Insurance Business Canada 6.05

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ISSUE 6.05 | $12.95


FIVE-STAR MGAs Brokers speak out about where their MGAs are excelling


Jo-Anne MacDonald outlines her vision for legal expense insurance in Canada

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INSURANCE BUSINESS CANADA AWARDS Who’s in the running for a trophy on the industry’s biggest night?


Help your clients navigate the new exposures the movement has brought to light

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ISSUE 6.05

CONNECT WITH US Got a story or suggestion, or just want to find out some more information?


UPFRONT 04 Editorial

Even the most traditional insurance lines aren’t immune to modern risks





Brokers reveal how their MGA partners are performing in 10 key areas, from underwriting and pricing to claims support and tech capabilities



Spreading awareness of legal expense insurance across Canada is no small task, but ARAG Canada CEO Jo-Anne MacDonald is more than up for it





ENCON Group draws on its 50-year history to help it meet a variety of client needs

What are the biggest catastrophes facing cities worldwide?

08 Head to head

Does insurance still have a glass ceiling?

10 News analysis

#MeToo has made lawsuits and reputation meltdowns a very real threat

12 Intelligence

This month’s big movers, shakers and new products

14 MGA update

How one MGA has cultivated a global presence from a single office

16 Technology update

What key tech trends will shape the insurance industry in the coming years?


18 Opinion

Why small and medium-sized businesses can’t ignore cyber risk management


IN THE BUSINESS OF BENEFITS Hub International’s Mike Barone spotlights the emerging trends that are affecting employee benefits



EXPERT ADVICE How cannabis legalization could change things for brokers and their clients


06 Statistics

PEOPLE 54 Career path

Krista Franklin’s career has been marked by a willingness to collaborate

55 Other life

Whitby broker Olivia Michaud’s hair-raising charitable donation



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Together, we are all Victors. ENCON is proud to be part of the insurance enterprise of the future. As a Victor company, we offer the specialized expertise and core capabilities in underwriting, technology, distribution and access to capital that brokers and clients need to stay ahead. See what one of the world’s largest managing general underwriters can do for you.





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The only constant is change


rom cyber attacks to terrorism to climate change, the ‘staid’ insurance industry has had to deal with plenty of modern and unconventional risks in recent years. For proof of this evolution, you need look no further than what is often seen as the most traditional insurance segment of all: marine. Widely regarded as the earliest developed form of insurance, marine can trace its roots as far back as medieval times, though the first true marine market was established at Edward Lloyd’s coffee house. Today, however, marine insurance looks remarkably different as an array of new threats have emerged, from the extreme weather that has hit the so-called ‘new Bermuda Triangle’ (made up of the South China, Indochina, Indonesia and Philippines maritime regions) to the opening of new shipping routes as the polar ice caps melt and wildfires threaten the West Coast of the US and Canada. New threats are emerging beyond the oceans, too. Shipping companies are being forced to ramp up their cyber defenses in light of the NotPetya ransomware

The balance between the benefits and threats of new technology is tough for businesses to manage – presenting opportunity for insurance brokers attack, which struck global shipping giant Maersk last year. Modern technology might be making ships more efficient, but it’s also adding risks. “As we have more technology on board, we still have to look at what happens if that technology fails, either through a loss of power or a voltage spike on board through the generators, or through an outside influence from a cyber attack or a jamming of signals,” Andrew Kinsey, senior marine risk consultant at Allianz Global Corporate & Specialty, told IBC. The balance between the benefits and threats of new technology is tough for firms to manage – presenting an opportunity for insurance brokers who are true experts in the field to become a trusted advisor to their clients by educating them on these developments and on methods to mitigate their risk exposure. Successful brokers know they can’t afford to stand still and rely on traditional approaches anymore, even in this seemingly conventional sector. Indeed, the message to the insurance industry at large is clear: The only constant now is change.

The team at Insurance Business Canada EDITORIAL Managing Editor Paul Lucas Writers Lyle Adriano, Hannah Go, Tom Goodwin, Alicja Grzadkowska, Lucy Hook, Libby MacDonald, Nicola Middlemiss, Bethan Moorcraft, Joe Rosengarten, Ryan Smith, Ksenia Stepanova, Heather Turner Copy Editor Clare Alexander


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Risk city NEW YORK

The cost of being unprepared for catastrophic events is high for cities Cities are a hallmark of modern life: More than half the world’s population lives in a city, a dramatic increase from the 13% who did so at the start of the 20th century. By 2050, it’s estimated that two-thirds of people around the globe will be living in cities. The concentration of people brings efficiency and prosperity, but with it comes an increased vulnerability to the impact of catas-

1.4 million


Daily population increase across the world’s cities

Proportion of global GDP that cities account for

$14.8 billion

trophic events. For its latest City Risk Index, Lloyd’s looked at the GDP cities around the world could lose if exposed to a catastrophic event. While no Canadian cities were among the top 10 most, Canada’s major population centres have more than US$5 billion at risk. Lloyd’s identified a market crash, cyber attack and flood as the three greatest catastrophic risks facing cities in North America.

$11.6 billion CITIES WITH THE MOST TO LOSE The cities with the highest exposure to catastrophic events have a combined total of US$126.8 billion of GDP at stake, or almost a quarter of the US$546.5 billion at risk across the globe. Lloyd’s estimates that if cities were able to improve their resilience to such catastrophic threats, global GDP exposure would drop by US$73.4 billion.

$103.3 billion $123 billion Potential annual GDP losses due to man-made threats


Potential annual GDP losses due to extreme weather events

Source: Lloyd’s City Risk Index 2018; all figures in US$



Cities in Asia represent a disproportionate level of the global GDP at risk, largely due to their exposure to weather events and their status as emerging economic powerhouses.

Despite the growing severity of extreme weather events, man-made catastrophes such as cyber attacks and market crashes account for around 60% of cities’ total GDP risk. A potential market crash is the biggest threat worldwide, exposing cities to losses of more than US$100 billion on an annual basis. $120bn

PERCENTAGE OF GLOBAL GDP AT RISK 8% ($45 billion) 13% ($70 billion)

44% ($241 billion)

Asia Middle East and Africa North America Europe Latin America

$100bn $80bn $60bn $40bn $20bn $0

17% ($93 billion)

18% ($97 billion) Source: Lloyd’s City Risk Index 2018; all figures in US$


$103.3 billion

$80 billion

$62.6 billion

$47.1 billion

$42.9 billion

$37.2 billion

$36.5 billion

Market crash

Interstate conflict

Tropical windstorm

Human pandemic


Civil conflict

Cyber attack

$34 billion

$20.3 billion

Earthquake Commodity price shock

$18 billion Sovereign default

Source: Lloyd’s City Risk Index 2018; all figures in US$

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$12.7 billion

$8.5 billion


$12.4 billion


$8.4 billion


$24.3 billion TAIPEI


$7.9 billion MANILA

$12.9 billion

$13.3 billion

Source: Lloyd’s City Risk Index 2018



The North American cities studied by Lloyd’s have US$93 billion worth of GDP at risk annually; Canada accounts for US$5.82 billion of that total. North America leads the world in exposure to technology and space catastrophes (such as cyber attacks) and also has a high level of exposure to climate-related events.

Three of the top five threats to cities in North America are man-made. Lloyd’s estimates that improved resilience would reduce the region’s exposure by US$2.9 billion each year.



$19.9 billion



$14.7 billion



$13.2 billion


HUMAN PANDEMIC $1.95 billion

$1.12 billion

$860 million

$760 million





$660 million

$470 million

$0 Edmonton


Source: Lloyd’s City Risk Index 2018; all figures in US$

$9.8 billion


$6.8 billion

Source: Lloyd’s City Risk Index 2018

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Is there still a glass ceiling in insurance? Despite a predominately female workforce, only a fraction of the industry’s high-level positions are filled by women

Connie Germano

Nina Boone

Marya Propis

Head of specialty casualty Everest Insurance

US diversity and inclusion board Aon

SVP and director of distribution and broker partnerships All Risks Ltd.

“I focus on diversity and inclusion in the workplace in general, rather than the specific topic of the glass ceiling. The positive financial impact for diverse companies has been researched and well documented. Attracting, developing, mentoring, sponsoring and retaining the next generation of global leaders at all levels must be a priority – and it is gaining focus among boards and other governing bodies. Given the higher returns that diversity is expected to bring, it is better to invest now, as the momentum created by that investment will help diverse companies progress more rapidly than their less diverse competition.”

“The glass ceiling is still very real for women, as only 5% of Fortune 500 CEO seats are filled with women. Also, minorities hold only 1% of senior executive positions. I believe that change is coming, albeit slowly. At the end of 2017, we saw a strengthening of women in senior-level positions, but the minority pipeline has not gotten any stronger. Aon is dedicated to helping clients, as well as the insurance industry, create change. Bringing these leaders to the forefront of opportunity will continue to help organizations innovate and thrive.”

“It’s more subtle than before – it’s evolved into glass walls. More women have a seat at the table, but it’s interesting to consider how we got there and what happens when we leave the table. More pressing is the issue of pay equality. The growing minority population in the US has not resulted in a corresponding rise in minority management and executives. Compensation has to track with talent, not gender or minority. The leadership of an organization is crucial in eliminating barriers. Going forward, our recruiting efforts must incorporate deliberate diversity and inclusion techniques that will not construct barriers, glass or otherwise.”

