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Putting a face to a name is still a highly valued part of the insurance transaction. Speaking to someone over the phone in a different country about a hyperlocal insurance issue is not quite the same as meeting a broker from the local town who has experienced the issue with you.
Community lies at the heart of the insurance broker profession. It’s not as easy to tap into localities and understand native issues for the insurance global powerhouses with offices located around the world.
Global insurer Swiss Re Corporate Solutions is on a quest to increase its connection with the local markets in Canada. After all, gaining greater presence in the marketplace is the best way to win business and provide targeted coverages for clients, explained Adrian Hall, CEO Canada, Swiss Re Corporate Solutions.
“Over the past year, we’ve made a number of changes at Corporate Solutions Canada. Our major focus has been to build a more localized strategy and invest in our business specifically for local client needs, and at the same time ensure we maximise the strength and reach of our global organization,” Hall told Insurance Business. “We have a new sales unit focused on our local brokers and clients, we’ve re-evaluated our lines of business in order to focus on key areas where we see growth opportunity and we've invested in a local claims unit.”
What’s behind Corporate Solutions Canada’s drive for locality?
It’s all about the brokers and their clients, Hall explained. The global insurer wants to ensure full local understanding and anticipate local broker and client needs, and in order to do that, the firm wants a greater local market presence within the Canadian insurance industry.
Prior to Hall’s appointment, Swiss Re Corporate Solutions Canada was seen as more of a subsidiary unit of the whole North American practice. Each line of business head reported into different US hubs and there wasn’t a single team focusing solely on the Canadian market.
“The Canadian market is a fairly stable market with a lot of growth potential. We believe local focus and delivery are going to help us win for our clients,” Hall added. “We will continue to focus on our distribution relationships and ensure we’re more of a presence in the Canadian marketplace than ever before.”
“When you look at the size and global capabilities of Corporate Solutions, we’ve got a long way to grow in the Canadian market space,” Hall commented.
The insurer is well-known for its property practice. Other key Corporate Solutions business lines in Canada include energy and financial and professional services. The firm is also seeing momentum in its construction and engineering practice, aviation and it’s “gaining more sophistication in the casualty space,” which is partly driving the insurer’s focus on local delivery.
After a year in the role as Swiss Re Corporate Solutions Canada CEO Hall reflected: “We’ve made a huge amount of progress over the past year. We’ve been out in the market a lot more, listening to and getting in front of our clients. Our ongoing client focus is creating momentum and we’ve seen that with the business that has come our way this year.
“Moving forwards, we will constantly challenge our thinking to ensure we’re proactive with designing solutions for our clients. I’m proud of what we’ve achieved over the last year. There has been lots of progress and changes that have had a positive local impact.”
