With Christmas just around the corner, Canada’s brokers are putting out the cookies and milk for Santa – and attaching their Christmas wish list as well.
Insurance Business contacted a number of brokers to see what they would like to see in the New Year.
The wishes didn’t have to be realistic – in fact some conceded that they probably weren’t – and names have been expunged to protect both the naughty and nice.
That said, here are some things brokers are wishing for in the New Year:
• “Here is one thought: A combined product for D&O, E&O, CGL and Cyber. There is tremendous overlap in exposures and best practices would say these should all be with the same market anyway. If a carrier could come up with a combined product that plugs all the holes and provides comprehensive coverage that would reduce broker E&O significantly.”
• “Insurers investing in underwriting expertise and giving it some authority, rather than second-guessing us on the client relationship.”
• “I would like to see the same advancements in real time technology for personal lines insurance carried over into the commercial lines of business. “
• “Consistent enthusiasm on a given risk from marketing, renewal underwriting and new business underwriting.”
• “A revival of meaningful customization to solve problems for clients. (Remember the days when we could manuscript endorsements with underwriters: “It is hereby understood and agreed that....?”)
• “Less government interference in the rating of auto insurance, in Ontario at least.”
• “A voluntary withdrawal by the banks of online insurance marketing that contravenes the Bank Act's intended separation between insurance and the granting of credit.”