Insurance Business Canada 8.01

WWW.INSURANCEBUSINESS.CA ISSUE 8.01 | $12.95

10 brokerages that pushed through a tough market to come out ahead – and how they did it THE BEST OF THE BEST

Find out who took home the top prizes at the Insurance Business Canada Awards

LEADING THE CONVERSATION

How Swiss Re is championing the value of resilience on the world stage

TECHNOLOGY STUMBLING BLOCKS Which tech innovations are insurance brokers still avoiding?

ELITE BROKERS 2020 Meet 25 brokers who have set a new standard for excellence

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We click.

The future is digital.

Let’s explore it together.

Find out more about our specialty insurance and surety solutions.

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

a step above

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Our underwriters and our claims team work as one with you – ensuring not only policy wording, but coverage intent, preferred claims resources and strategies, are well understood from the start. So when you have a claim, we’re all ready to move forward and achieve the best possible resolution, together.

Same team.

www.bhspecialty.com The information contained herein is for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy any product or service. Any description set forth herein does not include all policy terms, conditions and exclusions. Please refer to the actual policy for complete details of coverage and exclusions.

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ISSUE 8.01

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

CONTENTS

24

twitter.com/InsuranceBizCA facebook.com/InsuranceBusinessCanada

INSURANCE BUSINESS CANADA AWARD WINNERS, P52

37

UPFRONT 04 Editorial

Claim your piece of the sharing economy

06 Statistics

Key data that should be on your radar

08 Head to head

Is it time for insurers to restrict auto underwriting to driving-related data?

FEATURES

NAVIGATING THE HIGHS AND LOWS As Canada’s legal cannabis industry experiences tumultuous times, how is the insurance industry responding?

40 2020

SPECIAL REPORT

TOP 10 BROKERAGES

IBC spotlights 10 Canadian brokerages that rose above last year’s many challenges to achieve remarkable growth

BROKERS FEATURES

PEOPLE

INDUSTRY ICON

ELITE BROKERS

Get to know 25 brokers who set themselves apart from the pack with their impressive revenue and commission numbers

Swiss Re’s reinsurance CEO, Moses Ojeisekhoba, discusses the industry’s role in making the world a more resilient place

18

Where brokers are falling down on technology adoption

12 Intelligence

This month’s big movers, shakers and new products

14 Technology update

How to stop feeling overwhelmed by insurance technology

16 MGA update

An MGA head explains what clients need to know about intellectual property insurance

21 Opinion

Why insurers’ tech investments must address their operating models

FEATURES 22 Expert advice

How brokers can go beyond the insurance transaction

PEOPLE 78 Career path

50 FEATURES

DIVERSIFYING LINES AND LOCATIONS

Leibel Insurance Group on what’s behind its remarkable recent growth

2

10 News analysis

Joshua Krenus dabbled in acting and car detailing before finding his perfect fit in insurance

80 Other life

Hitting the slopes with broker and skier Ron Hately

INSURANCEBUSINESS.CA CHECK IT OUT ONLINE

www.insurancebusiness.ca

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IB FP

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

THE RIGHT STUFF A winning combination of people and bespoke products, set to accomplish great things. We are proud to be your choice for MGA of the year!

Visit us online to learn more about our products and capabilities, and register for access to the Cansure Portal to quote, bind, and issue commercial, personal and specialty products 24/7.

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1/10/2020 5/02/2020 10:43:07 4:03:29 AM AM

UPFRONT

EDITORIAL

Diving into the sharing economy

S

till not used to writing ‘2020’ on your correspondence yet? The year still sounds futuristic – but the reality is that most of our fanciful visions of the ‘space age’ are already here, from driverless cars to artificial intelligence to 3D printing.

Indeed, one concept that the insurance industry still hasn’t come to terms with has actually been around for close to a decade: the sharing economy, which was crowned one of the ideas that would change the world by Time magazine in 2011.

The concept hit the headlines again toward the end of last year when Uber lost its license in London after it was revealed that some 14,000 journeys had allegedly been uninsured.

While that controversy was more about Uber’s issues with unauthorized drivers, it’s still indicative of insurance’s struggles with the concept. By its very nature, the sharing economy – from ride-hailing for a journey home to renting out your home on Airbnb – is a minefield for the sector, as it blurs the distinction between commercial and personal lines. Generally speaking, sharing economy platforms

Those insurers able to grasp the concept of the sharing economy and create services that meet this need have a massive opportunity claim to be a go-between for the provider and the consumer – and absolve themselves of liability. It’s a contentious point of debate: Should the consumer bear responsibility, or should the platform take the hit when things go wrong? It’s this lack of clarity that’s putting insurers in a tough spot.

Still, those able to grasp the concept of the sharing economy and create services that meet this need have a massive opportunity. According to a report from Lloyd’s, 71% of consumers would be more likely to use sharing economy services if they came with insurance, and 70% said they’d be more likely to share their own assets.

Plenty of startups have grasped the concept, while mainstream insurers are slowly catching on – but as usual, it’s those that act fastest that will reap the rewards. For brokers, meanwhile, it’s about educating yourself quickly to explain what’s out there and positioning yourself as an expert in an exciting field. It might be a sharing economy, but there’s plenty of business to be selfish about.

The team at Insurance Business Canada

www.insurancebusiness.ca EDITORIAL Managing Editor Paul Lucas Editor Bethan Moorcraft Writers Lyle Adriano, Tom Goodwin, Alicja Grzadkowska, Kasi Johnston, Libby MacDonald, Ryan Smith, Ksenia Stepanova Copy Editor Clare Alexander

CONTRIBUTORS Bill Pieroni

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

SALES & MARKETING National Account Manager Eric Langille Business Development Manager Desiree McCue Sales Manager Dane Taylor Vice President - Sales John Mackenzie Global Head of Communications Adrijana Monevska Project Coordinator Jessica Duce

CORPORATE President & CEO Tim Duce Office/Traffic Manager Marni Parker Events and Conference Manager Chris Davis Chief Information Officer Colin Chan Human Resources Manager Julia Bookallil Global CEO Mike Shipley Global COO George Walmsley Editorial Inquiries paul.lucas@keymedia.com Subscription Inquiries subscriptions@keymedia.com Advertising Inquiries eric.langille@kmimedia.ca desiree.mccue@keymedia.com

KMI Media 20 Duncan Street, Suite 300 Toronto, ON M5H 3G8 tel: +1 416 644 8740 www.keymedia.com Offices in Toronto, Denver, London, Sydney, Auckland, Manila, Singapore, Seoul

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

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HELPING CANADIANS UNDERSTAND RISING INSURANCE RATES

$1.9 billion

in insured losses over 2018 due to severe weather across Canada

Source: Insurance Bureau of Canada, 2019

per year spent across the P&C industry to manage and respond to fraudulent activity Source: Insurance Information Institute, 2017

vs.

60%

+

$5.2 billion

per year on average claimed for home insurance in Canada from 2010 to 2013 Source: Insurance Bureau of Canada, 2015

in average costs for maintenance and repair of one GMC vehicle (2007 vs. 2014)

steady increase in housing prices in large Canadian cities such as Vancouver and Toronto, from 2010 to 2016

Source: Consumer Reports, 2017

Source: CMHC, 2018

It’s a tough time for Canadians as the cost of home and auto insurance is going up. In a hard market, brokers play a critical role in helping consumers understand their options. Working with our broker partners, our goal is to educate Canadians with easy-to-understand information so they can make smart, confident decisions. Go to economical.com/rateincreases to learn why rates are going up, and share the link with others.

stry

ut he

$30 billion+

Insurance can be better economical.com/rateincreases

property | auto | business Economical Insurance includes the following companies: Economical Mutual Insurance Company, Family Insurance Solutions Inc., Sonnet Insurance Company, Petline Insurance Company. Š2019 Economical Insurance. All Economical intellectual property belongs to Economical Mutual Insurance Company. All other intellectual property is the property of their respective owners.

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UPFRONT

STATISTICS GLOBAL AVIATION CLAIM TRENDS US AND CANADA $58 billion $55 billion $95 billion

57%

Proportion of claims attributable to crashes or collisions

$1.9 million

Average cost of a claim due to a runway incident

$360,000

Average cost of a claim due to a bird strike

INSURANCE PROTECTION GAP

BY RISK AREA Mortality Natural catastrophe Health

LATIN AMERICA AND CARIBBEAN

A TRILLION DOLLARS OF OPPORTUNITY

$31 billion $22 billion $50 billion

Insurers have a huge opportunity to close the worldwide insurance protection gap, which Swiss Re estimates at a record-high US$1.2 trillion across three areas of risk: mortality, natural catastrophe and health.

Currently, Emerging Asia has the largest protection gap across all three areas, with a combined total of US$456 billion.

TOP THREATS TO GDP According to the University of Cambridge’s latest analysis of the potential impact of shocks to the world economy, the number-one threat to global GDP is a market crash, although natural catastrophes, which account for three of the top 10 threats, are also a major concern.

$110bn $100bn $90bn $80bn $70bn $60bn $50bn

1,000+

Number of bird strike claims received by insurers over the past five years Source: Aviation Risk Report 2020, Allianz; all figures in US$

$40bn $30bn $20bn $10bn $0

$108.7 billion

Market crash

$83.3 billion

$65.6 billion

$49.9 billion

Interstate Tropical Human conflict windstorm pandemic

$46.5 billion

$39.7 billion

$39.2 billion

Flood

Cyberattack

Civil conflict

$35.0 billion

$22.4 billion

$18.2 billion

Earthquake Commodity Sovereign price shock default

Source: Centre for Risk Studies, University of Cambridge, 2019; all figures in US$

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THE CATASTROPHE PROTECTION GAP Swiss Re estimates the global insurance protection gap for natural catastrophes at around US$222 billion; the biggest gap in coverage is for earthquakes, which accounts for more than half of the total.

EMERGING EUROPE AND CENTRAL ASIA $23 billion $16 billion $29 billion

Earthquakes: $135 billion Floods: $50 billion Storms: $37 billion

ADVANCED EMEA $78 billion $19 billion $62 billion

EMERGING ASIA-PACIFIC $129 billion $49 billion $278 billion

MIDDLE EAST AND AFRICA $39 billion $17 billion $59 billion

ADVANCED ASIA-PACIFIC $29 billion $43 billion $43 billion

Source: Swiss Re Institute; all figures in US$

Source: Swiss Re Institute; all figures in US$

MOST AT-RISK CITIES Two North American cities – though none in Canada – made the University of Cambridge’s list of the top 10 global cities most likely to have their GDP depleted by a natural catastrophe, financial shock or geopolitical incident.

1 TOKYO GDP at risk: $26.01 billion

2 NEW YORK CITY GDP at risk: $15.69 billion

3 MANILA GDP at risk: $13.87 billion

4 ISTANBUL GDP at risk: $13.35 billion

5 TAIPEI GDP at risk: $13.01 billion

6 OSAKA

CYBER INSURANCE UPTAKE GROWS While cyber insurance uptake rates rose significantly between 2018 and 2019, Hiscox’s latest study on the sector found that there’s still a worrying gap – more than a quarter of businesses said they have no plans to purchase cyber insurance.

GDP at risk: $12.29 billion

7 LOS ANGELES GDP at risk: $11.68 billion

8 BAGHDAD

We have already adopted cyber insurance

We are planning to adopt cyber insurance in the next 12 months

We have no plans to adopt cyber insurance

Unsure what cyber insurance is

3%

4%

GDP at risk: $9.88 billion

9 LONDON GDP at risk: $9.15 billion

10 SHANGHAI

26%

2019

41%

37%

2018

33%

GDP at risk: $9.05 billion

30% Source: Centre for Risk Studies, University of Cambridge, 2019; all figures in US$

25% Source: Hiscox Cyber Readiness Report, Hiscox, 2019

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UPFRONT

HEAD TO HEAD

Should non-driving factors be used to set auto rates?

As telematics devices become more common, many are calling on auto insurers to ban the use of non-driving-related data

Larry R. Simoes

Vice-president and operations director Automotive Practice Group “If insurers were allowed to use telematics the way they were designed to be used, carriers could disregard all the non-driving data and both reward and penalize drivers according to how well they drive. Such a measure provides an incentive to improve.

Since the government doesn’t permit that, insurance companies use non-driving factors, the most important of which is credit scoring, which isn’t currently allowed but can help. Drivers are penalized by the territory in which they live; one way to offset that is by using credit scores.

There’s no one true answer in a situation with so many variables.”

Justin Thouin

Ryan Kirk

Co-founder and CEO LowestRates.ca

Vice-president of distribution, Eastern Canada Surex

“Insurance companies should be allowed to use non-driving factors to determine risk. While a system that takes into account factors such as a person’s location can sometimes punish good drivers – if they live in a highly congested neighbourhood, for example – it’s also a proven method of measuring risk that allows insurers to predict claims more accurately.

For instance, older drivers have fewer claims than younger drivers; ignoring this would mean older drivers subsidizing younger drivers. Good drivers get better rates when insurers can use their expertise to price risk. Forcing insurers to omit non-driving factors would create a less competitive environment.”

“The simple answer is no. There are several non-driving factors that still affect an auto risk. If car theft or hail claims are higher in certain regions, those are perils that would affect the chances an insured would need to file a claim with their insurer. These claims would obviously be dependent on the coverage and deductibles selected by the insured, but they are definite factors in rating for the risk of the insured vehicle.

Though non-driving factors shouldn’t be the main driving force behind the rates, they definitely shouldn’t be excluded for such cases that are beyond the control of the insured.”

DRIVING INNOVATION According to ResearchandMarkets.com, the number of telematics-based insurance policies is expected to grow from 10.6 million at the end of 2018 to almost 50 million by 2023. Not only do telematics lend themselves to creating safe roads (a study by the journal Marketing Science revealed that drivers enrolled in a telematics program showed an average 21% drop in hard braking over the course of six months), but unsafe drivers can be made to pay the price: 20% of the drivers in Progressive’s Snapshot program were hit with a rate increase due to the risky nature of their driving. “If auto insurance prices are transparent, data-driven and attributed primarily to risk factors under the control of the driver, that could lead to more fairness and improved driver performance,” noted Justin Brookman, director of consumer privacy and technology for Consumer Reports.

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www.insurancebusiness.ca

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UPFRONT

NEWS ANALYSIS

What brokers want – and fear From embracing data to adopting customer-facing tools, insurance brokers are largely changing with the times – but there are still a few areas where they’re reluctant to get on board

NOW THAT A.M. Best has begun taking insurers’ ability to innovate into account in its rating methodology, the message is clear: Technology is part and parcel of the insurance industry. And it’s no different for brokers.

A recent report from Argo Group delved into the minds of brokers and small businesses to uncover their expectations around topics like climate change, cryptocurrency and autonomous vehicles. The survey found that 77% of brokers expect autonomous vehicle usage to reduce the number and severity of accidents, while 59% expect it to help decrease insurance premiums.

However, other technologies aren’t as

they’re thinking about the various parts of technology that will impact their business,” says Jeff Canfield, head of innovation for Argo Group. “There were a few surprising results where the concern is actually less this year than it was last year. I don’t have a good answer for why that is, other than my suspicion that for things like autonomous vehicles and climate change, they probably view it as much more of a long-term threat and not an immediate threat, whereas in the past, I think there was an assumption that these were both going to impact us sooner rather than later.”

While technological innovation is bringing benefits to customers both inside and outside of insurance, many brokers are

“One of the threats that we hear often is the fear of being left behind in terms of automation” Jeff Canfield, Argo Group high on brokers’ radar. Thirty-nine per cent said they’re only somewhat familiar with the Internet of Things, although 91% named the IoT as the dominant technology threat over the next 12 months.

“The results tell us that, at the very least,

10

concerned about the pace of change and what it will mean for insurance roles in the future.

“One of the threats that’s not outlined in the survey, but that we hear often, is the fear of being left behind in terms of automation,” Canfield says. “If others are automating tasks

and using RPA [robotic process automation] to do things without adding to headcount and you’re not, there’s a fear that you’re going to have an expense issue that others are not, and ultimately that’s going to impact your financial results.”

Nonetheless, brokers are already reaping the rewards of technology in their day-to-day processes. Many are using data and analytics, for example, to apply more predictive modeling in their work.

“You can predict when a claim might happen, you can predict the severity of a claim, and you can predict losses based on location or weather,” Canfield says. “There’s a number of applications around predictive analytics. What’s interesting is that there was originally a fear around whether it would replace the underwriting role, but the reality is that these tools are going to supple-

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BROKERS’ ATTITUDES TOWARD TECH

45%

of brokers said cost is the most significant barrier to innovation

48%

say their clients use IoT devices such as sensors and monitors to mitigate risks

73%

of brokers agree that artificial intelligence will make them work smarter

71%

are concerned that AI will significantly disrupt traditional insurance distribution models Source: The Future of Insurance, Argo Group, 2019

ment what brokers and underwriters do on a daily basis.”

Michael Howe, senior vice-president of product management at Applied Systems, sees the pace of change and innovation in the

willing to experiment with new technologies, not just for the sake of technology, but because they’re trying to make their business better, and that’s good for everyone.”

The most interesting and encouraging

“[Brokerages] are letting go of that belief that the relationship [with customers] always has to be human” Michael Howe, Applied Systems broker channel as a good thing.

“Their willingness to experiment and invest in technology, to try to make their businesses better and serve their customers in different ways, is great for the channel,” he says. “I am encouraged that people are

part of this digital evolution, from Howe’s perspective, is the focus around customerfacing digital tools. This marks a change from the traditional ways brokers communicated with clients in the not-so-distant past. “[Brokers] traditionally come from

the ‘I’d rather have a human connection; I’d rather go meet the person at the local Starbucks and build a relationship that way’ mentality, so it’s encouraging to see them augment that with all kinds of online tools and technologies,” Howe says. “It’s about building that online relationship with customers, and I think that’s great because the nature of the customer is changing.

“We’re seeing lots of interest in tools that allow them to extend their services in electronic ways, online ways and mobile ways. That’s good because [brokerages] are letting go of that belief that the relationship always has to be human. That human connection still matters, but it can also be these other things, because it allows the customer to interact with them in the way the customer wants, not necessarily the way the [broker] wants.”

www.insurancebusiness.ca

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5/02/2020 4:14:07 AM

UPFRONT

INTELLIGENCE CORPORATE ACQUIRER

TARGET

PRODUCTS COMMENTS

Archway Insurance

Groom Insurance

The deal will give Archway two additional locations in southwestern New Brunswick

Aon

CoverWallet

The purchase of the online insurance platform will allow Aon to leverage data and analytics capabilities to create value for SME clients

Brown & Brown

Special Risk Insurance Managers

The deal, which will see SRIM become a distinct operating division, will allow Brown & Brown to establish a presence in Canada

Davies Group

Keoghs

Davies Group’s acquisition of the insurance law firm will allow it to create a new legal solutions unit

Gallagher

SBW Employee Benefits

SBW designs, administers, markets and manages comprehensive group insurance programs and defined contribution group retirement programs

La Capitale Insurance and Financial Services

SSQ Insurance

The merger of the two firms will create Canada’s largest mutual insurance company

Navacord

SmartChoice Benefits

SmartChoice specializes in comprehensive benefit plan options for niche business segments typically underserved by group insurers

a

RenaissanceRe, Beazley unveil cyber catastrophe offering

Beazley has teamed up with RenaissanceRe to launch a new reinsurance product that provides Beazley with additional catastrophe cover for cyber events. The majority of the security behind the deal will be provided by capital sources structured by RenaissanceRe. The companies described the product as “one of the first cyber catastrophe insurance products backed by the capital markets” and noted that it will open up a new, larger source of capital to support Beazley’s cyber offering in excess of levels currently available in the traditional reinsurance market.

La Capitale and SSQ Insurance combine operations La Capitale Insurance and Financial Services and SSQ Insurance have announced plans to merge their operations to “create a major new Quebec insurance company.” The combined company will be Canada’s largest mutual insurance company, with approximately 4,700 employees and more than 3.5 million members and clients. Combined assets under management will total more than $20 billion, and consolidated premiums will be worth about $5 billion. The merger is still in its early stages, so no decision has been made yet on the name or image of the new company.

“We’re delighted to combine our strengths and work as a team to create the biggest insurance mutual in Canada,” said Jean-François Chalifoux, the current CEO of SSQ Insurance. “Together, we’ll be better able to meet the current challenges of staying competitive and versatile, developing our workforce, and keeping up with technology. Both our companies are on solid financial ground. Together, we will be even stronger.”

