Insurance Business Canada 5.06

WWW.INSURANCEBUSINESS.CA ISSUE 5.06 | $12.95

LEADING

RISK MANAGERS 2017

Meet the men and women protecting Canada’s major corporations INSURANCE BUSINESS CANADA AWARDS Revealing the 2017 finalists from across the nation

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DAVID WALSH OF CFC UNDERWRITING His journey from dot-com bust to cyber insurance success

AUTO TELEMATICS

How telematics is driving the insurance industry forward

15/11/2017 5:32:15 AM

IN LOCKSTEP WITH YOU, LONG TERM. Property | Casualty | Executive & Professional Lines | Builder’s Risk | Marine

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

www.bhspecialty.com/can Asheville | Atlanta | Boston | Chicago | Houston | Indianapolis | Irvine | Los Angeles | New York | San Francisco | San Ramon | Seattle Stevens Point | Auckland | Brisbane | Dublin | DĂźsseldorf | Hong Kong | Kuala Lumpur | Macau | Melbourne | Singapore | Sydney | Toronto

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CONTENTS

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UPFRONT

LEADING

RISK MANAGERS 2017

SPECIAL REPORT

22

02 Editorial

Standing out with something special

04 Head to head

Meeting the sharing economy’s needs

FEATURES

12 MGA update

It’s time to stand out from the crowd

14 Technology update

The collaboration of cyber and property, and reaching new audiences

16 Opinion

The human defence against cyber attacks

FEATURES

44

MEETINGS

Business strategist Matt Malouf breathes new life into business meetings

FEATURES 38 IB Awards

Announcing the finalists in the 2017 Insurance Business Awards

PEOPLE 46 Career path

Jennifer Bouyoukos makes people her career

47 Other life

David Walsh’s bumpy climb to the top of the cyber insurance industry

18

08 News analysis

Automotive telematics in the driver’s seat New products, people and acquisitions

Ives Insurance Brokers on thriving in an evolving industry

We profile the men and women protecting Canada’s major corporations from growing threats

INDUSTRY ICON

The cost of Artificial Intelligence

10 Intelligence

AGENCY INSIGHT

LEADING RISK MANAGERS

PEOPLE

36

06 Statistics

Insurance advisor Francine Dick writes for the stage

FEATURES

48

RSA EXPERT ADVICE Keeping pace with the speed of technology change

INSURANCEBUSINESS.CA CHECK IT OUT ONLINE www.insurancebusiness.ca 1

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UPFRONT

Markel Markel

EDITORIAL

A special something?

P

rice comparison websites, insurance disruptors, artificial intelligence – the list of emerging tech threatening to put the insurance broker out of business is as long as a piece of string. Yet the broker is not only still standing, but continues to thrive. So why should a broker care about more scaremongering about robots taking jobs or automated systems providing advice?

The answer is simple: brokers have survived through evolution.

“The small commercial insurance space is where the real fight is right now,” Seth Rachlin, executive vice president, P&C insurance leader at Capgemini told Insurance Business in October. “There are scores of insurance companies that are striving to reinvent their sales experience in that area, but they’re up against a number of well-funded start-ups that are trying to create online brokerages for small commercial risks.”

On this battleground, reinvention is the key – the ability to have foresight, to think ahead and anticipate new technologies and new customer experiences. There is a consensus in the sector that the customer still wants advice before making purchasing decisions but the routes they take to capture that are changing. It’s no

Expect more from your insurance carrier

“Reinvention is the key – the ability to have foresight, to think ahead and anticipate new technologies and new customer experiences”

www.insurancebusiness.ca EDITORIAL Managing Editor Paul Lucas Writers Heather Turner, Lucy Hook, Libby Macdonald, Tim Garratt, Joe Rosengarten, Lyle Adriano, Sam Boyer, Bethan Moorcroft Copy Editors Jo Crichton, Roslyn Meredith

CONTRIBUTORS

Janine Garner, Karen Gately, Peter Kochenburger, Warren Kennaugh, Matt Malouf

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

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

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

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

KMI Media

longer just about face-to-face meetings – it’s about texts, social media and apps. If 312 Adelaide Street West, Suite 800 Toronto, Ontario M5V 1R2 you’re not reaching your customers in those ways then others will. tel: +1 416 644 8740 www.keymedia.com There is also a need for differentiation. It’s so easy for a customer to go online and find quotes from multiple insurers – why should they bother with you? The Offices in Toronto, Denver, London, Sydney, Auckland, Manila, Singapore, Bengaluru answer of course, is that you can offer a higher level of service and find a product CMCA for their needs. But how do you get that message across?

AUDITED One way is to become a specialist in a niche to separate yourself from the Insurance Business Canada is part of an international family of B2B competition. Maybe there are thousands of car insurers – but how many can deal publications and websites for the insurance industry with classic SUVs? Maybe there are hundreds of home insurers, but how many Insurance Business America can address heritage properties? How many are specialists in sports, cyber, cathy.masek@keymedia.com T +1 720 316 0151 construction or agriculture?

Insurance Business UK The consumers of today want faster insurance solutions, yes – but that means jonathan.connelly@keymedia.com T +44 20 7193 0935 more than just offering quick quotes. It means building your brand so they come Insurance Business Australia peter.smith@keymedia.com.au T +61 2 8437 47OO to you, for your specialism, first. Competition has never been fiercer – it’s time to Insurance Business NZ Commercial separate yourself fromGeneral the packLiability to compete with the best.Helping brokers with effective peter.smith@keymedia.com.au T +61 2 8437 47OO insurance solutions since 1966 Cyber Risks Insurance The team at Insurance Business Canada Insurance Business Asia

2

Directors and Officers Liability Environmental Impairment Liability Life Sciences Professional Liability www.insurancebusiness.ca Property/Inland Marine/Cargo Umbrella and Excess Liability

Calgary Montreal Toronto Vancouver

Expect more from your insurance carrier

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peter.smith@keymedia.com.au T +61 2 8437 47OO

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

www.markelinternational.ca

15/11/2017 2:49:54 AM

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15/11/2017 2:50:01 AM

UPFRONT

HEAD TO HEAD

Can insurance meet the sharing economy’s needs?

Are traditional insurers equipped to pivot their products – or will insurtech get there first?

Andrew Boldt

Adam Jones Head of innovation Altus Consulting

Executive general manager, innovation IAG

“Insurtech start-ups entering the industry offer both consumers and the creators of peer-to-peer platforms access to customizable insurance that allows on-demand cover. Taking home-sharing as an example, traditional insurers view having paying guests as a commercial activity, and thus not covered by residential policies; accordingly, it is standard for a home insurer to remove various covers (accidental or malicious damage and theft, for example) from the policy.

What insurtechs are doing is filling gaps in coverage left by traditional insurance providers. The new insurtechs understand sharing transactions and are creating products that fit all kinds of sharing.”

“The sharing economy was definitely not anticipated by incumbent insurers, who have typically created policies that focus on an individual owning and using something exclusively. While some moves have been made toward episodic insurance by known brands, most have been slow to respond to the fundamental change in the nature of use and ownership.

A number of insurtech start-ups are trying to solve this problem by designing products from the ground up, focused on providing cover for home-sharing and ride-sharing, which can be tailored to fit individual needs. Airbnb itself has introduced its own Host Protection Coverage.”

“The rise of the sharing economy is creating new challenges and opportunities for insurers. Businesses must be more customer-centric and data- and digitally driven to meet changing consumer preferences – like the sharing economy.

The businesses that thrive will be the ones that use these capabilities to proactively listen and engage customers. They’ll also have the culture to move quickly to design and deliver the experiences customers want and need.

This is not a static shift. If insurers want to keep ahead of the game, they must continually look for new opportunities, partner with emerging platforms and collaborate openly.”

Co-founder Guardhog

James Orchard

BUILT TO SHARE The advent of the sharing economy has brought benefits for insurers, including greater use of underutilized resources, lower overheads and customizable products, but a new report from the Insurance Institute of Canada suggests that insurance providers may have been caught flat-footed by the changing nature of the paradigm. “Many sharing platforms and their providers have expressed concern about the difficulty in securing insurance products that meet their unconventional needs,” the report said, offering the example of commercial hotel coverage for users of services like Airbnb. “If the industry does not demonstrate a capacity to respond to the needs of sharing platforms and providers, it should not be a surprise if new competitors target this segment of the market.”

4

www.insurancebusiness.ca

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We’re taking brokers on the journey with us.

Rowan Saunders, President and CEO

In a swiftly changing industry like ours, standing still just isn’t an option. That’s why we’re investing in game-changing digital solutions that will help us continue to meet the needs of customers and brokers alike. By constantly staying on top of market trends and the increasingly complex needs of our business partners, Economical will be a company you can count on for another 145 years.

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

Economical Insurance includes the following companies: Economical Mutual Insurance Company, The Missisquoi Insurance Company, Perth Insurance Company, Waterloo Insurance Company, Family Insurance Solutions Inc., Sonnet Insurance Company, Petline Insurance Company. ©2017 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.

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15/11/2017 2:50:31 AM

UPFRONT

STATISTICS

Disrupt or be disrupted

NORTH AMERICA

Importance of AI in terms of competitiveness

3.64 out of 5

Average spend per company on AI in 2016

US$63.97m

The insurance industry hasn’t been known as an early adopter – but then it found artificial intelligence

ARTIFICIAL INTELLIGENCE is still in its relative infancy, but that hasn’t stopped the insurance industry from spending big bucks on it. A recent survey by Tata Consultancy Services found that globally, insurance is significantly outspending every other industry on AI. An overwhelming number of insurance providers have already adopted the technology

85%

Percentage of insurance providers currently using AI

US$98m

Average AI spend per insurance company in 2016

to some extent. Last year, AIG announced that it was funding a start-up, Human Condition Safety, that uses AI and data modelling, along with advanced analytics and wearable devices, to correlate real-time worksite data with historical incident data to improve employee safety. Many have predicted that AI uptake across the industry will be absolute by 2020.

14%

Proportion of industry jobs potentially eliminated

by AI by 2020

10%

Projected increase in industry jobs that support AI functions by 2020

Source: TCS Global Trend Study: Part 1, “Getting Smarter by the Day”

HOW IMPORTANT IS AI?

CUSTOMER SERVICE COMES FIRST

Underlining the industry’s fervour for the technology, nearly two-thirds of insurance industry professionals rated AI as important or highly important.

When asked which aspect of the insurance industry will benefit most from artificial intelligence by the end of the decade, insurance companies’ opinions were fragmented. However, nearly a third pointed to customer service as the area with the most potential for gains.

30% 25%

Highly important 22% Important 37% Moderately important 32% Slightly important 7% Not important 2%

20% 15% 10% 5% 0

Source: TCS Global Trend Study: Part 2, “Getting Smarter by the Sector”

6

28%

20%

17%

7%

Customer service

IT

Sales

Marketing

6%

6%

Corporate Finance and accounting

6% R&D

4%

4%

Manufacturing Strategic or operations planning

2%

2%

HR

Others

Source: TCS Global Trend Study: Part 2, “Getting Smarter by the Sector”

www.insurancebusiness.ca

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EUROPE

Importance of AI in terms of competitiveness

3.66 out of 5

Average spend per company on AI in 2016

US$80.37m

ASIA-PACIFIC

Importance of AI in terms of competitiveness

LATIN AMERICA

3.81 out of 5

Importance of AI in terms of competitiveness

Average spend per company on AI in 2016

4.39 out of 5

US$63.97m

Average spend per company on AI in 2016

US$55.83m

THE GLOBAL AI OUTLOOK The importance of artificial intelligence to managers varied greatly by region – on a scale of 1 (not important) to 5 (very important), the average score in Europe and North America fell around the middle. Yet spending on artificial intelligence tells a different story: Companies in those two regions invested the most in cognitive technologies in 2016. North American firms spent an average of around US$64m, while their European counterparts spent more than US$80m apiece.

Source: TCS Global Trend Study: Part 1, “Getting Smarter by the Day”

WHERE COMPANIES ARE INVESTING

KEYS TO SUCCESS

Despite the potential benefits insurance companies see in deploying AI for customer service, most companies are currently investing in cognitive technologies for IT. However, companies reported applying AI across a wide range of functions; customer service, accounting, marketing and sales were also high priorities.

While other industries said executive support was their biggest hurdle to AI adoption, insurance companies highlighted the need for secure systems.

60%

1 Developing a system that makes

good, reliable and safe decisions

50%

2 Making the systems secure

40%

3 Developing a system that

continually learns

30%

4 Getting managers and employees to

20%

trust what our cognitive systems are advising them to do

10% 0

58.7% 45.7% 32.6% 30.4% 28.3% 23.9% IT

Customer Finance and Marketing service accounting

Sales

Strategic planning

19.6%

17.4%

HR

R&D

15.2%

15.2%

8.7%

8.7%

Distribution Corporate Procurement Manufacturing and logistics or operations Source: TCS Global Trend Study: Part 2, “Getting Smarter by the Sector”

5 Changing our business processes in

ways that capitalize on automated decisions and actions

Source: TCS Global Trend Study: Part 2, “Getting Smarter by the Sector”

www.insurancebusiness.ca 7

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15/11/2017 2:51:06 AM

UPFRONT

NEWS ANALYSIS

In the driver’s seat The global pendulum is swinging toward data-led insurance solutions, and automotive telematics is leading the way

THE DEMAND for auto telematics continues to grow. Last year, an estimated 33 million light vehicles equipped with some form of telematics were produced globally, and production of telematics-enabled vehicles is expected to grow by 11% annually, topping more than 66 million automobiles by 2023.

