Last year’s record underwriting results are not the only good news from
RSA Canada: according to President and CEO Rowan Saunders, brokers are at the forefront of the carrier’s transformation.
The leading home, car, and business insurer Royal & Sun Alliance Insurance Company of Canada (RSA Canada), which reported its full-year financial results for 2015 recently, brought in a record underwriting profit of $225 million, a combined operating ratio of 91.7% -- well below its annual target for the year – and Net Written Premiums (NWP) down 4% to $2,651 million.
Saunders ascribes much of the past year’s success to the changes brought about by the first year of the planned three year program designed to make the carrier the best in class and more responsive to brokers.
“In personal lines, brokers are definitely seeing a different service model -- we have consolidated our servicing capabilities into large hubs, we have re-engineered the work and we have eliminated inefficiencies and duplication and points of friction with the brokers -- that is resulting in far superior service standards for our brokers.”
The other change likely to make life easier for brokers is the “significant investments” the carrier is making to “improve our underwriting and pricing tools,” says Saunders
. “The activity between the broker and ourselves is definitely smoother than it was in the past. It’s much easier for brokers to do business with us now.”
Finally, in personal lines: “we have broadened our products, including the launch of a water product in the industry- Waterproof, and we continue to advance our pricing sophistication in the industry; all of which makes us more competitive in the segments we’re trying to win in.”
On the commercial side, Saunders says RSA is “becoming responsive, and enhancing the trading relationship with our key brokers. For example, we’ve dramatically increased the speed of responding to business quotes. So it’s a much more efficient and effective way for brokers to interact with us.”