IT’S MALE AT THE TOP When it comes to gender diversity in the insurance industry, “there is absolutely always more we could be doing,” says Lisbeth Ree, HR director for Gallagher’s Australia and New Zealand arm – which holds the distinction of being the only top-tier brokerage in the region with a female CEO. According to the Workplace Gender Equality Agency, women dominate the insurance industry from a numerical perspective, filling 55% of industry jobs worldwide. Yet an overall picture of unequal pay and an under-representation in the C-suite remains – only 12% of top management positions are filled by women. “The term ‘glass ceiling’ was first studied in the 1980s, and I think it is very sad that we are still referencing this term,” says Niki Kesoglou, global head of diversity and inclusion at QBE. “Unfortunately, it still exists in insurance.”


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#MeToo opens up new risks As the #MeToo movement seeks to establish a culture of accountability, organizations are turning to their insurance brokers for guidance on better risk management and more robust EPL coverage

THE #METOO movement has dominated international headlines since the hashtag first went viral last October, and it brings with it some significant business risks and insurance implications. Workplace issues such as bullying, discrimination and harassment have come under the microscope, presenting a far more significant concern to organizations than they did just a year ago. Companies today face both employment and reputational risk as a result of these issues, says Eleni Petros, employment practices liability insurance practice leader at Marsh. While employment-related issues have traditionally been seen as the responsibility of HR, the increased awareness in

IT department, it’s about the board too, this is another example of that.” The #MeToo movement has already produced litigation, particularly in the US, including some high-profile examples that have involved significant financial damage. The Weinstein Company, whose disgraced ex-chairman Harvey Weinstein has been accused by more than 70 women of numerous counts of sexual harassment and assault, filed for bankruptcy in March as a result of the scandal. In that light, employment practices liability [EPL] insurance is becoming increasingly important and is already seeing a growth in demand, Petros says.

“We are seeing more of an interest in EPL coverage … because defending these claims can be extremely costly” Eleni Petros, Marsh society means they are quickly climbing the risk agenda. “#MeToo is more than just an employment risk for companies – it’s also a risk facing boards,” Petros says. “This is no longer just an HR issue … it’s one of the many risks that a company needs to consider. In the same way that cyber risk isn’t just about the


“We are seeing more of an interest in that coverage from companies than we used to,” she says, “and I think the reason for that is because defending these claims can be extremely costly for companies.” While the claims environment for EPL has been benign in recent years, that is slowly changing. As a result, underwriters

are beginning to take a closer look at companies seeking EPL cover to make sure they’re fostering the right kind of culture. “From talking to underwriters … I definitely think that when they’re looking at EPL insurance, they will put more scrutiny on the kinds of questions they ask companies and will place more emphasis on the training programs that are in place at these firms,” Petros says. That includes evidence that a company has diversity and inclusion policies in place and provides unconscious bias training to employees. “If you have a situation where the culture isn’t right top-down,” Petros says, “then the danger for boards and directors is that the claims against them will be ‘you knew this conduct existed and you did nothing about it.’” Reputational crises are increasingly a threat to businesses in the post-#MeToo era

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Percentage of sexual assaults in Canada deemed ‘unfounded’ in 2017 (down from 19% the year before)


Board members who say they haven’t discussed sexism at work or the impact of the #MeToo movement

12 million

Facebook posts that included the #MeToo hashtag during a 24-hour period in October 2017

as well. Thanks to social media, an incident inside a company can become a viral sensation overnight – and can directly impact that company’s bottom line. Recent research from Aon uncovered that the direct impact of reputation-

risk preparedness and behaviour in the immediate aftermath of a crisis. This points to a need for companies to carefully manage their risk in this area. A significant gender pay gap, for instance, could severely damage an employer’s

“Savvy companies that develop and use a robust risk management framework … can often see a net gain in value post-event” Randy Nornes, Aon related events on a company’s stock price has doubled since the introduction of social media. In times of crisis, investors often use information about a company shared on social media to reassess their expectations of future cash flow. Ultimately, Aon found, companies could boost their value by up to 20% or lose up to 30%, depending on their

brand and reputation, Petros says, potentially leading to disgruntled shareholders claiming that senior management failed to properly manage reputational risk. “It will raise scrutiny,” she says. “If companies have a massive gender pay gap, I think there will be questions raised by employees as to whether they are being paid


Number of high-profile executives and employees accused of misdeeds in the six months after the #MeToo hashtag went viral Sources: Statistics Canada, Boardlist, Temin & Co., CBS News

the same amount of money as the person next to them.” And although reputational risk continues to weigh on corporate executives as one of their leading concerns, says Randy Nornes, enterprise client leader at Aon, risk management tools have evolved, allowing companies to better meet this risk head-on. “Savvy companies that develop and use a robust risk management framework can not only better navigate reputation events, but can often see a net gain in value post-event,” Nornes says.

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Apollo Global

Aspen Insurance

News of the US$2.6 billion deal comes after Aspen agreed to sell its aviation business to Starr Insurance


Leystone Insurance & Financial

Ottawa-based Leystone offers employee benefits and retirement consulting services

Hub International

Benefit Broker Services, Blackstone Insurance

Both Ontario-based Benefit Broker Services and Saskatchewan-based Blackstone provide employee benefits solutions

Hub International

Clearwater Insurance Group

Toronto-headquartered Clearwater Insurance offers customized insurance programs and proactive health services

Hub International

Southland Insurance Brokers

Southland Insurance Brokers has been offering home, auto, travel and commercial insurance for more than 50 years

Lussier Dale Parizeau

Trinome Conseils

Trinome has a strong footing in group benefits and expertise in occupational health and safety, as well as human resources and pay equity

Crawford & Company (Canada)

James, Dube, Spraggs Adjusters

The loss adjusting firm has locations in Winnipeg and Brandon, Manitoba

Aspen Insurance reaches sale agreement with private equity firm

Private equity firm Apollo Global has agreed to buy Aspen Insurance Holdings in a deal worth around US$2.6 billion. Bloomberg reported that Apollo will pay $42.75 a share for the Bermuda-based insurer. The agreement closed a five-month process for Aspen, which went up for sale in March after it posted a US$266 million loss. In early August, Aspen agreed to sell off its aviation business, valued at around US$65.4 million in GWP, to Starr Insurance. “Aspen benefits from strong underwriting talent, specialized expertise and long-standing client relationships which makes them well positioned in the market,” said Alex Humphreys, a partner at Apollo Global.



Zurich launches travel, accident and sickness unit

Zurich Canada has created a new travel, accident and sickness business unit to capitalize on a travel insurance market that has grown from $12 billion in 2012 to $18 billion in 2016. The new unit will build upon Zurich’s strong global portfolio of travel insurance and assistance services, offered by specialist provider Cover-More, which Zurich acquired in 2017. Heading up Zurich’s personal leisure travel, business travel accident, and supporting accident and sickness products in Canada will be John Thrain, who previously served as president of the Travel Health Insurance Association of Canada.

Gore Mutual offers E&O for contractors

Gore Mutual has launched errors and omissions coverage designed with contractors and professionals in mind. The new coverage can be bundled with a customer’s general liability insurance and is currently available for more than 100 different contractor and professional classes. “We want to be a go-to market for mid-sized commercial business and are continuing to strengthen our products and services to ensure brokers can easily get their customers the protection they need,” said Gore Mutual’s Ed Nesbitt.

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PEOPLE Hub brings cannabis insurance to Canada

Hub International has launched cannabis insurance and risk services for the Canadian market. The solution is offered under Hub’s agribusiness and farm specialty practice and provides coverage for medical and recreational cannabis producers, distributors and retailers. The package includes general and liability insurance, employee practices liability and D&O, crop insurance, workers’ comp, transportation, crisis coverage, risk management and regulatory compliance assistance, operational hazard and site security assessments, claims management, and employee benefits strategic planning.

Co-operators expands water insurance

The Co-operators has expanded its comprehensive water product into a host of new provinces and territories. Originally offered only in Alberta in 2015 and expanded to Ontario, BC and Nova Scotia the following year, The Co-operators Comprehensive Water product is now available in Saskatchewan, the Northwest Territories, Yukon and Atlantic Canada, offering protection from storm surges, overflowing lakes, rivers and creeks, and sewer or septic backup. “With the inclusion of storm surge coverage, we’re adding another layer of protection,” said The Co-operators’ Rob Wesseling.

Cowan provides HR insurance solution

Cowan Insurance Group has partnered with digital HR and payroll platform Rise People to deliver an integrated human resources and insurance solution to Canadian businesses. The partnership marks Cowan’s push to enrich the user experience through a fully digital, unified solution for its customers’ people management and insurance needs, including HR, payroll and insurance benefits. “We’re helping our customers simplify the administrative side of people management and engage employees with more rewarding experiences,” said Cowan VP Marc Benoit.





James Hamilton


AXIS Insurance

Global head of accident and health insurance

Jean-Jacques Henchoz

Swiss Re

Hannover Re

CEO and managing director

Emil Issavi


Aspen Re

President of global reinsurance

Anne Kelly


AXIS Capital Holdings

Global head of ceded reinsurance

Chris Kopser


XL Catlin

President of global risk management, North America

Ross Nottingham


Hiscox Re & ILS

Head of North America

Alvin Sharma

Echelon Insurance

Foresters Financial

Global chief financial officer

Richard Turner


International Union of Marine Insurance


Vincent Vandendael

Lloyd’s of London

Everest Insurance

Chief executive officer, international insurance

Linda Ventresca


AXIS Capital Holdings

Chief strategy officer

Swiss Re head moves to Hannover Re

Following the announcement of Hannover Re CEO Ulrich Wallin’s retirement, the company’s supervisory board has selected Jean-Jacques Henchoz, the current CEO of Swiss Re’s reinsurance division in Europe, the Middle East and Africa, as his successor. As part of the transition, Henchoz will join Hannover Re’s executive board as a member by April 2019. Wallin is set to retire in May 2019. Henchoz joined Swiss Re in 1998 and has served in a number of roles, including CEO of Swiss Re Canada. He has overseen the company’s life and nonlife business in EMEA since 2011. “In Jean-Jacques Henchoz we have secured the services of a very seasoned reinsurance manager who will continue to drive the company’s successful development,” said board chair Herbert K. Haas.

