In today’s ultra-competitive Canadian insurance market, differentiating oneself is of paramount importance for any broker. The industry is evolving, technology is playing an increasingly important role and end-user clients are more demanding than ever before. For brokers to stand out from the crowd, having a full understanding of the current state of the industry is simply essential. Those who stick to their tried and tested methods, and refrain from keeping up-to-date with the trends impacting the industry, run the risk of being left behind.
Capital continues to flow into the Canadian insurance market, creating more customer choice and more competition. As a result, rates and premiums for some insurance coverages are at historic lows. In addition, the increasing regularity of catastrophic weather events is putting more financial pressure on payers and more strain on the claims processes and associated resources.
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Insurance companies are under pressure to find new ways to efficiently and cost-effectively manage claims to remain competitive and profitable, and brokers are in the middle. But what information does the modern broker need? It can be hard to know. With this industry white-paper, we examine the four trends driving profit margins and improving the customer experience in the Canadian insurance industry.