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Swiss Re launches globally standardized policies

Swiss Re Corporate Solutions has introduced ONE Form, a tool that creates globally standardized master and local policies. Designed to provide greater policy accuracy and increased contract certainty, ONE Form enables the closest possible alignment of master and local policies while respecting local requirements and expectations.

Embedded in the IT systems used by Swiss Re Corporate Solutions to manage international programs, the tool also improves the customer experience for brokers and their clients by facilitating faster policy issuance and tax and legal compliance.

www.insurancebusiness.ca

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PEOPLE AXA XL offers cyber cover to Microsoft users

AXA XL has partnered with Slice Labs and Microsoft on a new initiative designed to help protect users of Microsoft’s digital tools. Eligible users of Microsoft 365 Business, Office 365 Business and Office 365 Business Premium will be able to purchase a comprehensive, end-to-end cyber insurance policy from AXA XL at discounted prices, available online through Slice’s on-demand, cloudbased insurance platform. The discount will be offered to customers who represent a lower insurance risk, based on a security posture assessment provided by Microsoft Secure Score.

Hagerty extends DriveShare car rental app

Collector vehicle insurance company Hagerty is expanding its car rental service, DriveShare, to allow Canadian drivers to rent vehicles in the US. The DriveShare app, launched in 2017, previously only allowed US-licensed drivers to rent; now, Canadians and other international drivers can rent through DriveShare and will automatically receive liability and physical damage coverage as part of the rental fees. International drivers must be at least 25 years old and will have to create a profile on DriveShare’s website and have their driver’s licences verified before they can use the service.

Beazley introduces flexible D&O liability

Beazley has rolled out flexible D&O insurance with limits of up to US$25 million, available to non-US-domiciled organizations.

The D&O suite features Side ABC, Beazley’s comprehensive insurance offering that covers the personal liability of the insured, the firm’s liabilities when it indemnifies the individual, and the company if faced with securities claims. The suite also features Side AB, Side A and Side A DIC options for when the company does not require securitiesrelated cover, does not indemnify, or when excess and drop-down coverage is needed.

NAME

LEAVING

JOINING

NEW POSITION

Christopher Castaldo

N/A

QBE North America

Chief financial officer

Paul Cosgrove

N/A

Assurant

President, Assurant Canada

Tom Fitzgerald

Aon Risk Solutions

QBE North America

President, specialty and commercial business

Suresh Krishnan

N/A

Chubb

Chief operating officer, US and Canada accident and health

Michael McEwen

Canadian Aviation Insurance Managers

HDI Global Specialty SE

Head of Canada aviation

Alex Orloff

Sybella Research

BMS Capital Advisory

Director of capital markets analytics

Paul O’Ryan

Swiss Re

Starr Insurance Companies

Vice-president and Canadian territory manager, general aviation

Andrew Tongue

Swiss Re

Canopius

Underwriter, trade and political risk

Greg Padovani

N/A

NFP

President, Canada

HDI Global Specialty appoints aviation head

HDI Global Specialty has named Michael McEwen as head of aviation in Canada. McEwen joins HDI from Canadian Aviation Insurance Managers; in his new role, he will be responsible for leading HDI’s entry into the Canadian general aviation market, with a focus on fixed-wing and rotary-wing aircraft for commercial, industrial aid and private risks, along with unmanned aerial vehicles.

“I’m delighted to have Mike onboard to lead our aviation initiative in Canada,” said Derek Spafford, HDI’s Canadian general manager and chief agent. “He brings a strong track record in the market with a well-established reputation. As a new player locally, we wanted to bring in a leader who is already well known and respected.”

NFP names new Canadian president

Global insurance broker and consultant NFP has made a series of leadership changes to its Canadian operations in order to support its rapid growth in the region, most notably appointing Greg Padovani as president of NFP Canada. Padovani joined NFP in 2017, when the brokerage was expanding its Canadian P&C operations, and he played a central role in the development and integration of NFP’s Canadian operating platform.

“Greg, supported by the outstanding Canada team, is well positioned to continue growing NFP’s capabilities, presence and relationships throughout Canada,” said Ed O’Malley, executive vice-president and head of insurance brokerage and consulting at NFP.

www.insurancebusiness.ca

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UPFRONT

TECHNOLOGY UPDATE NEWS BRIEFS Willis Towers Watson partners with eBaoTech for new platform

Willis Towers Watson has teamed up with Shanghai-based insurance technology provider eBaoTech to create an insurance middle-office platform that aims to enhance the capability of insurers, brokers, agents, MGAs and insurtech startups to handle the high-volume, high-speed nature of today’s digital insurance marketplace.

The collaboration integrates WTW’s rating engine, Radar Live, with eBaoTech’s middle-office platform, InsureMO. Based on cloud-native architecture, the platform contains a full set of insurance micro-services across several lines and processes.

Sonnet Insurance rolls out digital group insurance offering

Digital insurance company Sonnet Insurance has launched a new group insurance offering that combines home and auto insurance coverage and allows employers to create their own compensation package. In addition to insurance coverage, plan members also receive access to Sonnet Connect, a network of financial brands that can help with financial wellness. Deloitte, which was instrumental in building the Sonnet platform more than three years ago, has signed on as one of the first companies to participate in the new group offering.

IMS brings usagebased insurance platform to Canada

IMS, a subsidiary of Trak Global Group, has made its usage-based insurance platform for auto insurance available in the US and Canada. The platform was used as the basis for Carrot Insurance, a telematics-powered insurance program in the UK that had a limited rollout in

14

Canada through Calgary-based broker InsureMy in 2018. IMS said the modular UBI platform, which is compatible with telematics data across all device types, will enable US and Canadian insurers to rapidly scale their own UBI programs.

Cyber incidents named top business risk for 2020

Cyber incidents ranked as the top business risk globally for the first time in the 2020 edition of Allianz’s annual Risk Barometer. Thirty-nine per cent of respondents named cyber incidents as the top peril, pushing the former top risk – business interruption – into second place with 37% of the vote.

Seven years ago, only 6% of respondents named cyber incidents as the top business risk, but the threat landscape has changed rapidly. “Five years ago, a typical ransomware demand would have been in the tens of thousands of dollars. Now they can be in the millions,” said Marek Stanislawski, deputy global head of cyber at Allianz Global Corporate & Specialty.

Aviva chooses companies for road safety accelerator

Aviva Canada has named the first four startups that will participate in its Safe X Connected Cities Accelerator, which it’s running with venture capital firm Highline Beta. The accelerator is designed to help scale startups that offer solutions to road safety, mobility and smart city challenges. The four startups selected to participate in the inaugural cohort are Life Apps, which makes fleet safety mobile software; MicroTraffic, which designs AI-powered intersection cameras; PreAct Technology, which creates integrated automobile systems to detect collisions; and Tome, which makes technology that detects cyclists and scooters entering an intersection.

Brokerages still hesitant to go digital Many brokerages feel overwhelmed by insurance technology, but one tech leader says that mindset has to change Technology marches on – but not everyone is keeping up with the pace of innovation.

According to the 2019 book The Technology Fallacy, 87% of people said they anticipated moderate to extreme disruption within their industry, but only 44% said their industry was adequately prepared for it.

“I have a feeling that if you extrapolated that survey and did that for insurance, it would probably look a little bit worse in terms of recognizing digital disruption and then actually taking action to do something about it,” says Kristin Hackney, EVP of customer experience at Applied Systems.

Hackney believes part of the problem lies with the competency gap. “Some insurance brokerages are just really successful because they have great relationships in their community, and they’ve had those relationships for many years, and they assume that if they just keep doing what they’re doing, everything’s going to be fine.”

Applied Systems conducted its own survey, which found that 47% of brokerages have mobile access to management system information, but only 24% brokerages offer clients mobile apps and self-service portals. Hackney believes many brokers and agents see these tools as daunting to implement. “It seems really technical,” she says. “How do I actually get it to the phone? Who runs that process?

How do I design it?”

Hackney highlights Nova Scotia-based

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Q&A

Gates Insurance, which has a video on its website explaining the benefits of its mobile app, including the ability to issue certificates.

If such a helpful service can make a brokerage stand out in the marketplace, why can’t other brokerages do the same?

“[Brokerages] assume that if they just keep doing what they’re doing, everything’s going to be fine” “I think if we can get these brokerages over this notion that it’s too complicated for them, then they’ll start to adopt,” she says. “What lights up the eyes of brokerages is when they hear not us talk about it, but they hear another brokerage talk about getting it done.”

But while Hackney says technology is a must for brokerages going forward, she acknowledges that there’s still a need for a human touch within the insurance value chain.

“There are certain customer journeys that lend themselves to self-service and digital,” she says, “and there are others, just because people need a voice sometimes and they’re scared, that you’ve got to be able to pick up the phone. There are certain emotional things that require that human touch, and I think we’re always going to need that, so it’s about the right channel at the right time, depending on what the circumstance is.”

Richard Grant COO TRISURA GUARANTEE INSURANCE COMPANY

Years in the industry 24 Career highlight Prior to taking on his current role last year, Grant led Trisura’s specialty insurance solutions division

Arming underwriters with technology Tell us about Trisura’s recent adoption of SortSpoke. How will the technology improve the work of underwriters?

At Trisura, we are constantly looking for ways to help our underwriters perform more efficiently so they can complete tasks quickly in order to continue to provide our industry-leading service.

Working with SortSpoke allows us to automatically upload the specialty insurance solutions underwriting information provided to us by our brokers to our main underwriting system with very little human intervention. Tasks that used to take an underwriter from seven to 10 minutes to complete can now be done in under one minute. We will continue to look for additional applications of the SortSpoke software across all departments at Trisura.

Which of Trisura’s other business processes could benefit from similar machine learning technology?

We believe we can use this technology to help streamline efforts across many of our business processes, from surety underwriting and claims handling to accounting.

Some in the industry have reservations about using advanced forms of artificial intelligence. Should insurers be worried about being replaced by AI? Insurers shouldn’t be worried about getting replaced by AI. I view AI as an additional underwriting tool that will allow for quicker, more informed decisions when reviewing a risk. By implementing AI, a company can look to review additional data points, which can lead to a better understanding of the risks being underwritten, resulting in better pricing models and a more consistent-performing portfolio of business.

At the end of the day, this will allow for a better customer experience for our brokers and their clients. The key is to bring this information to an underwriter, who will still ultimately be the one making the final decision on the terms and conditions being offered.

Aside from your adoption of SortSpoke, how else has Trisura invested in technology to improve your business and your clients’ experience?

Not only has Trisura invested heavily in our core underwriting and claims systems, which allow us to provide a step-above service to our brokers, we continue to invest in our online underwriting platform, Trisura OnLine. This platform is designed to enable our brokers to transact with Trisura and their clients in a more efficient manner. In 2019, we wrote over $21.5 million in premium across 33,000 transactions with our broker partners. We are continuing to invest in the platform as we look for future integration with broker management systems in order to make it easier to facilitate transactions for all involved.

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UPFRONT

MGA UPDATE

Intellectual property protection for SMEs Most small businesses are unaware of their exposure in this area – and that’s a problem

their perceived IP can do to third parties.

“Other than software folks or others working very knowingly with the patents and copyrights of others, [most SMEs] probably have no idea that there are any real risks to them, which there quite possibly are,” Somerville says. “They could be somewhat remote, but they do exist.”

IP insurance tends to be bundled, almost always covering all sides of the exposure to the insured, Somerville says. SUM’s IP insur-

“If you’re selling knockoff lightsabres, you might get a complaint from Disney one day”

Managing the day-to-day activities of a small or medium-sized enterprise can occupy most of its owner’s time. That’s partly why many business owners are still in the dark about risks associated with intellectual property (IP) – the intangible property that can hold valuable information key to a business’s identity, and whose ownership is typically established through a trademark, patent or copyright.

“Most SME businesses are blissfully unaware of their IP exposure,” says Jeff

NEWS BRIEFS

Somerville, president of independent MGA SUM Insurance. “Protecting them against third-party infringement is complex and expensive, and so is defending against claims alleging infringement against the IP of others.”

Mitigating IP threats is different from the typical insurance purchase, which protects tangible property, Somerville says. However, just as with a physical asset, SME owners need to protect their intellectual property against losses caused by others, as well as the damage

Brown & Brown moves into Canada with SRIM deal

US-based insurance brokerage Brown & Brown has made its initial foray into the Canadian insurance brokerage market with its acquisition of BC-based MGA Special Risk Insurance Managers (SRIM). Post-closing, SRIM will join other specialist operations as a distinct operating division in Brown & Brown’s national programs division.

SRIM president and CEO Mark Woodall will remain at the helm of the company, and Tom Willie will also stay on as head of SRIM’s underwriting team.

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ance product, for instance, supports clients if they need to defend against infringement of IP allegations and provides loss-of-profit cover if they are unsuccessful. It also gives the insured an opportunity to pursue IP infringers, including recovery of the costs involved.

Somerville says brokers who want to provide this coverage first need to educate clients about patents, copyrights and trademarks and why they’re important.

“Once you educate them on what these properties are, challenge them to do an inventory of ‘What are our risks?’ or ‘What could we be doing here that crosses the line?’” he advises. “[For instance], if you’re selling knock-off lightsabres, you might get a complaint from Disney one day.”

Industry vets team up to launch Vailo Insurance Services

MGA veterans Jeff Hart, Tommy Truong and Bruce MacKinnon have come together to launch Vailo Insurance Services, a new MGA. Boasting more than 100 years of combined experience, Vailo hopes to outpace larger competitors by leveraging technology, data and insights to enhance the underwriting process and achieve a holistic view of risk. At the outset, Vailo will focus on placing business in BC through contracted brokers, but the company plans to eventually expand its operations across Canada.

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Q&A

Jean-François Raymond President GROUPASSUR

Years in the industry 20 Fast fact Raymond has held many different roles in the industry over the course of his career, including actuary, commercial retail broker, risk manager, underwriter and now head of an MGA

Groupassur expands into Ontario Tell us more about Groupassur’s recent acquisition of TCB Underwriting. What made the deal so attractive?

Although we had been doing business in Ontario for a long time, we were still working with a limited number of brokers – the reason being our fairly small team compared to what we have in Montreal. We were often coming across TCB Underwriting with our quotes, and brokers had nothing but good things to say about them.

Luckily for us, their success was becoming hard to handle with their current team.

The connection was great right from the first meeting – their broker network and insurance expertise are great additions to our company, as our structure and tools will help serve their brokers even more efficiently. Of course, there is always a transition period, but everyone’s dedication is allowing an accelerated integration.

Is this part of a wider strategy for Groupassur to expand into new markets and provinces?

M&A is indeed part of our growth strategy. TCB was our first acquisition outside of Quebec but our second in 2019, to which we add one in 2017 and one in 2018. We see M&A as a way to grow our team of underwriters, broker network and product offerings – the volume itself is secondary. We will be happy to announce more acquisitions in 2020 and are always looking for more opportunities.

The hardening marketplace is presenting opportunities for specialty insurers and MGAs

BMS Group launches new insurance unit

BMS Group has launched a new unit focused on private equity, mergers and acquisitions, and tax insurance, to be led by managing director Tan Pawar. “BMS is growing at pace; we have the capital backing, global platform and broking talent to be the world’s leading independent insurance and reinsurance broker,” said BMS managing director Ian Gormley. “We have identified a significant gap in the market to provide tailored products for corporate M&A transactions and will be expanding significantly in this space.”

in Canada. How are you planning to make the most of these opportunities?

There had been signs of the hard market for several years, and fortunately enough, we prepared accordingly and can now take full advantage of it. For us, market diversification was key. We focused on domestic insurers to achieve it.

Our underwriting skills and corporate structure, with extensive use of statistical analysis, gave insurers much comfort in our ability to represent them. Instead of struggling to get contracts renewed, we are working to increase their boundaries, which benefits the brokers firsthand.

What makes a best-in-class MGA in the everevolving insurance marketplace?

Not mentioning service as the number-one criteria would be lying to ourselves. Brokers will try placing their risks with insurers before MGAs, leaving often very little time for placement when it reaches us. TCB Underwriters understood that, and part of their success came from the best turnaround time in the industry.

Like other MGAs, we are now overwhelmed with quote requests and are investing heavily in IT solutions to speed up the initial request treatment and are creating advanced tools for our underwriters. We strongly believe in people doing our underwriting, not machines, and our book of business reflects this.

An MGA that is efficient and very knowledgeable of what they write will be successful in this demanding marketplace, and we have positioned ourselves to be one of those top Canadian MGAs.

Agile Underwriting opens new office in British Columbia

Agile Underwriting Solutions has expanded into Western Canada, opening a new office in Burnaby, BC, and appointing Mashood Ali as regional vice-president. Ali will play an active role in growing and strengthening Agile’s brand in Western Canada via underwriting and business development initiatives. A veteran of major MGAs and insurers in Canada, Ali has a proven record of maintaining long-term business relationships with brokers and insurers, both domestically and overseas.

DAS partners with Wawanesa on legal expense insurance

The Wawanesa Mutual Insurance Company has tapped DAS Legal Protection to provide legal expense insurance to its commercial policyholders.

The offering covers contract disputes, employment disputes, tax audits and other common legal events. “Among its many benefits, legal expense insurance can save customers money on their legal costs and give them a place to turn when they have legal questions,” said Tracy Riley, vice-president of business transformation at Wawanesa.

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PEOPLE

INDUSTRY ICON

BUILDING A MORE RESILIENT WORLD As Swiss Re reinsurance CEO Moses Ojeisekhoba marks his 30th year in insurance, he reflects on the industry’s vital role in a risk-laden world WHILE MOSES OJEISEKHOBA currently has oversight over one of the world’s leading reinsurance units, he started his insurance career as far away from the world of reinsurance as possible.

In 1990, Ojeisekhoba was a few years out of school and took a job as a life insurance agent in California, selling coverage door-to-door for Prudential. The experience taught him about the technical components of insurance and its benefits for individuals and society, as well as the misunderstandings people often have about insurance. He also discovered that sales wasn’t his passion – so after four years, he took the next step in his career.

“I went to a small regional carrier as an underwriter trainee on the P&C side, where I got into more of the technical details in insurance,” Ojeisekhoba says, adding that his educational background in statistics gave him a leg up in the role. “Then I was headhunted from that company after a few years by Chubb, first to run a regional small-business underwriting shop, where I got into even more details around the technical side of the business and understood the entire value chain more.”

Ojeisekhoba took time off to complete a master’s degree in management at the London Business School; when he returned to Chubb, he knew he wanted to have a role that went beyond underwriting. In 1999, he became the corporate product development manager in New Jersey and later moved to London

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as strategic marketing manager for Chubb Europe. In 2002, he was appointed international field operations officer for personal insurance before jetting off to Asia to lead the Asia-Pacific region in 2009.

“That’s where Swiss Re came knocking on my door after about 16 years,” he says. “The Swiss Re proposition was very interesting because it got me partly back into life insurance, so I was running both life and non-life, but I also always had tremendous admiration for Swiss Re as a knowledge company.”

critical role that they’ve been able to deliver in this regard is one that continues to stand out and one that will keep me interested in the industry for the remainder of my career.”

Driving resilience The fact that Swiss Re is a major thought leader gives Ojeisekhoba an opportunity to spend time with world leaders to address resilience as countries across the world face the impacts of climate change.

“They look to firms like Swiss Re to try to

“[Governments] look to firms like Swiss Re to try to formulate policies, come up with the right level of research and generate the right level of knowledge, and that comes back to this concept of trying to make the world more resilient” Ojeisekhoba’s role as Swiss Re’s reinsurance CEO is more than just a job – it has also been an opportunity to help make the world more resilient.

“I feel extremely proud and privileged to be able to work in this industry,” he says.

“When I look at the resilience that insurance and reinsurance is able to provide and the companies that I have worked for, the

formulate policies, come up with the right level of research and generate the right level of knowledge, and that comes back to this concept of trying to make the world more resilient,” he says. “For me, that’s just fantastic about working for a company like Swiss Re.” Swiss Re’s thought leadership role is critical as environmental changes intensify and risks become concentrated in urban areas prone

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PROFILE Name: Moses Ojeisekhoba Title: CEO, reinsurance Company: Swiss Re Based in: Zurich, Switzerland Years in the industry: 30

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PEOPLE

INDUSTRY ICON

to natural catastrophes – think hurricanes in Miami, wildfires around Sydney or flooding in Northern England. And these aren’t the only risks that are complicating the work of businesses every day.