Everest taps Lloyd’s exec as international CEO

Everest Insurance has named Vincent Vandendael as CEO of Everest Insurance International to lead all facets of Everest operations outside North America. Vandendael has 20 years of industry experience, most recently serving as chief commercial officer at Lloyd’s of London, where he was responsible for all business development. He also led Lloyd’s global network of 31 offices, which supports Lloyd’s licences to operate in more than 200 territories across the globe. “Bringing someone of Vincent’s calibre and expertise to our seasoned team of industry veterans furthers our ability to execute upon our strategy of building the premier modern-era specialty global insurer,” said Jonathan Zaffino, president and CEO of Everest Insurance.

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MGA UPDATE NEWS BRIEFS CHES Special Risk expands into Quebec with new office

CHES Special Risk is expanding its footprint in Quebec, opening an office in Montreal and launching CHES Solutions Spécialisées, which gives brokers in the province access to the MGA’s product offerings. As part of this expansion, the firm has hired Gabriel Morneau as director and senior underwriter for CHES Solutions Spécialisées. CHES Special Risk president Gary Hirst also told IBC that the company has further plans to expand into British Columbia and Alberta in the first quarter of 2019.

April Canada rolls out product to protect landlords

April Canada has launched an insurance solution to ensure landlords aren’t on the hook for their tenants’ negligence. The MGA’s comprehensive landlord protection product is currently available in Ontario and Quebec, and covers unpaid rents and damage on top of a traditional property and liability package. “The unpaid rents protection is much more than just insurance in the event of rent arrears,” explained April’s Luci Lee Frappier. “It it also includes coverage if the tenant dies, leaves before the end of the rental agreement without respecting the proper notice, damages the property to the point that it’s not tenantable for more than a week or refuses to vacate the rental despite the eviction notice.”

DAS Legal Protection names Rissa Revin as new CEO

Following the retirement of founding president and CEO Barbara Haynes, DAS Legal Protection has named Rissa Revin as its new CEO. Revin’s appointment comes on the back of a merger between


DAS Canada and Temple; in her new role, Revin will lead DAS Legal Protection across sales and distribution, marketing, administration, underwriting and claims management. Revin originally joined Temple back in 2014, where she served as SVP of claims, general counsel, chief compliance officer and corporate secretary for both Temple and parent company Munich Re.

Lloyd’s of London gives green light to cannabis in Canada

As the date for recreational cannabis legalization draws near, Lloyd’s of London has announced that it will allow member firms to underwrite cannabis-related business across Canada as long as they meet international and local laws. In a notice to more than 80 syndicate members, Lloyd’s said that after receiving legal advice, it was satisfied that offering cannabis insurance in Canada wouldn’t breach the UK Proceeds of Crime Act. However, the notice said, “it is important that managing agents ensure that any cannabis risks have Canadian risk location only.”

Global Aerospace Underwriting Managers CEO takes new role

Joseph Zigrossi, the former president and CEO of Global Aerospace Underwriting Managers, has closed out nearly two decades as the head of the aviation-focused MGA to take on the role of senior vice-president of aviation at commercial broker Dulude Taylor, a division of Ostiguy & Gendron. “I am looking forward to working with such a talented team,” Zigrossi said. “I am honoured to have the opportunity to continue my commitment to the Canadian aviation marketplace with an industry-leading aviation specialist as we continue to expand under Dulude Taylor’s new ownership.”

Local presence, global reach How one MGA has managed to cultivate an impressive global presence from a single UK-based office CFC Underwriting is one of the largest independent MGAs in the world. Cyber insurance is its hottest market, and approximately 50% of the firm’s gross written premium for cyber insurance is placed in the US; another 20% is written in Canada. So it might surprise people to learn that CFC Underwriting operates out of a single office in central London. “In this day and age, I think it’s possible to have a local presence without having an office in every location where we do business,” says Graeme Newman, CFC’s chief innovation officer. “We have the technology at our fingertips to be able to communicate quickly with someone in any country at zero cost. A lot of our brokers feel like we’re a local market because we travel a lot and conduct frequent in-person meetings.” Founded in 1999 with the original intent of selling cyber insurance online, CFC Underwriting has since reinvented itself as an MGA focused on cyber and technology professional liability. Despite the change, the firm remains tech-savvy, and it’s using its capabilities to connect Lloyd’s capacity to clients throughout the world. “We’re 100% broker intermediated,” Newman says. “We’re trying to challenge old-school insurance thinking and use technology to help our brokers become as efficient as possible. When we’re trading in lots of over-

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seas markets, we’ve got to turn business around fast, which means our service has to be the best. I truly believe that even here from London, we can get a quote to someone in New York or San Francisco faster than anyone else can, and that’s because we obsess about our service standards.”

“We can get a quote to someone in New York or San Francisco faster than anyone else can ... because we obsess about our service standards” Online insurance trading – CFC’s bread and butter – might be popular in the UK, but it’s something the US and Canadian markets have yet to fully embrace. The US is held back by complex state-by-state regulations and commission-based agency sales models, while Canada has simply been slow to adopt online trading. Despite this, Newman is confident that CFC can make it work in North America. “I think we’re well positioned on a global basis to start bringing some of the online trading capabilities so favoured in the UK to other overseas markets as they start to make the change,” he says.


Marco Andolfatto SVP and chief strategy officer TOTTEN GROUP

Years in the industry 17 Fast fact Andolfatto has played a key role in expanding Totten’s presence in Western Canada, including the establishment of the Totten Pacific branch in Vancouver

Tech and talent are key What new developments are currently in the works at Totten Group? Totten Insurance Group continues to drive exceptional value to our broker-customers, who have positively responded by supporting us with more of their business than ever before. This kind of success has allowed us to reinvest into our business. The Totten team has been successfully pursuing two key investment strategies: technology – both infrastructure and talent – and specialty insurance underwriting talent. With both of these strategies, we’re executing them through acquisitions and investments in our existing business. Beyond the acquisitions, we’ve supported our investment strategy by acquiring and adopting industry-leading insurance software and by hiring talented, entrepreneurial and specialized underwriters.

What are the challenges of running an MGA in Canada? Implementing new technologies effectively is challenging from both the disruption of existing operations and technical knowhow standpoints. Uncovering and hiring top underwriting talent is another challenge for our industry, due to changing demographics of the workforce and a limited pool of qualified candidates. Totten is addressing these challenges with two key strategies: first, the acquisition of firms that already leverage technology and are involved in the development of insurtech, and second, talent acquisition. Totten’s industry-leading culture of dynamism, entrepreneurship, and a supportive and rewarding workplace is a key factor in successfully recruiting talent.

Any thoughts about the emerging cannabis market? It’s still early days for the cannabis industry; in particular, there is uncertainty in the areas of enforcement, distribution and regulation. This uncertainty does impact the appetite for these risks by underwriters. Totten Insurance Group is reviewing these developments closely, and at this juncture, we are approaching this segment as an aspect of the healthcare practice. We are looking at more complete and sustainable insurance solutions for this segment rather than one-off coverages.

How can MGAs stay relevant in an era of on-demand coverage and direct online insurance sales? At Totten, our approach is to continue to closely listen to our customers to ensure our value proposition reflects exactly what their priorities and preferences are. This has meant providing our brokers with a level of expertise and professionalism that allows for tailored solutions for their clients. In addition, we are using the very same technology driving those trends to enhance our services, so those advantages in efficiency and ease of delivery of the product are being seen by our clients.

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Three timely tech trends in insurance A tech expert identifies some emerging developments that will drive insurers’ adoption of technology

Sachdev also identifies quantum computing as a technology insurers should take note of. “Quantum computing is going to change the game in terms of the way insurance companies carry out very complex calculations,” he says, adding that the technology will be “particularly relevant” for actuaries. And while not a new trend, Sachdev also believes insurance companies will continue to acquire insurtechs. “We’re already seeing big insurance firms acquiring small, innovative startups,” he says. “The thinking behind this

“That trend [of insurers acquiring insurtechs] is absolutely going to continue into the future”

There’s still a lot of space for tech providers to step in and improve certain aspects of the insurance industry – and one tech expert believes three specific trends could make waves in insurance in the years to come. “One of the next big trends we’re all working towards is augmented reality,” says Sharad Sachdev, managing director and analytics lead at Accenture’s insurance strategy practice.


“We’re already seeing insurance companies starting to test augmented reality in the ways they operate.” Sachdev says AR technology will allow insurers to operate effectively without a massive workforce. AR can be used to enhance the customer experience, warn policyholders of possible risks and dangers, and help insurers better analyze loss with enhanced visuals.

Intact launches commercial quick quote tool

Intact Insurance is launching a Commercial Property and Liability Insurance Quick Quote tool to offer small and mediumsized businesses a convenient platform to meet their commercial insurance needs. This complements Intact’s Commercial Auto Quick Quote tool, which came out in May. Customers can reach Intact’s quick quote tools directly through the Intact website or via a broker partner’s website. Brokers can fully co-brand and leverage the tools for their own digital acquisition strategies, allowing them to boost efficiency and generate leads.


consolidation is very simple – that a company could offer us a competitive advantage and we would like to have that competitive advantage for ourselves. That trend is absolutely going to continue into the future.” Sachdev also believes insurtechs have the potential to bend the insurance industry around them – if, for example, a small consortium of regional firms decided to support a particular insurtech, enabling it to scale beyond typical consolidation size, it would leave other firms no choice but to participate and partner with the chosen insurtech. “That’s how industry platforms get created,” Sachdev says, “and we could see more of that in the future.”

