November 26, 2024
Susan Williams-Bonet—VP, Ontario Region, Wawanesa
The Canadian commercial insurance market is undergoing a multifaceted transformation. Rapid technology adoption, a widening talent gap and evolving customer needs are complicating industry operations, leaving many clients underserved despite having more assets to protect and more varied risks. These were some of the topics guiding our industry panel roundtable earlier this year on the future of commercial insurance.
Can AI bring us closer to customers faster?
Artificial intelligence—and, in particular, generative AI—are at the top of the hype cycle right now. And applications for AI in the insurance industry are seemingly endless. AI can be used directly by brokers to create more efficient workflows. If a broker is dealing with 50 insurance carriers, they can use AI tools and techniques to quickly find out the top five carriers for a particular insurance product, rather than looking through manuals. That technology is already being used to help them with their day-to-day tasks. That’s going to boost speed and efficiency.
We’ll continue to enhance service levels by augmenting our processes with AI. This will allow brokers to quickly get answers to queries and access new insights. Digital claims is another area where we’re exploring ways to optimize those processes.
How can we evolve our talent pools to keep pace?
More than half (51%) of brokers in attendance at our commercial roundtable, and subsequently 41% of our LinkedIn poll respondents indicated that talent acquisition and retention presents a strong challenge to the broker channel. Add to that the highest concentration of tenure in commercial brokerages is 15+ years.
As seasoned veterans exit the industry, commercial brokerages are looking for ways to transfer knowledge to the next generation. The challenge is giving them the necessary experience to take on commercial underwriting, especially when it can take years to develop those skill sets—and when hybrid work environments make it harder to mentor new recruits.
“A lot of deep talent is retiring, especially in the commercial space,” notes Anna McCrindell, SVP, Chief Operating Officer – East at Wawanesa. “Like many insurers, we’ve relied on hiring externally. We’re pleased about the bench strength we’ve built and our ability to grow our own talent, investing in cohort training and fostering careers.”
There’s a misconception that training can only be done through years of experience on the job. These days, training can take many forms. We’ve launched cohort training to attract and accelerate talent, and show them what’s possible with a career in insurance. We’ve also launched Wawanesa University—a new hub for learning, career growth and talent development to help people start building their career.
Facing the future together
The commercial market has never been more complex, yet there’s never been so much opportunity for brokers and insurers to add value to every business we insure.
“Within the complexities lie opportunities for those who innovate and adapt—and as the market continues to evolve, insurers and brokers must adapt together,” says Anna McCrindell. “Consider us part of your team. Together we’ll tackle challenges and maximize opportunities, ensuring your clients’ long-term success in the ever-evolving landscape of commercial insurance.”
We look forward to seeing you at IBAOcon so we can continue discussing key topics affecting the commercial market and how we can support our broker partners.