“If you look at demographic change and societies aging significantly, if you look at the severity of events from climate change and the impact that has on the industry overall, or if you look more broadly at technological advancement, the greater complexity of business relationships, and the interconnectedness of business relationships – all of these things are [leading to] far greater exposure,” Ojeisekhoba says. “If you look at some of the issues from a geopolitical standpoint or some of the issues such as trade wars, those also have an impact on global growth.”

understanding some of these emerging risks,” Ojeisekhoba says. “If you don’t price that risk appropriately – if you generate way too much profit or you generate a loss from a risk – you create a situation that’s not sustainable in the long term, which, in our view, harms the resilience of the overall industry.”

Using technology to help insurers become more efficient and reduce volatility in their earnings is another area of focus for Swiss Re. Whether it’s modeling for perils like flood, developing new platforms to help insurance companies offer coverage or investing in research on critical illnesses that have historically been uninsurable, Swiss Re is on the cutting edge of innovation.

“That’s the beauty and excitement of the advancements that exist today around tech-

“The advancements that exist today around technology really force us to challenge some of the paradigms that have always existed in the industry” Insurance plays a vital role in helping societies adapt to these risks. “What we see clearly over the next five years is that exposures will continue to grow,” Ojeisekhoba says, “and because exposures will continue to grow, we have to position ourselves in a way that allows us to come alongside our clients to help them in their business.”

Deepening knowledge about risks In light of these challenges and the ways the reinsurance environment has evolved – from the impact of technology to the amount of capital that’s flooding into the industry – Swiss Re has a chance to help develop a greater understanding about risk and resilience among primary insurance companies.

“There’s a lot of misunderstanding about what’s happening, and we spend a lot of time and invest a lot of money and resources in

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nology, which really force us to challenge some of the paradigms that have always existed in the industry,” Ojeisekhoba says.

“In the absence of addressing some of these challenges, what we clearly could see over a 10- to 20-year period was the protection gap continuing to grow. As an industry, if all you do is satisfy the needs of only 10% or 20% of consumers, at some point I think consumers begin to wonder how relevant this industry is in reality, and I think that was a danger for us as an industry if we didn’t address some of these unmet needs.”

Swiss Re’s strategies to drive growth by making insurance companies and their clients more resilient are paying off. “When we look at the results so far,” Ojeisekhoba says, “the growth that we’re experiencing is mainly because we’ve focused on being much more relevant to our clients’ business.”

SWISS RE AT A GLANCE

1863

Year founded

Zurich, Switzerland Global headquarters

80

Number of offices worldwide

14,500

Number of employees worldwide

$36.4 billion

Gross written premium for FY 2018

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UPFRONT

OPINION

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

Evolve or fall short Insurers must adapt to meet a higher standard or suffer the consequences, writes Bill Pieroni AS VISIONARY author William Gibson said, “The future is already here – it’s just not evenly distributed.” By investing in new technological capabilities – and, more importantly, developing new operating models to fully leverage that technology – forwardlooking insurers have opened up unprecedented avenues for sustainable value creation.

Simply put, they are setting a higher bar, and insurers must embrace transformational change if they wish to be top competitors.

While there are many variations in the strategies carriers can pursue, they fall into four fundamental areas: operational excellence, customer intimacy, product leadership and innovation. Historically, insurers have made a conscious decision to focus on one approach.

While excelling at one didn’t give them license to neglect the others, they could be confident that effectively executing their primary chosen strategy gave them a reasonable chance of success. This may no longer be true.

In 2018, for the first time, ACORD’s ongoing US Property & Casualty Value Creation Study found that sustainable value creation requires simultaneous superiority across all four fundamental strategies. This was rather shocking – an achievement that had previously been considered unrealistic is now not only possible, but in fact a prerequisite for success.

How are market-leading carriers and brokers accomplishing this unprecedented feat? They are leveraging the accumulated benefits of committed, thoughtful investments in tech-centric capabilities. High-performing insurers are spending more than their competitors on technological development, rendering traditional conventional wisdom obsolete.

For example, forward-thinking brokers have allocated resources to acquiring, synthesizing and leveraging data on a real-time basis, allowing them to deliver relevant insights at the moment of value. They are using that data to craft a superior experience when interacting with customers while their competitors are analyzing that data long after the event.

Digitally mature capabilities and informational economies of scale allow these carriers to simultaneously execute across all four fundamental strategies, despite finite

fact, our research indicates that two-thirds of insurance industry change efforts fail to meet expectations, due to several related factors: • Risk-averse nature: Though we trade in risk every day, insurance professionals eschew it whenever possible.

• Stability and consistency: Predictable, stable financial performance is seen as a key objective by leadership and shareholders alike.

• Past as predicator: Insurance is built upon models that look to past data to evaluate future risk, inhibiting the development of new ideas.

• Legacy as advantage: Most insurers derive key advantages from their legacy, whether brand, processes or technology. Even the thought of abandoning them is unnerving.

• Feedback loop: With the previous factors in mind, it’s not surprising that company measures and incentives typically reward maintenance of the status quo.

Insurers that wish to join – or remain among – the ranks of top competitors must overcome these barriers and embrace true

“High-performing insurers are spending more than their competitors on technological development, rendering traditional conventional wisdom obsolete” resources. For example, historically there has always been an inverse relationship between loss adjustment expense and pure loss – spending on one meant saving money on the other. However, carriers that have invested in digital capabilities are now managing to underspend on both simultaneously.

Again, this is not a future possibility – it’s already happening. Top-performing insurers have already integrated new technologies into their operating models in a way that allows them to deliver on all strategic options. Other insurers will need to implement disciplined transformation efforts to effectively compete.

Unfortunately, our industry is one with notoriously significant barriers to change. In

transformational change. Incremental investment in discrete technologies and value chain segments is not enough – they must implement enterprise programs that leverage innovation to drive differentiating capabilities. Only by merging operations and technology to develop fundamentally new operating models can insurers execute across all strategies simultaneously – a baseline requirement for future success.

Bill Pieroni is president and CEO of ACORD, the global insurance standards-setting body.

His insurance industry experience includes senior positions at Marsh, State Farm, Aon, IBM, McKinsey and Accenture.

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FEATURES

EXPERT ADVICE

Going beyond the transaction RSA Canada’s Vince Rybinski tells IBC how brokers can add value in the specialty arena SOME SEE change as a challenge; others see it as an opportunity. Recent developments in the Canadian insurance marketplace have thrown up questions around rate adequacy, portfolio management and operational efficiency. The industry is being forced to find solutions for these challenges – and that’s where the sweet spot of opportunity lies.

Specialty insurers in Canada are in particularly strong stead to take advantage of some of these opportunities. Specialty markets are inherently focused on customized underwriting, tailor-made risk management and strategic distribution. They do the basics incredibly well, and in a tough market where insurers are having to deal with increasing frequency and severity of losses, strong basics are key.

“The specialty sector is a great place to be,” says Vince Rybinski, vice-president of national distribution and GSL specialty operations at RSA Canada. The insurer’s global specialty lines (GSL) unit is entering 2020 on the back of an extensive remediation effort focused around portfolio progression and client retention.

“Our long-term vision and strategy revolve around sustainable growth and client retention,” Rybinski says. “Specific to the specialty sector, we want to bring a holistic solution to the client. When dealing with complex, riskmanaged multinational accounts, we need to go beyond the transaction. We need to position our broker partners and end clients so they can thrive in a changing risk landscape.”

The broker value-add That holistic solution, which Rybinski says is a must in the specialty arena, starts with

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brokers’ client engagement practices. There’s an opportunity for brokers to get closer to clients and be more proactive about renewals, level-setting expectations, introducing new coverage options and, most importantly, providing education and thought leadership about the changing risk landscape.

“Financial instability exists right now, and it’s not going away,” Rybinski says. “Together with our distribution partners, we need to do everything we can to provide thought leadership about best practices in this evolving marketplace. Staying close to the client, being

changing risk landscape,” Rybinski says. “We’ve enhanced our renewal process, ensuring that accounts are now being reviewed well in advance. In certain sectors, we do an annual review of each and every account to ensure everyone is clear on direction and understands and can articulate our strategy in the market.

It’s all about getting in front of our portfolio and messaging accordingly.”

Emerging risks One prevailing risk in the changing risk landscape is extreme weather. It’s a huge concern for clients of all sizes but can lead to particularly substantial losses for large commercial accounts. While 2019 was free of named events like the 2013 Calgary floods or the 2016 Fort McMurray wildfires, an unprecedented number of extreme weather events led to significant catastrophe losses.

“As an industry, we need to recognize and invest in preventative measures that can offset those losses,” Rybinski says. “We also need to factor in the escalation of large losses in Canada, brought about by claims inflation and the fact that the cost of disaster recovery is exponentially higher than the cost of prevention.”

“Staying close to the client, being proactive and providing education are three key priorities” Vince Rybinski, RSA Canada proactive and providing education are three key priorities. That’s what we mean by going beyond the transaction.”

Now’s the time for carriers, brokers and end clients to “come closer together,” Rybinski adds.

As insurers increase their focus on operational efficiency, companies like RSA Canada are looking to align with broker partners who understand their direction and the emphasis they’re placing on education, proactivity and client retention.

“We’re looking to build on the strength of some of our broker relationships so that we can really demonstrate what we’re trying to do in the specialty arena, which is to educate and prepare large risk-managed clients for the

Bright future ahead Despite some significant challenges in the Canadian insurance marketplace, the future looks bright for the specialty arena. The hardening market has pushed insurers like RSA Canada to rely more heavily on technical underwriting fundamentals, risk control and data analytics.

“Now more than ever, the value of the tripartite relationship is critical,” Rybinski says.

“Clients, more than ever, can look to their brokers to provide insights into what’s happening in the market, and with our strong focus on insurance fundamentals, we can help brokers make those level-setting expectations. If we work together, we can weather the storm.”

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Call SUM for solutions in real time - the only time that matters to you.

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SPECIAL REPORT

TOP 10 BROKERAGES

2020

TOP 10

BROKERAGES Marked by their noteworthy growth and achievements, this year’s Top 10 Brokerages take IBC behind the scenes of their success and share insights on what insurers can do to better serve brokerages throughout the nation

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THERE’S NO such thing as a smooth year in the insurance industry, but even so, 2019 threw some especially challenging curveballs. From technology changing at lightspeed to the devastating effects of climate change and impossible-to-anticipate economic conditions, the industry has survived countless hurdles. Despite the obstacles, several brokerages soared by embracing new markets, upgrading processes and wowing with digital advancements.

Now in its seventh year, Insurance Business Canada’s Top 10 Brokerages list celebrates the brokerages that achieved significant growth over the last 12 months. By using a ‘handicap’ formula, IBC can evaluate brokerages of all sizes on an even playing field. In addition to focusing on metrics of size and volume – such as revenue and number of clients – IBC also looked at brokerages’ year-over-year growth. On the following pages, this year’s Top 10 Brokerages share their insights into the industry and the drivers that have made their businesses thrive.

METHODOLOGY To be considered for IBC’s Top 10 Brokerages, each company had to provide key details about its business in 2019, including revenue, policies written, number of brokers and profit margin. Each brokerage was ranked according to 11 criteria:

Revenue Revenue growth* Revenue per broker Number of brokers Number of new brokers Client growth* New clients New clients per broker Policies written Policy growth* Profit margin Each brokerage’s ranking for each category was added up into a composite score. The brokerages were then ordered by their composite score – as with a golf score, a lower composite score equals a higher ranking – and the 10 brokerages with the best scores were named to the list.

The majority of the criteria used by IBC measures growth and business volume per broker, rather than just critical mass, allowing brokerages of all sizes to compete fairly. In addition, measuring metrics such as revenue growth and policy growth as a percentage of total business ensures that the very best-performing brokerages are recognized.

TOP 10 BROKERAGES Insurance 1 Storm Group

COMPOSITE SCORE: 54

Insurance 2 Billyard Group COMPOSITE SCORE: 82

3 Archway Insurance

COMPOSITE SCORE: 91

Canada Risk 4 BMS Services COMPOSITE SCORE: 114

5 Western Financial Group COMPOSITE SCORE: 121

6 OVC Assurance

COMPOSITE SCORE: 132

RMS Insurance Risk 7 Oracle Management Services COMPOSITE SCORE: 140

8 Wells Insurance Services COMPOSITE SCORE: 143

Insurance Group 9 Leibel

(TIE) COMPOSITE SCORE: 144

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T.K. WoodMar Insurance & Financial Group

(TIE)

COMPOSITE SCORE: 144

*Percentage change between 2018 and 2019

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5/02/2020 4:23:45 AM

SPECIAL REPORT

TOP 10 BROKERAGES

THE TOP 5 BY CATEGORY Brokerages of all sizes competed on a level playing field, as each category was measured as a percentage of total business. While some brokerages that ranked in the Top 5 in each category did not place in the overall Top 10, their achievements still merit recognition.

New broker growth (%)

New clients per broker

TOP 5 AVERAGE: 44.9%

TOP 5 AVERAGE: 365

1. T.K. WoodMar Insurance & Financial Group

1. BMS Canada Risk Services

2. Beyond Insurance

3. Cheep Insurance

3. Billyard Insurance Group

4. OVC Assurance

4. Bryson Insurance

5. Wells Insurance Services

2. Storm Insurance Group

5. Hubbard Insurance Group

Policies written

Revenue for 2019 TOP 5 AVERAGE: $58.6 MILLION

1. Western Financial Group

Clients TOP 5 AVERAGE: 110,322

TOP 5 AVERAGE: 153,475

1. Western Financial Group

2. Archway Insurance

1. Western Financial Group

2. BMS Canada Risk Services

3. Storm Insurance Group

2. BMS Canada Risk Services

3. Archway Insurance

4. Billyard Insurance Group

3. Archway Insurance

4. Storm Insurance Group

5. Morison Insurance

4. Storm Insurance Group

5. Billyard Insurance Group

5. OVC Assurance

Policy growth (%)

Revenue growth TOP 5 AVERAGE: 118%

1. Magna Insurance Corp.

Client growth (%) TOP 5 AVERAGE: 193%

TOP 5 AVERAGE: 199%

1. Magna Insurance Corp.

2. Billyard Insurance Group

1. Magna Insurance Corp.

2. Alteri Insurance Brokers

3. Storm Insurance Group

2. Alteri Insurance Brokers

3. Billyard Insurance Group

4. Alteri Insurance Brokers

3. Billyard Insurance Group

4. Storm Insurance Group

5. Wells Insurance Services

4. Wells Insurance Services

5. Wells Insurance Services

5. Storm Insurance Group

Profit margin (%)

Revenue per broker TOP 5 AVERAGE: $541,987

1. Guardsman Insurance Services

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New clients TOP 5 AVERAGE: 21,875

TOP 6 AVERAGE: 43.2%

1. Magna Insurance Corp.

2. T.K. WoodMar Insurance & Financial Group

1. Storm Insurance Group

2. Wells Insurance Services

2. Western Financial Group

3. Archway Insurance

3. BMS Canada Risk Services

3. Billyard Insurance Group

4 (tie). Morison Insurance

4. Bryson Insurance

4. Archway Insurance

4 (tie). ALIGNED Insurance

5. Mitchell Sandham

5. OVC Assurance

4 (tie). Storm Insurance Group

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5/02/2020 4:23:54 AM

T.K. WOODMAR INSURANCE & FINANCIAL GROUP

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(TIE)

COMPOSITE SCORE: 144 Headquarters Burlington, ON Year founded 2008 Number of offices 1 Number of employees 18 Leadership Kevin Woodcox, president; Tony Mariani, vice-president and partner Website woodmar.ca

Founded in 2008 by two long-time insurance brokers who felt they could “do insurance differently,” T.K. WoodMar Insurance is an independent full-service brokerage that provides focused insurance services through three platforms: High Risk Auto Pros, Commercial Insurance Pros and Insurance Quote Pros. Led by Kevin Woodcox and Tony Mariani, the brokerage strives to be top in the Greater Toronto Area through personal touches, flexibility and customized policies.

How does T.K. WoodMar maintain its competitive edge in the marketplace?

Tony Mariani, vice-president and partner: We do two things, really – we market like a direct marketing insurance agency, and we service our clients and offer in-depth advice like a broker.

What accomplishment are you most proud of from 2019?

TM: We’re most proud of the fact that we were still able to grow, despite the hard market.

What’s the biggest challenge facing brokers in 2020?

TM: Honestly, I’d have to say finding staff.

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5/02/2020 4:23:58 AM

SPECIAL REPORT

TOP 10 BROKERAGES

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(TIE) From left: Rob Barros, Chad Leibel, Jerry Leibel, Steve Leibel, Travis Murray

LEIBEL INSURANCE GROUP COMPOSITE SCORE: 144 Headquarters Edmonton, AB Year founded 1981 Number of offices 3 Number of employees 50 Leadership Jerry Leibel, president; Chad Leibel, CEO and partner; Steve Leibel, senior vice-president and managing partner; Travis Murray, regional manager; Rob Barros, regional manager Website ligroup.ca

What are Leibel Insurance Group’s specializations?

Chad Leibel, CEO: While able to handle all

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types of business, we have developed a specialty in several areas.

First, we developed an exclusive program for the transportation industry, BigRig Insurance.ca, and are often sought out by local associations to conduct learning sessions for their members.

Second, with multiple group programs in place that include some of the largest unions in Canada, clients know that when they connect with our team, they get more than just a group rate; they get family-based service.

Finally, in transforming our personal lines team from being price-focused to value- and service-based, we have seen an increase not only in sales, but in employee engagement as client interactions progress from order-taking to full advice-based conversations.

What accomplishment are you most proud of from 2019?

CL: Our first-place finish for Top Insurance Workplace (Under 100 Employees) in Canada. The reason this is so special for us is that we wanted to hire the best in the industry and could not be more proud of our team.

They are fully engaged, often reaching out to

each other to provide support if anyone is falling behind. We’ve been able to establish a good work-life balance with 40% of our team working from home. Despite not all being in the same building or province, our team chemistry has never been stronger, producing a positive environment and culture. Being named a Top Brokerage has only strengthened our appreciation for each other and reaching this milestone together.

What’s the biggest challenge facing brokers in 2020?

CL: I’d be remiss not to acknowledge the hard market. That, in and of itself, is its own challenge, but with rate increases and market segmentation, the biggest challenge we see for brokers in 2020 is public awareness and helping them understand the ‘why.’

We are already starting to see an influx of calls related to premium increases, carriers not renewing or markets segmenting themselves out, making it harder to find the appropriate coverage for consumers. One of our missions for 2020 is to help our customers understand the rationale behind these industry challenges.

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5/02/2020 4:24:03 AM

WELLS INSURANCE SERVICES COMPOSITE SCORE: 143 Headquarters Richmond Hill, ON

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Year founded 2015 Number of offices 1 Number of employees 6 Leadership Kevin Wells, president and founder; Shannon Wells, vice-president of operations and business development Website wells.insure

What made 2019 a banner year for Wells Insurance Services?

Shannon Wells, vice-president of operations and business development: We navigated the hard market and came out ahead. We worked even harder at what we are best known for – client satisfaction and retention – and finished the year with just that: satisfied clients who made the choice to continue their partnership with our office.

What can your wholesale or insurer partners do to help you write more business in 2020?

SW: It would be nice to see some more broker exclusivity, where carriers are choosing to collaborate and focus their efforts on the broker channel. It’s disheartening hearing when a prospect chooses based on a direct writer’s quote from a carrier you have a partnership with.

What did you do differently in 2019 than in other years?

SW: We really focused our efforts on retention and satisfaction. We paid very close attention to carrier requirements through their binding review processes and focused heavily on client retention through rate

Shannon Wells (left) and Kevin Wells (right)

increases and renewals. Our retention rate remained excellent, and our clients were satisfied with the unexpected, proactive approach we took to ensure they were best taken care of.

How does Wells Insurance Services maintain its competitive edge in the market?

SW: We focus our energy and passion on our existing client base. Through this, the result is an astounding number of happy, satisfied clients who promote along with us. We then shift our focus on earning our new clients’ trust and appreciation, and the cycle repeats itself. We also pay close attention to our profitability and make adjustments when and where it is required.

What accomplishment are you most proud of from 2019?