Toronto Insurance Council reveals integration initiative

The Toronto Insurance Council [TIC] has unveiled a new digital exchange [D/X] initiative that aims to demonstrate the viability of real-time integration between insurer technology platforms and broker management system platforms. TIC recently demonstrated a proof of concept focused on a first notice of loss, based on the IBAC D/X principles. According to TIC, its D/X system will enable real-time communication and enhance the consumer experience while eliminating ‘middleware’ and duplicate data entries.

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Vishal Kundi CEO (pictured)

Mike Senechal COO and US lead BOXX INSURANCE

Fast fact Boxx was recently selected by KPMG as one of 20 finalists (out of an initial field of 340 companies from 30 countries) to participate in its global Fintech Hackcelerator program this fall

Keeping up with tech-savvy SMEs What can you tell us about Boxx Insurance? Boxx is a new insurtech MGA based in Toronto. It’s designed to help brokers protect and grow their client relationships in a digital age. We equip brokers with the digital tools and assets to help clients address the risks of being part of a truly connected global economy.

Why the focus on digital? Our target market is the small to medium-sized business segment. Savvy entrepreneurs’ business thinking has changed, and the transformation from on-premise systems and software to on-demand or subscriptionbased services has happened quickly. So has the way businesses communicate with one another – through mobile apps and social channels. While this has helped businesses become more competitive and efficient, not all services, particularly insurance and risk management, have kept pace.

Tell us about your Cyberboxx product. No cybersecurity approach or insurance product, in isolation, can help organizations protect themselves. Cyberboxx combines world-class security and insurance coverage. With an all-inclusive membership, Cyberboxx is designed to help SMEs both stay ahead of cyber threats and respond if they are breached. Clients can track their score and security alerts on their Boxx mobile app and close off avenues of attack before a hacker spots them. If they don’t have cyber specialists on their team, they can take advantage of our team of cybersecurity specialists, who are available around the clock.

Insurtech firm TechCanary comes to Canada

Citing a rapidly growing Canadian market and expanding client base, US insurtech firm TechCanary has established a Canadian headquarters in Laval, Quebec, and has plans to open another office in Toronto. TechCanary claims to be the first BMS to implement complete ACORD and CSIO data models inside Salesforce, the first to build a comprehensive agency management system inside Salesforce, the first to automate carrier downloads within Salesforce, and the first to combine a leading CRM and AMS.

What are your thoughts about the use of Big Data in insurance? We have a PhD in data science on our team because we believe there are two big shifts occurring. The first is real-time risk analysis and pricing, which is particularly important in the cyber world. Attacks spread quickly – look at WannaCry, which in the first day was reported to have infected 230,000 computers in 150 different countries. The second shift is the amount of data that is now available to the insurance community. Through technologies like telematics and IoT, and with the application of behavioural elements, there are exciting opportunities for insurers to fine-tune product features and pricing in real time.

Are there any insurance-related technology trends that have caught your eye? There’s a lot of interesting developments. We see artificial intelligence, in its broad definition, as a gamechanger to deliver better profitability through superior pricing, better risk assessment and the creation of new markets. An example is cyber insurance, where we can overcome a lack of data with cognitive analytics and real-time decision engines that deliver new and better risk assessment models. We are excited about the possibilities that augmented intelligence brings, as machines are often learning in completely different ways from humans. We see this already in the medical industry, where companies are using machines to read and learn from all the available medical studies that are conducted.

More Canadian companies have full cyber coverage

According to a new FICO survey, the number of Canadian companies with full-coverage cyber insurance has more than doubled since last year. Forty per cent of Canadian firms surveyed said they have cybersecurity insurance that covers all likely risks, compared to just 18% of firms that said they had full coverage in 2017. In the financial services industry, 56% of companies said they have full cyber risk insurance. The number of companies that reported not having any cyber insurance at all dropped from 36% in 2017 to 22% in 2018.

QBE partners with climate analytics startup

Insurance giant QBE has announced a new partnership with startup Jupiter that the insurer hopes will strengthen its climate risk management capabilities. Jupiter’s ClimateScore is a comprehensive, cloud-based platform that incorporates environmental factors in an integrated, dynamic model to deliver riskfocused solutions. The platform uses data to analyze and predict climate risk from one hour to 50 years in the future; it can also calculate the climate risks for specific blocks and buildings.

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Don’t be the one One out of every five businesses will fall victim to a cyber attack. Not being part of that statistic, writes Shawn Ram, requires confronting the risk that goes along with embracing technology IT’S HAPPENED more often than I can count. People – from the guy who cuts my hair to the CPA I meet at a party – hear that I work in cyber insurance, and they proceed to ask me how they can protect themselves. I end up talking about cybersecurity a lot. At my last doctor’s appointment, I noticed that my primary care physician had transitioned from paper patient files to a cloudbased record management system. After proudly showing off his new iPad, my doctor proceeded to ask me about cyber­security. I was glad he did – security considerations aren’t always front of mind when adopting new technologies, yet it’s essential that businesses understand the implications that come with increased connectivity. As a society, we’re going through a significant period of change. The machine age is giving way to the information age – and we’re just at the beginning. Technology can be a real asset in the workplace. However, it also presents a real catch-22 for businesses. To thrive and remain competitive, businesses today must embrace and adopt technology. But with the adoption of technology comes new risk exposures – and these risks can be existential, particularly as a business’ operations become ever more dependent on technology. The reality is that technological risks are the most pervasive risks facing small businesses, and they are increasingly among the more severe risks exposures. It’s easy to for clients think that their business is too small


to be impacted, but in actuality, it is estimated that one out of every five small and mediumsized businesses [SMBs] will fall victim to cyber attack; of these, 60% will shut down within six months. Failure to treat cybersecurity and technological risk as a risk management problem can be costly. According to IBM, the average

We recommend that SMB clients that are increasing their technology footprint take the following steps: Check your contracts. Make sure you understand the limitations and liability in your contracts with technology providers, and don’t be afraid to push back on those limitations. Duplicate data and create redundancies within your own internal systems. Even the best technology can and will fail. Make sure you’re following best practices, including using two-factor authentication, encryption and data segregation. Where risk cannot be mitigated, it should be transferred. Explore what your existing insurance policies cover to determine what you need from a cyber insurance policy. Make sure your cyber coverage fits your business’s specific needs and risk expos-

“Security considerations aren’t always front of mind when adopting new technologies, yet it’s essential that businesses understand the implications of increased connectivity” cost of a data breach is over $1 million, and the potential loss exposures can be diverse, from data theft and income loss as a result of business interruption to privacy liability, reputational harm, and even property damage or bodily harm. Cybersecurity isn’t a problem that will be solved by technology alone. This is because, at its core, it is fundamentally a risk management problem. To address the risks that come with technological innovation, companies are left with three choices: accept the risk, mitigate the risk or transfer the risk. At Coalition, this is our mantra, and it’s a framework we use regularly to help SMBs understand the importance of risk transfer and cyber insurance in the context of a cohesive risk management strategy.

ures. For example, if you don’t accept credit cards, you shouldn’t be paying for coverage for PCI fines and penalties. Your cyber policy can and should be configured so that you’re paying only for what you really need. It’s not possible to completely eliminate risk, which is why it’s so essential for businesses to find the right balance of risk acceptance, risk mitigation and risk transfer. As with most things, a proactive and informed approach is the key to success.

Shawn Ram is head of insurance at Coalition. He previously led the national technology industry practices at Aon Risk Solutions and Crystal & Company.

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REACHING NEW HEIGHTS Jo-Anne MacDonald, ARAG’s new Canadian CEO, has hit the ground running, making awareness around legal insurance her mission

LESS THAN six months ago, Jo-Anne MacDonald stepped into the biggest role of her career. As the new CEO of ARAG Group’s operations in Canada, her mandate is to raise the awareness around legal expense insurance, ARAG’s specialized offering in the country, and build out the Canadian team to bring the product to life across the country. MacDonald has wasted no time making waves at ARAG Canada, transplanting the company’s outpost from the outskirts of Toronto to an office in the middle of the city’s bustling financial district. The move fits right in with her growth strategy for the company. “We want to demonstrate the footprint that we are carving out here in Canada, and being on Bay Street in Toronto and having our head office on Bay Street I think certainly demonstrates that,” MacDonald says. “Secondly, we wanted to have a space that was large enough that as we expand, we can grow into it.” For ARAG’s partners, the new offices also function as a welcoming place where they can come to share ideas and determine the best course of action while solidifying their relationships with ARAG. Despite jumping headfirst into the legal insurance market with her new role, MacDonald has a more varied background


than many in the industry. Insurance wasn’t always part of her career path, though she had family connections to the business; her father worked in the sector for almost 50 years. “I remember every night of the week, our house phone would ring,” she says, “and there’d be somebody who had an accident or somebody who needed help or somebody

“I have determined my career quite deliberately,” she says. “I was never too fussed about the widget, about the thing that was being sold or promoted or the service. The only thing I always prided myself on was that whatever industry I was in, I had to truly believe in the business and the product I was promoting or leading or managing. It was certainly the caveat to my entire career.”

