The commercial insurance landscape is rife with disruption. From the COVID-19 pandemic and its related health, social and economic challenges, to the lingering low interest rate environment, hardening insurance market conditions, and a large swathe of emerging risks, there are conflicting forces battering commercial entities from all angles.
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Times like these can be both challenging and auspicious for commercial insurers.
Hardening market conditions force insurers to rely more heavily on technical underwriting fundamentals, risk control and data analytics. In turn, these control measures can lead to more stability and consistency in underwriting, generating more fruitful long-term partnerships and opening doors to product innovation, portfolio expansion, commercial growth and innovation.
One carrier fully committed to the commercial insurance space is RSA Canada. With clientele ranging from small and medium-sized enterprises to global operations, RSA is equipped and able to help its clients navigate through (in certain cases) a new, complex world, according to Vince Rybinski (pictured), vice president, national distribution and GSL specialty operations, RSA Canada.
“What makes RSA unique is our ability to address the multifaceted needs of all clients,” he said. “Having a deep understanding of the risk profile of small-medium sized business entrepreneurs and understanding their unique needs to global, risk managed clients is, in my opinion, what sets us apart.
“From our investment in technology in the SME space to our specialized approach to underwriting, risk control and claims service in the large, risk managed space, we find unique, tailored solutions. Large, complex risks require a specialized approach to underwriting, risk control and claims service that differs from SME. Our clients and brokers can take comfort knowing that we can provide a full service.”
RSA’s broad offering enables clients to consolidate their business with ease and efficiency through one carrier, Rybinski explained. In turn, gaining more “critical mass” with a carrier can also provide greater opportunity for additional portfolio and potential program opportunities.
“Brokers and clients rely on consistency and trust that their carriers are going to be predictable,” Rybinski told Insurance Business. “When choosing a carrier, both brokers and customers value a carrier’s ability to address wide-ranging exposures, create innovative solutions, have access to a broad suite of products, and ability to pay claims. This can only come from a proven track record built on long term relationships and trust.
“Full transparency is paramount to a healthy, long-standing relationship. At RSA, we have worked very closely with our key trading partners to ensure full transparency is understood, which translates into stability and consistency in our underwriting. This is especially heightened in the current environment (being a hard market). When there is excessive ‘disruption’ in the market, our ultimate goal is to be viewed as a stable, consistent market that our brokers and clients can rely on.”
Market disruption always comes with challenges and opportunities. As risks evolve and markets react, there are ample opportunities for insurers to innovate and improve their commercial propositions.
Rybinski commented: “We will continue to listen to the needs and wants of our brokers and clients. Our investments will continue to address the evolving world that we live in, specifically regarding technology in our SME business and multinational offering. Our focus on de-commoditizing capacity by providing differentiated services, providing a more ‘user friendly’ experience, will continue to be our priority.”