SW: We survived the transition to a new broker management system, which we’ve learned is a very large undertaking. We navigated and came out ahead of a hard market, and we continue to do so. We acquired a new brokerage and brought on another team member, and we were nominated as a finalist for Brokerage of the Year (Fewer Than 10 Employees) in Canada for the second year in a row. We always have a lot to celebrate.

What’s the biggest challenge facing brokers in 2020?

SW: The biggest challenge that brokers face in 2020 is client retention and maintaining a profitable book of business.

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5/02/2020 4:24:09 AM

SPECIAL REPORT

TOP 10 BROKERAGES

7

ORACLE RMS INSURANCE RISK MANAGEMENT SERVICES COMPOSITE SCORE: 140 Headquarters Concord, ON Year founded 2011 Number of offices 12 Number of employees 120 Leadership Michael Di Nardo, president; John Ferraro, CEO Website oraclerms.com

What made 2019 a banner year for Oracle RMS? Joseph Huynh, strategy and innovation coordinator: In the past year alone, we’ve acquired, founded and partnered with over 10 branches; we now have more than 100 people employed in the company.

Internal growth, strong operational performance and strategic investments have collectively ensured that we continue to sustain long-term success.

remained steady and true to the company’s values. A brokerage built on strong relationships with clients, markets and staff, Oracle has managed to stay on top of the competition by delivering on the same promise that got us here. Even during last year’s hard market, we managed to deliver on the same service our clients have grown to expect, resulting in sizeable growth of up to 35% from last year.

What did you do differently in 2019 than in other years?

JH: It was the year Oracle introduced its

What’s the biggest challenge facing brokers in 2020?

JH: The biggest challenge facing brokers in

digital marketing, communications and analytics team, advancing the company in innovative ways by bridging the gap between insurance and technology. The team is one of the most powerful tools Oracle has at its disposal as a business going into 2020 to engage with consumers in the digital space.

2020 is keeping up with the constant demand for digital advancements and changing consumer preferences. Last year we tackled this challenge head on, investing in areas that brokerages have often shied away from. We focused our efforts on enhancing and digitizing internal workflows while implementing new business practices to stay ahead of the industry.

How do you maintain a competitive

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edge in the market?

JH: Our operational performances have

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5/02/2020 4:24:15 AM

6 OVC ASSURANCE COMPOSITE SCORE: 132 Headquarters Sainte-Julie, QC Year founded 2015 Number of offices 1 Number of employees 65 Leadership Shawn Turcotte, CEO; Jonathan Morissette, vice-president; Shawna Vincent, director of operations; LouisAndré Morin, director of commercial; Jonathan Renaud, director of compliance; Francis Leclaire, director of service; Émile Séguin, financial controller; Hugo Lamarre, senior marketing specialist Website ovcassurance.com

How does OVC Assurance maintain its competitive edge?

Hugo Lamarre, senior marketing specialist: Besides choosing to represent as many insurance companies as possible and staying independent, we strongly believe that providing our brokers with the best environment will reflect directly on the way they serve our customers.

Since day one, we have invested in our people to provide them with a great place to work. Small gestures like fresh fruit each morning, barista coffee and team-building activities are part of what we do to express the appreciation we have for our team. In that sense, you could say that our focus on people is our key differentiator.

What accomplishment are you most proud of from 2019?

“Since day one, we have invested in our people to provide them with a great place to work” HL: The quantity and quality of the people we attracted.

What’s the biggest challenge facing brokers in 2020?

HL: Efficiency! That’s why we are working on technological solutions that will assist brokers in their daily tasks and help them spend more time on what is important: the customer.

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5/02/2020 4:24:19 AM

SPECIAL REPORT

TOP 10 BROKERAGES

5

WESTERN FINANCIAL GROUP COMPOSITE SCORE: 121 Headquarters High River, AB Year founded 1905 Number of offices 186 Number of employees 1,900 Leadership Kenny Nicholls, president and CEO; Joe Sirianni, COO; Nancy Green, chief financial and risk officer; Lisa Osachoff, chief people and culture officer; Mark Rouleau, chief strategy officer; Grant Ostir, president, Group Insurance Solutions Website westernfinancialgroup.ca

What made 2019 a banner year for Western Financial Group?

Kenny Nicholls, president and CEO: Western Financial Group went into 2019 focused on creating opportunities. We concentrated on our strengths and achieved some important milestones, including launching a financing portal to ease our customers’

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payment process. As our customers reacted to the hardening market, we leveraged our size and brokers’ expertise to ensure customers kept the coverage they need, resulting in healthy retention levels and support from carriers.

Solid growth in our specialized group and association products, commercial programs, group benefits, and personal life insurance products contributed to our healthy results.

Adding to our organic performance, we continued our expansion into Ontario, acquiring a three-office agency in the Ottawa Valley and increasing our Ontario footprint to 16 locations. We also take pride in our charitable arm, the Western Communities Foundation, which awarded $345,000 in grants to charities across Canada last year.

Our dedication to people has earned us a bestin-class customer experience score. We’re proud of what we’ve achieved, and we’re ready to continue growing and evolving.

What are Western Financial Group’s specializations?

KN: We pride ourselves on having solutions for any challenge our customers present to us in their personal or commercial lines, financial services, or group benefits. With 186 locations

and nearly 1,900 insurance experts, Western offers specialized services to suit any need across Canada. We work with numerous insurance partners and keep updated on their offerings and priorities. We also design unique products and programs, including home and auto products, indoor growers, and daycare programs; an affordable high-quality group benefit product, TotalGuard; and protected self-insurance programs.

What’s the biggest challenge facing brokers in 2020?

KN: Our industry is adapting to the digital age, and customers and employees expect to access a broad set of products and services easily over multiple channels. Western Financial Group works to deliver a customer experience that focuses on high-value touchpoints, leveraging our expertise to build customer confidence and security.

As an employer, attracting and supporting the development of insurance professionals is key. As the traditional roles of brokers change, our teams are evolving to provide value to customers in new ways. One thing we know: Customers will continue to need personalized expert advice from our brokers.

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5/02/2020 4:24:22 AM

4 BMS CANADA RISK SERVICES COMPOSITE SCORE: 114 Headquarters Ottawa, ON Year founded 2013 Number of offices 1 Number of employees 14 Leadership Brian Gomes, president and CEO of BMS Canada Risk Services and head of Global Affinity; Maggie Green, managing director; Mathew Harbin, director of finance and operations Website bmsgroup.com/canada

What made 2019 a banner year for BMS Canada Risk Services?

Maggie Green, managing director: BMS Canada entered its seventh consecutive year of consistent growth and 100% client retention, which we’re incredibly proud of. This is a testament to the day-to-day delivery of our entire team and our commitment to service and ongoing value.

We also continued to diversify our business segment strategy and grow, including welcoming new clients, new trading relationships and additional team members. Our business was built by focusing on client service, and we have expanded our human capital to ensure we are continuing to deliver and evolve

our offering. We were named one of IBC’s Top Insurance Workplaces for 2019, which we felt to be a great reflection of our team and culture.

This came after winning Outstanding Customer Service by a Brokerage in 2017.

Our team also proactively communicated and strategized with clients to manage changes in the market. We implemented new facility structure modifications and invested in additional risk mitigation resources beyond insurance transfer.

500,000 professionals and businesses from across Canada, it is fundamental that we deliver exceptional service that meets a diverse range of needs.

BMS Canada is part of BMS Group, a Canadian-owned specialist broker headquartered in London, UK. As such, we are able to deliver comprehensive creative solutions using direct open-market access and binding authorities, offering efficiencies to clients and greater opportunities for global alignment.

What are your specializations?

MG: We have had tremendous success in

What can your wholesale or insurer partners do to help you write more business in 2020?

MG: Communicate effectively. Open and

commercial facility and program business, working with a significant number of national and provincial industry partners to develop large, progressive insurance facilities with our market-leading service structure and quote/ bind technology. We established our team and developed our Canadian business to go beyond the role of a traditional broker, acting more as a strategic partner offering exceptional service, data analytics, marketing and communications support, products, and ongoing value.

We work with a range of key partners to continue to evolve our offerings and specializations. We know that human capital is our greatest asset, so we have hired a diverse team with varied backgrounds and experience both within and outside of the insurance sector.

Supporting this team with an ongoing investment in sophisticated technology has enabled us to be nimble and more dynamic. With our commercial clients representing more than

honest dialogue that is supported by evidence and communicated in advance of renewal dates is fundamental to maintaining longstanding relationships and capitalizing on market changes. We appreciate when new markets reach out to us, wanting to explore new opportunities and build sustainable growth together.

What’s the biggest challenge facing brokers in 2020?

MG: The inability to adapt to changing conditions. The shift in the market, along with changing client demographics and expectations, brings both challenges and opportunities. Investing in technology is essential, but not at the expense of human capital, which will continue to be at the centre of our business value.

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5/02/2020 4:24:26 AM

SPECIAL REPORT

TOP 10 BROKERAGES ARCHWAY INSURANCE COMPOSITE SCORE: 91 Headquarters Amherst, NS

3

Year founded 1985 Number of offices 31 Number of employees 200 Leadership Michael Stack, CEO; Gina McFetridge, president; David Enman, CFO; Lynn Michaud, vice-president, Northern region; Joanne Deveau-Murphy, vice-president, Central region; Kathy Hoar, vice-president, Southern region; Pamela Hinam, vice-president, employee benefits and life division Website archwayinsurance.ca

What made 2019 a banner year for Archway Insurance?

Gina McFetridge, president: Our strategic vision is to grow to $150 million in premium volume by 2023 by being the independent broker of choice for relationshipdriven individuals and businesses in Atlantic Canada through best-in-class service, advice, products and technology that meet all our clients’ insurance needs. After a banner year of acquisitions in 2019, we are now on target to surpass this goal in 2020!

As we rapidly expand our brokerage footprint, Archway Insurance brand recognition continues to grow both in our region and across Canada. Acquisition has always been a key component of Archway Insurance’s growth strategy; our first acquisition was in 1988, and we have since completed more than 30 acquisitions. Our unique approach to integrating corporate cultures has resulted in many referrals and Archway being selected as the aggregator of choice by many brokers who share our philosophy and passion for local business. We have learned from each transaction and continue to grow successfully, both organically

34

Gina McFetridge (left) and Michael Stack (right)

and exponentially through acquisition.

Last year, we also focused more heavily on our online presence, which generated more web leads through online quoting. We now have a dedicated digital broker to respond to this new type of client.

How do you maintain a competitive edge in the market?

GM: When people choose a career at Archway, they choose a career for life. We are proud to be a top employer in the communities in which we operate. We are a service company, so our employees are our greatest asset. As we have grown, we have been able to provide more comprehensive benefits to attract and retain the brightest and best employees. As a result, we enjoyed an employee retention rate of 97% in recent years and were named one of Canada’s Top Insurance Workplaces by IBC in 2019.

Despite a growing management group, our organization remains relatively flat. Either Michael or I visit each office once per quarter to ensure that every employee has direct access to leadership and can share their experience to create a better company. We have an internal website that is updated daily, a monthly newsletter, contests that reward behaviours contributing to us reaching our corporate goals, and a quarterly State of the Brokerage webinar.

In addition to face-to-face conversations, calls and emails, these tools ensure everyone is focused on the same priorities, understands

our progress toward our goals and where additional effort is required, and is able to link their unique efforts directly to helping the company achieve our strategic vision.

What accomplishment are you most proud of from 2019?

GM: Our greatest challenge in the past 12 to 18 months has centred around technology.

Since kicking off our implementation project with Applied Systems to move all our offices to their EPIC platform, we have referred to 2019 as our ‘EPIC year’ at Archway. This ninemonth project is directly involving nearly half of our 200-plus employees [and is] the largest, most complex and time-consuming technology project we have ever undertaken as a brokerage.

Given the enormous scope of this project, we knew that buy-in from our team was not going to be enough. If we are to be successful in moving to the new system, our employees must take ownership by being directly involved in customizing and implementing the system. Watching the cross-functional teams come together in day- and week- long meetings this fall to passionately discuss process and reach consensus on how we will all do things consistently in the future has been an incredibly powerful experience. Much work lies ahead, but our project is on track and our employees are actively engaged and united in a shared vision for the benefits the technology will bring.

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5/02/2020 4:24:30 AM

2

BILLYARD INSURANCE GROUP COMPOSITE SCORE: 82 Headquarters Welland, ON Year founded 1990 Number of offices 35 Number of employees 327 Leadership Stephen Billyard, president; Cody Douma, vice-president; Cindy Billyard, vice-president Website thebig.ca

What made 2019 a banner year for Billyard Insurance Group?

Stephen Billyard, president: We scaled the brokerage significantly, hiring 177 new employees and opening 10 new commercial storefront locations. To drive growth at this rate we expanded our leadership teams, technology platforms, training, recruiting

From left: Cody Douma, Cindy Billyard, Stephen Billyard

and support systems to effectively handle and manage these critical growth elements at volume.

What did you do differently in 2019 than in other years?

SB: We have increased our emphasis on expanded product lines to balance our book of business and offer a holistic experience for our clients. We are focused on growing our commercial, life and travel insurance divisions, making investments in training, recruiting and technology to improve our capabilities in these areas.

How do you maintain a competitive edge in the market?

SB: We maintain our competitive edge by recruiting top broker talent in Ontario and providing them with the training, technology and tools they need to do their jobs effectively. BIG is a people-focused company – we take care of our brokers, and our brokers take care of their customers.

What’s the biggest challenge facing brokers in 2020?

SB: Gaps in broker technology remain our biggest challenge in 2020. The day-to-day job of a sales or service insurance broker is very complicated; they are required to learn and juggle multiple software packages and company portals that don’t integrate effectively with one another, leaving the broker to manage manual tasks and complicated workflows. This makes it challenging to provide our customers with the prompt and accurate service levels they expect.

What can your wholesale or insurer partners do to help you write more business in 2020?

SB: Keep improving broker-facing technology. Many of our carriers made great technological progress in 2019 – carriers deployed back-end platforms like Guidewire to improve policy insurance and broker connectivity; some launched very userfriendly broker-facing quote-and-bind technology for small business commercial; others expanded their appetites for customer-facing click, quote and bind in the commercial space.

These improvements help us operate more efficiently and serve our customers better.

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5/02/2020 4:24:38 AM

SPECIAL REPORT

TOP 10 BROKERAGES

1 From left: Brett Graham, Timothy Branson, Jamie Reid, James Malcolm, Ed Marrie

STORM INSURANCE GROUP COMPOSITE SCORE: 54 Headquarters Dartmouth, NS Year founded 1980 Number of offices 8 Number of employees 104 Leadership Jamie Reid, president; Ed Marrie, CFO; Corrie Anderson, vice-president of corporate operations; Timothy Branson, divisional vice-president; James Malcolm, divisional vicepresident; Brett Graham, divisional vice-president; Grant Sheppard, divisional vice president Website stormins.ca

What made 2019 a banner year for Storm Insurance Group?

Corrie Anderson, vice-president of corporate operations: Storm Insurance Group had several significant accomplishments. We launched an in-house innovation

36

hub to launch new products, innovative insurance portals and digital advancements for customer services. We acquired Wardell Insurance in Burlington, Ontario, in January 2019 and Sheppard Insurance and Risk Management, one of Edmonton’s largest commercial brokers, in May 2019. We also entered the Quebec marketplace with the acquisition of Axxium Assurance in Montreal.

We increased our staff count from just over 60 to 100-plus employees and launched a national operations procedure committee to focus on enhancing client service and improving and standardizing national procedures. We were also a finalist for the IBC Digital Innovator of the Year and Employer of Choice awards and were recognized as a 2019 Top 10 Brokerage.

What did you do differently in 2019 than in other years?

CA: Our executives continued to be risk takers and invest in people and resources to be a leader in digital and innovation insurance solutions. We also made diversity in the workplace a core priority in our talent acquisition strategy and are proud to employ a diverse workforce.

What are Storm Insurance Group’s specializations?

CA: Innovation of new products and distribution models, digital innovation, and resource-

fulness. We specialize in commercial business, personal lines, group affinity business and true e-commerce digital insurance – quote, bind and issue online.

How do you maintain a competitive edge in the market?

CA: Our executives and teams are creative thinkers, exploring and trying new concepts, ideas and processes to ensure we remain a leader in the insurance industry. Additionally, our strategic purpose, vision, pillars and employee values combine to create an economic and social map for our future: to attract top talent; ensure that each individual understands their individual and collective contribution to the company strategy; invest in both an organic and capital investment growth model; and for our executive team to stay attuned to consumer trends, listen to our clients and provide insurance solutions that meet their particular insurance needs.

What’s the biggest challenge facing brokers in 2020?

CA: Storm continues to experience the challenge of the tightening insurance market, as we imagine is being felt across the entire industry of brokers. We are focused on products and programs where we have more influence over the underwriting, such as those we offer through our MGA division, Agile.

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5/02/2020 4:24:39 AM

FEATURES

SECTOR FOCUS: CANNABIS

Navigating the highs and lows With the cannabis industry in flux, insurance experts weigh in on market conditions and what’s needed as cannabis businesses fight for survival

ESSENTIAL COVERAGE FOR CANNABIS BUSINESSES Basic commercial insurance coverages Commercial property General liability Directors & officers Cyber liability Specific coverages for cannabis operations Equipment breakdown Inland transit Crime

STABILITY IS still a long way off in the cannabis market. Cannabis producers across multiple provinces have been slashing their sales targets and expectations for 2020, citing uncertainties in the market. As many companies feel the strain of underperformance, survival is the primary focus, and risk management has dropped on their list of priorities.

in order to protect against potential losses.”

The current market conditions mean rates are high, coverage is costly, and choice is limited. Given the financial instability and lending reluctance in the cannabis sector, there is significant pressure on cannabis startups to obtain the capital they need to operate their business correctly.

Underwriters are looking more closely at the

“Rates continue to be much more aggressive in the cannabis sector, and prices haven’t seen much change since legalization” Lars Rittmann, Erb and Erb Insurance Brokers “To ensure the long-term sustainability of Canada’s cannabis industry, companies need to put a bit more focus on financial risk management,” says Kevin Lea, president of Fuse Insurance. “A big part of that is making sure the proper insurance coverage is in place

financial health of these companies to determine rates and premiums.

“We’re starting to get more questions around the funding model, investors, realistic projected revenues and timelines for these new companies, which helps to

Product recall Pollution and public liability Liability for human clinical trials Errors & omissions

correctly determine the likelihood of success of new cannabis providers,” Lea says. Since legalization, he adds, there has been a decent amount of publicly available data, which helps benchmark pricing and projected revenues to determine the health of startups.

However, new data isn’t doing much to relieve high premiums in a sector that has been tough from day one. According to Lars Rittmann, a commercial insurance broker at Erb and Erb Insurance Brokers, there hasn’t been much movement in products and prices since legalization in 2018.

“Your average licensed producer is the same as a manufacturing business, but instead of manufacturing metal or food, they grow cannabis,” he says. “And yet rates continue to be much more aggressive in the cannabis sector, and prices haven’t seen

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5/02/2020 4:28:05 AM

FEATURES

SECTOR FOCUS: CANNABIS

much change since legalization.”

One thing is certain: The cannabis industry is in flux, and the insurance market will need to react accordingly. In addition to some looming bankruptcies, there’s a lot of retail expansion going on, especially in the Ontario market, as well as several mergers and acquisitions.

“We have seen our licensed producers grow very rapidly, but as they grow, they’re not building in the thorough enterprise risk management process that we see with other companies,” says Carlos Centeno, AVP of underwriting and development at Cansure.

“A lot of these licensed producers make us nervous because they still have a siloed approach to risk management.”

Key coverage areas Apart from basic property and commercial liability coverage, cannabis companies

38

need products that can protect them from unexpected loss during these uncertain times. Business interruption coverage is the number-one overlooked area in the cannabis industry, according to Lea, who adds that while D&O coverage has been extremely expensive of late, it too is a crucial coverage for cannabis companies.

Rittmann echoes this sentiment, especially for publicly traded cannabis companies. “A bankruptcy can directly affect a D&O policy,” he says. “It becomes your lifeline if money is lost, because the last thing you want is to leave your board members exposed. If there’s no D&O policy, those board members are now personally liable for day-to-day management of the business.”

Cyber liability is another product that should be top of mind due to ransomware attacks and other social engineering issues that can leave cannabis companies exposed.

This is especially relevant for medical cannabis providers, due to the significant amount of patient data and personal information they keep on file, Lea says.