“I think if consumers knew that [a legal expense] policy could help and assist them through some of their legal woes, they would be coming to their insurance brokers and asking for this product. That’s certainly the aim we have in Canada” who needed to speak to my father.” Her own career has ranged from teaching at a community college to working for RBC and then in the pharmaceutical industry. MacDonald eventually made her way into title insurance and then the P&C market, which led her to legal expense insurance. There was, however, a common thread throughout the journey.

A product with a mission Making the benefits of legal expense insurance well known in Canada isn’t an easy task. Though legal expense insurance has been around for a century, the product only made headway into the Canadian market in 2010, and it’s really still in its infancy. “We know for certain that legal aid within our court system only provides a very, very

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PROFILE Name: Jo-Anne MacDonald Title: CEO Company: ARAG Canada Based in: Toronto Years in the industry: 9 Career highlights: Helping fellow colleagues, organizations and clients succeed while building business relationships that last a lifetime

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small percentage of Canadian citizens with the support and assistance to manoeuvre through the justice system,” MacDonald explains. “I think if consumers knew that this policy could help and assist them through some of their legal woes, they would be coming to their insurance brokers and asking for this product. That’s certainly the aim we have in Canada.” She adds that there’s a huge gap between the 1% of people in Canada who can afford to have lawyers on retainer, and those individuals and businesses that simply can’t afford it, leaving some plaintiffs and defendants with

of the country. “Trying to develop and grow a region, we have to have individuals from that region, living in that region, to build longlasting relationships.”

Poised for takeoff The relative novelty of legal expense insurance in Canada – with the exception of Quebec, where the product has been popular for a few decades now – means that there’s plenty of business to be had. ARAG wasn’t the first legal expense insurer in the marketplace, but there is still a lot of room to partner with broker-

“It’s a very exciting time for ARAG, and we will absolutely have a huge foothold here in the Canadian marketplace. But we will do it by prioritizing and making sure that it’s a disciplined approach to growth” no choice but to self-represent in court. In Ontario and Quebec, for instance, small and medium-sized enterprises are a huge component of the economy – those two provinces alone have 650,000 businesses with 499 employees or fewer, which is why the ARAG Canada team has prioritized those markets. Soon after she came on board, MacDonald hired legal insurance expert Nancy Babeu as the principal broker for Quebec; she will also drive business development across Eastern Canada. Meanwhile, ARAG Canada is exploring opportunities in Western Canada, and British Columbia specifically, after an ARAG-led economic report revealed the potential opportunities in the province. “BC will continue to have leading growth compared to Canada overall and compared to other provinces,” MacDonald says, adding that ARAG has an effective strategy in place to bring on new team members in other parts



ages, MGAs and benefits providers that share the company’s core values. “Competition is a great thing in any industry,” MacDonald says. “Being a subsequent entrant into the Canadian marketplace is beneficial because there is already some brand awareness, and we will lead the charge to expand that awareness even more.” Aligning with others in the insurance industry to establish long-term partnerships and ensure future growth is on MacDonald’s ongoing to-do list as the company moves ahead with its plans for Canada. “As we look down the path for the next two, three, five, eight and 10 years, it’s a very exciting time for ARAG, and we will absolutely have a huge foothold here in the Canadian marketplace,” MacDonald says. “But we will do it by prioritizing and making sure that it’s a disciplined approach to growth.”


Number of countries where ARAG Group operates, including the US and Canada


Year that ARAG Canada was incorporated as an insurance intermediary and part of ARAG Group


Number of employees operating out of ARAG’s offices in Canada

€1.61 billion

ARAG Group’s total premiums and revenues for 2017


Growth of premium income in ARAG Group’s international insurance business last year

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Which Canadian MGAs are outperforming the rest? Heather Turner reports on where brokers said MGAs are excelling ­– and where they have room to improve CLIENTS’ NEEDS are constantly evolving, as are the needs of the retail brokers who rely MGAs to meet varying and increasingly niche risks. In Insurance Business Canada’s annual Brokers on MGAs survey, those brokers voiced their top concerns while also commending the MGAs that are setting the standard for the rest to follow. To gauge which MGAs are among the industry’s best, IBC asked brokers to rate their MGAs’ performance on a scale of 1 (poor) to 10 (excellent) across 10 businesscritical areas, including turnaround time, premium pricing, product range, claims support and technical expertise. Brokers also shared their thoughts on how their MGA partners could improve their service in each of those key areas. While the three qualities brokers consider most


important in an MGA have remained the same – underwriting responsiveness/turnaround time, premium pricing and range of products – there has been a slight reshuffling of priorities on the other end of the spectrum. Brokers ranked both technology and automation and marketing support as higher priorities this year than reputation and compensation. Performance-wise, MGAs took quite a hit this year. Every single category, with the exception of claims support, received lower ratings from brokers compared to last year. However, 30 MGAs still managed to score an 8 or higher in at least one category, earning them the title of Five-Star MGA, which represents a slight increase from last year’s list of 27 Five-Star MGAs. Read on to find out what else brokers had to say about their MGA partnerships.

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2017 Technical expertise and product knowledge





Premium pricing 65% 68%

Range of products 44% 40%

Claims support 27% 32%

Customer service

Technology and automation 7% 4%

Marketing support 5% 3%

Compensation (commission, bonuses, profit-share, etc.) 5% 7%






OVERALL RELATIONSHIP FIVE-STAR MGAs ABEX Anderson McTague & Associates Angus Miller Insurance Brownstone Insurance Managers Burns & Wilcox Canada Cambrian Special Risks Cansure CHES Special Risks Chutter Underwriting Services Encon Group Frank Cowan Company GroupAssur Milnco Insurance PAL Insurance Brokers Premier Canada Signature Risk Partners South Western Group SRIM Sum Insurance TCB Underwriters


WHEN IT comes to their overall relationship with brokers, MGAs are aware that this is one of the most basic and fundamental aspects of their business, which explains their relatively consistent performance in this area. Although their score dropped quite a bit this year (from 8.64 to 8.34), the category again ranked highest in terms of performance, and 20 MGAs received five-star ratings. To assess their relationship status, brokers often consider several facets of their MGA’s performance and service, and the consistently positive results in the category prove that MGAs know what compels brokers to stay with them in the long run: regular communication and going the extra mile to give brokers what they need. “They are amazing to deal with and are very quick to reply to inquiries. Very rarely do I have to follow up” and “I feel like we have a great relationship with [our MGA], and they are always quick to help us with hard-to-place risks” were a few of brokers’ more effusive comments. However, some brokers who gave relatively high marks have noticed some decline in attentiveness from their MGAs. Brokers remarked that their MGA’s representative “used to come in once a month” or “more than once a year,” and said they could definitely use “more business development visitations” to keep the MGA attuned to brokers’ needs. Many brokers who gave lower marks referred to communication issues such as delayed responses or a lack of acknowledgement on requests and emails. Any changes in the relationship between the broker and MGA can easily trickle down to the interaction between the broker and client, which is what the business is all about, as one broker reminded his MGA partner: “We must focus on the client’s needs, not ours!”

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HOW WELL DID MGAs PERFORM ON AVERAGE? 2018 Overall relationship

2017 Claims support





Technical expertise and product knowledge 8.19

Premium pricing 7.99



Range of products

Technology and automation





Underwriting responsiveness/turnaround time

Compensation (commission, bonuses, profit-share, etc.)





Customer service

Marketing support





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FIVE-STAR MGAs TECHNICAL EXPERTISE AND PRODUCT KNOWLEDGE FIVE-STAR MGAs ABEX Anderson McTague & Associates Angus Miller Insurance Brownstone Insurance Managers Burns & Wilcox Canada Cambrian Special Risks Chutter Underwriting Services Encon Group Frank Cowan Company K&K Insurance Canada Milnco Insurance O2 Insurance Services PAL Insurance Brokers Premier Canada Signature Risk Partners South Western Group SRIM Sum Insurance TCB Underwriters THIS YEAR, 19 MGAs earned a five-star rating for their expertise with a variety of products. The category ranked second in terms of the number of five-star MGAs and overall rating, though the latter experienced the sharpest decline from last year of any category, plunging from a score of 8.75 to 8.19. Brokers were most frustrated with MGAs whose underwriters fail to show initiative in this area and are not living up to their role as advisors. As one broker put it bluntly, “It’s not helpful if I asked a question and the response is a blank email with a wording attached. If I asked a question, that means I’ve already looked through the wording and couldn’t figure it out.” Others called for their underwriters to “make recommendations if they see a coverage that would most likely apply to a risk,” give “more suggestions on complex risks” and have “restrictions/exclusions on relevant coverage items identified proactively” instead of leaving the brokers to pore over the documents on their own. “[It’s] really educating the brokers,” one respondent said. “I know some brokers really rely on underwriters’ knowledge.” Other brokers noted that it’s simply a matter of giving them more time and more training, especially for the “newer staff [who] still have strides to make.” For those MGAs that are doing exceptionally well in this area, brokers were quick to acknowledge that they’re “absolute brains” and “have vast knowledge of all the products inquired about.”


