Insurable Interest Canadian Insurance Blog

By Meredith Barnes-Cook, ReSource Pro — The insurance industry continues to find itself in a talent crisis. The workforce challenges we are facing are not entirely new. Some of them are the lasting impact of the pandemic, while others have come and gone over time as the result of a changing world. There are some challenges that I believe are self-inflicted, albeit unintentional. The good news is that they are also within the industry’s power to change. It won’t happen overnight, but let’s get started. Since people are the industry’s most valuable asset and are at the heart of everything we do, doing nothing cannot be an option. People do not want to join the insurance industry Upcoming or younger members of the workforce do not see a career in insurance. Only 4% of respondents to The Hartford’s 2015 Millennial Leadership Survey found insurance to be appealing. And ACORD’s 2020 survey found even less interest from the generation that will make up 75% of the global workforce by 2025. Keep in mind that only 25% of insurance employees are under the age of 35. People are leaving the insurance industry The insurance industry will lose half its workforce between now...

Toronto, ON (Aug. 21, 2023) – CSIO congratulates L’Unique General Insurance (L’Unique) for meeting the requirements of the Commercial Lines (CL) Certification Program and achieving Level 3 Certification. By completing this Program, L’Unique has demonstrated its commitment to implementing CSIO CL Data Standards to create greater value for broker partners and customers. L’Unique accomplished Level 3 Certification by collaborating with Applied Systems Canada to implement the CL minimum data set and successfully demonstrate real-time quoting functionality for brokers. Standardized data systems optimize connectivity between insurers and brokers using CSIO CL Data Standards and question sets. The simplified quoting process ensures that brokers can obtain quotes in their broker management system (BMS) in seconds rather than days, which they cannot do if they have to use other applications. “Partnering with Applied to deliver a simpler, more standard commercial lines quoting process for our broker partners is important for our distribution, “ said Lucie Matteau, Director – Solutions Optimization – Property and Casualty Insurance at L’Unique General Insurance. “L’Unique is committed to investing in technology to provide cutting-edge tools that enable efficient real-time interactions with our broker network.” “To ensure consistent processes and bring value to all stakeholders in the insurance ecosystem,...

Collaboration expands insurance offerings for independent truck drivers and small fleets nationwide New York, NY (Aug. 17, 2023) – Cover Whale Insurance Solutions, Inc., a leading commercial trucking insurance provider and fast-growing InsurTech, is pleased to announce its strategic agreement with global professional services firm Aon’s CoverWallet, a leading digital insurance platform for small business owners. The collaboration brings together the innovative capabilities of two leading insurtech solutions by combining Cover Whale’s trucking insurance capacity with CoverWallet’s distribution strengths. As part of this relationship, Cover Whale offers its advanced telematics and proprietary quoting and binding technology to CoverWallet’s independent owner-operator and small fleet trucking customers, a traditionally underserved segment of the insurance market. “As we continue to grow, we are continuously looking for ways to connect with more drivers and fleets across the country,” said Dan Abrahamsen, CEO of Cover Whale. “Our top priority has always been keeping the roads safe. This agreement allows us to simplify the insurance process for truckers looking for fast, customizable coverage that helps them drive more, earn more, save more, and focus on the road.” The CoverWallet platform will extend Cover Whale’s visibility to thousands of commercial truck drivers across the country. As a result,...

Start Slideshow Only 2% of Americans ages 26 to 35 have an income of $200,000 or more, but they make up 16% of the income for this age group, SmartAsset said in a new report. As such, they represent an outsize tax base that can fatten the coffers of local businesses and governments. That also makes this age cohort a group welcomed by officials hoping they will move to their state. SmartAsset examined Internal Revenue Service data for tax year 2021 for the 50 states and the District of Columbia to find out which areas are benefiting the most from the inflow of young, rich professionals. Researchers found that Washington has a disproportionately high number of respondents ages 26 to 35 who make at least $200,000, followed by California with 10%. New York, Massachusetts and New Jersey also have many young high earners. At the same time, New York and California have the highest outflows of young, rich professionals, at 5,062 and 4,495, respectively. The analysis showed that the District of Columbia stands out from the 50 states. Although it lost about 700 young high-earning tax filers, 16% of residents earning more than $200,000 fall into the 26-to-35 age bracket,...