Alongside the new breed of connected vehicles, many insurers are also offering their customers telematics solutions via mobile phone apps.

In addition to monitoring driver behaviour, today’s telematics platforms enable insurance companies to provide more accurate pricing, and can even provide safety and security features such as roadside assistance and stolen vehicle tracking.

liability and compensation in order to process claims quickly.

It’s clear that telematics is big business: reports suggest that in the next decade nearly every vehicle on the road will be a connected one. By 2025, a whopping 88% of new cars produced globally are expected to be equipped with integrated telematics, and in the race forward, key players are pumping resources into coming up with new usagebased insurance [UBI] solutions.

In October, brokerage giant Willis Towers Watson announced that global telematics provider Octo Telematics was acquiring its UBI division, and the two firms would be partnering on insurance-related products going forward. A number of key personnel

“Customers’ lives are becoming more convenient … [and] they’re looking for the same thing with their car insurance” Oliver Baxter, By Miles For carriers, telematics is also helping to increase the accuracy and efficiency of the claims process. Data that can be instantly transmitted to an insurer includes the date and location of a crash, the speed and direction of travel, and even weather details, allowing adjusters to more easily determine

8

from Willis, including global telematics leader Geoff Werner and his team, moved over to Octo as part of the deal.

“With telematics, it’s very much about how quickly this is going to happen, not if it’s going to happen,” says Jonathan Hewett, chief marketing officer at Octo. “Everything

is being used now; from apps to traditional black boxes and connected car platforms, they are all helping to fuel the growth in the market. Frankly, it works because insurers get a better financial result and improve their loss ratios by pricing risk better and being more efficient with claims, and consumers get a better deal.”

Telematics adoption has also surged as a response to a fundamentally unchanged auto insurance market, according to Oliver Baxter, head of brand and communications pay-permile start-up By Miles.

“The car insurance industry hasn’t changed for decades, so much like any other sector, it’s ripe for disruption,” Baxter says. “People are quite embedded into the way it works. It’s a necessity – people have to pay for it, and they expect to pay for an annual policy. It’s been

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TELEMATICS: THE LATEST NUMBERS

11% Rate at which production of light vehicles equipped with some form of telematics is expected to grow annually

88% Percentage of new cars that will have integrated telematics by 2025

104 MILLION Number of new cars expected to have some form of connectivity by 2025

31% working for so long – for those businesses it’s working for, why change? And for customers, they don’t know anything else.”

convenient, more flexible and more tailored to them,” he says, “they’re looking for the same thing with their car insurance, and they

“Clearly the market of the future is going to be defined by dynamic data, as opposed to the old world of static data” Jonathan Hewett, Octo Telematics In contrast to traditional auto policies,

By Miles offers a pay-per-mile policy that it says is much fairer to customers, the majority of whom are currently subsidizing highermileage drivers, Baxter points out.

“In the same way that all sorts of other areas of customers’ lives are becoming more

don’t understand why it doesn’t exist yet.”

Hewett agrees that consumers are increasingly demanding a fairer deal, which has spurred new concepts in insurance. “The idea of ‘paying as we consume’ is a broader macro factor that’s driving the market,” he says.

While auto telematics is already in the

Percentage of policyholders who expect to get a discount of 20% or more by using telematics Sources: IHS Markit, EY, Deloitte

mainstream, connected devices are now starting to make their way into the home for a similar purpose. Indeed, as part of their partnership, Octo and Willis Towers Watson plan to cast their net wider than just auto.

“The team that we’re acquiring brings increased capability to interpret and analyze ever-increasing amounts of data in all different contexts,” Hewett says, “be it a car, be it a home, anything that can be connected. Big data is one thing, but smart insights and being able to make smart business decisions is quite another. Clearly the market of the future is going to be defined by dynamic data, as opposed to the old world of static data.”

www.insurancebusiness.ca

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15/11/2017 2:51:37 AM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

HUB International Limited

Delisle Agencies

Delisle specializes in personal lines and government automotive insurance solutions; acquisition strengthens Hub’s reach in Manitoba.

Intact Financial Corporation

OneBeacon Insurance

Acquisition makes Intact “a leading provider of specialty insurance… with over $2bn in combined annual premiums.”

HUB International Limited

Rural Alaska Insurance Agency

Fairbanks-based Rural Alaska specializes in property and casualty insurance; president to join Hub Northwest.

Arthur J. Gallagher

Franklin-Case Agency

Franklin-Case Agency offers its commercial and personal insurance services in New Jersey and New York.

HUB International Limited

Integro Canada

Integro is a commercial property and casualty brokerage specializing in complex risks, including construction and transportation.

a

Aviva Canada expands commercial insurance

Aviva has expanded its insurance coverage for commercial clients with the development of its Commercial Accident offering.

“Commercial Accident insurance offers protection to . . . employees if they are involved in an accident that causes death or bodily injury while on the insured customer’s property,” a release said.“We are offering commercial customers a comprehensive and sensible solution to protect the people that matter, and the reputation they have worked hard to achieve,” said Terri Mitchell, executive director of accident and health at Aviva Canada.

Starr unveils commercial auto coverages

HUB International buys Integro Canada HUB International has acquired brokerage Integro Canada.

“Both of our companies are highly invested in Canada and together we create a significant scale … [that] brings an expanded dimension to HUB’s substantial leadership position in the Canadian market,” said HUB Canada president Tina Osen.

Integro Canada has offices in British Columbia, Ontario and Quebec and management is expected to remain in place at the merged companies.

“This is a significant deal for Hub as it also expands our focus on large account business in Canada,” added HUB chairman and CEO Martin Hughes.

10

Starr Companies is now providing commercial primary auto coverages in all provinces and territories in Canada. “This allows Starr to better support our primary general liability accounts by offering commercial auto to our insureds,” commented chief agent and country executive Hano Pak. “This also solidifies our position as a market of choice for Canadian businesses with US cross-border exposure,” Pak added. “Starr can offer commercial general liability and commercial auto coverage throughout Canada and the US, and workers’ compensation insurance in the US.”

www.insurancebusiness.ca

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15/11/2017 8:22:59 AM

PEOPLE Sompo launches agricultural insurance offering

Sompo International has launched an integrated insurance and reinsurance offering for the global agricultural insurance market called AgriSompo.

“AgriSompo is one of many major initiatives we are undertaking as we fulfil our vision to build the first truly global integrated insurance and reinsurance business,” said Sompo International chairman and CEO John Charman.

“By leveraging our extensive specialty agriculture resources across our overseas operating subsidiaries, we will deliver best-inclass underwriting, risk management and technical solutions.”

AgriSompo will be led by Avery Cook and Kristopher Lynn.

Endeavour offers new cyber facility

Endeavour Insurance Services has launched a technology and cyber facility. Tony Loizides, a veteran with 28 years of insurance experience, was named head of the new facility. The creation of the cyber facility will predominantly be managed through an online portal and it is hoped it will generate new business streams in the North American specialty lines space. “Given recent events, cyber protection is fast becoming a major consideration in future risk management,” commented Endeavour Insurance Services chairman and CEO David Lawrence.

Endeavour employs 46 people in its London office.

NAME

LEAVING

JOINING

NEW POSITION

Pina Albo

Munich Re

Hamilton Insurance Group

CEO

Steve Arora

Swiss Re

AXIS Re

CEO

Jodi Hanson Bond

N/A

Chubb Limited

SVP, global government and industry affairs

Phil Clement

N/A

Aon

Strategic advisor

Rob Dimsey

N/A

Ascot Group Limited

COO

Neil Irwin

Cigna Global Health Benefits

Willis Towers Watson

Leader, CEEMEA region

Yancy Molnar

N/A

Chubb Limited

SVP, head of international government affairs and public policy

Joe Roberts

Ironshore

Ascot Group Limited

CFO

Jeff Summerville

N/A

Swiss Re Corporate Solutions

Head of casualty, financial & professional services, North America

Chris Townsend

MetLife

AIG

CEO, international general insurance

Karen Valanzano

N/A

Chubb Limited

SVP, head of federal government affairs and political affairs

Andy Weitz

N/A

Aon

CMO

Former lawyer is new Hamilton CEO

Hamilton Insurance Group has announced the appointment of Pina Albo as its new CEO. Albo will join Hamilton on February 1. She succeeds Interim Group CEO David Brown, who held the position while Hamilton searched for a permanent replacement after the departure of Brian Duperreault, who now heads AIG. Albo’s career began as a lawyer in Toronto, Canada, practising in real estate, corporate finance and M&A. She then joined Munich Re, where she cultivated a 25-year career holding increasingly senior positions, most recently on the board of executive management.

BHSI rolls out cargo product

Berkshire Hathaway Specialty Insurance (BHSI) has expanded its inland marine product line in Canada with a product that protects commercial truckers from legal liability exposures whenever they carry third-party goods. The new Motor Truck Cargo Legal Liability Policy is “designed for mid-sized Canadian-based motor carriers specializing in transporting commodities primarily in Canada or cross-border with the US,” a release said.

“This product provides Canadian trucking companies with an insurance offering that responds to their needs in both Canada and the US,” added BHSI Canada Marine senior underwriter Gord Rider.

AXIS Re gets new CEO

International re/insurance group AXIS Capital Holdings has appointed Steve Arora as chief executive officer of AXIS Re, its reinsurance arm.He will also have a seat on the group’s executive committee.

Arora joins AXIS Re from Swiss Re, where he spent 18 years in various senior managerial roles, most recently as head of casualty reinsurance. He was also a member of Swiss Re’s reinsurance executive committee. Throughout his career, Arora has held positions in New York, Munich, London, Tokyo and Zurich.

AXIS Re interim CEO Jan Ekberg will resume his previous role as president and chief underwriting officer of AXIS Re Europe.

www.insurancebusiness.ca

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15/11/2017 3:18:49 AM

UPFRONT

MGA UPDATE

Time to differentiate yourselves MGA’s CEO believes there is more value for brokers in commercial and specialty lines

niche markets, including commercial property, manufacturing, professionals, contractors, residential and marine.

As the focus of the broker changes, so must the relationship between April Canada (and other insurers/MGAs) and the broker network, according to Kidd. Over the last few years, the company has moved away from transactional relationships with brokers to more synergetic partnerships.

“We are starting to identify brokers where we have more synergies and through that we can

“If we have a synergy… it really makes sense to offer something unique”

Insurance brokers across Canada are trying to break from the flock and distinguish themselves amid the noise of change, according to Nick Kidd, president and CEO of April Canada.

As personal lines markets get increasingly busy with a focus on direct-to-consumers models and an influx of insurtech start-ups, brokers seem to be finding more value in focusing on commercial and specialty lines.

“Brokers are trying to move away,” Kidd told Insurance Business. “Most people I talk to

NEWS BRIEFS

are moving towards commercial lines over personal, and then those commercial lines brokers seem to be moving towards specialty areas and niches rather than generic SME package business.

“I think there’s a gradual migration in the broker world towards being niche-focused – and we at April Canada want to help brokers get there. That’s our aim.”

The MGA currently trades with around 1,300 brokers across Canada, supporting a number of

Fidelis announces MGA launch

Fidelis Insurance has launched its first MGA, Radius. The MGA focuses on niche specialty treaty excess of loss business including cyber, nuclear and PA Retro. It will be headed by Rob Ashton, former Hiscox Re head of specialty. Radius is the first MGA launched through Pine Walk Capital Limited – a Fidelis subsidiary led

by Rinku Patel. “We are delighted to have joined forces with Rob and Rinku, furthering our strategy to sponsor specialist underwriting products,” said Fidelis group CEO Richard Brindle.

12

develop unique offerings, exclusive products and different service packages for certain brokers. We have started to tier and segment our offerings to different broker needs,” Kidd said.

“If we have a synergy – something that strikes a chord with a particular broker, or vice versa – then it really makes sense to offer something unique, rather than an off-the-shelf product.”

But not all brokers write niche business and have lots of specialty clients. Moving into specialty lines – as Kidd suggests is the trend – can be difficult, especially for those without the expertise. These brokers might need to touch base with an insurer or MGA from time to time for help and advice. This is a service that April Canada, and indeed the bulk of MGAs, are still keen to provide.

BMO rolls out advisor app

BMO Insurance is releasing an app that is an “intuitive, flexible and secure way for advisors to submit insurance applications directly to BMO Insurance.” SmartApp allows advisors to “identify missing information and make changes using the built-in edits, giving them confidence that they’re submitting complete and accurate applications. In this way, we are taking that next step towards digitizing the life and critical illness application process in order to meet the evolving needs of advisors and clients,” said BMO Insurance president and CEO Peter McCarthy.

www.insurancebusiness.ca

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15/11/2017 3:20:37 AM

Q&A

Jodie Kaufman Davis Corporate vice-president and managing director BURNS & WILCOX CANADA

Standing out from the crowd What sets Burns & Wilcox apart from other MGAs? In the midst of the dynamic changes occurring in the insurance industry, Burns & Wilcox Canada remains steadfastly dedicated to private family ownership. This allows us to analyze, strategize, and make decisions independently and efficiently. We do not have “red tape” to cut though, allowing us to move very quickly and provide market-leading products for our retail broker clients.

