The landscape for today’s professional and financial lines (ProFin) is changing, with several new entrants emerging in the marketplace.
Sarah Gibson, national leader, Executive & Management Liability, ProFin at RSA Canada, is well acquainted with the shifting landscape. With 10 years’ brokerage experience handling clients in commercial directors and officers (d&o), including financial institutions, and errors and omissions (e&o), Gibson now leads the RSA d&o team in ProFin. RSA’s ProFin team consists of both d&o and e&o professionals, located throughout the company’s Canadian offices. The team also includes a not-for profit business unit, working out of one of the GTA offices. So how can an insurer differentiate its offerings from the competition? “At RSA, it has always been about partnering with brokers to help educate clients on the right solution for the risks they face in their respective lines of business,” says Gibson. She adds that RSA’s ProFin team works closely with its broker partners to familiarize them with the team’s evolving offerings: “As part of our commitment to our broker partners, we invest strongly in spending time with them, not only in getting them acquainted with our portfolio and capabilities, but also being open about our growth strategy. This level of collaboration helps foster deeper trust and a better partnership to drive our mutual success.” In fact, RSA’s commitment to brokers’ continuing education influenced Gibson’s move from the broker side at RSA to the specialty lines business where she now contributes her deep knowledge of the Financial Advisor e&o program. In 2013 Gibson participated in RSA’s Making Partner program, a one-week executive education course held at Queen’s Smith School of Business in Kingston, Ont.
Another factor that appealed to her was the collaborative culture at RSA. “Across the ProFin d&o team, we talk as a team about risks, coverage and pricing. As a result of this transparency, we have created genuine energy and momentum for the future at all levels,” she adds. ProFin has already made a significant investment in its brand and product shelf — with a number of exciting projects underway for 2016. “Ironclad by RSA is the premier Side A DIC which we just launched,” says Gibson. “With multiple limit reinstatements, flexible claims reporting provisions, remediation costs and several other leading coverage features, we feel strongly that this product will contend for market leadership.” RSA recently had a major financial ad visor e&o win. “In analyzing the factors that helped us stand out, it really boiled down to three things: our claims proposition, our extensive experience in the field, and our proven ability to constantly think outside the box,” says Gibson. “Together, these three aspects help us offer product enhancements that aren’t available in the current marketplace.” “At the end of the day, our goal is to be a top choice for our broker partners, based on having the right people on our team, with the right roles and expertise,” adds Gibson.
This article has been featured in the September 2016 editon of Insurance People.