In our ever changing insurance landscape, a constant focus on customer service must be the ultimate priority. Here is what our President & CEO, Rowan Saunders, had to say on the topic.
This past year has been a challenging year for the insurance industry.
Insurers have seen changes in regulations, with Bill 15 passing. The industry must continue to work with the Financial Services Commission of Ontario to identify further reforms that can help achieve fraud reduction targets.
In addition, the increasingly competitive nature of the commercial market and the severe weather insurers have experienced is becoming the new normal.
With the increase in frequency of extreme weather came the need for a shift in how data is assessed, priced and underwritten. RSA is investing in data collection technology, like flood mapping and geocoding, to ensure that risks are effectively priced and claims can be managed quickly.
As an industry, insurers must also use technology to make transactions with brokers easier, faster and more efficient. Insurer investment in pricing sophistication and technology solutions will make it easier for brokers to do business with insurers and to improve the experience for the customer.
Broker feedback plays a key role in shaping RSA’s strategy and from what the company has heard, brokers have become increasingly frustrated with insurance companies owning equity, seeing it as a conflict of interest.
Narrowing the company’s strategic focus — having its core business be an underwriting company as opposed to a brokering company — means brokers are no longer seeing it as a competitor, enabling the company to create better partnerships with brokers in the future.
Looking ahead to 2015 and beyond, it is anticipated the challenging property and casualty environment will continue. To succeed in this ever-changing industry, insurers will need to adapt to change, maintain close relationships with their broker partners and consumers, and continue to focus on customer service as the ultimate priority.
- Rowan Saunders | President & CEO, RSA Canada