You’ve recently launched a cyber extortion product and set up a new office in Vancouver.

Tell us more about those moves.

Burns & Wilcox Canada is here to stay, and the new Vancouver location is a testament to that adage. We are very excited to have boots on the ground in support of the retail brokerage community in Western Canada.

In regards to cyber… all businesses should have some form of cyber and privacy policy in place. With the recent large data breaches in the news, no company is too large to be hacked. Sensitive data must be risk managed properly, and Burns & Wilcox Canada provides our retail broker partners with the tools necessary to ensure their clients are appropriately covered, no matter their size or stature.

What are the key considerations for brokers when choosing an MGA? The main consideration to take into account is the

SWG swoops for specialties

Rate pressures and premium inflation cause many headaches for insurance professionals.

However, difficult changes to the pricing environment don’t equal bad news for everybody. John Barclay, CEO of South Western Insurance Group (SWG), has looked upon potential rate changes as a possible opening to new business. “If the pricing environment stabilizes or goes up, then insurers might start to move their business to the most profitable channels.

Why sell $1 premiums for product X, when you can sell $1.10 premiums for product Y?”

expertise within the MGA. Brokers look to the specialty market because their client’s risk requires more technical underwriting. At Burns & Wilcox, there is a Centre of Excellence model – dedicated teams of underwriters specializing in niche areas and lines of business. These centres offer brokers quick access to specialty markets, whether through Lloyd’s of London or domestic markets, and the comfort in knowing their clients are receiving the proper care and coverage.

Financial independence is key in an MGA, and Burns & Wilcox does not compete with retail brokers – meaning there are no retail operations within the group.

Do you feel the MGA market is over-saturated?

There are definitely a lot of MGAs in the Canadian market, which some might consider over-saturation.

However, we do not believe there is a company as well-positioned as Burns & Wilcox in this marketplace.

Financial independence and capacity is what truly sets us apart. With over 60 offices throughout North America and London, we have the capabilities and footprint in the industry that allow us to look past this over-saturation.

Brokers know we are here for the long term. My grandfather – who started the business in 1969 – sold the business to my father, and looking towards the future, my brother and I have proven leadership roles in the organization. It is very important that brokers know who they are working with at an MGA, so that they can grow their business based on a trusted relationship.

Burns & Wilcox reaches Vancouver

Burns & Wilcox has opened a new office in Vancouver, located downtown at the Oceanic Plaza Centre. Headed by Western Canadian marine manager Patrick Treacy and non-marine casualty expert Nathan Rose, the Vancouver team will report directly to B&W Canada corporate vice-president and managing director Jodie Kaufman Davis. “B&W Canada has shown significant, rising revenue over the last five years, despite a relatively challenging market. Expansion into Vancouver was the next strategic step,” said Kaufman Davis.

Swyfft puts spin on insurtech

Swyfft might operate like an insurtech company, but the MGA is anything but. Instead of co-opting the role of agents, Swyfft is looking to cooperate with them, the company claims.

With Swyfft, independent agents can use their computer or phone to get bindable homeowners’ insurance quotes in five seconds. “The average person doesn’t really want to spend that much time learning about homeowners’ insurance. So the trained agent that can play that advisory role may be in demand for a long time,” explained co-founder Sean Maher.

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15/11/2017 3:20:46 AM

UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS ICBC to lower rates for tech

The Insurance Corporation of British Columbia (ICBC) plans to test a pilot program early next year that could help lower the auto insurance rates of those who participate. According to Attorney General David Eby, as many as 200 volunteers were selected to take part in the program, which involves the use of on-board tracking hardware and a smartphone app to detect and discourage drivers from using their phones while on the road.

“They are identifying one or two of the best contenders for a pilot,” the attorney general said.

Drones for rural loss adjusting

Having the right expertise to adjust losses in rural areas has not always been easy but the marriage of insurance and technology to create a drone gig economy could provide an answer to that problem, according to Mike Quigley, head of property underwriting, Reinsurance Division, Munich Reinsurance America, Inc. “Essentially, if you own a particular type of drone and you’re registered with the FAA, and have the appropriate approval and regulatory requirements in place, you could register onto a platform to be available to pilot your drone on specific missions,” Quigley told Insurance Business.

Insurance advisor adopts new system

EquiSoft has implemented an SaaS claims solution for Torontobased ivari, helping replace the life insurance carrier’s legacy system. ivari’s new platform went live in October, a release said. The new platform is based on the Oracle Insurance Policy Administration (OIPA) system, and it will support claims processing for ivari’s life,

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accidental death and critical illness products. These products include claims initiation, expense management, transaction ledgering and claims settlement. Additionally, the platform will be integrated with ivari’s reinsurance platform to enable real-time interactions between both systems.

Willis updates predictive modelling

Willis Towers Watson has updated its Emblem predictive modelling software with a technique that allows users to model complex customer behaviours involving multiple possible outcomes quickly, and with greater pricing accuracy.

The company claims insurers can fit models to data sets in seconds thanks to the update. It is 20% faster than the previous version on rich datasets, enabling “significantly reduced” decision cycle times. “This substantial improvement helps companies more accurately model complex customer behaviours with multiple outcomes,” said David Ovenden, global director, pricing product claims and underwriting.

Covera raises $1.5m

Insurtech start-up Covera, based in Montreal, has managed to raise $1m as part of its seed financing round led

by Ferst Capital Partners, with participation from fintech angel investors. According to a release, the seed round – preceded by a $500,000 pre-seed financing round in 2016 – brings the total capital raised by the start-up to $1.5m. The new financing will be used by Covera to support user acquisition initiatives, drive the company’s geographic expansion in Canada, and build its team to expedite product development. Covera utilizes technology to help customers find the best insurance deals.

Cyber, property should collaborate Sometimes the breach comes from employees who don’t know the right way to protect data Current technology now allows the internet to permeate almost every aspect of daily life.

Thanks to the Internet of Things (IoT), we now live in a world where even the most mundane objects can be embedded with hardware that allows them to communicate with each other.

While businesses could also benefit from the IoT, this interconnectedness can put cyber insurers on the hook for property damage once these “smart” systems get compromised.

Rather than arguing whether cyber or property insurers should cover IoT-related losses, CFC Underwriting international cyber team leader Lindsey Nelson believes both groups should work together.

“I think there’s a misconception, in the age of the Internet of Things (IoT) and with everything being connected and with technology [being] a piece of everything that we do these days … you can’t just say that because they use technology that that [means it] is a cyber risk,” Nelson said. “[Because] then you’re asking cyber to pick up every exposure, whether it be terrorism or property damage or crime – it can’t just fall under cyber because there’s no other policy that will be willing to understand the exposure and underwrite to it.”

Nelson believes that current business risks are so complex and multifaceted that it would be wrong to make cyber insurance handle everything that vaguely involves data

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and computers. Other markets need to pitch in – in particular, the property market.

She warned that a major cyberattack that manages to damage property at a global level could potentially spell the end for the cyber market.

“Any major manufacturer, large industrial company, or energy or utilities company that is reliant on software automation … which is, in reality, almost everybody in this day and age … it could take one insured loss [for a company with billions of dollars’ worth of assets] to take out the whole entire market,” she remarked.

To save the cyber market from being

“You can’t just say that because they use technology that that [means it] is a cyber risk” overwhelmed, Nelson believes that the property market’s CL380 exclusion, which names cyber risks as exclusions, should be done away with.

“What they need to do in order to remove that exclusion is actually just understand the exposures … and that will take a combination of working with the cyber market in order to be able to write them,” she says. “We’re not blindly saying, ‘You pick it up, it’s not our responsibility.’ I think it takes a combination of the two markets coming together and understanding the exposures.”

Q&A

Gerard Gibney Senior strategist, financial services OPENTEXT

Career highlight Helping OpenText financial services’ customers transform their businesses with digital technology.

Reaching new digital audiences Tell us about your business and how it can benefit those within the insurance industry.

The insurance industry faces challenges today from digital disruption, pressures on profits from low interest rates, a declining population, and the need to find more ways to sell. OpenText helps insurance companies to reach new audiences through digital marketing.

Are there any recent developments at your firm that brokers should be aware of?

In July we launched Magellan, our AI offering. This is important to the insurance industry because so many of them are already customers. We are working to embed the power of AI throughout our product ecosystem and I can see these advanced analytics tools being of significant interest to the insurance sector.

Which current technology trends should the insurance industry be aware of?

AI is probably the most important one right now, but there are others that can have a major impact, such as portal technology to support brokers and customers’ communications, insight into status and ultimately client satisfaction. Digital technology can help drive down costs and improve profitability by allowing the company to go paperless. Subsequently, when these communications are in digital formats, applications such as AI and automation can help structure and analyze them in new ways.

What do you think prevents some insurance companies from adopting information management solutions, despite their advantages and benefits?

Insurance companies often have systems, manual and automated, that they deem to be ‘good enough’. There is now a clear need to make an improvement. New players and competitors, such as Insure the Box, an online-only automotive insurance company, will increase and put pressure on old-line, established firms. The Millennial generation does everything online, so being able to communicate and work with them on the channels they prefer will be of paramount importance.

OpenText offers claims processing automation, but what are your thoughts on allowing AI to handle even more insurer responsibilities, such as underwriting and pricing?

AI will definitely have a role in other areas of insurance, such as underwriting and pricing. It will not completely replace the people, as the results of calculations done by AI will need to be reviewed by underwriters. No insurance company could take a large risk and have it mispriced or not understood correctly. Simple underwriting processes can be completely automated now. However, more complicated underwriting will test the limits of AI fairly quickly.

www.insurancebusiness.ca

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UPFRONT

OPINION

GOT AN OPINION THAT COUNTS? Email iba@keymedia.com

The human firewall Cyberattacks are a matter of when, not if, writes Dan Burke, and readiness involves the first line of defence – humans IF CYBERSECURITY wasn’t already on insurance brokers’ minds, it is now – or at the very least, it should be in the wake of the 2017 WannaCry ransomware attack, one of the most virulent forms of malware ever seen. Attacking hundreds of thousands of computers worldwide, this breach was yet another reminder that any company with data, online records or even just an email account is vulnerable to cyberattacks.

In addition to the large attacks that make the news, insurance brokers and business owners may be surprised by the vast number of smaller breaches that are happening every day. Even more troubling, businesses often are not even aware that they have been hacked until days, weeks or months later.

The 2017 Hiscox Cyber Readiness Report found that the majority of companies worldwide had experienced a cyber incident in the last 12 months, and many had suffered two or more security breaches. In the US alone, 63% of firms reported having experienced a cyber incident in the past year, and 47% said they had experienced two or more.

The report also determined a company’s readiness for an attack based on four key areas (strategy, resourcing, technology and process) and ranked them from novice to expert.

Fewer than a third (30%) qualified as ‘expert’ in their overall cyber readiness, and nearly half of those were US-based companies.

Based on this data, it’s clear that US businesses have some major work to do when it comes to cyber preparedness. Cyberattacks and data breaches do not discriminate, and all companies that use technology are at risk.

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The time to talk to your clients about cyber­ security is now.

It’s important to understand what cyber policies are available in the market, the nuances of those coverages and your client’s cyber exposures, but these should be table stakes. Where brokers can add value for their current and prospective clients is by being aware of the ever-evolving cyber threats that may impact their businesses.

Being able to talk to your clients about their ability to manage a hack and to boost their resiliency to cyber threats is an

a security process that can be entrenched in the company culture will help.

There are key areas where novice companies need to step up their game to become experts. Novices can better prepare themselves by taking the following actions: • Involve management in the cybersecurity discussion. Cybersecurity should be a concern not only of the IT specialists, but also board members.

• Have a strategy. A formal strategy with a budget and measurement metrics goes a long way toward ensuring that a company’s cybersecurity efforts are efficient and costeffective.

• Employee training. Training is one of the most important elements of a cyber­ security strategy.

• Document processes and procedures.

A company’s response plan should be in writing with responsibilities clearly defined, and its success should be easily measurable.

• Tap into technology. Novices do relatively well in this area, but they could still stand to up their game in internal and external message encryption and authentication.

• Transfer the risk with insurance.

“Being able to talk to your clients about their ability to manage a hack and to boost their resiliency to cyber threats is an opportunity to add value” opportunity to add value beyond delivering product advice. Becoming a cyber expert yourself will not only help protect your own business, it will also make you an invaluable advisor to your clients.

Education is a key component to avoiding cyberattacks. It’s a low-cost, high-impact way for companies to improve their security. The process of educating businesses on cyber threats begins with their employees. They are the first line of cyber defence for any company – a human firewall.

Unfortunately, many companies are still lagging when it comes to employee training.

Implementing formal training and developing

Twice as many experts as novices protect themselves with cyber insurance. A truly comprehensive cybersecurity strategy includes an investment in cyber insurance.

