This article was provided by Aviva Canada.
Canada’s economy over the past few years has been impacted by much uncertainty from a global pandemic, extreme weather events, inflation hitting all-time highs, supply chain disruptions, and the great resignation – to name a few. Commercial insurers are having to tread carefully in these choppy waters. Despite the volatility and the headwinds still to come, Aviva Canada’s commercial lines business is growing strong – with double digit growth in its Global Corporate and Specialty (GCS) and Aviva Business segments.
McKinsey’s 2023 Global Insurance Report found that the annual premium growth rate for commercial P&C lines has hovered consistently around 6-8% since 2018. But Aviva Canada’s managing director of GCS, Urs Uhlmann (pictured), said that the insurer has been working to not only look for diversification and expansion of its portfolio, but to build a culture where people can grow and succeed in their careers by being themselves.
“We are recognized for our underwriting capability and our strong claims management. While we’ve faced our fair share of challenges over the past few years and are preparing for the headwinds to come, our teams are working hard to provide better customer service in the commercial insurance space,” said Uhlmann. “Expansion of our portfolio offerings and speed to market are critical to our clients and brokers’ success. Fundamentally, we’re building highly engaged teams whose dedication has led to strong growth in our large commercial portfolio.”
Transitioning to net zero and reinventing the employee value proposition are two challenges the McKinsey report said commercial insurers should be keeping an eye on.
The nature of risks is evolving faster than ever, especially when it comes to natural catastrophes, the net-zero transition, supply chain and cyber risks, the report said. Rather than stepping back and reducing their exposure, commercial carriers have a significant opportunity to step forward and address the growing protection gaps – or risk losing relevance in a changing world.
In 2021, Aviva plc announced its global ambition to become a net-zero company by 2040 and Aviva Canada is contributing to achieving that goal.
“We take our sustainability ambition seriously. There is a sense of urgency, now more than ever, to act quickly on the climate crisis,” said Uhlmann. “As a larger corporation, we believe we have a responsibility to take what we’re learning and use it to help our suppliers, broker partners, and customers on their journeys as well.”
The insurer has been actively seeking opportunities to support the transition to net zero through their underwriting approach, partnerships, and product lines. In addition to establishing a cross-functional renewable energy working group and continuing to write business across wind, solar and hydro, Aviva launched a parametric insurance product, aimed at helping clients better manage the risks associated with climate change.
“We know that the climate crisis isn’t something that can be tackled alone,” he said. “Working together and sharing knowledge and learnings will be a critical part of the transition. We hope to use the learnings, such as from our parametric pilot project to broaden our reach into other industries in the future.”
But what is it that really sets Aviva apart?
“Our people,” Uhlmann said. “We know our culture, leadership development and customer service are linked to profitability, engagement, and customer satisfaction. Our people are the driving force behind everything we do, and to continue to succeed, we need to invest in development and create an environment where our people want to stay.”
With an engagement rate 13 per cent higher than the top quartile of financial services companies, Aviva Canada’s people are showing that they’re buying into what the insurer is building – a culture where they can grow and succeed in their career by being themselves.
To help their people grow in the careers, Aviva invests in training and development. Technical knowledge, insurance skills, and personal development are all among the learning agenda at the insurance company, but it doesn’t stop there. With several dedicated leadership development programs offered, the insurer knows that having great leaders in place is one of the keys to building an engaged culture.
Uhlmann said: “Our leaders are building a culture that makes people excited to come to and stay at Aviva, knowing there is opportunity to grow and succeed in their careers. The hope is that our people feel comfortable to be themselves, all while making a difference and providing the best experience for our customers.”