The more advanced commercial greenhouse and grow operations also have cyber exposure in the form of systems that control optimal hydration, fertilizer content, temperature, humidity and other factors that allow for the growing of high-quality plants.

Without the proper protections in place, those crops may be left exposed.

Dealing with legalization expansion At the end of 2019, cannabis edibles were legalized and began hitting shelves across the country, bringing yet another level of uncertainty to the market.

“Legalization and the entry of edibles come at a time when insurance companies’ capital is focused on well-known industries

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5/02/2020 4:28:09 AM

and exposures that are seeing rate increases and improved terms and conditions in the hardening market,” Centeno says. “Attracting meaningful capacity to the cannabis industry will be a challenge.”

Crafting coverage for edibles, topicals and extracts will require a thorough level of understanding of the entire supply chain, from raw material providers to the licensed producers, he adds. “Only with a clear understanding of value and risk in firstand third-party exposures through rigorous enterprise risk management will we see the adequacy of new insurance products that enter the marketplace.”

Rittmann encourages underwriters to tap their experience in working with food

“If someone eats an edible but they also take blood thinners, someone could be affected negatively,” he says. “This is where we may see health claims.”

The outlook for 2020 Given that the entire commercial insurance industry is suffering from tumultuous market conditions right now, underwriters aren’t as interested in taking a risk in moving into a new sector, especially when they’re pulling out of other industries, raising rates and tightening coverage for other segments of the market.

“The cannabis insurance industry suffers from a lack of players, and with a limited number of providers, this is why the prices

“A lot of these licensed producers make us nervous because they still have a siloed approach to risk management” Carlos Centeno, Cansure manufacturing companies when incorporating edibles and extracts into insurance products. “With edibles, you have to consider packaging, ingredients, warning labels and whether there is a recall plan in place,” he says. “Then there are extracts, which are connected to vaping products.”

Policy exclusions, including health exclusions, are an important discussion as well, especially in the realm of edibles and extracts, Rittmann adds.

“What happens if someone who eats an edible gets behind the wheel or has a violent negative reaction?” he says. “How do insurance companies respond to that? These are the things that need to be addressed.”

Something else Rittmann believes isn’t being talked about enough is the potential reaction when combining cannabis with other drugs.

for insurance are relatively high,” Lea says.

This is compounded by the fact that there simply isn’t enough data on losses and claims coming through for accurate underwriting, according to Rittmann. The companies that are providing cannabis insurance are taking a risk – and are pricing rates accordingly, he says.

Centeno believes that if cannabis businesses focus on enterprise management and profitability, that would help to reduce the risk and make the insurance market more accessible. Yet he doesn’t expect the cannabis insurance landscape to change all that much in 2020.

“The products being offered right now are sufficient, and the companies already in the space are doing it well enough,” he says. “Due to high risk and a lot of unknowns, I don’t anticipate a lot of new and fresh capital.”

LEGALIZATION TIMELINE

July 20, 2001 Medicinal use of cannabis legalized

April 13, 2017 Cannabis Act presented to Parliament

October 17, 2018 Recreational marijuana sales legalized

October 17, 2019 Edibles, topicals and extracts legalized

December 17, 2019 Edibles, topicals and extracts able to be sold by retailers across the country

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FEATURES

ELITE BROKERS

2020

BROKERS IBC spotlights the Canadian brokers who have overcome multiple obstacles to achieve remarkable success over the past year

DESPITE TOUGH economic conditions that restricted many – if not all – markets in 2019, brokers all over the country rose to the challenge. Of the dozens of brokers who excelled over the last 12 months, none shone quite so brightly as the 25 professionals featured on the following pages.

This year’s Elite Brokers range from innovative newcomers to insurance veterans with decades of experience, but all earned their spot by posting impressive numbers in new business commissions or total premium volume – or both – in the last 12 months. Collectively, the 2020 class of Elite Brokers placed more than $147 million in premiums and earned more than $8.1 million in new business commissions for the year. While 16% of this year’s Elite Brokers have 20 or more years of industry experience, nearly as many (12%) have been in the business for five years or less – proving that when it comes to succeeding in a tricky economy, tenacity and innovation carry as much weight as a decades-long resume.

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METHODOLOGY Each nominee for this year’s Elite Brokers list was required to provide specific details about his or her personally generated business to be eligible. Brokers were evaluated based on new business commission volume and total premium volume achieved between October 1, 2018 and September 30, 2019. The top 25 brokers across both categories were recognized as an Elite Broker.

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ELITE BROKERS BY THE NUMBERS

$322,696

Average new business commissions

988

1,126

Average number of clients

$5.9 million

Average policies

Average premium volume

MATT CRUIKSHANK BIGGEST BOOKS RANK NAME

Senior account executive HUB INTERNATIONAL

COMPANY

CLIENTS

1

Nick Owen

Sharp Insurance

8,855

2

Mark McKay

Highcourt Partners

5,500

3

Tony Di Corpo

Racine Chamberland

2,339

4

Irfan Shafqat

Billyard Insurance Group

1,818

5

Morgan Roberts

Mitchell & Whale Insurance Brokers

1,429

MOST POLICIES WRITTEN RANK NAME

COMPANY

POLICIES

1

Mark McKay

Highcourt Partners

6,000

2

Kevin Stedman

Jones DesLauriers Insurance Management

5,618

3

Tony Di Corpo

Racine Chamberland

2,769

4

Irfan Shafqat

Billyard Insurance Group

1,693

5

Morgan Roberts

Mitchell & Whale Insurance Brokers

1,682

Initially attracted to the insurance industry by the opportunity to interact with people on a daily basis, Matt Cruikshank began his career in 2003 with the help of his uncle, who worked at Mones & Associates Insurance Brokers.

In 2008, Hub International purchased Mones & Associates, and Cruikshank says he “could not have asked for a better fit over the last 11 years,” pointing to the people, his two long-term assistants and the resources at Hub as key factors in helping him get where he is today.

Around a decade ago, Cruikshank decided to specialize in real estate and condominium insurance, and it’s been his primary focus ever since. “Becoming an industry expert in this field has made all the difference in my success,” he says. “I am more responsive to my clients’ needs because I can speak their language and know their business.”

In 2019, Cruikshank received the Hub Legend Award, given to producers who have qualified for the top sales award five years in a row.

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FEATURES

ELITE BROKERS ELITE BROKERS BY NEW BUSINESS COMMISSIONS VOLUME RANK NAME

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COMPANY

LOCATION

ELITE BROKERS BY TOTAL PREMIUM VOLUME RANK NAME

COMPANY

LOCATION

1

Dave Watson

WFS Wealth & Financial Strategies

Manitoba

1

Kevin Stedman

Jones DesLauriers Insurance Management

Ontario

2

Mike Gerber

Monarch Insurance Brokers

Alberta

2

Sam J. Feldman

Wilson M. Beck Insurance Services

Alberta

3

Karim Chandani

Hub International

British Columbia

3

Ryan Begg

Hub International

Alberta

4

Nick Enright

McDougall Insurance & Financial

Ontario

4

Mike Gerber

Monarch Insurance Brokers

Alberta

5

Connor Afcouliotis

Rogers Insurance

Alberta

5

Tony Di Corpo

Racine Chamberland

Quebec

6

Kevin Stedman

Jones DesLauriers Insurance Management

Ontario

6

Mark McKay

Highcourt Partners

Ontario

7

Irfan Shafqat

Billyard Insurance Group

Ontario

7

Karim Chandani

Hub International

British Columbia

8

Mark McKay

Highcourt Partners

Ontario

8

Matt Cruikshank

Hub International

Alberta

9

Terence Cairns

Wilson M. Beck Insurance Group

Alberta

9

Sheri Walters

Aon

Alberta

10

Tony Di Corpo

Racine Chamberland

Quebec

10

Sheri Clay

J.T. Insurance Service

British Columbia

11

Ryan Begg

Hub International

Alberta

11

Connor Afcouliotis

Rogers Insurance

Alberta

12

Morgan Roberts

Mitchell & Whale Insurance Brokers

Ontario

12

Nick Enright

McDougall Insurance & Financial

Ontario

13

Mani Sharma

Hub International

British Columbia

13

Aaron Hinks

JDIMI/Navacord

Ontario

14

Raheel Shamim

Nacora Insurance Brokers

Ontario

14

Irfan Shafqat

Billyard Insurance Group

Ontario

15

Brandi Hitchens

Jacobi Brien Insurance

Nova Scotia

15

Morgan Roberts

Mitchell & Whale Insurance Brokers

Ontario

16

Alexi Araneva

Sharp Insurance

Alberta

16

Raheel Shamim

Nacora Insurance Brokers

Ontario

17

Aaron Hinks

JDIMI/Navacord

Ontario

17

Terence Cairns

Wilson M. Beck Insurance Group

Alberta

18

Matt Cruikshank

Hub International

Alberta

18

Dave Watson

WFS Wealth & Financial Strategies

Manitoba

19

Nick Owen

Sharp Insurance

Alberta

19

Mani Sharma

Hub International

British Columbia

20

Sheri Clay

J.T. Insurance Service

British Columbia

20

Graeme Bencharski

A-WIN Insurance

Alberta

21

Mo Radmacher

Lloyd Sadd Navacord

Alberta

21

Alexi Araneva

Sharp Insurance

Alberta

22

Fady Kamel

All Risks Insurance Brokers

Ontario

22

Brandi Hitchens

Jacobi Brien Insurance

Nova Scotia

23

Graeme Bencharski

A-WIN Insurance

Alberta

23

Nick Owen

Sharp Insurance

Alberta

24

Sheri Walters

Aon

Alberta

24

Mo Radmacher

Lloyd Sadd Navacord

Alberta

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CONNOR AFCOULIOTIS Business development manager ROGERS INSURANCE

MIKE GERBER Vice-president and broker MONARCH INSURANCE BROKERS

In 2005, Mike Gerber had applied for and been accepted into the astrophysics program at the University of Alberta.

Before he left, however, his aunt, a vicepresident at Great-West Life, informed him that she had just hired several students out of the program. “I figured if I was going to end up in insurance anyway, I might as well pursue insurance instead,” says Gerber, who decided instead to join the insurance program at Grant MacEwan University.

Gerber worked for five years at Co-operators Insurance and Financial Services in Edmonton, then switched to the broker side in 2012 at Monarch Insurance Brokers, where he began developing relationships in the trucking industry with compliance managers, suppliers, financing agents and dealerships. He has since cultivated those relationships to the point where he has made transportation his specialty.

“Transportation is a field filled with nuance; navigating the evolving regulations and needs of the trucking and insurance industry is a big challenge,” Gerber says. “The reward is finding the solution to tie these two together.”

Connor Afcouliotis entered the insurance industry in 2016 and quickly developed a broad perspective on risk, gaining

experience in everything from personal lines to captive placements. This variety of experience has allowed him to build a strong knowledge base while fostering client, co-worker and underwriter relationships across the country. After spending time as a commercial lines account executive, Afcouliotis transitioned into his current role as a business development manager at Rogers Insurance, where he specializes in transportation.

Despite his short time in the industry, this is Afcouliotis’ second appearance on IBC’s Elite Brokers list. “My success is the result of the excellent team atmosphere at Rogers,” he says. “My position allows me to pursue any size or type of risk, knowing that I have a support staff behind me with decades of experience.”

NICK ENRIGHT Broker and partner MCDOUGALL INSURANCE & FINANCIAL

For Nick Enright, insurance is a family business: His grandfather started a brokerage in the 1970s, which his father took over and sold in the early 2000s.

Enright got his own start in the industry in the mailroom of ING Insurance. After two years, he became a broker specializing in the transportation sector; for the past several years, has focused on writing large transportation fleets. Currently, Enright has a book of business worth $20 million, 95% of which is large trucking risks.

Enright built the trucking division at McDougall Insurance & Financial and has helped develop it into one of the largest writers of trucking insurance in the country. “Last year, we were able to grow in a hard market,” Enright says. “Despite many hardships in the trucking space and insurers taking significant action, we were able to win some nice accounts and continually show value to both clients and insurance providers.”

DAVE WATSON President WFS WEALTH & FINANCIAL STRATEGIES

Dave Watson has qualified numerous times, including in 2019, for the prestigious Million Dollar Round Table Top of the Table, which puts him among the top 4% of the world’s financial services professionals.

Watson started his career in 1992 and spent eight years working as a representative and manager with a top Canadian life insurer. In 1999, he was a founding partner of The Wealth Planning Group in Winnipeg. He left the company in 2017 to form WFS Wealth & Financial Advisory Services, where he focuses on building insurance strategies for high-net-worth professionals and business owners.

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SPECIAL REPORT

ELITE BROKERS 2020

KEVIN STEDMAN Partner and account executive JONES DESLAURIERS INSURANCE MANAGEMENT

IRFAN SHAFQAT

TERENCE D. CAIRNS

Managing partner BILLYARD INSURANCE GROUP

Vice-president of commercial lines WILSON M. BECK INSURANCE SERVICES

Irfan Shafqat has been in the insurance industry for almost a decade, starting in the home and auto advice centre at RBC in 2011. He learned the fundamentals of underwriting and selling insurance and, after a year, moved into field sales. From RBC, Shafqat headed to Allstate, where he continued to develop his networks and sales ability. In 2016, he was hired as a managing partner with All-Risks Insurance Brokers; a year later, he joined Billyard Insurance Group (BIG) in the same position. Since Shafqat came on board, BIG has grown from six employees to 33 and is focused on continued growth over the next several years.

“I am definitely proud of not only the growth of my office, but also of getting to witness some of the best talent in the industry,” Shafqat says. “I have worked with, and continue work with, those who are new to the industry and am very proud of developing a strong insurance workforce that has the main objective to strive for success.”

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A leader in claims advocacy and coverage placement, Kevin Stedman has more than 30 years of insurance experience. Specializing in transportation and construction, Stedman says he’s particularly proud of his team and the opportunities he’s had over the last year to share his professional knowledge of coverages with his clients.

“My mantra is to do what you say and follow through with it,” he says. “I visit my clients whenever and wherever needed and as their schedules permit. My success can be attributed to the great support network I have at the office and my incredible team.”

It was a meeting with Douglas McIntosh of Active Insurance Group that jump-started Terence Cairns’ insurance career around five years ago. “He quickly mentioned that he thought the insurance industry would be a perfect fit for me – and, as he was a seasoned veteran and highly respected executive in the insurance world, that alone made me consider making a complete career change,” Cairns says.

By Cairns’ third year in the business, he had become a senior partner and shareholder of Action Insurance Group and was promoted to senior vice-president of commercial lines. He has focused on commercial lines ever since and recently took his talents to Wilson M. Beck Insurance Services, where he focuses on energy, oil and gas, transportation, construction, hardto-place risks, commercial cannabis coverage, and more.

“I pride myself on being the most elite and trusted commercial insurance broker and risk mitigation expert possible,” he says, “delivering an unmatched customer experience and white-glove service.”

MORGAN ROBERTS Sales team leader MITCHELL & WHALE INSURANCE BROKERS

Morgan Roberts wasn’t looking for a career in insurance when she took on an administrative role at a Whitby, Ontariobased brokerage – her primary goal was to be closer to home after her son was born. But “right away, I found the work really interesting and wanted to learn more,” Roberts says.

She did just that and is now 10 years into her insurance career – and is marking her third straight year on the Elite Broker list. “I’m still learning something new every day and still looking at every call as an opportunity to make someone’s life better,” she says.

Roberts prides herself on giving each customer the level of attention and service she would expect if she were on the other end of the line. She especially loves the problem-solving aspect of her job.

“Everybody’s circumstances are a little different,” she says, “so when you’re able to get someone just the right package of coverage, find coverage for someone who’s hard to insure or quote a great price that maybe they weren’t expecting, it’s a rush.”

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KARIM CHANDANI Vice-president of hospitality HUB INTERNATIONAL

A seasoned entrepreneur, Karim Chandani understands the importance of partnering with his clients and serving as a trusted advisor to help them proactively meet their needs and solve their business challenges.

As a former business owner, Chandani is familiar with the challenges associated with costs, cap rates and profitability; in his role as a vice-president and hospitality expert at Hub International, he works closely with hundreds of hoteliers, retirement homes, real estate owners and large manufacturers to provide them with

the best pricing and coverage options for their businesses.

“Providing insurance for a client’s property is one thing, but helping my clients connect to others who can help strengthen and grow their businesses is what I love to do,” he says. “I love it when my clients call me asking for advice, whether it’s related to insurance or anything else they need.”

Chandani works closely with Choice Hotels Canada as its preferred insurance partner, as well as with CFO Capital owner Mark Kay, who provides lending for leading hoteliers and real estate owners across Canada. In every situation, Chandani focuses on delivering value and providing tailored solutions to his diverse roster of clients, believing that it’s the little things

that make the biggest impact.

“This includes having the risk services teams assist clients to confidently identify, quantify and reduce risk through tailored solutions so they can protect what matters most: their people, their property and their profitability,” he says. “Working with our claims team, we have assisted clients in getting what they fully deserve in a claim.”

According to Chandani, the value he brings to his clients is due in large part to Hub’s “North American family,” made up of over 12,000 employees in more than 600 offices, all of whom work together under the guidance of a strong leadership team to protect clients’ assets and bring valueadded services. As Chandani puts it: “You don’t just get me; you get the whole team!”

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FEATURES

ELITE BROKERS

RYAN BEGG Senior commercial account executive HUB INTERNATIONAL

Originally from Horsefly, British Columbia, Ryan Begg began working in forestry at the age of 14. After graduating, he established his own business and, within 16 years, had grown his two-person company to more than 40 staff. Today, Begg uses this experience to provide his clients with unsurpassed service and technical knowledge. Specializing in transportation, oil and gas, forestry, and real estate, Begg has been honoured with numerous awards during his seven years with Hub, both for his exceptional client service and for being one of the organization’s top sales leaders.

Outside of Hub, Begg stays involved with his community by volunteering with and supporting the Grande Prairie Minor Hockey Association.

RAHEEL SHAMIM Branch manager and associate broker NACORA INSURANCE BROKERS

Raheel Shamim has been in the insurance industry since 2003, including three years with the National Truck League, and his specialties span the transportation field.

Shamim stays up to date on his specialty by remaining involved with local and provincial associations, safety councils and driver training schools. “My approach is to offer my clients a complete insurance package to protect their fleet and their drivers and employees,” he says.

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GRAEME BENCHARSKI Branch partner A-WIN INSURANCE

Born and raised in Airdrie, Alberta, Graeme Bencharski’s family has been in the insurance industry for 35 years, serving both the local community and all of Western Canada. For the past decade, Bencharski’s primary focus has been on driving the growth of the business and directing the brokerage to better accommodate clients’ needs.

“It’s extremely rewarding to be a leader in the industry and to be able to help our clients protect their families, businesses and financial well-being,” Bencharski says. “Alberta has experienced a lot of challenges over the past few years when it comes to catastrophic losses. It has been very fulfilling helping educate and guide our clients through these tough times of uncertainty and stress.”

Driven by the desire to disrupt an antiquated industry and find creative solutions for clients, Bencharski takes pride in the fact that his office has managed to grow and sustain positive retention numbers in the face of market challenges. “It was a collaborative effort and took everyone within our office working together to help guide our clients through a very interesting year in Alberta,” he says.

SAM J. FELDMAN President WILSON M. BECK INSURANCE SERVICES

Sam Feldman relies on his 20 years of experience to arrange commercial insurance programs, risk management strategies and surety programs for commercial clients as the president of Alberta-based Wilson M. Beck Insurance Services. Feldman has successfully manoeuvred his clients through many market fluctuations and industry trends over the years, and he has a knack for anticipating future challenges. He specializes in delivering customized solutions to a wide array of businesses, from family-owned companies and hospitality groups to land developers and non-profit associations.

An aggressive negotiator who rigorously seeks to reduce the total cost of risk, Feldman enjoys offering advice on all facets of commercial insurance and attributes his success to his support staff.

“Over the past 20 years, they have helped make sure that when we get clients, we work hard to keep those clients for many years by servicing them like no other with a very simple motto: ‘Whatever it takes,’” Feldman says. “I am a very strong believer in training, coaching and mentoring. A true producer at heart should want to mentor and provide guidance and support to the next generation of true ‘bear hunter’ producers.”

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FADY KAMEL Managing partner ALL-RISKS INSURANCE BROKERS

Fady Kamel began his insurance career in 2009 as an advisor with TD Insurance. In 2011, he moved to a brokerage, where he

met his industry mentor. “That moment is when I set the goal to eventually open my own shop,” Kamel says.