RANGE OF PRODUCTS FIVE-STAR MGAs ABEX Anderson McTague & Associates Angus Miller Insurance April Canada Brownstone Insurance Managers Burns & Wilcox Canada Cambrian Special Risks Cansure CHES Special Risks Chutter Underwriting Services GroupAssur GroupOne Insurance Services PAL Insurance Brokers Pistagnesi Doyon Signature Risk Partners South Western Group Sports & Fitness Insurance Canada SRIM Sum Insurance PRODUCT RANGE remains one of the top three qualities brokers look for in an MGA partner – 44% of respondents named this area as a priority. This time around, performance seems to be on par, as the category also placed third based on its overall rating. A number of positive reviews went beyond mentions of product range and variety to include flexibility, thoroughness, and ease of access and process: “They offer a large variety of products; if they haven’t heard of what I’m asking about, they inquire and accommodate,” said one broker. “Good variety with easy access on the portal,” said another. When it comes to products, brokers aren’t just looking for breadth – those working in niche markets appreciate specialist MGA partners who “focus on what they do best.” As one respondent put it: “[They] can’t really be an expert in all areas,” adding that pricing also affects how much an MGA can offer. Still, most brokers would welcome expanded offerings when possible, and perhaps “a little more room for some of the smaller risk types.” Beyond the existing range of options, brokers are also looking for an MGA that’s responsive to market changes. One broker remarked that “new product features and extensions are constantly evolving, [and] there is a need to keep up as best as possible.” Another urged his MGA to “continue [their] responsive innovation.” More specifically, one respondent mentioned that marijuana legalization is “just around the corner” and noted that “there is a lack of information on how various markets plan on handling these needs in the future.”

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FIVE-STAR MGAs UNDERWRITING RESPONSIVENESS/TURNAROUND TIME FIVE-STAR MGAs ABEX Anderson McTague & Associates Angus Miller Insurance Brownstone Insurance Managers Cambrian Special Risks Chutter Underwriting Services Frank Cowan Company Milnco Insurance PAL Insurance Brokers Premier Canada Signature Risk Partners Sports & Fitness Insurance Canada SRIM Sum Insurance TCB Underwriters

AS ALWAYS, underwriting responsiveness and turnaround time remains the most important aspect for brokers when assessing an MGA partner; however, MGAs have yet to keep up in terms of their performance. Consistent with last year, underwriting responsiveness and turnaround time was MGAs’ fourth best-performing category, though the average score slid to 8.04, down from 8.31 in 2017. Despite the dip in rating, several MGAs were able to outperform others, leaving their broker partners pretty satisfied with the status quo, commenting that things are “pretty good as it stands” and “hard to improve, as sometimes [turnaround] is [the] same day.” For brokers, it’s not just about receiving quotes quickly, but also getting prompt answers to their calls and emails; a couple of others also mentioned that having an online quoting option can make quite a difference. Understandably, “no one is 100% all the time,” and some brokers noted that delays might be due to volume/peak season demands or “the London connection.” While brokers understand that these instances are often out of MGAs’ control, they would like to see better communication in these cases. Some brokers stressed the importance of receiving a response within a day or two, because “more than two days is unacceptable to our customers.” They added that if the MGA cannot respond on time because the underwriters have yet to find the answer, they should “advise instead of just letting an email sit in the inbox unanswered.”

WHAT DO BROKERS WANT? IBC asked brokers for their suggestions on how MGAs can improve their service. Here’s what they had to say:

“A system that produces binders would be beneficial” “Adoption of technology to improve connectivity to brokers” “Apart from competitive pricing and products, the relationship they are willing to build with our brokerage speaks loudest” “Better claims team that is geared to work with the broker”


“A summary of coverage to forward to the client with the quote, not just all the wordings and endorsements” “Increase staffing and provide training by area, focusing on geographical needs. Train underwriters to understand how the operations of the risks they are insuring actually work” “Follow up with quotes; find out what is working and what is not working”

“Many MGAs appear to write everything but are only competitive on a few areas. Focus on areas where you have underwriting expertise and own it” “If you are working on something for us, let us know that you are working on it and if we can expect to hear back in a couple of days. It’s always nice just knowing that you’re handling it instead of not hearing from you until you have it done”

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MGAs’ CUSTOMER service satisfaction is largely linked to underwriters’ performance. Brokers are generally pleased when underwriters are “friendly and easy to deal with” and when they get prompt responses to their emails and calls. On the whole, it seems MGAs are upholding this standard – 16 companies received five-star ratings for customer service – although their average performance did take quite a dive from last year, slipping from 8.40 to 8.02. Most of brokers’ complaints about customer service revolved around responsiveness and turnaround time. One respondent asked for “easier access to underwriters,” while another remarked that his MGA was “OK once nudged,” which suggests a lack of initiative. One broker in particular was dismayed that “certain underwriters are not shy to let you know that you are not a priority on their to-do list” – a clear customer-service blunder. Another measure of an MGA’s customer service is the claims experience and support provided, although many brokers said they have yet to experience this aspect of their MGA. One broker did ask for his MGA to step up service in this area by “sending out claims notices to brokers to confirm [when a] claim [is] open and once [it’s] closed.”

Agile Underwriting Solutions Anderson McTague & Associates Angus Miller Insurance Brownstone Insurance Managers Burns & Wilcox Canada Cambrian Special Risks Chutter Underwriting Services Encon Group Frank Cowan Company i3 Underwriting Lions Gate Underwriting Milnco Insurance PAL Insurance Brokers Signature Risk Partners SRIM TCB Underwriters

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Anderson McTague & Associates

Anderson McTague & Associates

Angus Miller Insurance

Angus Miller Insurance

April Canada

Cambrian Special Risks

Brownstone Insurance Managers

Chutter Underwriting Services

Cambrian Special Risks

Encon Group

CHES Special Risks

i3 Underwriting O2 Insurance Services PAL Insurance Brokers Pistagnesi Doyon Signature Risk Partners SRIM TCB Underwriters BROKERS WERE asked to rate their MGAs’ claims support performance only if they’d had claims experience (only 46% of respondents did). Overall, MGAs seemed to have really improved in this area this year – it’s the only category that received a bump in rating, going from a score of 7.71 to 8.00, and 13 MGAs earned five-star status for their claims support. Performance was mixed among those who have experienced claims, although a number of brokers stressed that their claims experience has been limited. Some brokers commented that the MGAs they work with don’t really provide much support for claims or that claims service really has to more to do with the MGA’s choice of insurer. Those who

“I didn’t hear from the adjuster and had to go elsewhere for answers” did have positive experiences applauded their MGAs for “being willing to intervene with the company to move the response along” and “keeping the broker in the loop.” One broker cited feedback from a client, who said that “the experience and the quick response were great.” Brokers whose MGA partners failed to live up to expectations mostly complained of slow responses and a lack of communication. “I didn’t hear from the adjuster and had to go elsewhere for answers, even though coverage was not afforded under the policy,” one respondent reported. A couple of others mentioned that claims experience is often dependent on the adjuster or adjusting firm’s familiarity with the product and way of interpreting the wording, which one noted could be different from other insurance companies.


Chutter Underwriting Services Frank Cowan Company GroupAssur GroupOne Insurance Services Milnco Insurance PAL Insurance Brokers Signature Risk Partners SRIM Sum Insurance TCB Underwriters Totten Insurance Group PREMIUM PRICING remains the second most important factor for brokers when choosing an MGA, but performance-wise, it hasn’t yet managed to move past sixth place. However, the good news is that the overall score for premium pricing has remained pretty much the same: 7.99 this year, compared to 8.00 last year. Those who found pricing satisfactory took into consideration the fact that they’re working with hard-to-place risks. Brokers acknowledged that “pricing is fair for the most part, but they are still high on certain sectors,” and “it’s due to markets and the type of risks, so [there’s] not much to be done.” Others said they’re more willing to pay a higher premium when they can spot certain advantages, such as good response time and product selection. On that note, a few respondents mentioned the need for better pricing for special events/events liability, as well as property exposures that can get quite expensive. Some brokers also noted that having additional fees on top of the premium can make it seem like prices are too expensive. One broker suggested that MGAs “incorporate the underwriting fee into the premium, instead of charging it separately,” while another recommended applying “tiered fees [that] may be more effective at different premium price points.” Brokers also came through with several suggestions that could make pricing seem more competitive, such as providing value-added services like direct billing, ensuring policies are issued and sent through together with the premium notice, offering more exclusive products, and exercising flexibility.

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FIVE-STAR MGAs TECHNOLOGY AND AUTOMATION FIVE-STAR MGAs Angus Miller Insurance Brownstone Insurance Managers Cambrian Special Risks PAL Insurance Brokers Premier Canada Signature Risk Partners TCB Underwriters UNLIKE LAST year, when technology and automation placed second to last in terms of priority, brokers ranked this category as more important than marketing support, reputation and even compensation this year. Performance-wise, it came in eighth, following a drop in the average score from 7.78 to 7.57.

COMPENSATION (COMMISSION, BONUSES, PROFIT-SHARE) FIVE-STAR MGAs Agile Underwriting Solutions Anderson McTague & Associates Angus Miller Insurance Cambrian Special Risks Chutter Underwriting Services GroupOne Insurance Services Milnco Insurance TCB Underwriters MGAs PERFORMED about the same as last year in terms of the compensation they offer to retail partners, achieving a score of 7.55 compared to last year’s 7.56, and eight MGAs earned a five-star rating – just one fewer than 2017. Many brokers readily admit that they’ll “always want more” commission, though a good number admitted that their MGAs have been quite fair with compensation. One of the top performers for this category was commended for not charging policy fees, and several brokers concurred that MGAs should consider reducing or waiving their fees in lieu of an increase in commission. Many others called for a 20% commission, which would help cover the extra fees they have to pay. Still, this category remains a relatively low priority for brokers – as one put it matter-of-factly: “[It’s] all pretty standard [and] not as important as actually finding a solution for the insured.”