It’s no longer a matter of ‘if ’ a business will be the target of a cybercrime, but ‘when.’

Cybersecurity should be a top priority in every business – and therefore for every insurance broker who works with business owners and operators.

Dan Burke is the cyber product head at Hiscox USA, responsible for underwriting and product strategy on the cyber line of business nationally.

www.insurancebusiness.ca

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

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

www.trisura.com

a step above

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

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PEOPLE

INDUSTRY ICON

TAKING RISKS AND BATTLING ADVERSITY Canada is one of 60 countries in which leading London-based MGA CFC Underwriting services over 50,000 business clients. Here, CEO David Walsh reveals CFC’s intriguing story WE’VE ALL thought it – those at the top never have to work to get there. They are handed their success. They’ve had it easy.

However, speak to David Walsh, CEO of CFC Underwriting, the largest independent MGA in the London market, and you gain a new appreciation for what it takes to succeed. In founding his own company Walsh has had anything but an easy ride, first setting up in business 18 years ago with vision and promise, only to have the rug pulled swiftly from under his feet.

“I set up a business called Click For Cover to sell cyber insurance back in 1999,” he explains. “We were trying to sell it through this – at the time – brand-new distribution mechanism called ‘the internet,’ via internet service providers. I talked to British Telecom and got a deal to promote cyber insurance to all their business customers through their ISP arm. However, by April 2000 the dot-com bust came along and suddenly everyone was changing their plans – and now BT weren’t remotely interested in our deal any more. So the idea for the business fell off its feet.”

There was no clinging to the ropes for Walsh, however, as despite the crushing blow he noticed demand in another area: brokers were eager to learn more about the cyber product.

“We realized quite a few brokers were interested in cyber,” he says. “So at that point we rebranded the business from Click For Cover to CFC, and we haven’t looked back.”

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The cyber vision Many in the insurance industry are still trying to grasp the concept of cyber insurance in 2017. So how did Walsh and his firm see the potential back in 1999?

“In 1999–2000 there was a feeling that cyber insurance was the next big thing – it wasn’t just us; there was AIG in America, Hiscox in the UK, and so on,” he says. “It’s had lots of false dawns.”

While Walsh may make light of his ‘cyber

working with David, it opened my eyes that it’s not impossible to have success in this industry.”

However, the path to success took a twist when, in 1998, Walsh headed to Israel to work as an in-house underwriter for an insurance broker.

“I took a binder with me, which meant I could sit in the brokerage and write for any trade within the professional indemnity classes,” he explains. “It’s one thing as a

“Like any business we spend our energy where we are successful, and in the US and Canada the business has worked particularly well. We’ve built products around what the customer wants to buy” vision,’ it came to him via an unusual career path. Having broken into the insurance business in 1992 as a professional indemnity broker at Marsh in the UK, at the age of 23, Walsh spent four years at the global brokerage giant before becoming “employee number 15” at Howden Insurance Brokers, an independent insurance broker, where he says he learned the entrepreneurial spirit from the company’s owner, David Howden.

“No disrespect to Marsh or any other big company, but when you sit there it can all seem beyond your reach,” he says. “But

young man learning your trade in the city of London, but I don’t think there’s anything better than getting close to your customers – there’s no substitute for that. If you’re in a customer’s office and you don’t know what you’re talking about, you get found out pretty quickly.”

For Walsh it was the beginning of a journey of discovery as his visit coincided with the dot-com boom.

“Though I went there to write any class of professional indemnity, suddenly the tech sector was super exciting,” he says. “In

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PROFILE Name: David Walsh Company: CFC Underwriting Title: CEO Age: 48 Years in the industry: 25 Career highlight: Completing the CFC-Vitruvian deal this year.

Career lowlight: BT saying they weren’t interested in a partnership in 2000.

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PEOPLE

INDUSTRY ICON

those days when those companies listed on NASDAQ, as a lot of Israeli companies do, many of them were paying over US$1m for their D&O insurance.”

That tech-focused explosion led Walsh down the cyber route, and the birth of CFC soon followed.

Cyber evolution Despite only having one office in London, CFC now operates across 60 countries, enjoying particular success in Canada, the US and Australia, as well as on its home turf in the UK.

outside America it’s primarily just about crime; from ransomware to business interruption, nearly all the exposures link to crime.”

Continued growth Coinciding with the cyber insurance market finally taking off, CFC is enjoying a surge of its own. Back in March, it secured a third round of significant investment when Vitruvian Partners bought a 40% stake in the business for an enterprise value of £230m (approximately C$381m).

“We really like doing these deals every few

“It’s one thing as a young man learning your trade in the city of London, but I don’t think there’s anything better than getting close to your customers – there’s no substitute for that” “Like any business we spend our energy where we are successful, and in Canada and the US the business has worked particularly well,” Walsh says. “We’ve built products around what the customer wants to buy, as opposed to a lot of insurers which build products they want to sell.”

Operating internationally, however, has given Walsh a clear view on why some brokers have taken so long to gain ground in the cyber insurance market – and how they could simplify their approach.

“Because the US market was penetrated first – and was often centred around US healthcare companies – that language crossed the Atlantic and was used in the UK and internationally, and perhaps that’s confused a lot of people,” he says. “For really everywhere

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years, because every time you do it you can recut the equity, and we’re really committed to wide and deep employee share ownership here – this deal has allowed us to move from 46 management and staff shareholders to 128,” Walsh says.

“The amount we own of the business has gone from 18% to 60%, so it’s a deal that we’re really excited about.”

But true to form, that deal brought its own unique bump in the road.

“I thought I left university with a degree, but it turned out, as I discovered recently when I had some due diligence done on me as part of the transaction, that actually I didn’t turn up to collect it, so I didn’t officially get it,” Walsh says. “So I have been unwittingly lying about it all my life.”

CFC UNDERWRITING AT A GLANCE

1999 Year the company was founded

$381m+

Premium for the financial year ending September 2017

246

Number of employees worldwide

50,000+

Commercial customers worldwide

150,000+

Personal lines customers worldwide

www.insurancebusiness.ca

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15/11/2017 8:09:49 AM

SPECIAL REPORT

LEADING RISK MANAGERS

LEADING

RISK MANAGERS 2017

Protecting major corporations from threats of all shapes and sizes, these men and women are at the forefront of managing Canada’s growing risks GET TO know the gentleman responsible for Toronto’s transit safety, and be introduced to the female risk professional who created the risk management practice for the GTA’s fastest growing city – while also passing the torch to the next generation of risk experts. You’ll also read about the man at the helm of protecting our credit assets from digital threats,

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and the risk manager who makes our shopping experience as risk-free as possible.

Representing corporations from municipalities and universities to retail giants and major financial centres, these risk professionals are redefining the way risks and exposures are handled.

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LEADING RISK MANAGERS 2017

“I’d say what we consider ‘emerging’ or ‘non-traditional’ risks pose some of the

COMPANY

PAGE

Bayer Canada

28 Cedric Rocha

NAME

largest pressures in the banking industry,” says Moore. “Across the industry, the increasing use of technology to focus on

Brosz Group of Companies 32 Vinita Jajware

the customer’s experience exposes all institutions to new threats. For example,

Canadian Blood Services

27 Laura Alexander

Capital One

32 Anne Sonnen

City of Brampton

Deborah 25 Tracogna

City of St. John's

30 Elizabeth Clarke

Deloitte Canada

33 Jasmine Tsang

George Weston Limited

30

J.D. Irving Limited

28 Adib Samaan

Ledcor

32 Scott Matheson

Longo's

29

Michael Coladipietro

Nalcor Energy

34

Angelina Mousseau-Hayes

Ontario Teachers' Pension Plan

34 Barbara Zvan

Potash Corporation of Saskatchewan Inc.

30 Nowell Seaman

Randstad

32

Royal Bank of Canada

27 Mark Hughes

Scotiabank

23 Daniel Moore

Chief risk officer

Skate Canada

30 Ilan Yampolsky

SCOTIABANK Toronto

Sofina Foods

27 Bill Baker

TELUS Communications

34 Carine Botturi

Toronto Transit Commission

26 Mohamed Ismail

University of British Columbia

28 Ron Holton

University of Calgary

24 Janet Stein

Yamana Gold

24 April Savchuk

cyber security is a growing risk area that has my attention. The cyber landscape is evolving and we need to balance rapid innovation with vigilant safeguards.” Much like the insurance industry, data is the

“Across the industry, the increasing use of technology to focus on the customer’s experience exposes all institutions to new threats”

Antonietta Corigliano

Christine Beaudry

DANIEL MOORE

In April 2017, Scotiabank appointed Daniel Moore as chief risk officer, given his experience and strong focus on developing risk management strategies that align with the bank’s risk tolerance and business objectives. Today, Moore is responsible for global management of enterprise, credit and market risks, and sits on several of the bank’s committees, including its senior risk policy, asset liability, and market risk committees.

“very fabric” of the banking industry, with data risk management being a key focus for Moore moving forward: “Ensuring [data’s] confidentiality and integrity is crucial to protect our customers as well as the franchise. To address this, I’m focused on investing in talent, technologies and partners that will continue to drive thoughtful innovation throughout the bank.”

While looking to the future, Moore also reflects on the past, such as the 2008 financial crisis that highlighted the strength of the Canadian banking framework.

“I’m proud of the work we did as a bank and as a country to weather the 2008 global financial crisis ... We maintained robust liquidity and capital positions while enjoying the benefits of our diversification strategy that extended across geographies, business lines and product offerings. I believe Scotiabank fared well largely due to our strong risk culture set by the top of the house and embedded throughout all levels of the organization,” he says.

www.insurancebusiness.ca

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SPECIAL REPORT

LEADING RISK MANAGERS

JANET STEIN Director, risk management and insurance UNIVERSITY OF CALGARY Calgary

As director of the risk management and insurance division of the University of Calgary, Janet Stein is responsible for overseeing the facilitation and coordination of risk management practices for the University community.

The division performs key risk management services for the university, including conducting assessments to identify potential risks and hazards within and linked to the institution, developing best practices in loss prevention, control and financing, arranging insurance covers and managing claims, providing emergency response support, and developing awareness and education through regular interaction with the campus community. One example is a Safety and Wellness Week – now on its third consecutive year – during which Stein spoke about the aftermath of the ransomware attack the university faced in 2016 and the knowledge gained from the experience, on practising cyber safety.

Stein was responsible for the creation of the first master emergency response plan and the development of one of the first university risk management websites in Canada. She was also part of a provincial committee that created guidelines for students working in healthcare facilities during the H1N1 pandemic. For her efforts, she received the 2013 Donald M. Stuart Award from the Ontario chapter of RIMS for her accomplishments in risk management.

Stein has been a member of SARIMS and RIMS since 1996, and is a board member of the Canadian Universities Reciprocal Insurance Exchange (CURIE).

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APRIL SAVCHUK Director, insurance and risk management YAMANA GOLD Toronto

With a risk management career spanning over 25 years, April Savchuk has developed extensive experience in operational and enterprise risk management, claims management, governance, compliance and the design of insurance and risk management programs. Savchuk’s exposure to risk management began with the consulting division of Aon Toronto, where she spent five years supporting various risk consultants. Subsequently, she spent 10 years with the Hudson’s Bay Company corporate risk department. In 2005, Savchuk joined Catlin Canada and was integral in the growth of the Canadian hub. She became a member of the executive committee and was eventually appointed chief risk and compliance

officer, assigned to manage the risk of Catlin’s Canadian operations, including their broker distribution network.

In 2014, Savchuk joined Yamana Gold, managing their insurance and risk functions.

Yamana is a Canadian-based gold producer with significant gold production, development and exploration properties and land positions throughout the Americas, including Brazil, Argentina, Chile, Mexico and Canada.

As an active participant within the risk management community, Savchuk has served as a long-term board member and two-term president of the Ontario chapter of RIMS, and was also co-chair of the 2008 RIMS Canada Conference and chair of the RIMS Canada National Conference Committee. At present, Savchuk sits as co-chair of the 2017 Toronto RIMS Canada Conference, and is the secretary of the board of directors of the William H. McGannon Foundation, which supports advancement of the risk management profession in Canada through scholarship grants, education, research, mentorship and work experience programs.

www.insurancebusiness.ca

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15/11/2017 8:07:36 AM

DEBORAH TRACOGNA Risk and insurance manager CITY OF BRAMPTON Brampton, Ontario

Deborah Tracogna is the risk and insurance manager for the Corporation of the City of Brampton, the fastest growing municipality in the GTA, where immigrants make up over 52% of its population; the city also boasts a diverse population composed of people from 234 ethnic backgrounds.

Having created Brampton’s insurance and risk management division, Tracogna is responsible for the effectiveness and administration of the city’s insurance programs and risk management solutions.

“The diverse risks that municipalities deal with today are challenging,” says Tracogna. “Fire and emergency services, transit, road operations, by-law enforcement, recreations, etc all have unique but critical risks that must be dealt with on a day-to-day basis. Keeping up with technology, changing demographics and increasing levels of customer service expectations are perhaps the biggest risks today.”

“The diverse risks that municipalities deal with today are challenging” As a government entity, the city goes through the RFP process every three to five years when choosing an insurance partner, with price, coverage and customer service being key factors in the decision. “We carry a significant deductible and have a strong risk management program so we don’t use our partners to the extent that smaller municipalities may, but when we need them to be there, they must be able to respond in an effective and timely manner,” she says.