His interest in underwriting led Kamel to progress into senior commercial underwriting roles at both Aviva Insurance and Travelers; simultaneously, he earned both his CIP and CRM designations within three years. In 2016, Kamel saw an opportunity in the cannabis space and decided to pursue his goal, partnering with All-Risks Insurance Brokers to start that journey. Today, Kamel is highly specialized in evaluating insurance risk within the cannabis space and works with retailers, large national and international licensed producers, and everyone in between to help them navigate this new space.

ALEXI ARANEVA

MANI SHARMA

Team lead and account manager SHARP INSURANCE

Assistant vicepresident HUB INTERNATIONAL

After graduating from college with a degree in finance, Alexi Araneva got a job in insurance and quickly realized that risk management was relatable to his studies. Within a few months, he obtained his Level 1 licence and began working as an assistant in commercial insurance. A year later, he moved into personal lines to “better relate to the insured.”

From a call-centre service role to VIP specialist to producer, Araneva has worked his way up at Sharp Insurance, relishing every opportunity to build relationships with his clients. He won Sharp’s top sales award in 2018 and its Ambassador Award last year.

“The most rewarding part of my job has been trying my best to help clients who feel helpless by building a case and going above and beyond to get them the coverage they need,” Araneva says. “Sharp Insurance empowers their brokers to make decisions and fight for clients, and I do just that.”

Mani Sharma began his insurance career in 2002 as an advisor at Sussex Insurance Agency. “I was attracted by the global reach of the insurance industry,” he says. “Even from a young age, I’d always been captivated by key issues facing the world, such as cyber technology, natural disasters, climate and political risk. Insurance underpins the security of not just individuals, but also large enterprise.”

Over nearly two decades in insurance, Sharma has focused on business development, overseeing the placement of commercial insurance programs and delivering risk management solutions to small, medium, and large organizations.

His specialties range from aviation and automotive dealerships to trade credit and hospitality. Last year, Sharma qualified for Hub’s SHARP Award, which recognizes the top sales performers in the company, and he continues to strive to be an expert in his field and a trusted advisor to his clients.

SHERI CLAY Director of private client services J.T. INSURANCE SERVICES

Prior to getting her start in insurance, Sheri Clay worked in the cruise industry, “which is a fun, sexy business,” she says. “I did not feel insurance would be remotely similar.” After she had her first child, Clay wanted to go back to work but was looking for a better work-life balance. Her husband owns J.T. Insurance Services, and together they decided she should give working at the office a shot.

“It took some adjustments, but I found my niche and have never looked back,” Clay says. “I love working with my clients and take pride in knowing they will be protected if and when the time arises.”

Now an integral part of the team at J.T. Insurance, which celebrates its 50th anniversary this year, Clay uses her knowledge and communication skills to tackle issues head on and find a creative way to make things work for her clients.

Her achievements have been recognized on an international scale; she was one of only two Canadians selected for the CAPI designation at Wharton.

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FEATURES

ELITE BROKERS BRANDI HITCHENS Senior account executive JACOBI BRIEN INSURANCE

Brandi Hitchens began her insurance career in personal lines at the age of 19. She served as a team

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with my clients by providing strong risk management strategies and tools to mitigate losses,” she says. “Each plan is tailored to each client’s individual needs and timeline.”

Over the years, Hitchens has worked on files that have included wind farms, biomass facilities, mining, and international property and liability. Her current focus is on growing her experience in Atlantic Canada’s major industries, including manufacturing, construction, cannabis production and hospitality.

TONY DI CORPO

SHERI WALTERS

AARON HINKS

Vice-president and damage insurance broker RACINE CHAMBERLAND

Vice-president and broker AON

Account executive JDIMI/NAVACORD

A four-time member of IBC’s Elite Broker list, Tony Di Corpo uses his 35 years of experience as an independent broker to continually propel himself forward. “I dedicate myself with great passion to my business,” he says. “I work hard, never give up and always strive to go the extra mile.”

Di Corpo has had a diverse range of clients throughout his career, from his start in the claims division at Allstate to his current role as a vice-president and broker at Racine Chamberland, and he eventually developed his expertise in the real estate, hospitality, transportation and industrial markets. Di Corpo attributes his success to being surrounded by a dedicated and knowledgeable team.

“With the insurance market experiencing a transformation, the biggest challenge in today’s landscape is to find improved insurance solutions for constantly evolving client needs and expectations,” he says. “With this reality, it is essential to remain focused on offering an outstanding level of service and proximity to our clients.”

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leader for a larger brokerage in rural Nova Scotia for a decade, dealing primarily with commercial clients in the marine industry.

She moved to the Halifax area in 2006 and saw an opportunity to switch to the commercial side as an account executive, focusing on sales and new business generation.

Hitchens seeks insights into her clients’ varied exposures to provide solid solutions and enable them to make an educated decision on which coverage to secure.

“I always strive to build a relationship

Sheri Walters joined the commercial insurance industry in 1996 and has since worked for an insurer, a small brokerage and large global broking firm, Aon, where she has spent most of her career. She is currently a senior broker with Aon’s national centre of excellence for the public sector, specializing in property & casualty insurance, and has a keen interest in risk management, reciprocals, auto insurance and owner-controlled construction insurance programs.

Walters’ prior experience as an account executive, broker and small business leader gives her depth of knowledge into many industry segments and sizes, allowing her to help clients with everything from transitioning through market changes to adapting to technological revolutions.

“The most challenging and rewarding part of my work is keeping up with emerging risks,” she says. “We need to develop solutions for new known risks, plus be ready for the unknown. It is unsettling, but it also creates opportunities for innovation.”

Aaron Hinks started in insurance in 2010, selling personal lines. He quickly grasped the concept of serving as an advisor and was offered a role selling life and disability insurance. In 2013, he opted to pursue an opportunity as a broker. Since then, Hinks has specialized in transportation insurance, including trucking carriers, warehouse operators and third-party logistics firms, and has used his knowledge of the trucking industry and trucking insurance market to strengthen his performance and brand.

“I am an avid consumer advocate, building trust and relationships with my clients by educating, being honest, and offering advice and solutions that meet their needs,” he says.

In 2015, Hinks joined JDIMI/Navacord, where he has been a top performer. He became an equity partner last year and has a goal to grow his book of business to become a million-dollar producer.

“One of the biggest lessons I’ve learned throughout my career is to always demonstrate value to the client,” he says.

“Don’t sell them on flashy words or try to close in every meeting. Rather, provide them what they need in order to be more effective and efficient.”

MARK R. MCKAY MO RADMACHER Partner LLOYD SADD NAVACORD

After graduating from Mount Royal University’s co-op insurance program, Mo Radmacher spent a year as an underwriter before jumping into the commercial brokerage world. He spent three years at BKI Risk Management as a commercial account executive, then joined Lloyd Sadd Insurance Brokers, where he is now a partner.

“It’s my job to help make people’s businesses run smoothly,” Radmacher says. “We take a consultative approach to each business to understand how it works and what makes it unique, and then design a risk management and insurance program that makes sense, utilizing experience and expertise worldwide to create the most comprehensive and costeffective solutions available.”

Focused on building his practice in areas he finds interesting, Radmacher is constantly expanding his network and knowledge. “One of the biggest lessons I’ve learned in my career is that keeping open lines of communication and providing a simple update can really make the difference for a client and your relationship with them,” he says.

President and CEO HIGHCOURT PARTNERS

Mark McKay started his career in 1987 after graduating with a degree in environmental science. Post-graduation, his first role was in asset management within the group pension division of Mutual Life (now Sun Life). From there, he went on to hold various positions as a P&C producer, first in personal lines accounts and SME business, then captives, alternative risk and insurance tech clients. Throughout his career, McKay has produced accounts ranging from tech startups to Fortune 500 companies in the US. He also served as a corporate risk manager in the US during the dot-com era and was the managing director of Willis Towers Watson.

McKay founded Highcourt Partners in 2011 and currently serves as the president and lead producer of the Toronto-based organization, which also has branches in Vancouver and Aurora.

He is chair of the global advisory board for UnisonSteadfast and has served on a number of for-profit, non-profit and captive insurance company boards. One of his proudest accomplishments is placing a clinical trial liability program in Sudan, which was part of an innovation contest at one of Highcourt’s global healthcare clients.

NICK OWEN Account manager SHARP INSURANCE

Nick Owen’s first job at TD Insurance was supposed to be an interim gig until he found full-time employment in the fashion industry, but it quickly became his passion. Today, more than a decade later, Owen’s experience as both a broker and a direct writer helps him understand the importance of protecting his clients’ most precious assets.

“I have worn many hats during my tenure, from a customer service care agent to peer trainer to recruiter to account manager,” he says. “Because I have seen many sides of the insurance world, I can very quickly ascertain what clients need and explain coverage in a compelling manner.”

Beating sales records year-over-year, even in the most difficult of markets, Owen continues to exceed his clients’ expectations. “The most rewarding aspect about being a broker in today’s tumultuous time is how it has allowed me to be genuine and have the ability to turn an unhappy client around through guidance and education,” he says.

“Once they understand why the market is the way it is, the hostility turns into understanding and problem-solving with me, their broker.”

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FEATURES

BROKERAGE INSIGHT

Diversifying lines and locations Chad Leibel, Travis Murray and Rob Barros of Leibel Insurance Group discuss the brokerage’s recent expansion into Ontario and its holistic approach to serving clients and employees IBC: What have the last few years looked like at Leibel Insurance Group?

Chad Leibel: We opened an Ontario office in June 2019 and have experienced a lot of growth in the last couple years, especially commercially with the transportation program we’ve launched. We’re writing a lot of business in that right now. It’s a great opportunity for brokers who want to dig in and grow their business.

With our group programs, we work with one of the largest unions in Canada – Alberta Union of Provincial Employees (AUPE) – and the Canadian Union of Public Employees (CUPE) chapters in Alberta and Ontario.

By spending a considerable amount of time zeroing in on our target client markets, we’ve been able to double our leads year-over-year.

Most importantly, we’re seeing continuous improvements in the quality of those leads.

IBC: What are you most proud of over the last 12 months?

CL: We hit a milestone of 1,000 five-star Google reviews as a company. We’ve also received numerous awards, including backto-back nominations for Brokerage of the Year (10 or More Staff ) [at the Insurance Business Canada Awards], recognition from the website ThreeBestRated.ca for both Edmonton and Calgary, and a CEO of the Year nomination.

But the achievement that we’re the most

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proud of is [being one of IBC’s] Top Insurance Workplaces in 2019. The reason that this is so special for us is that we wanted to hire the best in the industry, and I’m proud of the current staff we have: how engaged they are, how they’re daily asking to help people out, the fact that we’ve been able to establish a good work-life balance for them – 40% work from home. For some people, it’s not just about money. We knew we had a good idea, a great environment and culture, but this award just solidified that. It’s definitely something we’re proud of – how we’ve worked together to get this achievement.

We also grew by 50% in commercial in the last year and 20% in personal lines, which we’re also proud of. But at the end of the day, it’s because of the staff and environment we have. All of the best intentions are for naught if we don’t have the right team in place. The culture we have in place is something we’re really proud of.

IBC: Did the Alberta wildfires last year affect your business?

CL: The biggest thing was that they highlighted in an obvious way the reasons that premiums are continuously going up. It was so public; it gave a face to those rates. A lot of times it’s not as clear – there will be a hailstorm that causes tens of millions of dollars in costs, but the news doesn’t cover it like they did the fire. It helped people realize that this happened pretty darn close to home.

IBC: How do you differentiate yourself from the competition?

CL: Transportation is a big one. Anticipating the industry’s needs, we designed and developed the exclusive Big Rig Insurance program.

We were more of a generalist before that in the commercial lines side of the business, and we wanted to find more of a niche for some of our producers.

Another key to our success and growth are

BEYOND THE NUMBERS While rate increases are inevitable and already happening, Chad Leibel says there’s more to consider than just the numbers. “I think the big thing with rate increases is to focus on highlighting the benefits of our brokerage, not just the price,” he says. “We want our brokers to have true conversations about what’s important with our clients, about what they value – for our brokers to give great advice as well as a competitive rate. We don’t want to be order-takers and just go through the motions. Our sales team knows it’s not about always getting the sale; it’s about servicing the client and being true to them.”

www.insurancebusiness.ca

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FAST FACTS: LEIBEL INSURANCE GROUP Areas of service Personal and recreational vehicles Personal property Life Umbrella Cyber Identity theft Event Liquor Transportation Oil and gas

“All of the best intentions are for naught if we don’t have the right team in place.

The culture we have in place is something we’re really proud of” From left: Chad Leibel, Jerry Leibel, Steve Leibel, Travis Murray

the in-house underwriters who review quality before it goes out the door, which not only improves our loss ratios and strong relationships with our insurance company partners, but also provides for a much greater client experience. And we have an in-house claims advocate who gets involved with large carriers – that’s a big value-add for large carriers.

IBC: What’s something you’re keeping an eye on in the upcoming year?

CL: Rate increases have already started happening across the board on the personal side. There are going to be a lot of pricing conversations coming up. Technology changes,

too – there are a number of companies that aren’t keeping up with the ever-changing technology required by the industry, and for those who aren’t keeping up, it’s going to be a struggle.

There’s going to be a need for data sharing and connectivity to improve our sales, customer experience, and retention, plus APIs [application program interfaces] and new platforms that incorporate everything together to give brokers a full spectrum of the customer relationship, from lead to obtained.

That’s one area that’s gotten quite expensive on the platforms – that’ll be a struggle for some brokers who don’t have the resources.

Contractors Commercial property and liability Manufacturers Cannabis Commercial drones Health and fitness Kidnap and ransom Group programs

Year founded: 1981 Number of offices: 3 Head office: Edmonton, Alberta Number of employees: 50 Leadership: Jerry Leibel, president; Chad Leibel, CEO; Steve Leibel, senior vice-president and managing partner; Travis Murray, regional manager, North; Rob Barros, regional manager, South

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The 21 winners of the 2019 Insurance Business Canada Awards stood out with their commitment to innovation, leadership, growth and success

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THE MOOD at the 2019 Insurance Business Canada Awards in late November was upbeat and opti-

mistic after a year marked by rate increases, heightened consolidation, extreme weather events and an overall firming of market conditions. Despite these challenges, industry veterans and newcomers alike were enthusiastic about the possibilities that arose in the midst of it all: increased opportunities for women, significant achievements in technology to improve operational efficiencies and customer experience, and successfully navigating and learning from the impact of Hurricane Dorian, floods, hailstorms and wildfires.

Although she was referring to her team at AIG Canada specifically, CEO of the Year winner Lynn Oldfield’s words apply to everyone in the industry looking forward to 2020: “We have big emerging risks that we are tackling as an industry with our clients and broker partners, and we will be at the forefront of innovation and enabling our clients to face climate change disruption and everything that we expect to be thrown at them.”

With an eye on digital advances, developing new talent, continued education, building the next generation of leaders, and continuing to find innovative ways to best serve customers and increase opportunities for everyone, Canada’s insurance professionals are poised to reach new milestones over the next 12 months. The 21 award winners on the following pages are driven by sincerity, passion and a devotion to providing solutions and resources to those they serve and work with. Together with the thousands of other individuals who have dedicated their lives to fulfilling the insurance needs of Canadians, they will no doubt bring about yet another year of laudable achievements through their commitment to the industry.

Special thanks to our event sponsors who have made this the leading independent awards event for the insurance profession:

PHOTO BOOTH SPONSOR

AWARD SPONSORS

CHARITY SPONSOR

RED CARPET SPONSOR

IN SUPPORT OF

CHAMPAGNE SPONSOR

OFFICIAL PUBLICATION

SOCIAL MEDIA SPONSOR

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE INSURANCE BUSINESS CANADA READERS’ CHOICE AWARD FOR

BEST ADVERTISING CAMPAIGN AIMED AT engaging Aviva Canada’s high-net-worth segment, the Ovation campaign sought to define the Ovation brand and establish engagement with brokers and their clients. By all accounts, it succeeded marvellously. “This is such an

Daniel Ignoto and the Aviva Canada team

honour,” said Aviva Canada VP Daniel Ignoto.

“This is amazing for us. This is our seventh year in business, and to be recognized by this association at this event is truly fantastic.”

To establish Ovation as a market leader and a provider of choice for brokers, Aviva launched a robust marketing and communications campaign to raise awareness among brokers that Aviva can be trusted “to exceed the expectations of their high-networth clients.”

“We take care of affluent families and individuals – of very large homes, collections of jewellery, people who have an affluent way of living – and we’re very proud of that,” Ignoto said.

“We have a great team of very passionate people who really drive a lot of what this award is about.”

WINNER Aviva Canada Ovation

FINALISTS Allianz Global Assistance YOLO travel insurance

Allianz Global Corporate & Specialty The Allianz Explorer Series

Cansure CansureTech

Economical Insurance "Insurance Can Be Better"

Morison Insurance #LifeAtMorison

THE INSURANCE BUSINESS CANADA READERS’ CHOICE AWARD FOR

BEST INDUSTRY SERVICE PROVIDER WINNER LowestRates.ca

FINALISTS Applied Systems DSB Claims FIRST Insurance Funding of Canada Goose Digital iv3 Solutions MRD Training & Consulting ProNavigator

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ALLOWING CANADIANS to easily compare financial products, LowestRates.ca partners with the country’s top brokers and insurance companies and is one of Canada’s fastest-growing companies.

“We’ve won awards for revenue and how fast we’re growing, but this is important to us because we really want to be an amazing partner for the insurance industry,” said CEO Justin Thouin. “We want to be the best way brokers and insurance companies can grow their business – to help them make it easier to sell insurance and to partner them with the right consumers for each of their businesses to make it less expensive to sell, and to create a better and longer-standing

relationships between consumers and brokers and insurance companies.”

Looking forward, LowestRates.ca is laser-focused on accomplishing its mission to save Canadians $1 billion in interest and fees. “We really want to be the first place and the only place Canadians go when they have an insurance decision to make,” Thouin said. “So that means we need to partner with every insurance company in the industry to make it the best place for consumers to come.”

Justin Thouin and the LowestRates.ca team

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Platinum Sponsor

THE VERSATURE AWARD FOR

DIGITAL INNOVATOR OF THE YEAR WINNER

CANADA’S LARGEST online insurance marketplace, APOLLO Exchange allows brokers to quote, bind and issue policy documents for hundreds of classes of small business in real time, or white-label the exchange to sell directly from their website.

“Our whole play is to empower the existing brokerages – to support brokers and insurance companies to make their day a little bit easier,” said CEO Jeff McCann.

“We’ve had great support from our broker partners, and 2020 is going to be all about supporting our brokers with more products and more features on the exchange.”

APOLLO Exchange

FINALISTS benefitsConnect Canada Protection Plan

“Our whole play is to support brokers and insurance companies to make their day a little bit easier”

GTI Broker Group InsureToday LowestRates.ca MIG Insurance Group

JEFF MCCANN

Surex Insurance – Burlington

APOLLO Exchange

Storm Insurance Group UW Insure Workplace Safety & Insurance Board Zensurance

PROUDLY SPONSORED BY

Versature is the leader in Canadian SaaS-based business phone and communication solutions. Trusted by clients and partners across the country, Versature is an award-winning company that is raising the bar with the highest-quality phone systems, superior communications as a service and operational system integrations, and Canadian-based technical support.

McCann credits his team with getting APOLLO to where it is today. “It’s awesome recognition for the team and all of our partners for what we’ve done in a pretty short time,” he said. “I’m so fortunate to have a really great team; it’s been a lot of fun to work with them to put all this together.”

Jonathan Moody, president of award sponsor Versature, added that this award is particularly important right now. “We’re seeing [digital innovation] across the whole industry,” he said. “As it gets revitalized, you get increased efficiency, marketing, consumerization of all the products – you’ve got to be there, and you’ve got to understand what’s going on in this space.”

Jonathon Moody Versature

For more information, visit versature.com

Jeff McCann and the APOLLO Exchange team

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE iv3 SOLUTIONS AWARD FOR

EXCELLENCE IN RISK MANAGEMENT WINNER Alberta Urban Municipalities Association (AUMA)

FINALISTS Dragados Canada Eddy Solutions The Governors of the University of Alberta – Office of Risk Management Insurance & Risk Assessment Team Travelers Canada

PROUDLY SPONSORED BY

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

ESTABLISHED IN 1905, the Alberta Urban Municipalities Association (AUMA) represents Alberta’s urban municipalities, where more than 85% of Albertans live.

