Insurable Interest Canadian Insurance Blog

By Mark Breading, ReSource Pro — Every year at this time, we are treated to many articles, videos, and news accounts of the developments at CES, formerly known as the Consumer Electronics Show. The event long ago expanded beyond just consumer tech to tech relevant to businesses and individuals alike. This year, you may have already seen reports of transparent screens, glass panes that convert sunlight to electricity, a small surveillance camera that can identify faces from miles away, and lots of food tech among the thousands of new innovations shown at CES2024. A long but incomplete list of areas covered at the event includes mobility, smart home, drones, AgTech, sleep tech, fitness and wellness, beauty tech, EnergyTech, psytech, metaverse/XR, robots, laptops, cameras, mobile phones, TVs, and much more. There were amazing innovations in each of these areas (although finding them among 4000+ exhibitors across multiple venues and millions of square feet of floor space was not always easy). The big question – and main topic for this blog – is whether all of this really matters to property/casualty insurance. The short answer is yes, but the more nuanced answer is it depends. Many of the new innovations at CES...

A 2024 ICTA nomination Toronto, ON (Feb. 7, 2024) – Over the past few years HTM has been working with Cognition+ to implement a new web-based platform built on Application Programming Interfaces with the goal of eliminating operational data silos to promote internal efficiencies and build the capability to share information securely and privately with stakeholders. In 2022 and early 2023, HTM took the next step to enable Agent Access and Broker Connectivity for their sales channel. The Broker Connectivity initiative aligns with both the Centre for Study of Insurance Operations (CSIO) and the Insurance Brokers Association of Canada (IBAC) guidance on Direct Data Exchange to provide a superior experience for brokers. Broker Connectivity Goals: Achieve a true “portal-less” solution by leveraging Application Programming Interfaces (API) between Cognition+ Platform and three major Broker Management Systems (BMS products) with extendibility to including other BMS as needs change: Applied EPIC Vertafore SIG XP Acturis PowerBroker Enable Broker Workflows to be completed entirely within BMS for automobile and property: Quote / Rate Policy Policy Inquiry Generate “As of” Declaration Page New Business Upload Billing Query Claims Inquiry Agent Access Goals: HTM is also an Agent-based company, the mutual is providing direct access for...

Start Slideshow Financial advisors often operate at a disadvantage within the high-net-worth community. They are not the first people with a similar professional background attempting to gain a foothold in the ultra-wealthy circle. Although these wealthy individuals might have met charming advisors, they remember the boorish one vividly. How can you interact in HNW circles without looking like you are trying too hard?  Here is your challenge: When you find yourself in front of someone wealthy in a social setting, a little voice inside you might say: “I may never be in front of this person again. I better make the most of it.” If you come on too strong, doing everything except saying, “I want to be your best friend,” you risk scaring off a favorite prospect. A good strategy is to realize that this could be the first of several encounters. Your objective is to learn enough in the initial meeting to identify an interest in common and hopefully run into the potential client in the future. These nine approaches can help you gain a foothold with HNW individuals, without being shunned because you remind them of a financial advisor or insurance agent who behaved badly. Start Slideshow

Belleville, ON (Feb. 1, 2024) – McDougall Insurance Brokers Ltd. (“McDougall Insurance”) announced today that they have combined with MHK Insurance Inc. (“MHK”) effective immediately and are pleased to welcome all members of the MHK team in both Edmonton and Calgary to the McDougall Insurance team. “With nearly 80 full-time employees and a history going back 110 years, MHK is a perfect fit to strengthen our Alberta presence and join with our eight Drayden Insurance offices,” said Ross McDougall, CEO of McDougall Insurance. “We continue to grow in Alberta and now have approximately 200 employees in the province, and we feel very fortunate to have been given the opportunity to partner with such a well-respected, customer-oriented, and community-minded brokerage.” The executive team of Jeff Homynyk, President and CEO, Jill Repchuk, COO and Jana Lumsden, CFO, along with other members of their leadership, will continue to guide MHK Insurance going forward. “In order to even consider such a deal, there were many factors that were important to me and to our team,” says Homynyk. “Our alignment in terms of values, culture, way of doing business, relationships with our staff, our clients, our insurers, and our community, and continued operational independence led...