Outside of her role for the city, Tracogna also teaches the CRM designation program at the University of Toronto’s School of Continuing Studies. “I truly enjoy the interaction with our new up-and-coming risk managers.

To see their enthusiasm and excitement as they enter the risk management arena is incredibly refreshing and to be part of that is very satisfying,” she says.

www.insurancebusiness.ca

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SPECIAL REPORT

LEADING RISK MANAGERS

MOHAMED ISMAIL Principal risk advisor TORONTO TRANSIT COMMISSION Toronto

The principal risk advisor for the Toronto Transit Commission (TTC), Mohamed Ismail led the development and implementation of enterprise risk management for North America’s third largest transit organization.

“The application of enterprise risk management in the transit industry is relatively new,” he says. “It’s quite a challenge to make the case for ERM in an operationally heavy industry like transit.”

In the 21st century, Ismail’s risk management efforts focus on three key areas: aging infrastructure, sustainable funding and climate change. “The mid-20th century saw unprecedented investment in transit building, which means that many of these assets are now past their expected life. Without continued investment in state of good repair programs, many transit agencies are faced with degraded reliability and in some cases serious safety issues,”

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he says. “Funding, or lack thereof, is another risk that contributes to reduced service levels, reliability and low customer satisfaction. [Also], the impact of climate change on the infrastructure…”

With TTC’s Five-Year Corporate Plan guiding the modernization of TTC’s services and the renewal of culture, equipment and processes, the organization is focused on

“It’s quite a challenge to make the case for ERM in an operationally heavy industry like transit” emerging risks to ensure the success of the corporate plan. “By integrating ERM throughout the governance structure and embedding the culture across the organization, the executive and senior management teams are better equipped to make risk-informed decisions, resulting in the TTC ERM Program being awarded the RIMS ERM Award of Distinction for 2017,” he shares.

SCOTT MATHESON Director of risk management LEDCOR Edmonton

Earlier this year, the Ledcor Group of Companies, one of North America’s most diversified construction companies, donated $250,000 to the University of Alberta’s new David and Joan Lynch School of Engineering Safety and Risk Management, the first of its kind in Canada.

Scott Matheson joined Ledcor in February 2017 as director of risk management, having previously served as risk manager for PCL Construction.

Throughout his career, Matheson also held a variety of roles in a number of companies, such as Heinz Canada, Molson Coors Canada and Weatherford.

Ledcor employs more than 7,000 people in over 20 offices across North America.

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15/11/2017 8:07:50 AM

LAURA ALEXANDER Manager, risk and claims management CANADIAN BLOOD SERVICES Ottawa

Laura Alexander manages the risk exposures and claims for Canadian Blood Services, an advanced biologics

BILL BAKER Senior manager, corporate risk and environmental management SOFINA FOODS Edmonton

This year, Sofina Foods issued a recall notice for two of its Janes products in relation to a reported salmonella outbreak.

Although salmonella, and other germs, are killed when food items are properly

MARK HUGHES Group chief risk officer ROYAL BANK OF CANADA Toronto

manufacturer, a provider of clinical services and an innovative leader in research, education and professional practices. The organization is a key player in the country’s healthcare system, working across industries and tackling complex issues and challenges such as evolving medical practices and donor eligibility in light of emerging viruses and other risks. cooked, Sofina Foods took precautionary measures by recalling the products in question.

Bill Baker serves as senior manager of corporate risk and environmental management at Sofina Foods, the privately owned Canadian manufacturer of food products such as Janes Family Foods, Mastro, Fletcher’s and more. Baker worked at TELUS Corporation for over 30 in a variety of roles.

As group chief risk officer since 2014, Mark Hughes ensures strategic risk management on an enterprise-wide basis. He is a member of the Group Executive, which sets the overall strategic direction of RBC, and is also a member of the 3RBC Group Operating Committee. In the past couple of years, the bank’s risk areas of focus have been its credit risk exposures in the oil and housing sectors.

Since 1981, Hughes has held progressively senior roles at the bank and taken on a number of positions across RBC’s international offices, including New York and London. Appointed as an executive officer of RBC in 1995, he was responsible for the bank’s public sector activities in Canada and was part of the leadership team involved in the integration of the bank’s global corporate banking business into RBC Capital Markets.

Hughes serves on the boards of a number of industry associations and not-forprofit organizations, including Global Risk Institute (GRI), International Financial Risk Institute (IFRI), and ParticipACTION. He also serves as a director of a number of RBC subsidiaries.

Deborah MacDougall, CIP CAIW President 2017 – 2018 The Canadian Association of Insurance Women/Association Canadienne des femmes d’assurance (CAIW/ACFA) is pleased to announce they have elected a New President for the 2017-2018 term, Deborah MacDougall, CIP. Deb has been a member of CAIW since 1987 and was the recipient of the CAIW Insurance Woman of the Year award in 2011. She is “very excited and humbled to follow in the footsteps of the incredible people who have previously held this position over the past 50 years”. CAIW has evolved a great deal over the past 50 years and continues to progress to meet the needs of its members focusing on education, personal development and networking.

Deb is employed with Travelers Canada in their ABI Major Case Unit and located in Travelers’ Dartmouth, NS office where she has been employed for the past 20 years as a Claim Professional.

Deb has been a long standing, active member of her local association, the Nova Scotia Insurance Women’s Association (NSIWA). She was NSIWA President from 1996-1998 and has chaired numerous committees during her time with NSIWA. Deb was bestowed with the NSIWA Lifetime Honorary Membership Award in 2016.

The CAIW’s annual general meeting and Convention will run from June 6 th to 10th, 2018 and will be hosted by the Nova Scotia Insurance Women’s Association. www.caiw-acfa.com

www.insurancebusiness.ca

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SPECIAL REPORT

LEADING RISK MANAGERS CEDRIC ROCHA

z

Senior corporate risk manager BAYER Mississauga, Ontario

Recently, Bayer Canada celebrated its eleventh year as a Top 100 Employer in Canada thanks to the company’s strong environment that supports employees in the workplace as well as within their community.

Cedric Rocha serves as senior corporate risk manager at the global enterprise with core focuses in the life sciences arena and agriculture. In 2013, Rocha returned to Bayer from DECOSTA Marketing and was appointed to his current role in January 2017.

RON HOLTON Chief risk officer, risk management services UNIVERSITY OF BRITISH COLUMBIA Vancouver

Ron Holton is responsible for risk management services at UBC, which has been consistently ranked among the top 40 universities in the world. As chief risk

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ADIB SAMAAN Director of risk management J.D. IRVING LIMITED Saint John, New Brunswick

J.D. Irving Limited provides products and service to customers globally through the company’s diverse business segments, including forestry and forest products,

In 2014, Bayer had sales of $1.9bn and invested $96m in research and development in Canada.

transportation, retail and distribution, consumer packaged goods, food processing and more.

The organization’s director of risk management is Adib Samaan, who, along with his teammates, represented New Brunswick at the Canadian Masters Curling Championships this past April.

officer, Holton oversees the identification, assessment and management of all types of risk – strategic, academic, operational, financial, hazard and reputational – for both the Vancouver and Okanagan campuses, which comprise over 60,000 students and over 15,000 faculty and staff, and contribute more than $12bn in terms of economic impact.

Holton is an experienced risk management

and assurance services professional, particularly in the realm of the Olympics and Paralympics. Prior to joining UBC, he was vice president of risk management and assurance services for the Vancouver Organizing Committee of the 2010 Olympic and Paralympic Winter Games. Holton also supported the risk management functions in Moscow for the Organizing Committee of the 2014 Olympic and Paralympic Winter Games in Sochi.

In 2011, Holton completed a risk management consulting project for the International Olympic Committee. He also provided risk management and insurance consulting support to the Rio 2016 Organizing Committee for the Rio 2016 Olympic and Paralympic Games.

Prior to these stints, Holton was with British Columbia Railway Company, and spent much of his career with Canadian Forest Products Ltd (Canfor), an integrated forest products company in Vancouver, where he held several senior management positions in pulp and paper marketing, and in risk management.

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15/11/2017 8:34:08 AM

MICHAEL COLADIPIETRO Director, risk management LONGO’S Vaughn, Ontario

For the past two years, Michael Coladipietro has served as director of risk management at Longo’s, a Canadian-owned organization that operates full-service grocery stores across the GTA as well as through the website www.GroceryGateway.com.

For Coladipietro, the risk spectrum in grocery retail is wide, both in frequency and severity, so it takes constant diligence to mitigate risks. “Each year we invite tens of thousands of people into our stores, and have the responsibility to keep them safe and free from harm,” he says. “ Of course, retailers need to

protect customer information, and data breaches are high impact. However, with high levels of connectivity between sites, automation of building systems, and the adoption of AI systems in retail, cyber attacks have the possibility of disrupting businesses in unlimited ways with catastrophic consequences.”

“Planning and prevention are the key to protecting people and assets” To manage all the risks on his radar, Coladipietro considers one question: “Are we doing enough to avoid risk?” However, with the constantly evolving nature of the grocery

business, how to best address risk mitigation has become increasingly challenging, he says. With risk transfer always present, Coladipietro is focusing on risk avoidance.

“We’re doing this through emergency management business continuity planning.

Environment changes are bringing issues of site inaccessibility to the forefront again, and global political unrest is calling greater attention to third party unavailability. But cyber threat prevention remains the top priority,” he says.

Looking back to the start of his risk management career in corporate security, Coladipietro learned through the process of earning his Certified Protection Professional designation that “planning and prevention are the key to protecting people and assets,” he says. “This is still my first approach and methodology in developing any risk management program.”

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SPECIAL REPORT

LEADING RISK MANAGERS major risks we face include catastrophic weather and natural disasters,” says Seaman.

“We operate extensively in the southeastern US and other areas that are subject to that weather, but these days, you realize that extreme events seem to be happening out of the traditional places so that is always a key concern for an operation like ours.” Seaman also mentions “uninsurable” risks such as

NOWELL R. SEAMAN Director, global risk management POTASH CORPORATION OF SASKATCHEWAN Saskatoon

With over 20 years of experience in the corporate sector and higher education, including enterprise and operational risk management, corporate insurance, business continuity planning and crisis response, Nowell Seaman is currently the director of global risk management for Potash Corporation of Saskatchewan (PotashCorp). In addition to directing the risk and insurance function of the world’s largest fertilizer company by capacity, with operations in seven countries, Seaman is also current president of RIMS. When managing the risks at PotashCorp, Seaman focuses on a few key areas: “The

ILAN YAMPOLSKY Director, enterprise risk management SKATE CANADA Ottawa

Recognized by the Canadian government and the Canadian Olympic Committee (COC) as the nation’s governing body for the sport of figure skating, Skate Canada

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“The major risks we face include catastrophic weather and natural disasters” market fluctuations as well as cybersecurity, as top-of-mind exposures; however, a top risk priority in the mining and resources sector remains “safety, health and environment risks.”

When choosing an insurance partner to work with, Seaman looks closely at “insurer quality, as we call it, which includes aspects such as financial stability, capacity and third party ratings. We also look at other aspects such as their familiarity of our industry and our unique exposures as well as their ability to participate in global programs.”

Outside of his corporate role, Seaman chaired the secretariat that created the McGannon Foundation, a charitable trust that supports post-secondary education and research in risk management in Canada through the provision of scholarships and grants – what Seaman considers to be one of his proudest accomplishments. is also the world’s largest and oldest figure skating organization.

Director of enterprise risk management, Ilan Yampolsky, has been with the organization since 2014, having previously served as director of risk management for Scouts Canada.

As of October 7, 2017, the 2017–18 Skate Canada National Team has won seven gold, five silver and seven bronze medals.

ANTONIETTA CORIGLIANO Senior director, risk management GEORGE WESTON LIMITED Toronto

Founded in 1882, George Weston Limited is Canada’s largest food and drug retail business with over 2,300 stores serving Canadians’ everyday food, health and wellness needs.

Antonietta Corigliano serves as senior director of risk management for the company. In 2013, she served as moderator for the Balancing the Risks and Rewards of Outsourcing session at the 39th annual Risk and Insurance Management Society Canada Conference.

George Weston Limited is Canada’s largest private sector employer with over 200,000 employees.

ELIZABETH CLARKE Manager, corporate risk and recovery CITY OF ST. JOHN’S St. John’s, Newfoundland

Betty Clarke serves as the risk manager and business continuity coordinator for the City of St. John’s.

In 2005, Elizabeth Clarke joined the City of St. John’s as risk manager, later accepting the additional role of business continuity coordinator in 2006.

Today, Clarke works closely with all departments and divisions in relation to risk management, including the assessment and analysis of risks, and the implementation, monitoring and maintaining of strategies.

In addition to her role at the city, Clarke is past president of the Newfoundland and Labrador Risk Management Society, as well as a past president of the Insurance Institute of Newfoundland and Labrador.

www.insurancebusiness.ca

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15/11/2017 8:08:27 AM

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2017-07-17 2:08 15/11/2017 8:08:34 AMPM

SPECIAL REPORT

LEADING RISK MANAGERS a combination of established and emerging risks regularly. “As the E&C industry shifts toward lump-sum/turn-key projects, and ‘Public, Private, Partnerships’, the role of the risk manager becomes especially important in understanding and navigating new forms of complex risk transfer agreements,” she says.