AUMA is a dynamic and continuously evolving company, but one thing remains constant: its commitment to providing solutions and resources for municipal issues and challenges.

“We’re excited; we didn’t think we had a chance since we’re from the back woods

“We are dedicated to our belief that trust is key in a broker relationship” WILL BURTENSHAW AUMA

of Alberta, so to speak,” said Will Burtenshaw, senior director of risk and claims at AUMA. “We are dedicated to our belief that trust is key in a broker relationship. I think the single biggest key is that they have to trust you, and you have to trust them. It’s a two-way street.”

Actively supporting and networking with others in the industry is of utmost importance to award sponsor iv3. “It’s important to support those who have done really well,” said executive vice-president Craig Rowsell. “We work so hard all year, but we don’t get awarded a lot. So sometimes it’s nice just to recognize those people who have excelled at what they’re doing. We want to make sure that we’re a part of this industry and that we’re not just doing it on our own.”

Craig Rowsell iv3 Solutions

Cameron Vierboom AUMA

For more information, visit iv3solutions.com

Will Burtenshaw AUMA

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Platinum Sponsor

THE PAL INSURANCE BROKERS AWARD FOR

YOUNG GUN OF THE YEAR WINNER

FROM 2018 to 2019, Cole Leitch led Avant Insurance to exponential growth, culminating in Avant being the only Manitoba company and only insurance brokerage named to Canadian Business’ Startup 50 list of Canada’s fastestgrowing new businesses.

Cole Leitch Avant Insurance Brokers

“If we’re keeping our staff happy, they’re going to make our clients happy”

FINALISTS Adam Thomson Toole Peet & Co.

COLE LEITCH

Aun Japanwala Lyon & Butler Insurance Brokers

Katie Kernick Morison Insurance Brokers

Luke Prominski Billyard Insurance Group – Hamilton

Matt Cassidy Excel Group: Beyond Insurance

Maxime Poulin Groupe Ostiguy Gendron

Miranda Hirte Pearson Dunn Insurance

Avant Insurance Brokers

“One of the big things when we started Avant is we felt that there were a lot of brokers that were worried about the almighty dollar and what their bottom-line profit is, and they will ignore everything else,” Leitch said. “We started Avant because we wanted to have somebody who truly cared about the clients, truly cared about the staff. If we’re keeping our staff happy, they’re going to make our clients happy, and if we’re keeping our clients happy, we’re going to make money.”

“We feel the young guns are going to have a lead role and be key players in the future of the insurance market and the world,” added Matt Taylor, general manager of award sponsor PAL Insurance Brokers. “As we go forward, we feel the online platform presence is where the insurance market is headed.”

PROUDLY SPONSORED BY

Stanislav Kojokin

Pal Insurance Brokers Canada has been Canada’s leading specialty MGA for over 25 years. PAL is a family business founded by Bob Morrison in Calgary in 1989 and expanded to include an office in Simcoe, Ontario.

Responsiveness to brokers is one of PAL’s top priorities, whether in providing top-notch customer service to its brokers or in the creation of several programs in direct response to broker demand. PAL’s younger generation continues to lead PAL into the twenty-first century by responding to shifting customer needs and technological advances.

KASE Insurance

Steve Kurtz Sutherland Insurance

Tiffany Reider Reider Insurance

For more information, visit palcanada.com

Matt Taylor PAL Insurance Brokers Cole Leitch Avant Insurance Brokers

Amber Morrison -Givens PAL Insurance Brokers www.ibawards.ca

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE BURNS & WILCOX CANADA AWARD FOR

BIG BROKERAGE OF THE YEAR WINNER Archway Insurance

FINALISTS Billyard Insurance Group BrokerLink Hub Ontario Navacord Rogers Insurance Surex Insurance – Burlington Westland Insurance Group

PROUDLY SPONSORED BY

Burns & Wilcox is North America’s leading insurance wholesale broker and underwriting manager, internationally recognized for its expertise in commercial and professional liability, property, marine, and personal insurance. Burns & Wilcox offers wide-ranging and comprehensive solutions to serve retail insurance brokers. Fuelled by its freedom from Wall Street and private equity, Burns & Wilcox is a privately owned company whose standards of service, depth of market relationships and outstanding talent are unsurpassed in the specialty insurance sector. Founded in 1969 and headquartered in Metro Detroit, Burns & Wilcox is a member of H.W. Kaufman Group, a global network of companies dedicated to shaping the insurance industry, employing more than 2,000 professionals in 60 offices across the US, Canada and the UK.

ALSO NAMED a Top Insurance Workplace by Insurance Business Canada in 2019, Archway Insurance repeated its 2017 win for Big Brokerage of the Year. “For us, success is not only measured in the financial results of the company, but in providing quality careers and being good corporate citizens,” said Archway president Gina McFetridge.

“For us, success is not only measured in the financial results of the company, but in providing quality careers and being good corporate citizens” GINA MCFETRIDGE Archway Insurance

Reflecting on the past year, CEO Michael Stack said it was largely about balancing multiple challenges simultaneously, and McFetridge agreed. “When you’re a broker who grows through acquisition, you’re bringing cultures and people together, and change is hard,” she said. “It feels good to know that the effort we’re putting into helping people feel like they’re a part of something that’s worthwhile is paying off.”

That sort of dedication is a large part of why Burns & Wilcox chose to sponsor this award. “The industry is an evolving place, and it becomes more and more competitive,” said Burns & Wilcox corporate senior vice-president and managing director Jodie Kaufman Davis. “We feel it’s important to support those who are demonstrating excellence.”

Jodie Kaufman Davis Burns & Wilcox Canada

Michael Stack Archway Insurance

Gina McFetridge Archway Insurance

For more information, visit burnsandwilcox.ca

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Platinum Sponsor

THE CNA CANADA AWARD FOR

EXCELLENCE IN PHILANTHROPY & COMMUNITY SERVICE WINNER

OWNED BY a charitable trust and redistributing all surplus profits to charitable initiatives, Ecclesiastical Insurance set a lofty goal of granting £100 million by 2020 to charities in the countries where it operates, and it’s well on track to hit that target.

“We’re really proud to win this award,” says David Huebel, president of Ecclesiastical Insurance. “It’s part of our DNA to give back; there are a lot of people who need help in the world and in Canada, so we’re really proud to be doing that every day.”

Ecclesiastical Insurance

FINALISTS Duliban Insurance Brokers

“We’re really proud to win this award.

It’s part of our DNA to give back”

Economical Insurance Millennial's Choice Insurance Morison Insurance Brokers

DAVID HUBEL

Oracle RMS

Ecclesiastical Insurance

Trisura Guarantee Insurance Company

Ecclesiastical Insurance was founded in the UK in 1887 primarily to protect churches from the consequences of fire. Today, in addition to the UK and Canada, Ecclesiastical operates in Ireland and as Ansvar in Australia, serving the insurance needs of 200,000 customers.

Nick Creatura, president and CEO of award sponsor CNA Canada, said this award is an opportunity to recognize and celebrate the ability insurance companies have to give back to their communities. “Doing what we do is an absolute privilege, and we’re blessed to be able to do it,” he said. “It’s nice to be able to show some gratitude.”

TuGo

PROUDLY SPONSORED BY

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

For more information, visit cnacanada.com

Rob Jordan Ecclesiastical Insurance David Huebel Ecclesiastical Insurance

Sonja Webster Ecclesiastical Insurance

Nick Creatura CNA Canada

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19

RED CARPET HIGHLIGHTS

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Platinum Sponsor

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19

THE EMPIRE LIFE AWARD FOR

LIFE & HEALTH ADVISOR OF THE YEAR WINNER Joshua Krenus Alteri Insurance

FINALISTS Chris Karram Safebridge Financial Group

Giorgio Follegati Benchmark Benefit Solutions

Lyle MacDougall

JOSHUA KRENUS opened Alteri Insurance in 2017; within the year, he had been recognized on BC Business’ 30 Under 30 list. “I’ve always been a dreamer my whole life; when I jump into something, I try to jump really hard into it,” he said. “My goal is always to be the most well-known in what I’m doing.”

“We’ve managed to overcome a lot of obstacles and work together and lean on each other, and we’ve done really well” JOSHUA KRENUS Alteri Insurance

Bakerview Financial Solutions

Ryan Riffel Knight Archer Insurance

Tariq Ba'Aqeel Experior Financial Group

Trevor Parry TRP Strategy Group/Raymond James

PROUDLY SPONSORED BY

Alteri represents corporate and entrepreneurial clients from coast to coast, specializing in building bespoke insurance plans for businesses, homes and professionals. “I feel honoured to receive this award,” Krenus said. “There are so many people I know who were nominated, and just to be among that company is amazing.

Last year was a really big year for both the company and myself, [thanks to] an influx of luck and opportunity to work a little bit harder. We’ve managed to overcome a lot of obstacles and work together and lean on each other, and we’ve done really well.”

“For us, this award is really important because we’re committed to independent financial advice,” added Mike Stocks, chief marketing officer at award sponsor Empire Life, “and this award demonstrates the key characteristics we’re looking for in our advisor community: innovation, a commitment to growth and a commitment to customer service excellence.”

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

For more information, visit empire.ca

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Mike Stocks Empire Life

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Platinum Sponsor

THE STEAMATIC CANADA AWARD FOR

WOMAN OF DISTINCTION WINNER Anna McCrindell Travelers Canada

FINALISTS Alice Keung, Economical Insurance Jacinta Whyte, Ecclesiastical Insurance Jennifer Savage Cambrian Insurance Brokers

Jo-Anne MacDonald ARAG Services Corporation

Jodie Kaufman Davis Burns & Wilcox Canada

Laurel Cutting, Johnson Insurance Marlene Morrison Nicholls Stewart Morrison Insurance

Monica Woldring, InsureLine Brokers Silvy Wright, Northbridge Financial Sukhdeep Kang Armour Insurance Brokers

PROUDLY SPONSORED BY

Steamatic is a worldrenowned company specializing in restoration, disaster recovery and specialty cleaning. The Canadian division, founded more than 50 years ago, benefits from one of the largest franchise networks in the world. The Steamatic trademark (operating under BMS Technologies outside the US and Canada) has been innovating year after year with representatives in the US, South America, Europe and Australia. Led by Nancy Raymond and backed by an experienced insurance and disaster management team, Steamatic’s goal is to develop the network to become one of the biggest players in the industry at the Canadian level.

AFTER A successful term as vice-president of underwriting at Gore Mutual, Anna McCrindell joined Travelers Canada in 2018 and currently leads the business insurance underwriting office. “I’m so surprised to have won this award,” she said. “I think all the nominees are tremendous women. I’m so honoured to just be on the list – to win was a pleasant surprise.”

McCrindell is part of the International Women’s Leadership Forum at Travelers and is a former chapter president of the Insurance Institute of Southwestern Ontario, where she successfully recruited three female leaders. She is also proud to have been among the inaugural group of 100 Women Who Care in London, Ontario.

“I really lucked out in this business in terms of having great mentors and great opportunities so that I can grow and really make a difference” ANNA MCCRINDELL Travelers Canada

“I’ve been so fortunate to work with amazing women who are strong leaders,” she said. “I really lucked out in this business in terms of having great mentors and great opportunities so that I can grow and really make a difference.”

Supporting women in the industry is especially important to Nancy Raymond, president of award sponsor Steamatic Canada. “Being one of the few women owners of a national property restoration network, I’ve seen through the years the [increased] empowerment of women in the industry,” she said. “It’s an amazing industry: You can show your leadership, and there’s a lot of praise for being proactive, for leadership, for ambition.”

Anna McCrindell Travelers Canada

Nancy Raymond Steamatic Canada

For more information, visit steamatic.ca

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE AWARD FOR

BUSINESS DEVELOPMENT MANAGER OF THE YEAR AN ADVOCATE for both advisors and their clients, Jill Fratpietro is an employee benefits specialist with more than 18 years of experience in building strong partnerships with financial advisors

Jill Fratpietro Canada Life

and business owners. “For me, it’s all about making a difference with what I’m selling and helping develop a business that actually helps people every day,” she said.

“That’s what I’m excited about.”

Fratpietro combines her technical knowledge in the employee benefits field with impeccable attention to detail, a customer-focused approach and diligence in following through to lead her business partners to success. She pointed to their support and partnership as key reasons for her own success.

“The advisors I work with are very supportive; they partner with me, and I’m very grateful for them,” she said. “Looking forward to next year, I plan to continue to work hard, set goals and reach for them.”

WINNER Jill Fratpietro, Canada Life

FINALISTS Alan Spruin, RSA Canada Ayal Alalouf Canada Protection Plan

Lindsay Donelson FirstOnSite Restoration

Louise Sanna, Travelers Canada Paul Mittertreiner Arch Insurance Group

Paul Stannard, SGI Canada Scott Moffatt, The EDGE Benefits

THE AWARD FOR

UNDERWRITER OF THE YEAR WINNER Jason Court Intact Insurance

FINALISTS Faical Cheblaoui, CNA Canada Gabriel Morneau, CHES Special Risk Kelli Hunt, Next Wave Insurance Canada Mashood Ali, Totten Insurance Group Nadine Dodeman Trisura Guarantee Insurance Company

Rick Feeney Special Risk Insurance Managers

Sean Sousa, Aviva Canada Tyson Peel, Burns & Wilcox Canada

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PART OF Intact Insurance for nearly half of his 10-year insurance career, Jason Court is a personal lines underwriter who often takes the time to coach his peers.

“I’m completely overwhelmed,” he said of being named Underwriter of the Year. “It’s all thanks to the support from management, giving us the tools we need to put the right people in the right positions.”

Since joining Intact in 2015, Court has had a hand in numerous projects, including serving as a facilitator in Atlantic Canada for Intact’s new platform, Contact PL. He’s currently working on promoting usage-based insurance for the company’s My Driving Discount app and has received the Insurance Brokers Association of New Brunswick’s Insurance

Company Partner Award.

As for his future in insurance, Court said: “I just want to continue to grow, to continue my education – and to be here again next year.”

Jason Court Intact Insurance

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Platinum Sponsor

THE AWARD FOR

INSURANCE INDUSTRY EMPLOYER OF CHOICE WINNER FIRST Insurance Funding of Canada

FINALISTS CNA Canada Nacora Insurance Brokers Oracle RMS Signature Risk Partners Storm Insurance Group Trisura Guarantee Insurance Company Wawanesa Mutual Insurance Company Zehr Insurance Brokers

WITH COMMITTEES for health and wellness and staff engagement, as well as quarterly staff socials and activities to connect colleagues with one another and build on the company’s collaborative culture, FIRST Insurance Funding of Canada strives to cultivate a sense of empowerment for employees.

“Everybody strives to recognize everyone around them as part of the team, not just themselves as an individual” STUART BRUCE FIRST Insurance Funding of Canada

“The respect in all our offices is really special,” said Stuart Bruce, CEO of FIRST Canada. “Everybody strives to do their best every day and strives to recognize everyone around them as part of the team, not just themselves as an individual. To win this award means all the people who are in the industry are recognizing that we’re creating an environment of success – an environment where our staff can succeed every day.”

Further contributing to this environment are FIRST Canada’s communityfocused initiatives, including supporting Dyslexia Canada, food drives, the JDRF Ride to Defeat Diabetes and weekly charitable contributions. And things are just going to keep expanding, according to Bruce. “We’ve got an incredible growth year ahead of us,” he said. “All the time and effort we’ve spent on technology in the last couple years is really starting to pay off.”

Stuart Bruce and the FIRST Insurance Funding of Canada team

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE DKI CANADA AWARD FOR

P&C INSURER OF THE YEAR WINNER Unica Insurance

FINALISTS Allianz Global Corporate & Specialty CAA Insurance Company CNA Canada Intact Insurance Liberty Mutual Canada Trisura Guarantee Insurance Company

PROUDLY SPONSORED BY

DKI is the largest disaster restoration contracting organization in North America.

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

FROM AN unprofitable personal lines organization in 2008 to a profitable niche commercial and VIP personal insurer today, Unica Insurance’s story is one of reinvention. Unica has a clear, focused vision for sustainability that includes industry-leading claims service; highly skilled, experienced and service-driven employees; and a culture of service excellence, professionalism and continuous improvement.

“The culture we’re creating in this organization is phenomenal. It always starts with our staff ” DAVE SMILEY Unica Insurance

“We are absolutely humbled and honoured to be part of such a great industry, and for the opportunity for a small company that has spent the last number of years reinventing itself to be recognized as a company that’s contributing to this industry and changing people’s lives,” said Unica COO Dave Smiley. “The culture we’re creating in this organization is phenomenal. It always starts with our staff; we’ve had such success over the past number of years attracting really strong talent. We hire a lot of young people right out of university and invest heavily in training them and developing them and showing them a career path.”

“A lot of people don’t understand our industry; some people don’t even know about our industry,” added Adam Tzarik, vice-president of business development at award sponsor DKI Canada. “This is a nice way to celebrate it [and] recognize the high performers.”

Dave Smiley and the Unica Insurance team

For more information, visit dki.ca

Adam Tzarik DKI Canada

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Platinum Sponsor

THE WINMAR AWARD FOR

EXCELLENCE IN CLAIMS SERVICE WINNER Crawford & Company (Canada)

FINALISTS DSB Claims Louis Meier Insurance Brokers PLT Consultants TD Insurance

FOR NEARLY 80 years, Crawford & Company’s founding principles – “honesty and integrity above all,” “hard work pays,” and “knowledge and creativity is power” – have shaped its culture and emboldened its commitment to putting people first and delivering the highest-quality service for its customers.

“Our role as service providers to the industry is to make sure we hit the expectations customers have for the service we deliver, day in and day out” GREG SMITH Crawford & Company (Canada)

PROUDLY SPONSORED BY

WINMAR is a proud Canadian-owned and -operated restoration company, with over 90 locations coast to coast and 1,500 full-time employees to serve our industry. All WINMAR franchises are independently owned and operated and are active participants within their communities for sports, culture and supporting such organizations as the Salvation Army and Habitat for Humanity. WINMAR was started in 1977

by Paul Wormith and John White, who named their company after their two mothers, Winifred and Margaret.

In May of 2017, WINMAR celebrated its 40th anniversary in the restoration business and has never lost sight of their modest beginning that focused around their family values and community.

“It’s an honour to be nominated for an award, and to win one is a reflection of the hard work of our over 1,400 employees all over Canada,” said chief client officer Greg Smith. “Every day, we continue to focus on customer service.

Consumer expectations for service are raised within the industry and outside the industry, and our role as service providers to the industry is to make sure we hit the expectations customers have for the service we deliver, day in and day out.”

Glenn Woolfrey, executive vice-president of operations at award sponsor Winmar, added: “The customer service aspect and the customer experience is key and critical to our business, as well as to the insurance business itself. We’re selling a piece of paper from the insurance side, and we’re delivering on the service, and so are these fine people from Crawford.”

Greg Smith and the Crawford & Company team

For more information, visit winmar.ca

Glenn Woolfrey WINMAR

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5/02/2020 5:44:00 AM

INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE TRAVELERS CANADA AWARD FOR

BROKERAGE OF THE YEAR (FEWER THAN 10 STAFF) WINNER Fuse Insurance

FINALISTS Alteri Insurance Brokers Apex Surety & Insurance Canopy Insurance Services Cheep Insurance Diamond Insurance Group KASE Insurance Locke Insurance Brokers MYCOR Insurance Solutions Smith Agencies Wells Insurance Services

PROUDLY SPONSORED BY

Travelers Canada is a leading provider of property & casualty insurance for home, auto and business across Canada. The Canadian arm of The Travelers Companies, we are part of an industryleading organization backed by 160 years of experience and $103 billion worth of assets. Our expertise and focus on innovation have made us a leader in personal, business and specialty insurance and the only property & casualty company in the Dow Jones Industrial Average.

Every day, our 30,000 employees and 13,500 brokers and agents in Canada, the US, the UK, Ireland and Brazil help deliver peace of mind to our customers.

THE FIRST digital commercial insurance brokerage in Western Canada, Fuse Insurance is focused on building the most tech-forward commercial insurance platform in the nation and has achieved a lot in the two years since its founding.

“We are truly shocked,” said Fuse president Kevin Lea. “We knew we were up against some really substantial candidates. Being a brokerage that is just over two years old, for us to win this national award is really amazing.”

