Insurance Business ReviewSEPTEMBER 20246Copyright © 2024 ValleyMedia, Inc. All rights reserved. Reproduction in whole or part of any text, photography or illustrations without written permission from the publisher is prohibited. The publisher assumes no responsibility for unsolicited manuscripts, photographs or illustrations. Views and opinions expressed in this publication are not necessarily those of the magazine and accordingly, no liability is assumed by the publisher thereof.Managing EditorRaven Mcguire*Some of the Insights are based on the interviews with respective CIOs and CXOs to our editorial staffEditorial StaffAaron Pierce Ava GarciaAlex D'Souza Abhinov PunnakkalJoshua ParkerSarah FernandesEditorialRaven McguireManaging Editoreditor@insurancebusinessreview.comTo thrive in today's challenging and dynamic market, insurers must swiftly innovate. Over the past few years, new products aimed at enhancing relevance and accessibility have emerged and are expected to gain even more popularity. These include on-demand insurance for gig workers and usage-based products driven by telematics and sensor data, which enable behavioral-based pricing.The next phase of evolution is embedded insurance, where policies are offered at the point of sale of another product or service. Embedded insurance has been gaining momentum, enabling insurers, especially property and casualty firms, to connect with their customers in innovative and engaging ways.Technology is a major driver of change in the insurance brokerage landscape. Insurers are increasingly adopting advanced technologies such as AI, data analytics and automation to streamline operations, improve customer experience and manage risks more effectively. The use of digital platforms for customer engagement and self-service is becoming more prevalent, with insurers focusing on providing seamless digital experiences that cater to tech-savvy customersDriven by these trends, the insurance brokers and agents market is projected to grow at a CAGR of over nine percent by 2032, attributed to the growing imperative toward digital customer engagement, such as online platforms, mobile apps and chatbots.In this edition of Insurance Business Review Canada, we provide insights into recent developments in the insurance market and how insurance broker companies align with the latest trends. It features a thought leadership article from Alex Stonkus, Senior Underwriting Manager at BCAA, who talks about insights on innovation and product development in the insurance industry, specifically focused on creating a new small business insurance product at BCAA. It also features an article from Holly Hollenbeck, JD, CRIS, Regional Vice President, Legal and Contracts, Marsh McLennan Agency who sheds light on the growing threat of `nuclear verdicts' and `thermonuclear verdicts' in various industries, particularly in personal injury cases and how companies can mitigate this risk.We also bring you the story of the top insurance broker companies helping customers and clients find the right insurance coverage for their specific circumstances. One of them is Greatway Financial Inc. which stands out in the insurance industry by prioritizing genuine care for clients and employees, thorough education and a commitment to transforming lives through its services and work culture.In this edition featuring the Top Insurance Brokers in Canada 2024, we hope you find the right partner to meet your organization's needs.Let us know your thoughts!Navigating Challenges and Embracing InnovationVisualizerMichael WayneVictor CruzSEPTEMBER - 16 - 2024, Vol 03 Issue 10 (ISSN 2837-1763) Published by ValleyMedia, Inc. To subscribe to Insurance Business ReviewVisit www.InsuranceBusinessReview.com Email:sales@insurancebusinessreview.comeditor@insurancebusinessreview.commarketing@insurancebusinessreview.com
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