“These factors, combined with emerging risks, such as cyber liability, have made this an especially challenging time to be involved in risk management within the E&C industry.”

“As the E&C industry shifts...the role of the risk manager becomes especially important...”

VINITA JAJWARE Vice president, operations and business development BROSZ GROUP OF COMPANIES Markham, Ontario

An experienced individual with a history of working in the insurance and construction industry, Vinita Jajware is highly regarded by peers for her “dedication not only to her employer but to the risk management and insurance industry as a whole.” In the engineering and construction industry, Jajware faces

ANNE SONNEN Chief compliance officer and chief risk officer CAPITAL ONE Toronto

In January 2017, Anne Sonnen joined Capital One as chief compliance officer and chief risk officer, overseeing the independent, second line compliance, risk and AML/ATF programs in Canada.

Prior to her current role, Sonnen spent eight years at BMO Financial Group, most recently as global chief compliance officer

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Similar to her peers, staying ahead of risks is the forefront of Jajware’s focus. When working in an industry that is impacted by various challenges, such as the consolidation of firms and a skilled labour shortfall, the changing workforce has created an ever-evolving risk climate. “As a risk manager, I am extremely proud of our organization’s ability to remain competitive in the shifting E&C landscape and participate in many ‘Public, Private, Partnership’ projects, which continues to be a growing market for our firm,” she says.

In addition to her risk duties, Jajware is also president of the Toronto Insurance Women’s Association.

for the firm’s Wealth and Asset Management businesses. Sonnen also served as deputy general counsel and chief administrative officer as well as head litigator for BMO’s Canadian P&C business.

Outside of her role at Capital One, Sonnen sits on the board of directors for the George Hull Centre and is a member of The United Way, Law Cabinet. She is also a member of the diversity and inclusion national taskforce of The Information and Communications Technology Council, a non-profit national centre of expertise for the digital economy.

CHRISTINE BEAUDRY Director of safety and risk management RANDSTAD Toronto

As director of safety and risk management for Randstad Canada, Christine Beaudry provides leadership and expertise on risk management to the business, overseeing implementation and coordination of its health and safety management system across Canada to reduce the frequency and severity of losses for both workers’ compensation and general liability.

Coupled with 15 years’ experience in the staffing industry and HR management, Beaudry has spent the past decade or so implementing health and safety programs for a workforce of over 40,000 people in more than 140 offices across Canada. Her sound knowledge of the Canadian employment law, including workers’ compensation, OHS Act and employment insurance, makes her an expert that any company would want in their corner.

At Randstad, Beaudry and her team of risk management specialists routinely assist organizations with risk mitigation initiatives such as Early and Safe Return to Work programs and health and safety programs, workers’ compensation audits, worksite inspections and safety compliance, as well as with investigations on workers’ compensation accidents, violence and harassment incidences and claims.

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15/11/2017 8:08:42 AM

JASMINE TSANG Director, risk management DELOITTE CANADA Toronto

“Cyber security risks, conduct risks and more broadly, reputational risks,” are what’s top-of-mind for Deloitte Canada’s director of risk management, Jasmine Tsang. Since taking on her role in August 2016, a key part of Tsang’s responsibilities are to manage and operate the enterprise risk framework across Deloitte’s national practice. This includes establishing policy and guidance, leading the implementation of risk structures and

executive and board-level reporting. “Looking into the future, my focus is on enhancing risk culture,” says Tsang,” including effectively in influencing risk culture through communication and awareness-raising activities, defining the measurement of risk culture and developing a framework for ongoing monitoring.”

Recently, Deloitte announced a partnership with Enstoa to create more solutions for the growing capital projects and portfolio management (PPM) market in Canada. The company is also working to launch a cognitive analytics and visualization lab, in partnership with the Schulich School of Business at York University, in order to advance interpretation of big data.

“Looking into the future, my focus is on enhancing risk culture” Prior to her current role, Tsang was director of risk management for Deloitte Australia for five years. Having spent over a decade in Australia, Tsang gained a breadth of experience working with Australasia-based multi-national organizations on addressing their top financial concerns.

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15/11/2017 8:08:51 AM

SPECIAL REPORT

LEADING RISK MANAGERS BARBARA ZVAN

ANGELINA MOUSSEAU-HAYES

Chief risk and strategy officer

Chief risk officer

ONTARIO TEACHERS’ PENSION PLAN Toronto

NALCOR ENERGY St. John’s, Newfoundland

Barbara Zvan joined Ontario Teachers’ Pension Plan in 1995 as an assistant portfolio manager and has risen to positions of increasing authority. Now chief risk and strategy officer, Zvan leads the team in supporting the Plan sponsors in Plan design decisions, and the board in determining the appropriate benchmarks, risk appetite and sustainability.

As the largest single-profession pension plan in Canada, Ontario Teachers’ invest Plan assets on behalf of over 300,000 working and retired teachers. Zvan and her team provide risk insights to the investing teams and create an effective risk management framework to underpin it. In addition, she drives a responsible investing and climate change risk management and strategy for the fund, and directs the enterprise and operational risk management approach for the organization. Recently, the Plan announced the sale of part of its stake in two regional airports in the UK, and is looking to participate in a billion-dollar bid for the biggest radiology business in Australia.

Zvan sits on the boards of the Canadian Coalition for Good Governance and Global Risk Institute, and serves as chair of the recently created International Centre of Pension Management (ICPM), which was established to help the pension industry deal with increasing challenges such as aging population and dwindling resources coupled with market volatility and regulatory complexity.

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Responsible for the risk management framework, risk reporting and the corporate insurance program at Nalcor Energy is Angelina Mousseau-Hayes, chief risk officer at the company aimed at providing safe, reliable and dependable electricity to customers.

With a background in both risk management and internal audit, Mousseau-Hayes was manager of enterprise risk at RSA prior to taking on her current role in 2014. MousseauHayes also served in advisory positions at Grant Thornton and Ernst & Young.

CARINE BOTTURI Director, risk management – TELUS Data and Trust office TELUS COMMUNICATIONS Montreal

With $9.6bn in annual revenue, TELUS Communications serves 12 million

customers including 6.5 million wireless subscribers, 4 million wireline network access lines, 1.2 million internet subscribers and 170,000 TELUS TV customers across Canada.

Carine Botturi currently serves as the telecommunications company’s director of risk management, Data and Trust office. Prior to her current role, Botturi was most recently director of business enablement for TELUS Health with past roles at Pratt & Whitney Canada, Bell and Telebec.

www.insurancebusiness.ca

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15/11/2017 8:08:59 AM

Insurance Woman of the Year Award Sponsored by Canadian Association of Insurance Women Winner: Laura Greening, CIP, Nova Scotia Insurance Women’s Association (posthumous)

Congratulations Congratulations Congratulations

THANK YOU to our generous Sponsors, Donors and Participants of our 2017 Convention held Insurance Information Campaign Award Sponsored by Paul Davis Systems Canada Ltd. May 24 –Information 28,place: 2017 in Montreal, Quebec.

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Platinum Sponsors: Belron Canada Platinum Sponsors: Sponsors: CEPPlatinum Belron Belron Canada Canada Platinum Sponsors: Gilbert, Simard, Tremblay CEP Belron Canada HSBCEP BI&I Gilbert, Gilbert, Simard, Simard, Tremblay Tremblay CEP Lapointe Rosenstein Marchand Melancon HSB HSB BI&I BI&I Tremblay Gilbert, Simard, Northbridge Lapointe Lapointe Rosenstein Rosenstein Marchand Marchand Melancon Melancon HSB NovaBI&I Scotia Insurance Women’s Association Northbridge Northbridge Lapointe Rosenstein Marchand Melancon Refexio Nova Nova Scotia Scotia Insurance Insurance Women’s Women’s Association Association Northbridge Portage Mutual Insurance Company Refexio NovaRefexio Scotia Insurance Women’s Association Portage Portage Mutual Mutual Insurance Insurance Company Company Refexio Portage Mutual Insurance Company

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Executive:

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Silver Sponsors: CHAD Silver Silver Sponsors: Sponsors: Discount Rental CHAD CHAD Edmonton Insurance Association Silver Sponsors: Discount Discount Rental Rental A Sec Inc Groupe Nettoyeur CHAD Edmonton Edmonton Insurance Insurance Association Institut d’assurance duAssociation Quebec Discount Rental Groupe Groupe Nettoyeur Nettoyeur A Sec AInc Sec Inc McMillan S.E.N.C.R.L., s.r.l.

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Richards Buell Sutton Institut d’assurance du Quebec New Brunswick New Brunswick Insurance Insurance Women’s Association Association Steamatic McMillan S.E.N.C.R.L., s.r.l. Women’s Richards Richards Buell Buell Sutton Sutton LLP Women’s LLP New Brunswick Insurance Association Steamatic Steamatic Richards Buell Sutton LLP Steamatic

ShannonMacMurchy,CIP,CRM,CAIB Deborah MacDougall, CIP Sheila Slowe, CAIB (Hons) RSAKatherineToner, BA, LL.B Panagiota Kalantzis, LL.L, LL.B, LL.M. Jackie Lisi, C.d’A.A, PAA Dawn Patton, BA, FCIP, CRM DonnaPayne,CIP,CAIB,CRM Executive: Lana Kenny, CIP LeeHuys,CAIB Back Row: L to R Front Row: L to R Executive: Executive: CIPli, B.Comm, CIP Shannon MacMurchy, CIP, CRM, CAIB Deborah MiRow: ssiSlowe, nRow: g:MacDougall, SoniatoScattarel LoriPenner,CIP Back Back Row: Row: LToner, to RL toBA, R LL.B Front Front L to RLCAIB R (Hons) Sheila Katherine

Executive: Deborah Deborah MacDougall, MacDougall, CIP CIPLL.B, LL.M. Shannon Shannon MacMurchy, MacMurchy, CIP, CIP, CRM, CAIBCAIB Panagiota Kalantzis, LL.L, Jackie Lisi, PAACRM, Back Row: L toC.d’A.A, R Front Row: L to R CAIB Sheila Slowe, Slowe, CAIB (Hons) Katherine Katherine Toner,Toner, BA, CAIB, LL.B BA, CRM, LL.B Dawn Patton, BA,(Hons) FCIP, CRM Donna Payne, CIP, CRMCAIB Sheila Deborah MacDougall, CIP Shannon MacMurchy, CIP, Panagiota Panagiota Kalantzis, Kalantzis, LL.L, LL.L, LL.B,LL.B, LL.M.LL.M. Jackie Lisi,Toner, C.d’A.A, Lisi, Lana Kenny, CIP(Hons) LeeJackie Huys, CAIBC.d’A.A, Sheila Slowe, CAIB Katherine BA,PAA LL.BPAA Dawn Dawn Patton, Patton, BA, FCIP, BA, FCIP, CRM CRM Donna Payne, Payne, CIP, CIP, CRM CRM Missing:Kalantzis, Sonia Scattarelli, B.Comm, LoriDonna Penner, CIP CAIB, Panagiota LL.L, LL.B, LL.M. CIP Jackie Lisi, C.d’A.A, PAACAIB, Lana Lana Kenny, Kenny, CIP CIP Lee Huys, Lee Huys, CAIBCAIB Dawn Patton, BA, FCIP, CRM Donna Payne, CIP, CAIB, CRM Missing: Missing: Sonia Sonia Scattarelli, Scattarelli, B.Comm, B.Comm, CIP CIP Lori Lori Penner, CIP CIP Lana Kenny, CIP Lee Penner, Huys, CAIB Missing: Sonia Scattarelli, B.Comm, CIP Lori Penner, CIP

We look forward to seeing you June 6 – 10, 2018 in Halifax, Nova Scotia

We look forward to seeing you We We look look forward toHalifax, seeing you you Scotia June 6 –forward 10, 2018toinseeing Nova We look to you June June 6 –6forward 10, – 10, 2018 2018 in seeing Halifax, in Halifax, Nova Nova Scotia Scotia June 6 – 10, 2018 in Halifax, Nova Scotia

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FEATURES

BROKERAGE INSIGHT

Thriving in a small town Despite an increasingly competitive marketplace, Ives Insurance Brokers president Jeff Ives explains how the Canadian broker has continued to thrive in this evolving industry IBC: How has specialization impacted on your brokerage’s success?

Jeff Ives: What we have done in the past 10 years is try to segment and silo our operations so our construction specialists only focus on construction and our transportation specialists only concentrate on transportation, and so forth. What we have found is that the way the marketplace is changing in Canada, you can’t be a jack of all trades any longer. We find that if you specialize in segments and become very good in those segments, people find you. By becoming specialists, it certainly helped us grow into one of the largest brokers in the region we work in.

IBC: How did you select the areas to specialize in?

JI: The largest segments of our business operations are transportation, construction, manufacturing, and we also have a small business unit and personal lines division, but transportation is our largest sector. These segments are somewhat complicated. When you start dealing with complicated industries, and you get good and knowledgeable in those industries, you become harder to beat.