“Being a brokerage that is just over two years old, for us to win this national award is really amazing” KEVIN LEA Fuse Insurance

The team at Fuse works primarily in specialty markets, including cyber, professional liability, cryptocurrency and the cannabis industry. The company continues to experience significant growth and has no plans to slow down.

“It’s really been a true team effort with this,” Lea said. “We can’t do it without our clients or the support of our family and friends. But we especially can’t do it without the support of our insurer partners. We’re looking forward to continuing to grow our geographical reach and becoming one of Canada’s leading brokerages, hopefully for more than 10 staff next year.”

Lucy Hathaway, vice-president of marketing, communications and distribution at award sponsor Travelers Canada, added: “It is so important for us to actually take a moment and celebrate what amazing success we have in the industry, and to take the time to pause and recognize the great work that we do for the communities we serve.”

Kevin Lea Fuse Insurance

Simon Hlywa Fuse Insurance Lucy Hathaway Travelers Canada

For more information, visit travelerscanada.ca

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Platinum Sponsor

THE FIRST INSURANCE FUNDING OF CANADA AWARD FOR

LIFETIME ACHIEVEMENT IN THE INSURANCE INDUSTRY ADVENTURER. LEADER. Education enthusiast. Visionary. These are just a

WINNER Bob Tisdale Pembridge Insurance Company

PROUDLY SPONSORED BY

FIRST Insurance Funding of Canada provides the Canadian insurance market with comprehensive payment solutions. Brokers, MGAs and carriers can partner with FIRST Canada and expand their offering to provide more value, choice and convenience for all of their clients. The combined strength of FIRST Canada’s dedicated team, evolved offering and innovative platform positions its partners to meet the demanding future of the Canadian insurance landscape.

Armed with market-leading solutions for success, FIRST Canada is part of the Wintrust family of companies, with more than $25 billion in assets, and a part of the largest premium finance companies in North America.

For more information, visit firstinsurancefunding.ca

few words that describe Bob Tisdale, president and COO of Pembridge Insurance Company and Pafco Insurance Company, both owned by the Allstate Insurance Company of Canada. During his four-decade career in the industry, Tisdale has made several significant contributions, most notably the transformation of Pembridge into an industry-leading personal lines market.

“It’s just a great, great business, and I would strongly encourage anybody to get into it” BOB TISDALE Pembridge Insurance Company

Tisdale started his career as an auto rating clerk at Liberty Mutual. Early on, he received he what he considers the most valuable advice of his career: “The best way to move forward in your career is by furthering your education.” Heeding the guidance, Tisdale earned his CIP designation less than two years later, then followed it up with an MBA, as well as FCIP, CRM and ICD.D designations. He is an ardent supporter of continuing education through incentives at Pembridge and his roles on various boards and committees of the Insurance Institute of Canada and Insurance Institute of America.

All three of Tisdale’s sons also work in insurance, and he encouraged anyone considering a career in the industry to jump in. “I think when people realize the breadth of careers they can have, the exciting opportunities, the fun – it’s just a great, great business, and I would strongly encourage anybody to get into it,” he said.

“Taking a look at the industry and making an effort to recognize the people who bring so much to the industry over a lifetime is so important for us,” added Stuart Bruce, CEO of award sponsor FIRST Insurance Funding of Canada. “If there’s anything you can learn from Bob Tisdale, it’s that he spent the time to understand all the depth and breadth that you need to thrive in this industry.”

Stuart Bruce FIRST Insurance Funding of Canada Bob Tisdale Pembridge Insurance Company (with his family)

David Caringi FIRST Insurance Funding of Canada

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INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19

THANK YOU FOR MAKING US #6 TRENDING IN CANADA!

Social Media Sponsor

#IBAwardsCA Twitter https://twitter.com/

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Platinum Sponsor

Instagram https://instagram.com/

LinkedIn https://linkedin.com/

www.ibawards.ca

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5/02/2020 5:44:32 AM

INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE DSB CLAIMS AWARD FOR

BROKERAGE OF THE YEAR (10 STAFF OR MORE) WINNER Storm Insurance Group

FINALISTS Armour Insurance Brokers Avant Insurance Brokers Bryson Insurance Gillons Insurance Groupe Ostiguy Gendron Hubbard Insurance Group Leibel Insurance Group Mitchell & Whale Morison Insurance Brokers Oracle RMS Sharp Insurance Zehr Insurance Brokers PROUDLY SPONSORED BY

DSB Claims is a claim management company founded in 2012 and dedicated to the principle that “claim service is customer service.”

Beginning with a few staff members and a limited number of clients, DSB Claims has continuously improved and expanded its services to an ever-increasing client base.

DSB Claims partners with insurance brokers and carriers who are looking to unleash the value of their customers’ claim experience through personalized, accessible, relationship-based customer service. Our services align with and support the key performance indicators of our clients, whether service or financial. DSB Claims is continually building and aligning key staff, processes and technology to meet the needs of our expanding client base, ensuring we keep our founding “customer service” principle at the forefront of everything we do.

HEADQUARTERED IN Dartmouth, Nova Scotia, Storm Insurance Group has been intently focused on growing into a national multi-distribution insurance organization. Throughout 2019, its divisions collectively posted strong organic growth of more than 10%, and some recorded growth as high as 40% or more.

Storm also made three acquisitions last year, one of which got it into the Quebec market for the first time. Today, Storm is one of the country’s largest digital insurance brokerages, with more than 40,000 active customers.

“This is the hardest-working group probably in the entire country; the camaraderie is amazing” JAMIE REID Storm Insurance Group

“It’s been a big year for us for sure,” said president and CEO Jamie Reid. “The team has worked so hard for this. As a group, we’ve started transitioning from a family-owned business to an employee-owned business, and now we have 14 employee shareholders. Everybody is all in; we’re all rowing together in the same direction all the time. This is the hardest-working group probably in the entire country; the camaraderie is amazing.”

Recognizing the outstanding performance of brokerages is extremely important to award sponsor DSB Claims. “We partner with insurance brokers for claims response and claims administration, so it’s very important for us to recognize high performers,” said president Dara Banga. “It’s important that we recognize our peers and our industry for all the good work that they do.”

Jamie Reid and the Storm Insurance Group team

Dara Banga DSB Claims

For more information, visit dsbclaims.com

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Platinum Sponsor

THE ARMOUR INSURANCE AWARD FOR

MGA OF THE YEAR WINNER Cansure

FINALISTS ABEX Affiliated Brokers Exchange APRIL Canada Burns & Wilcox Canada CHES Special Risk ENCON Group PAL Insurance Brokers Canada Ridge Canada Signature Risk Partners Special Risk Insurance Managers

PROUDLY SPONSORED BY

Armour Insurance Brokers is a leading Canadian brokerage, recognized for its expertise in complex risks. Founded in 2010 by Sukhdeep Kang, Armour is headquartered in Mississauga, Ontario, with operations in multiple provinces in Canada, Armour offers all kinds of transportation, commercial and personal insurance. Armour’s mission is to be the client’s advocate while protecting their assets with a high degree of professionalism, empathy and respect. Armour is recognized in the industry and among clients for its strong experience, responsive client service, excellent product knowledge, proactive risk management and loss control, and its unique claims advocacy processes. Armour’s strength lies in its diversified, knowledgeable and courteous staff. Armour is dedicated to its customers and insurance partners and is always striving for excellence in professionalism.

AFTER FOUR YEARS of being a finalist for MGA of the Year, Cansure took home the trophy this year, thanks to its supportive culture, focus on both technology and product innovation, and average 20% year-over-year growth.

“Our team has performed consistently and goes above board for our customers and each other,” said Cansure president Cameron Copeland. “I’m super proud of everything they do and how they bring it all together to put customers first. Our continued growth comes down to great supplier relationships, doing the right things in the business and putting customers first.”

“I’m super proud of everything [our team does] and how they bring it all together to put customers first” CAMERON COPELAND Cansure

With a 360-degree value proposition, Cansure seeks to provide comprehensive solutions that brokers can rely on. “I think we’ve got a great opportunity to earn market share and establish our brand as a can-do, innovative insurance supplier that tries hard for brokers,” Copeland said, “and that’s how we want to come out of the hard market.”

“We all know in the insurance industry that MGAs play a major role,” said Rupinder Hayer, president of award sponsor Armour Insurance Brokers. “They are the ones who will always be there for the hard-to-place business, they’re the ones who will always be out there looking for more business, and their customer service is as good as any insurance company.”

Cameron Copeland Cansure

Rupinder Hayer Armour Insurance Brokers

For more information, visit armour-insurance.com

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5/02/2020 5:44:52 AM

INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE ADVOCIS AWARD FOR

LIFE AND HEALTH INSURER OF THE YEAR WINNER Empire Life

FINALISTS Canada Protection Plan Industrial Alliance Manulife Canada Sun Life The Great-West Life Assurance Company

INNOVATION IS a core value at Empire Life, which operates under the mission statement “Insurance and investments: simple, fast, easy.” “Our team’s done a great job through innovation, especially the adoption of our electronic application option, the Fast and Full Life App and Investment App,” said Mike Stocks, VP and chief marketing officer. “I think our commitment to customer service excellence is also important. Our team has done a phenomenal job of having some of the best customer service satisfaction scores, as well as the shortest call wait times, in the industry.”

“We didn’t think the chance of repeating two years in a row was possible, but hats off to our team” MIKE STOCKS Empire Life

PROUDLY SPONSORED BY

Advocis, the Financial Advisors Association of Canada, is the largest voluntary professional membership association of financial advisors in Canada, representing over 13,000 advisors in 40 chapters across the country. Advocis provides a platform of knowledge, advocacy, community and protection, advancing the value and professionalism of financial advisors and planners in the best interest of the consumer. We offer professional designations, continuing education, industry-leading publications, and membership in a chapter network with mentorship programs, study groups and practice development resources.

This is Empire Life’s second consecutive year winning the award for Life and Health Insurer of the Year. “We didn’t think the chance of repeating two years in a row was possible, but hats off to our team,” Stocks said. “The next thing for us is we really want to take our commitment to technology to another level. We’ll be working on some projects that will help us improve our straight-through processing so that a client could actually do an application and have it fully underwritten and submitted into their email inbox in under an hour, when the industry average is 30 days.”

Greg Pollock, president and CEO of award sponsor Advocis, pointed to the everevolving nature of the industry and the importance of creativity as key reasons to support this particular award. “Innovation is critical in terms of delivering new products and new ways of doing customer service,” he said. “We thought it was a timely award to support.”

For more information, visit myadvocis.ca

Mike Stocks and the Empire Life team

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Greg Pollock Advocis

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Platinum Sponsor

THE LOWESTRATES.CA AWARD FOR

CEO OF THE YEAR WINNER Lynn Oldfield AIG Canada

FINALISTS Cameron Copeland

LYNN OLDFIELD joined AIG in 1991 as an underwriting manager and held a variety of progressive management positions before assuming the role of president in 2008 and CEO in 2010. “I am honoured – truly honoured,” Oldfield said. “To be named CEO in this fantastic industry is an honour in and of itself, but to be up against the level of competition and professionalism of the finalists – it’s truly recognition for a lot of work and commitment to the industry.”

Colin Simpson

“My job is to lead leaders … They believe in my vision, and it is so inspiring to see it come to life”

Insurance Brokers Association of Ontario

LYNN OLDFIELD

David A. Crozier

AIG Canada

Cansure

Chad Leibel Leibel Insurance Group

Markel

Jeff McCann APOLLO Exchange

Joe Dietrich Trillium Mutual Insurance Company

John Ferraro Oracle RMS

Mark Woodall Special Risk Insurance Managers

Rowan Saunders

Oldfield prides herself on leading passionately from the front and believes that if employees are treated well, they will take care of clients and partners. “I am privileged and honoured to work with some of the most talented professionals in the business,” she said. “My job is to lead leaders, and they are leaders in their own right. They believe in my vision, and it is so inspiring to see it come to life.”

“It’s a privilege to present this award, because without strong leadership, this industry wouldn’t exist, and it wouldn’t be able to thrive,” said Justin Thouin, co-founder and CEO of award sponsor LowestRates.ca. “I think it’s phenomenal that Lynn won, and I hope we get to a time and a place where we don’t differentiate between a strong female leader and a strong male leader because leadership is gender-neutral, it’s age-neutral – it’s about leadership.”

Economical insurance

Tina Osen Hub International Canada

PROUDLY SPONSORED BY

Lynn Oldfield AIG Canada

Justin Thouin LowestRates.ca

LowestRates.ca is a fintech company founded in 2012 and based in Toronto. We are a free and independent service that helps people save time and money by allowing them to compare insurance, credit cards, mortgages and loans offered by North America’s leading financial institutions.

For more information, visit lowestrates.ca

www.ibawards.ca

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5/02/2020 6:38:47 AM

INSURANCE BUSINESS CANADA AWARDS WINNERS 2O19 THE CANSURE AWARD FOR

INSURANCE BROKER OF THE YEAR WINNER Rupinder Hayer Armour Insurance Brokers

FINALISTS Calvin Lim UW Insure Brokers

Hailey Taskey Lloyd Sadd Insurance Brokers

Jason Peterson

RUPINDER HAYER started his insurance career in 2015 after 21 years of active service in the Indian Army and has quickly climbed the industry ranks to become president of Armour Insurance Brokers. “My time in the army taught me that it’s not enough to aim; you have to hit,” Hayer said. “I always focus on hitting the target and striving hard until I achieve my goal.”

“I always focus on hitting the target and striving hard until I achieve my goal” RUPINDER HAYER Armour Insurance Brokers

Surex

Jurenda Landry (Jacobs) KASE Insurance

Kevin Stedman Jones DesLauriers Insurance Management

Matthew Ablakan Millennial's Choice Insurance

Simar Sidhu Diamond Insurance Group

Terence Cairns

Relying on his experience as a military pilot, Hayer specializes in aviation and defense-related business, and he emphasizes the importance of building a strong team and supporting his colleagues. “This is an industry where you can really be a good professional, you can do good for a lot of people in a lot of ways, and nothing attracted me more than the opportunity to deal with new clients,” Hayer said.

“They’re like a family to me.”

“We’re really proud to recognize this specialist individual insurance broker tonight, who we fortunately count amongst our customers,” added Cameron Copeland, president of award sponsor Cansure. “He does us proud, he does his customers proud, and I think tonight he’s done his industry proud.”

Bell Davidson Insurance Brokers, a Wilson M. Beck Company

PROUDLY SPONSORED BY

Cansure is a leading Canadian insurance supplier servicing brokers across the country.

As an open market, Cansure is accessible by all licensed brokers in Canada and seeks to be a first-choice supplier, offering breadth of products to protect both standard and non-standard risks across personal and commercial lines. Known for its creative underwriting solutions and expertise, Cansure continues to sustain strong financial security, supported by both global and domestic partnerships.

Rupinder Hayer Armour Insurance Brokers

Cameron Copeland Cansure

For more information, visit cansure.com

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Platinum Sponsor

Insurance Business Canada would like to thank the judging panel for their hard work and due diligence in assessing all the finalist submissions: Grant Wainikka CEO, Insurance Brokers Association of Manitoba

Derek Lothian CEO, Insurance Brokers Association of Saskatchewan

Vinita Jajware President, Toronto Insurance Women’s Association

Katie Walmsley President, Portfolio Management Association of Canada

Peter Braid CEO, Insurance Brokers Association of Canada

Greg Pollock President and CEO, Advocis

Brendan Wycks Co-executive director, Canadian Association of Financial Institutions in Insurance

Carla Blackmore Vice-president, Insurance Consulting Group

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PEOPLE

CAREER PATH

RENAISSANCE MAN

He’s barely past 30, but Joshua Krenus has already accrued ample experience across a range of fields Krenus’ promising junior hockey career came to an abrupt halt at age 16 when he blew the whistle on a hazing incident.

“I kissed the career goodbye – they cut me immediately and sent me back to Vancouver, where I played Junior B hockey until I was 20. The year before, my team had won the top award for Junior A teams; we were the pride of the town.”

2006

BLOWS THE WHISTLE

2009 CHOOSES LOVE Krenus decided not to pursue acting after meeting his wife.

“After our first date, I left to go to New York [for an acting program]. She came to visit, and I knew there was no way I could do [further acting programs] because I wanted to be with her. So I came home and started working with my dad again and did acting classes and wrote a short film.

I kind of let that ambition go.”

2008

GOES INTO THE FAMILY BUSINESS Casting about in search of his path, Krenus dabbled in acting while completing an apprenticeship program at his father’s construction company, where he had already worked as a labourer over many summers.

“Everyone thought I would take over the company; it could have been my career. But I thought if it was going to be my thing, it should be my thing, not taking over someone else’s” 2010

2017 FINDS INSURANCE Krenus fell into insurance thanks to one of his car-detailing clients, who was in the industry.

“I invited him to lunch and asked if he would help me get into the industry. Much of my book is old [car-detailing] clients. They trusted me with their very expensive cars – and then trusted me with other things that were important to them.”

2019 MOVES ONLINE Determined to capitalize on a market of increasingly tech-savvy consumers, Krenus founded a second brand – InsureToday.ca – in addition to maintaining his original relationship-based brand, Alteri.

“I had clients who were developers and property managers, and I wanted to give them a product for their tenants that they could sell in their business. It’s all about leveraging those relationships.”

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STARTS A BUSINESS Still seeking something to call his own, Krenus founded his first business – a mobile car detailing operation – in his early 20s.

“I wanted to find something I was passionate about, and I had always been passionate about cars. After a year in business, I was able to acquire premises downtown, even while the mobile side was growing nicely. I had two locations and five full-time staff eventually.”

2018 JOINS THE BOARD Krenus stepped into philanthropy when he took a seat on the board of Resilience iAm The Organization, a group focused on building a centre for domestic violence survivors in Vancouver.

“It’s a long-term project; we are about two years in and five years from our goal.

When you have a small business, you understand how quickly things can change – and that applies to everything. I wanted to do something for other people because I felt like I could relate to it.”

www.insurancebusiness.ca

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PEOPLE

OTHER LIFE

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

In additional to his a nnual ‘boys’ trip’ to Whistler, Hately makes one or two fa mily trips to destinations such as Vermont or Maine each year

1984

Year Hately started volunteering with the ski patrol

8

Pairs of skis currently in the Hately household

3

Typical number of ski holidays Hately takes each year

LET IT SNOW There are few places broker Ron Hately would rather be than on the slopes WHEN RON HATELY’S parents were posted to an isolated radar base in Northern Ontario that boasted its own ski hill, 10-year-old Hately got his first taste of what would soon become an enduring passion.

These days, the PEI-based broker skis at least three times a week: once with the

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family at the local ski hill, one evening as part of the volunteer ski patrol and on Nordic trails on the days when he’s on the road visiting clients.

All three of Hately’s sons ski or snowboard. In fact, his middle son has been a ski instructor for 12 years; the family spent Christmas visiting him in his new

home in British Columbia, where he moved “mostly for the skiing.”

Beyond the family time, Hately says he’s drawn by the peace of being on the mountain. “Once you get out into the woods, you stop and all you can hear might be the snow falling off the trees,” he says. “It’s peaceful.”

www.insurancebusiness.ca

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5/02/2020 4:39:12 AMAM 2020-01-28 11:34

GLOBAL CORPORATE SPECIALTY

Aviva Global Corporate & Specialty Together, we make a world of difference At Aviva, we pride ourselves on the insurance and risk management solutions that we offer to help our clients protect what’s important to them.

Aviva’s Global Corporate & Specialty division provides our brokers and large corporate and commercial clients with innovative and flexible solutions.

Our specialists work to understand not just the detailed nature of the risk, but the true makeup of the client’s business – its values, people and vision for the future.

Working together, we design tailor-made solutions that exceed expectations and make all the difference - demonstrating a client-centered approach at every interaction that reflects the needs of the business.

Our industry-focused expertise, combined with an emphasis on close broker and client relationships is the result of a unique service proposition with prevention and innovation at its heart.

aviva.ca/gcs

This advertisement provides an overview of Aviva’s Global Corporate & Specialty (GCS) proposition. For exact terms, definitions, limitations and extensions, please refer to the policy.

GCS policies are underwritten by Aviva Insurance Company of Canada. Risk Management and Claims services are provided by Aviva Canada Inc. and a network of external partners.

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2019-09-12 9:40 5/02/2020 4:00:23 AMAM