In and amongst the grey skies of the Canadian Strata environment there is a looming rainbow on the horizon to stop the sky from falling! Much has been written recently about concerns in the Condo/Strata market regarding rising premiums, availability of adequate insurance capacity and impact of increasing costs resting squarely on the shoulders of unit owners. Insurance costs have increased as much as 400%.
Underwriters continue to feel the pressures of climate change on their property losses and continue to look for ways of reducing claims costs. The formal procurement process has helped to reduce costs and improve service but has procurement gone far…
Originally posted: Insureds and carriers agree that more communication can address common claims complaints. Carriers today often argue that buying their insurance product is about much more than financial indemnity and peace of mind. Many insurers include a variety…
PRESS RELEASE London, UK, November 19, 2018 Fenchurch Park London and LCM Solutions Canada are delighted to announce a strategic partnership specifically designed to consult into Managing Agents, London Market Insurers, London Market Brokers, MGAs and Coverholders in relation to TOM (Target Operating Model), a core component of the market modernisation proposal set out by the London Market Group.
2018 Trend #1: Increased Focus on Cost-to-serve OK… so this is almost a prediction, but it’s a topic on which I feel qualified to speculate, and I do so with good reason. The burgeoning growth in omnichannel supply is great news for consumers and even enterprise buyers, but it also continues to add considerable complexity for supply chain organisations. In many cases, supplying companies have taken an “Implement first. Ask questions later” approach to multi-channel and omnichannel strategies in their haste to avoid losing sales to ecommerce giants like Amazon. One of the key risks involved in such an approach is that certain sales will undoubtedly be unprofitable, and that’s an untenable situation for supply companies to remain in.
Personal observations have demonstrated that some insurance companies have some very serious misunderstandings about the attorneys they hire. I. The company’s defense attorney is not its adjuster. Let’s say the first notice of a claim was via a lawsuit against an insurance company and that the insurance company immediately hires a defense attorney to respond to the [...] The post Misunderstood Role of the Attorney appeared first on Insurance Thought Leadership. Check it out!
Technological innovations have radically transformed the business landscape in many ways over the last two centuries, from the introduction of steam power to the market conquest of radial-ply tires. Research by McKinsey & Company and the McKinsey Global Institute shows that digitization is having the same radical impact. In particular, our research shows how digitization can significantly hurt incumbent firms in many industries — depleting as much as half the revenue growth and one-third of earnings before interest and taxes (EBIT) growth of companies that neglect to embrace digital innovations.