In today’s world, I don’t think many people can say they are good in all lines of business anymore. To be successful, you have to pick a path and focus on building that path. You need to have a main focus on the type of business you want to write and concentrate on. By focusing

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on things that can be complicated and that other people are kind of afraid of, it allows you to become very good at those, and clients find you when you’re a specialist.

part of their business studies program to try and generate a positive image in the industry, and part of that is also educating people about the benefits of an insurance career.

IBC: How does your brokerage approach the hiring of the next generation?

IBC: What are your thoughts on the tech revolution in the insurance space?

JI: Our industry does a poor job of letting people know how good this business can be. Generally, the first time we all deal with insurance is when we are 16 or 17 years old and have to buy our first car insurance and insurance companies want to charge us $500 to $600. So most people’s first taste of insurance is that they hate it. We do not promote the industry to university and college students by telling them about all the different career options there are in insurance. By not doing that, it makes it difficult to recruit.

So to combat that, we go out to universities and colleges to recruit, as well as to trade shows and job fairs, and we talk to those folks about the opportunities in insurance. We started a process with the local college to start offering courses as

JI: The way technology is moving is fantastic as long as I can be a part of it and control parts of it. The scary part is that it is moving very quickly and it’s developing a competitive notion to myself and other brokerages. Do I think we need a consumer-facing product where clients can log in and make policy or information changes? One hundred percent. There are certainly different areas where we can get into the technology game. One issue we see is that a lot of our partners are making it no secret that they have online consumer-facing products that may or may not be available for us to distribute in the same fashion, and that’s been a challenge, but we need to find a strategic way to navigate through that collectively.

IVES INSURANCE HISTORY Jeff Ives’ parents started their brokerage in the small farming community of Essex, Ontario, in 1966. In 1995, after expanding the business from the kitchen table to the front porch and then the garage, Ives Insurance Brokers built its office building. Since that time, the firm has grown from six to 65 employees, with offices across Ontario. Today, Ives Insurance Brokers assists over 10,000 customers in Ontario, Alberta and the US as Jeff Ives continues in the tradition of his father as president of the brokerage.

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IVES INSURANCE BROKERS: FAST FACTS

Specialty sectors

Transportation/fleet

Construction

Manufacturing

Hospitality

“The way technology is moving is fantastic as long as I can be a part of it and control parts of it” IBC: What has been the main challenge for Ives this past year?

JI: One of the top challenges is that our main trading partners, the insurance companies we deal with on a daily basis, are now competing head-to-head with us in certain segments, using multiple distribution systems. Insurance companies in the direct market are now buying up insurance brokers and increasing valuation multiples, and some are even cannibalizing their own business to grow their direct market segment. For the selling brokerage, this is a good thing, but for the brokerage looking to expand and grow, it is more challenging. In some cases we have to look at different business models, potentially partnering with insurers or setting

up strategic alliances with other brokerages; it’s exciting yet challenging at the same time.

How do we maintain those relationships as open and aggressive as they have been when we know there is an opportunity that they may come in and go after the business we are placing with them now? We cannot just sit back and complain. We need to find a balance there. As brokers, we have to look at our own portfolios and operations to identify what’s best for our business in this evolving marketplace, as trying to keep clients has been more of a challenge in the past five years than in the past 35. Brokerages that continue to innovate and reinvent themselves will continue to be successful. We are and will continue to be one of those brokerages.

Personal home, auto and recreational

Marinas

Wineries Headquarters: Essex, Ontario Year founded: 1966 Number of employees: 65 Number of offices: 7 Territory: Ontario, Alberta and the US (in Michigan, Ohio, Vermont, Illinois, Kentucky and Tennessee)

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INSURANCE BUSINESS CANADA AWARDS 2O17 FINALISTS

BROUGHT TO YOU BY:

Thursday, November 30, 2017 The Liberty Grand | Toronto Over a thousand nominations for the second annual Insurance Business Canada Awards flooded in from across the nation to acknowledge the best and brightest companies, teams and individuals in the industry. The finalists for the 2017 awards, brought to you by Markel, are presented here.

Insurance Business Canada thanks its community of readers and event sponsors who continue to make this event a success. To celebrate the industry’s achievements and honour the award winners, a glamorous black-tie gala ceremony, hosted by TV celebrity Jessi Cruickshank, will be held on November 30, 2017, at The Liberty Grand in Toronto.

To book a table today, contact events@kmimedia.ca.

#IBAwardsCA

OFFICIAL PUBLICATION

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PHOTO BOOTH SPONSOR

BOTTLE SPONSOR

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AWARD SPONSORS

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THE MARKEL AWARD FOR

THE DKI CANADA AWARD FOR

THE KEAL TECHNOLOGY AWARD FOR

THE ARAG CANADA AWARD FOR

DIGITAL INNOVATION

MGA OF THE YEAR

THE WINMAR AWARD FOR OUTSTANDING CLAIMS SERVICE

yy ABEX Affiliated Brokers Exchange

yy Aon Canada

BIG BROKERAGE OF THE YEAR

P&C INSURER OF THE YEAR

yy Aon Canada

yy Chubb Insurance

yy Go Insurance

yy Archway Insurance

yy Echelon Insurance

yy GroupHEALTH Benefit Solutions

yy HUB International

yy Economical Insurance

yy Johnson Inc.

yy Huestis Insurance Group

yy Intact Insurance

yy Jones DesLauriers Insurance Management yy McDougall Insurance yy Rogers Insurance yy Willis Towers Watson

yy LowestRates.ca

yy Anderson McTague & Associates yy Angus-Miller yy April Canada

yy Markel Canada

yy McDougall Insurance

yy Burns & Wilcox Canada

yy Northbridge Insurance

yy Opta Information Intelligence

yy Can-Sure Underwriting

yy RSA Insurance

yy Sharp Insurance

yy CHES Special Risk

yy SGI Canada

yy Sonnet Insurance

yy Encon Group

yy Trisura Guarantee Insurance Company

yy Surex Direct

yy K&K Insurance Canada

yy Zensurance

yy Archway Insurance yy Crawford & Company yy Cunningham Lindsey yy Huestis Insurance Group yy Louis Meier Insurance yy MGB Claims Consultants

yy PAL Insurance Brokers Canada

yy Willis Towers Watson

yy Wawanesa Mutual Insurance Company

yy Pen Underwriting

yy Zurich Canada

yy Wynward Insurance Group

yy South Western Group

yy ZipSure.ca

yy Signature Risk Partners

yy Special Risk Insurance Managers

AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

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INSURANCE BUSINESS CANADA AWARDS 2O17 FINALISTS THE FIRST INSURANCE FUNDING OF CANADA AWARD FOR

LIFETIME ACHIEVEMENT This is the highest honour and most coveted award at the Insurance Business Awards. This award recognizes an individual who has made an outstanding contribution to the industry as a whole through visionary people management strategies and leadership.

THE IBC MAGAZINE READERS’ CHOICE AWARD FOR

THE IV3 SOLUTIONS AWARD FOR

THE CNA CANADA AWARD FOR

yy Applied Systems

yy City of Vancouver Risk Management Group

yy Darling Insurance and Realty

yy Ingle International

yy Preferred Insurance Group

BEST INDUSTRY SERVICE PROVIDER

yy EquiSoft yy Humi yy iv3 Solutions yy Keal Technology yy Kronos Technologies yy Goose Digital

EXCELLENCE IN RISK MANAGEMENT

yy Intech Risk Management yy Peace Hills General Insurance Company yy Cheryl Madden

This award will acknowledge someone with an established history of distinguished service to the insurance profession and who has exhibited leadership and provided inspiration to others in the sector while putting the interests of the industry at the top of their priorities.

Wynward Insurance Group

OUTSTANDING PHILANTHROPY & COMMUNITY SERVICE

yy Oracle RMS

yy Rhodes & Williams Insurance Brokers yy Special Risk Insurance Managers yy Trisura Guarantee Insurance Company yy Mark Halpern

WEALTHinsurance.com

Recipient will be announced on November 30.

AWARD SPONSOR

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AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

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THE PAL INSURANCE BROKERS AWARD FOR

YOUNG GUN OF THE YEAR

yy Andrew Cilinsky

Western Financial Group

yy Andrew Knee Investors Group

yy Cole Leitch

Avant Insurance Brokers

yy Dorothea (Thea) VanHerwaarden

Axis Insurance Group, Shaw Sabey & Associates

yy Dustin Harvey Aon Risk Solutions

yy Fowad Ahmed Markel Canada

THE SOUTH WESTERN GROUP AWARD FOR

BROKER OF THE YEAR

yy Andrew Bradley

yy Chris Sikorski

yy Aviva North

yy Joe Palmer

yy Chris Gory

yy Kevin Stedman

yy Gavin Mosley

Cornerstone Insurance Services

Magna Insurance Group Palmer Atlantic Insurance Jones DesLauriers Insurance Management

yy Mark McKinley

Lloyd Sadd Insurance Brokers

yy Michelle Elliott

yy Gregor McAvity

yy Nick Wong

Anderson McTague & Associates

yy Joshua Kearley Benson Kearley IFG

yy Luke Keun

Archway Insurance

LIFE & HEALTH ADVISOR OF THE YEAR

yy Brock Longworth

yy Greg Markell

Ridge Canada Cyber Solutions

THE EMPIRE LIFE AWARD FOR

HUB International Sharp Insurance

yy Wayne LeGear HUB International

yy Wendy Wildeman Rogers Insurance

AndrewWBradley.ca Financial Services Sun Life Financial Insurance Portfolio Financial Services

Palladium Insurance Financial Services

yy Jaimie Foncea

Active Insurance & Financial Group

yy Jay Papernick Assante Capital Management

yy Joshua Krenus

LIFE & HEALTH INSURER OF THE YEAR FOR

yy BMO Insurance yy Empire Life yy Foresters Life Insurance yy Great-West Life yy Industrial Alliance yy LaCapitale Financial Group yy Manulife Canada yy RBC Life Insurance Company yy SSQ Financial Group

Alteri Insurance Brokers

yy Louis Antonio Maestre Maestre Financial Solutions

yy Paul Crossdale

yy Matt Miller

Morrow, Crossdale & Associates

Oracle RMS

yy Simar Sidhu

yy Samuel Waxman

Diamond Insurance Group

Milliennial Financial Group

yy Thomas Wright

Tredd Insurance Brokers

AWARD SPONSOR

AWARD SPONSOR

AWARD SPONSOR

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INSURANCE BUSINESS CANADA AWARDS 2O17 FINALISTS BEST BROKERAGE UNDER 10 PEOPLE

BEST BROKERAGE OVER 10 PEOPLE

BROKERAGE/ NETWORK CLUSTER OF THE YEAR

OUTSTANDING CUSTOMER SERVICE BY A BROKERAGE

yy Aligned Insurance

yy A.P. Reid Insurance

yy Bensol Consulting

yy Dalton Timmis Insurance

yy Canadian Broker Network

yy Avant Insurance Brokers

yy GTI Broker Group

yy Hatton Insurance Agency

yy HighStreet Insurance Group

yy InsureBC

yy BMS Canada Risk Services

yy Insureu Brokers

yy Ives Insurance Brokers

yy Prolink Broker Network

yy Kase Insurance yy Le Groupe AFER / AFER Group

yy Masters Insurance

yy Intergroupe

yy Cornerstone Insurance Services yy Erb & Erb Insurance Brokers

yy Platform Insurance Management

yy Gillons Insurance

yy Sussex Corporate Risk

yy Sound Insurance Services

yy Knight Archer

yy TG Group

yy Surex Direct

yy Woodgate Financial

yy TK WoodMar Insurance Brokers

yy Risk Balance

yy Zensurance

yy Ken Gibb yy Newman, Oliver & McCarten Insurance Brokers yy Nuera Insurance yy Sharp Insurance yy Wardell Insurance yy Wells Insurance Services

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INSURANCE INDUSTRY EMPLOYER OF CHOICE

ADVERTISING CAMPAIGN OF THE YEAR

BUSINESS DEVELOPMENT MANAGER OF THE YEAR

WOMAN OF DISTINCTION

yy Economical Insurance

yy CAA Insurance

yy Darrell Keezer

yy Cathy Lipe

yy Intact Insurance

yy Economical Insurance

yy Frank Piluso

yy Jones DesLauriers Insurance Management yy Keal Technology yy Louis Meier Insurance Brokers yy Oracle RMS yy Platform Insurance Management yy Surex Direct yy Trisura Guarantee Insurance Company yy Wynward Insurance Group

“Great pairings”

“ Get ready for the future, with us.”

yy Markel Canada “Cyber Risk”

yy RSA Insurance “Expert Advice”

yy The Guarantee Company of North America “Guarantee Gold H20+”

yy Trisura Guarantee Insurance Company “Surety 101”

yy Wynward Insurance Group “Wynward Is Here”

Anderson McTague & Associates

Aon Risk Solutions

yy Julia Fischer Intact Insurance

yy Julie Visser

Rogers Insurance and Sharp Insurance

yy Lindsay Donelson FirstOnSite Restoration

yy Melanie Pon

South Western Group

yy Michael Kewley Berkley Canada

yy Richard McKenzie Garriock Insurance

yy Steve Thorogood Intact Insurance

Sharp Insurance

yy Darlene Diplock HUB International

yy Eileen Greene HUB International

yy Ellen J. Moore Chubb Insurance

yy Jodie Kaufman Davis Burns & Wilcox Canada

yy Karen Barkley Markel Canada

yy Kathleen Peace Woodgate Financial

yy Lynn Oldfield AIG Canada

yy Rosetta Bilodeau Rogers Insurance

yy Sandra Henkel Trisura Guarantee Insurance Company

yy Shari Douglas RSA Canada

yy Victoria Masucci Oracle RMS

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FEATURES

MEETINGS

Say no to dull meetings Business strategist Matt Malouf explains how getting the rhythm and subject of your meetings right can turn tedious encounters into business turning points THE KEY to great management, whether your staff members are local or overseas, virtual or in your workplace, is regular communication and a good meeting rhythm. Think of meetings as the pulse of your business: If it’s not beating regularly and rhythmically, then inevitably you’ll get an unhealthy system.

