course outlined best practices, and to date, more than 300 brokers have registered for it.

The content on Wise Up™ offers brokers information and training that is specifically tailored to the insurance industry. For example, a broker could potentially take a course on LinkedIn at a continuing education centre that is similar to ours, but the content will likely not be customized for his or her role, and there would be a cost associated with it.

With an insurer-designed education program such as Wise Up™, brokers are viewing LinkedIn content through the insurance lens, as opposed to a more generic viewpoint – at no cost to them or their brokerage.

Therefore, the cases and scenarios used in their training are specifically tailored to capture the nuances of the Canadian marketplace and client, while showcasing RSA’s thought leadership across various sectors of the business.

Having broker education delivered by an insurance partner gives brokers material related to their needs, rather than a ‘cookie cutter’ offering. Insurers must invest in customized continuing education for brokers, as it is not only instrumental to the success of the broker channel, but can be a powerful driver of mutual long-term growth.

To find out more about our commitment to broker education, visit www.rsabroker.ca/ rsa-advantage/education-training.

www.insurancebusiness.ca

64-IBC_Expert Advice-SUBBED.indd 64

8/12/2016 5:45:29 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)

64-IBC_Expert Advice-SUBBED.indd 65

8/12/2016 5:45:44 AM

We are Markel.

Commercial general liability Cyber risks insurance Directors and officers liability Environmental impairment liability Life sciences Professional liability Property and inland marine Security and protection industry Umbrella and excess liability

Helping brokers with effective insurance solutions since 1966 Calgary Montreal Toronto Vancouver www.markelinternational.ca

CA corp advert 8.25x10.875.indd 1 OBC.indd 4

03/05/2016 14:24 8/12/2016 5:46:44 AM