The majority of brokers noted the need for better access, a better online portal, more web-based application forms/processes and online quoting for certain products. The use of email received mixed reviews – some brokers are happy to stick with their MGA’s current email system as long as the documents they need arrive on time, while others feel MGAs should consider shifting to an online system, since documents can get quite large and difficult to edit over email. Ultimately, technology is all about making things easier and faster for brokers and giving them the option to do things at their pace. One broker was pleased that his MGA allowed him to “issue policies on [my] own, attach documents and get policy documents immediately,” while others commended their MGAs for a “great portal” and a “website [that] is very easy to navigate and user-friendly.” Even one broker whose MGA has “limited tech [options]” noted that “they make up for it with quick turnaround.” Several others commented that their MGA’s current setup is good enough and noted that “if it works as it is, don’t mess with it.”

MARKETING SUPPORT FIVE-STAR MGAs Anderson McTague & Associates Cambrian Special Risks Milnco Insurance PAL Insurance Brokers Signature Risk Partners WHILE MGAs’ marketing support has always been the least important area for brokers, this time it managed to edge out two other categories – compensation and reputation. However, it looks like MGAs have mostly heeded brokers’ advice and shifted their attention elsewhere, which would explain why marketing support placed last in terms of performance this time, scoring just 7.32 out of 10.

It looks like MGAs have mostly heeded brokers’ advice and shifted their attention elsewhere Most brokers said they haven’t experienced marketing support from their MGA and/or don’t consider it to be particularly important. The few who gave more specific feedback all stressed the same thing: the importance of receiving regular communication and updates about products and coverages, including reminders about existing offerings that brokers might have forgotten about or not heard of.

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We’re building on a strong reputation. ENCON has always brought a nimble, future-focused approach to underwriting. Now, as a Victor company, we’re continuing our commitment to brokers and clients as part of one of the largest managing general underwriters in the world. See what the insurance enterprise of the future can do for you.





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Technical expertise Overall and product relationship knowledge

Range of products

Underwriting Customer Claims responsiveness/ service support turnaround time

Premium pricing

Technology Marketing and Compensation support automation

ABEX Agile Underwriting Solutions Anderson McTague & Associates Angus Miller Insurance April Canada Brownstone Insurance Managers Burns & Wilcox Canada Cambrian Special Risks Cansure CHES Special Risks Chutter Underwriting Services Encon Group Inc. Frank Cowan Company GroupAssur GroupOne Insurance Services i3 Underwriting K&K Insurance Canada Lions Gate Underwriting Milnco Insurance O2 Insurance Services PAL Insurance Brokers Pistagnesi Doyon Premier Canada Signature Risk Partners South Western Group Sports & Fitness Insurance Canada SRIM Sum Insurance TCB Underwriters Totten Insurance Group


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Growing with experience IBC sat down with some of ENCON’s leaders to find out the secrets behind the MGA’s success

YOU CAN’T buy experience – it’s a saying that sports pundits have been spouting for years. But it’s not only relevant to hockey and baseball teams; it’s a sentiment that is equally meaningful in many industries, particularly insurance. Experience is at the forefront of ENCON’s success in the Canadian marketplace. The MGA has been writing policies for more than 50 years, and its specialty underwriting expertise is at the core the company’s value

expertise, which allows us to understand the risks faced by clients and then offer insurance solutions that meet their specific needs,” says Stefanie McKay, ENCON’s chief underwriting officer. “Brokers and clients rely on our underwriting and claims teams for tailored coverage solutions, claims handling and risk management programs – all of which stem from that experienced understanding of risk.” ENCON has collected a wealth of quali-

“We are committed to creating expectations and then meeting them by being responsive, by listening to the needs of our brokers and their clients, and then delivering quality, sustainable solutions” Stefanie McKay, ENCON proposition to brokers and their clients. ENCON’s depth of experience has played a vital role in creating consistency in the areas that matter for brokers – claims handling, coverage features and pricing. “Those decades in the business have helped us develop a heightened level of


tative and quantitative data in its 50-plus years of underwriting specialty policies. The analysis of data over long periods helps the MGA’s experts provide a richer understanding of the risks clients face on a daily basis. It also enables ENCON to conceive and develop sustainable long-term programs.

“Clients really benefit from having that consistency and stability in their programs,” McKay says. “It also means we have the expertise to help educate brokers and their clients on every aspect of the risks they face and what the appropriate solutions might be.” Another integral aspect of ENCON’s growth story has been inter-departmental collaboration. The MGA has an in-house claims team, which shares two floors with the underwriting department at its Ottawa headquarters. The two teams are in constant communication, and the claims team plays an important role in the development and enhancement of policies. Having the claims and underwriting departments on the same page helps ENCON ensure its products achieve their objectives. “ That close relationship creates consistency, and it means that claims can make underwriting aware of any trends or potential issues as soon as they arise,” says Tanya Banfield, claims leader and senior vicepresident at ENCON. “There is a great alignment in terms of how we understand the product, the broker and the client’s needs. Communication between the departments is easy and natural, and that strengthens both our product offering and the customer experience we are able to deliver.” Having such a broad range of specialist expertise under one roof has been an important part of ENCON’s success. Brokers are accustomed to dealing with underwriters, but it’s the claims team that’s responsible for dealing with the client. “I believe that interactions with the claims department are where long-term bonds can be formed,” says ENCON president Dave Cook. “Clients who have great claims experiences become our advocates. The experiences we have with those clients inform our product decisions on a go-forward basis and help us deliver top-quality coverage to the many different professions and clients we serve.”

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“I believe that interactions with the claims department are where long-term bonds can be formed. Clients who have great claims experiences become our advocates” Dave Cook, ENCON Embracing technology and innovation has been another central aspect of ENCON’s expansion over the past five decades. The company has adopted many of the tech offerings that have revolutionized insurance and continues to do so today.

“In addition to offering a range of digital services and educational tools to brokers and clients, we also deliver webinars, webcasts and e-learning,” Cook says. “Online interactions with brokers, particularly for education and making transactions even more efficient, are

going to be key components for us as we move forward. Technology provides many necessary tools in the current marketplace, but it shouldn’t be seen as a replacement for human interaction between the broker and underwriter or the client and claims analyst.” ENCON has also been committed to creating strong, meaningful and mutually beneficial partnerships with its broker partners. Relationships are built on trust, and that’s not something that can be created after one meeting or phone call. As McKay explains, any successful partnership needs to be a three-way relationship between the MGA, broker and client. “We are committed to creating expectations and then meeting them by being responsive, by listening to the needs of our brokers and their clients, and then delivering quality, sustainable solutions – that’s how trust is built,” she says. “Brokers have come to rely on us for our knowledge and expertise, which helps them attract and retain clients. Our ability to create quality programs that brokers can trust has been important in helping us build those valuable long-term relationships.” ENCON is part of Victor, the largest MGU in the world. This is extremely beneficial, as it allows ENCON to leverage expertise and product development initiatives across various global markets. “It means we can partner with a variety of insurance carriers and match their appetite to market needs,” Cook explains. “Carriers who support our programs domestically will see opportunities across the Victor platform. Where we have carriers in other jurisdictions with expertise and new offerings, we can be their vehicle to provide coverage to Canadian clients. “There is also a direct benefit for brokers,” he adds. “They have access to our products and our understanding of how to put multiple products together in a packaged solution. It’s a one-stop shop for brokers and their clients.”

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In the business of benefits Hub International’s Mike Barone is leading a change in mid-market employee benefits. He tells IBC about the trends taking shape in this dynamic space

IBC: Where are voids in the Canadian employee benefits space? Mike Barone: There are several very large insurance organizations that focus on employers with 500 to 1,000-plus employees – the upper end of the market. Then there are hundreds of firms that focus on the small business customer, but no broker has really oriented themselves specifically around the needs of the small mid-market customer in a way that is consistent with what one might experience as a larger organization. For example, we don’t see a lot of firms employing multi-year strategies; it’s more transactional. They connect at renewal and then do it again the next year. That’s one example of a void we see in the market – a lot of great relationships exist with customers, especially with small businesses, and a lot of resources exist in the upper market, but no one is putting together both resources and relationships for the mid-market.

IBC: How is Hub trying to fill this void? MB: As an organization with over $600 million in revenue in Canada, we have the ability to make significant investments. While our market competitors can certainly make


investments, and have made investments, their interests really are in serving much larger organizations. We plan to staff up and develop a model where we are able to deliver a unique suite of services through our consultants to that small mid-market customer that will be consistent with what’s being delivered to upper-market organizations.

IBC: What are the key trends affecting employee benefits today? MB: The tight labour market is one. What we’ve seen over the past few years is that organizations and customers are coming to us and asking what things they need to do to be really competitive when it pertains to attracting talent, retaining talent and building

a benefits package that allows them to recruit the next wave of employees. Extraordinarily high drug costs are another factor affecting the space. Companies are trying to enhance their benefits package, which comes at an expense; meanwhile, drug costs are increasing significantly. This then becomes a double effect in terms of premiums and expenses affecting an employee. Lastly, there is a trend around mental health and wellness, and taking a look at how to address those unique needs in the workforce.

IBC: Do you expect technology to have an effect on employee benefits? MB: I don’t think technology has had a significant impact on our business, but when you

ABOUT MIKE BARONE The president of employee benefits at Hub International and a member of the company’s executive management team, Mike Barone leads strategic benefits planning, population health management, employee engagement and communication, healthcare reform guidance, and compliance, as well as ongoing client exchange technology solutions. Barone is passionate about the importance of investing in employee benefits. He joined Hub in 2012 via the acquisition of Intercare, a company he founded that was known for its specialized insurance products that allowed mid-sized companies to provide innovative benefits to their employees.