In the 15 years I’ve spent working in or with growing companies, the companies that are consistently growing and achieving their goals are those that have established a routine and rhythm of having meetings. The faster they are growing, the more meetings they have. While this may sound counterintuitive or even crazy, I need to clarify that I’m not talking about having a meeting for the sake of having a meeting. I’m talking about having short meetings that are run to time, with a specific structure and agenda.

Most meetings are poorly run, demotivating and, to be frank, a waste of everyone’s time. If run properly, your meetings will be inspiring and positive and enable the business to grow at a faster rate.

A big key to running successful meetings is to prepare for them properly. This is why daily, weekly and monthly reports are so important.

The reports are designed to give you the information required to run a short and productive meeting. This way, the meeting can cut through the information-gathering stage that often takes up the majority of most

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meetings and get straight into constructive discussions and/or sharing.

A great meeting rhythm I have implemented with many companies is a daily meeting (sometimes referred to as a daily huddle), a weekly meeting and a monthly meeting.

Daily meeting or huddle – a must in growing companies A daily meeting or huddle is a short meeting (five to 15 minutes) designed to support discussions around tactical issues and provide short updates. This is a great way to bring everyone together, keep everyone focused, and build a culture of camaraderie and teamwork.

While this may seem like overkill, this is a

well, the daily huddle will save you time, reduce impromptu conversations and increase the efficiency of information-sharing.

I have worked with many organizations that have implemented this well, and the results are immediate. Your team will be more aligned, and you will be able to control the internal energy while accelerating the growth

I’m not talking about having a meeting for the sake of having a meeting. I’m talking about having short meetings that are run to time, with a specific structure and agenda practice that many fast-growing companies around the world have implemented and are practising on a daily basis. You may feel like you don’t have the time to conduct such a meeting or that you are having enough interactions already, so you don’t need another meeting. In my experience, when implemented

of your company. Let me delve a little deeper into the structure and limits that lead to a successful daily huddle.

Timing It is recommended that you set the start of the daily huddle at an odd time, such as

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with less people.” It is for that reason that I recommend you involve the maximum number of staff members. The ideal number to keep the meeting short and allow a good exchange of information is 10 to 20 people. In larger companies, I would recommend you create a daily huddle in each department and another daily huddle with the heads of departments.

Agenda The last point to consider is the heart of the daily huddle: the questions. The agenda should be the same every day – only three items long (allowing up to five minutes per item). An agenda that has worked with many of my clients revolves around the following three questions: Did you achieve your primary focus yesterday?

What is your primary focus today?

What obstacles will keep you from completing it?/Where are you stuck?

10:10 a.m. or 12:12 p.m., to make it memorable.

Starting at an odd time often leads to people being on time, believe it or not. As this is quite a short meeting, you don’t have very much time to waste. So it is important to the success of the huddle that you start and finish on time. (Ideally, the meeting shouldn’t go for longer than 15 minutes.) In the beginning, I recommend getting someone to time the meeting and to end the meeting regardless of whether the agenda is finished or not.

Setting In order to keep the meeting short, it is best to conduct the daily huddle standing up.

This keeps the energy high and will help you to avoid extending the conversation – people don’t want to have to stand for too long.

Participants Verne Harnish, author of Scaling Up and a leading pioneer of the daily huddle concept, says, “In general, the goal is to have more people in less meetings, not more meetings

The meeting rhythm will depend on the role and the organizational culture.

Depending on what other meetings are scheduled, I usually have a daily meeting with my personal assistant. That daily meeting is critical to her role and her ability to support me in what I’m doing. Those meetings are prebooked one month in advance.

It’s a 15-minute meeting, and the conversation starts with, “How can I help?”, and then my assistant will give all the updates for the day. The meeting shifts when she says, “Matt, how can I help you?,” and then I update her on what I need done. While hosting this meeting, we use Asana, our project management tool. We both have it open and make changes in real time so we can both see the capture of those tasks and make sure they get managed properly.

Weekly and monthly meetings The second meeting type is the weekly meeting, which is a 50-minute meeting with a clear agenda that talks about the critical progress updates within a business. It engages

conversation to help people understand and gathers feedback from the team on what the business should keep doing, stop doing and start doing.

When it comes to one-on-one, team, weekly or any other meetings that follow an agenda, culturally it’s good to start with: What are your wins for the week, and why do they matter?

What has been your biggest challenge, and why does it matter?

What have you learned in the past week, and how can you apply it?

This helps set a positive mood and tone for the meeting, providing a chance to celebrate individual victories as a team and praise individuals in front of the team. ‘Wins and positives for the week’ could be the first item on your meeting agenda. From there, move on to the remaining items. I always end my weekly meetings with these two questions: As an organization, based on the past seven days, what should we stop doing?

As an organization, based on the past seven days, what should we start doing?

These two questions allow people to voice their concerns or frustrations, as well as provide ideas or solutions that can enhance the business.

Monthly meetings follow a similar agenda to the weekly meetings, except you need to add a strategic layer to them. By this I mean you should check in with the company’s goals and solve any major challenges to enable you to continue moving forward.

Edited excerpt from The Stop Doing List (Wiley, $27.95) by Matt Malouf Matt Malouf is a business strategist and the author of The Stop Doing List, which draws on Malouf’s work with big businesses and start-ups to help business owners free up time to build their businesses. The Stop Doing List is available in bookshops and online.

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PEOPLE

CAREER PATH

PEOPLE FIRST

No matter the backdrop for Jennifer Bouyoukos, nothing is as fascinating as people Sudbury native Jennifer grows up in an entrepreneurial environment that sees her start her working life, helping out at the family businesses, at the age of 12. It is in this setting that she gets her first taste of HR, hiring workers while still in school herself.

“I knew what it took to be a success in the job. Customer service was very important, it was part of the culture.”

“We had to maintain the culture my father had built”

1984 FINDS HR

1990 1997

JUMPS INTO TECH BOOM An invitation to ‘hang out’ from a Torontobased friend during the heyday of the tech boom culminates in a slew of sentout resumes and a successful interview for the girl who had one of the first internet connections in Sudbury.

“I saw a lot of ads for technical recruiters and thought ‘that sounds like something I could do.’ I never looked back. I was introduced to so many tech giants when they were up and coming – what a ride!”

2007

LEAVES TECH The opportunity to work for an iconic Canadian brand with a legacy of success draws Jennifer out of her tech comfort zone.

“I say I got an MBA at Manulife because of the amazing people I worked with; I had so many mentors. It was not tech – so the experience told me I could transfer my skills. It provided the leadership development I lacked until then. It was the biggest learning experience.”

2016 REUNITES WITH OLD FRIENDS A second venture from the Janna team has provided Jennifer with her newest challenge, as senior vice president human resources for NexJ Systems.

“The company that gave me my start in HR has helped me rise to a new career level. The Toronto tech community is exploding everywhere; there’s so much competition for talent.”

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STUDIES PEOPLE The same fascination for people and behaviour that enables Jennifer to turn aggressive customers into engaged customers directs her towards an undergraduate degree in psychology.

“I was always interested in people; I thought the idea of understanding people better was fascinating and motivating. It was a natural fit for me.”

1999 DRINKS FROM THE FIREHOUSE Having joined Janna Software, Jennifer hones her skills rapidly, onboarding more than 200 people in a year during a period of hyper growth and later, guiding the company through an acquisition.

“I drank from the firehouse. It took a lot of courage and determination, being just a girl from Sudbury with no formal training. I was learning on the job while reporting to the CEO. It was a pivotal experience; a phenomenal ride.”

2012

CONQUERS SOCIAL MEDIA Bolstered by her background in social media, Jennifer’s role as Head of Global Talent Channels is to fundamentally recast RBC’s talent acquisition strategy.

“It was really about raising the bar for RBC as a competitive employer. The executives were fearful of social media, but we were able to sell social media as a way to drive our competitiveness – and RBC became the frontrunner of talent acquisition on social media.”

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PEOPLE

OTHER LIFE

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

SETTING THE STAGE

For Francine Dick there’s nothing quite like seeing characters you’ve created come to life on stage FRANCINE DICK has long had a passion for words, but it was the immediacy of theatre that the Torontobased insurance advisor found herself especially drawn towards: “I love the dynamic interaction” she says.

When Francine’s first play was submitted to the Alumnae Theatre in 2006 and produced as part of the venerable society’s New Ideas Festival, Francine says her passion for playwriting intensified.

Despite having work produced as far from home as Bermuda and Alaska, it was winning the Toronto Fringe Festival lottery in 2010 – after entering it the previous three years – that meant the most to Francine, as it enabled the staging of Wedding Night in Canada, the tale of a bride who has planned her wedding for two years only to find it coincides with the Maple Leafs playing in the seventh game of the Stanley Cup finals.

While her passion for plays persists, Francine’s most recent work offers a change of pace. Enjoy Your Latte is an instructive tome on the subject of financial planning that eschews the standard tropes forbidding small luxuries: “So often we are begrudged our small indulges; I say be responsible but also enjoy life.”

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plays Francine has written (4 have been produced)

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actors in Preparing for Passover, Francine’s most recent play

Wedding Night in Canada had seven showings at the Fringe Festival

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pages in Enjoy Your Latte, Francine’s non-fiction book

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FEATURES

EXPERT ADVICE

Insurance, at the speed of change “TECHNOLOGY IS continuing to influence the way we live, and with a growing client base of younger, tech-savvy customers, it’s time for the insurance industry to step it up and keep pace with their unique needs,” explains Dave DeKuyper, VP National Sales at RSA Canada.

Customers are becoming increasingly empowered by the democratization of information. Through the internet, they have access to, and are demanding, more sources of insurance knowledge, comparison pricing and customer reviews than ever before. And as a result of their service experiences across other industries, they are increasingly expecting similar levels of efficiency, clarity and transparency from their insurance transactions.

Our industry hasn’t traditionally been viewed as technologically savvy, but it’s time to change that perception. As an industry, we need to work together to ensure customer needs are taken care of – at the speed at which their

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preferences are changing.

This is not to say that companies must completely overhaul existing systems or adopt an insurtech model, but rather we need to prioritize the broker and customer experience in the solutions we build. Brokers are looking for more efficient ways to bind, sell and service their customers. They also want the same efficient, transparent and cost-effective solutions as the insured customer. The onus is on us as insurers to build the foundation and provide the tools to support them in this journey.

At RSA Canada, we have invested a significant amount of time and resources into digitization efforts in the past two years. We’re working towards full digital integration of systems, to enable higher business efficiency and enhanced underwriting automation. We are also advancing several core capabilities to enable us to deliver best-in-class customer and broker experience and efficiency – through initiatives such as

customer journey mapping, analytics and pricing sophistication models.

We’ve seen the impact of developing and sharing customer-facing content in partnership with our broker partners, helping cement their role as trusted advisors. Quite apart from the growth of the direct channel, we have doubled down on the broker channel and see our role as working together to help adapt to the shifting landscape. We recently launched RSA Pro™, a diverse tool built in partnership with brokers to streamline online quotes and binds with access to competitive and discounted pricing for SME clients. We also successfully deployed Guidewire ClaimCenter® as our new claims management system, to enable the delivery of a simple, personal and proactive, customercentric claims experience.

But we realize that it’s not enough. Insurance continues to lag behind other industries like banking, investment and finance – and for us to remain relevant to new generations, we need to adapt to the external environment at a much more rapid pace.

Technology will continue to impact how we do business, and the use of digital channels will only become more prevalent as we move forward. Digitization has already led to changes within the industry – automating portions of claims processes and pre-populating data are some of the ways machine learning is helping brokers save time and increase their quality of customer service.

It doesn’t stop there though. With catastrophes on the rise in Canada, the use of drones during CAT events can lead to easier and more accurate claims processing and greater convenience for the end customer. We are working closely with several external parties to help us quantify evolving risks, so we can better customize products for our broker partners’ customers.

Faster adoption of technology solutions is crucial for brokers to stay competitive and be more efficient in their business. We as insurers have an important role to play in creating efficiencies in the way we collaborate with the broker channel, to enhance the end customer’s claims experience. Working closely with our brokers in this manner is crucial to ensuring that our industry stays relevant for a growing client base that expects – nay, demands – it.

www.insurancebusiness.ca

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