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Year established: 1998

Number of Canadian offices: 173

Headquarters: Chicago

Number of employees in Canada: 3,000

“If you work for an organization that is making investments [in wearables] ... you are more likely to appreciate the benefits package and stay with that company” see what organizations like Google, Facebook and Amazon are doing, it’s only a matter of time before artificial intelligence and machine learning have an impact on our business when it comes to how employees and their families optimize insurance products. With wearables, we haven’t seen them impact benefits or premiums, but we have seen them incorporated into wellness strategies to engage employees and help them become healthier, more productive and happier. If you work for an organization that is making those investments, as a human

being, you are more likely to appreciate the benefits package and stay with that company. I see wearables as being more of an impact on an employee engagement strategy than I see it as a mechanism to reduce cost.

IBC: What emerging trends are on the horizon for employee benefits? MB: Paramedical services, such as massage therapy, naturalistic therapy and physiotherapy, is something not too many people are talking about. I think Canada is actually leading the US when it comes to thinking

Leadership: Tina Osen, president, Hub International Canada

Fun fact: Hub was born in Canada in Leamington, Ontario

about how to address this specific need and building awareness around the availability of these services. However, any time you do have a big emerging trend, we all have to be cognizant of folks who are not as altruistic and are looking to take advantage of the situation, which leads to fraud in the space. Another emerging trend is the legalization of marijuana. I think it’s an interesting thing for all of us to think about how it will change the way we select employees. So the question is, how do we play with that? It’s a very new paradigm. 41

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Thursday, November 29, 2018 The Liberty Grand | Toronto A record number of nominations flooded in from all over the nation, recognizing the insurance sector’s most dedicated, diligent and diverse organizations, teams and professionals – and now it’s time to reveal the finalists of the third annual Insurance Business Canada Awards. Want to be there as the lucky winners receive their awards? Join hundreds of insurance leaders and industry professionals at the awards ceremony on November 29 at Toronto’s Liberty Grand. Together with our publisher and event organizer, Key Media International, IBC would like to thank both the insurance community and our fantastic sponsors. Your support in the pursuit of insurance excellence continues to make this event a huge success.

Don’t miss out! Make a table reservation today at, or contact our dedicated events team at For more event updates, follow us on: /Insurance Business Canada


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The winners of the 2018 Insurance Business Canada Awards will be selected by our esteemed panel of judges:

yy Alan Spruin RSA Canada

yy Carmen Kehyeian Intact Insurance

yy Frank Piluso Aon Canada

Bob Tisdale

George Hodgson

Karen Slaunwhite

CEO, Insurance Brokers Association of Alberta

President, Karen Slaunwhite & Associates, Association Management Consulting; former executive director, Insurance Brokers Association of Nova Scotia [IBANS]

President and chief operating officer, Pembridge Insurance Company

yy Julia Fischer Intact Insurance

yy Katherine E. Ferrante

ARAG Services Corporation

yy Lindsay Donelson FirstOnSite Restoration

yy Sheldon Williams Dream Insurance

Sangeeta Chopra-Charron Management consultant, strategic marketing and operations

Jim Ruta “The Re-Energizer”; keynote speaker and media host

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Join us for this essential event, bringing together leading insurance influencers to discuss perspectives on regulation, cannabis-specific risk, business growth and how these forces combine to shape the current and future insurance market.

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Insurance Business Canada Magazine


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BUILDING BRIDGES Krista Franklin’s willingness to always reach beyond her core job has led to numerous opportunities

Having graduated with an economics degree into a recession, Franklin pursued accounting courses and worked as a teaching assistant – but she credits her parttime job waitressing as her true education “It was a brilliant experience, teaching me how to handle stress, interact with people and think on my feet. I learned much more than I would have in an office environment”



2007 FORGES CONNECTIONS Looking to connect previously siloed departments, RSA called Franklin while she was on maternity leave, asking if she would be willing to take on the task. On her return, she stepped into the position of director of finance, broker business “The leadership team felt there was a gap between the departments and wanted a better connection between the teams; they had me in mind. The experience gave me more exposure to executive roles”

2011 SPECIALIZES IN CORPORATE DEVELOPMENT Franklin’s desire to get back into the corporate development space coincided with a word-ofmouth recommendation from an acquaintance in the corporate development department at Aviva “I came in for a casual interview, and they made me an offer shortly thereafter – in fact, when I was giving my information to HR, they told me it was a done deal, that [the interviewer] had told them to hire me”

2018 IS PROMOTED TO COO Having been charged with COO duties since 2016, Franklin was officially promoted to the position earlier this year “I believe in nurturing and supporting my team and helping them grow – people have mentored me and made a difference; I want to do the same for others. In a perfect world, I would like to make myself irrelevant – I’d like to spread that knowledge and capability throughout the company”


1998 GETS A FATEFUL PHONE CALL Franklin entered the insurance industry via a stint in corporate finance at KPMG that quickly led to a new opportunity “I learned a lot at KPMG – and then I got a call from a headhunter with RSA’s corporate development department; they were looking for someone with technical experience. Later, I took over the role at RSA that I had been reporting to”

2008 REACHES A TIPPING POINT With a decade at RSA under her belt, Franklin was headhunted by Jones DesLauriers at what turned out to be the perfect moment “It was a tipping point for me; I had to ask myself if I wanted to be at the same company my whole career or have different experiences and challenges. [At Jones DesLauriers], we had to downsize and restructure. It was hard but gratifying”

2015 THINKS SMALL Franklin downshifted from multinational corporations to take on a role as CFO at insurance brokerage Jones Brown, where she was also charged with responsibility for the HR and legal departments

“I want to have more of an impact, and at large companies, you can only make an impact up to a point. Smaller operations offer the nimbleness of having more effect and making more of an impact”

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Washing her hair now takes Michaud five minutes, compared to the half-hour it took when it was longer


Total inches that were cut from Michaud’s hair to donate


Amount Michaud raised from sponsorships before the cut


Postage required to mail Michaud’s hair to the Canadian Cancer Society

NOT A HAIR OUT OF PLACE Ontario broker Olivia Michaud donates her locks to help those who have lost theirs WHEN HER aunt and grandmother became ill within a few years of each other and lost most of their hair from the effects of chemo, Whitby-based insurance broker Olivia Michaud realized the importance of wigs made from donated human hair, which help restore the dignity of cancer patients. “They were so happy when they got the wigs,” Michaud remembers. “It

meant so much to them – it made a big impact on me at young age.” So the decision to donate her own hair (which Michaud says “grows like a weed”) to the Canadian Cancer Society was an easy one. “It’s hair I don’t even miss,” she says, “but it means a lot to the person who will receive it.” The hardest part was probably the cut itself – Michaud’s hair is

so thick that it had to be separated into four ponytails, each of which was lopped off individually. Not only does Michaud no longer have to fear accidentally sitting on her hair, but her shorter locks have opened up a whole new world. “I’ve done more with my hair in the past week than in the year before that!” she laughs.

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The high appeal of the cannabis industry THE LEGALIZATION of cannabis goes into effect on October 17, and it’s safe to say that along with new businesses entering the fold, many existing businesses will be adding recreational cannabis to their operations. The Globe and Mail reported that there were 115 licensed cannabis producers across Canada as of late August, and this number is expected to rise with the introduction of recreational facilities. RSA Canada has been working with medical cannabis producers across Canada, and we are committed to helping brokers navigate the complex yet exciting post-legalization market. From a commercial property risk perspective, the production side of the industry is particularly attractive because every part of the production process, right down to the integrity of the facility and its security, is highly regulated. However, the cannabis sector is still quite young, so it’s best for brokers to approach the production side with caution. RSA will continue to work closely


with our broker partners to find commercial property insurance solutions for federally licensed, large-scale cultivators and producers of cannabis and cannabis products. There are also opportunities for other cannabis-related activities, such as warehousing, logistics, retail, transportation, research laboratories, real estate facilities and construction. Due to the unique exposures these risks present, some insurers might want to take a step back from certain segments of the industry. RSA Canada will be taking a selective approach. “For our commercial realty clients, we will need to learn and understand who their tenants are and what their operations entail,” explains Domingos Lopes, assistant vice-president of property underwriting and global specialty lines at RSA Canada. “Once we learn all that, we can assess how they will manage their business and determine whether theirs is a risk we’re comfortable taking on. This is key because there are

many potential issues that need to be taken into consideration, including moisture, electrical framework, oil extraction and the like. “For retail risks, there are just too many security concerns right now, and we are not comfortable with that level of exposure just yet,” Lopes adds. “But that doesn’t mean that we aren’t monitoring the situation. Retail will be a growth industry, and we will continue to refine our approach as the market evolves.” Following legalization, on the commercial side, a producer’s shift from medical cannabis to recreational doesn’t necessarily change the exposures or hazards, but new exposures will develop. For example, there will be a high risk of cyber threat, given the focus on the online sales channel in Ontario in the initial months following legalization. Personal lines insurers will also encounter challenges, especially when it comes to safely operating motor vehicles, growing plants at home and dealing with the inevitable black-market response. “We just need to fully understand our exposures and work closely with brokers to ensure they are aware of the changing regulatory landscape and the options available to their commercial customers in this exciting business environment,” Lopes says. Cannabis legalization will introduce a whole new industry into the business environment. RSA Canada is committed to helping brokers understand the challenges and opportunities that lie ahead, and our local underwriters are on hand to provide support and assistance.


Expect more from your insurance carrier

Commercial general liability Cyber risks insurance Directors and officers liability Environmental liability Life sciences Professional liability Property Security and protection industry Umbrella and excess liability Sports, leisure and recreation

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