The commercial insurance landscape is rife with disruption. From the COVID-19 pandemic and the associated health, social and economic challenges to the ongoing low interest rate environment, the tightening conditions in the insurance market and a multitude of emerging risks, there are conflicting forces beating companies from all angles.
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Times like these can be both challenging and promising for commercial insurers.
Tightening market conditions are forcing insurers to rely more heavily on the fundamentals of technical underwriting, risk control and data analysis. These controls, in turn, can lead to more stability and consistency in underwriting, lead to more fruitful long-term partnerships, and open doors for product innovation, portfolio expansion, commercial growth and innovation.
One airline that is fully committed to commercial insurance is RSA Canada. According to Vince Rybinski (pictured), Vice President, National Distribution and, RSA is equipped with customers ranging from small and medium-sized businesses to global corporations who are able to help its customers (in certain cases) Navigating a new, complex world GSL Specialists, RSA Canada.
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« What makes RSA unique is our ability to meet the diverse needs of all customers, » he said. “In my opinion, we are characterized by a deep understanding of the risk profile of small and medium-sized entrepreneurs as well as an understanding of their special needs towards global, risk management-oriented customers.
“From our investments in technology in the SME sector to our special approach to underwriting, risk control and receivables service in the large, risk management-oriented area, we find unique, tailor-made solutions. Large, complex risks require a special approach to underwriting, risk control and receivables servicing that is different from SMEs. Our customers and brokers can rely on us to offer a comprehensive service. «
RSA’s broad offering enables customers to consolidate their business through one carrier with ease and efficiency, said Rybinski. Reaching a greater “critical mass” with a carrier can in turn offer a greater opportunity for additional portfolio and potential program opportunities.
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« Brokers and clients alike rely on consistency and their freight forwarders to be predictable, » Rybinski told Insurance Business. “When choosing a freight forwarder, both brokers and customers value a freight forwarder’s ability to manage far-reaching risks, develop innovative solutions, gain access to a wide range of products and pay claims. This can only result from a proven track record based on long-term relationships and trust.
“Full transparency is of the utmost importance for a healthy, long-term relationship. At RSA, we have worked very closely with our key trading partners to ensure full transparency is understood, which translates into stability and consistency in our underwriting. This is particularly exacerbated in the current environment (as it is a tough market). When the market becomes excessively « disrupted » our ultimate goal is to be seen as a stable, consistent market that our brokers and clients can rely on. «
Market disruptions are always associated with challenges and opportunities. As risks evolve and markets react, there are many opportunities for insurers to innovate and improve their business proposals.
Rybinski commented, “We will continue to listen to the needs and wishes of our brokers and clients. Our investments continue to target the developing world we live in, especially when it comes to the technology in our SMB business and multinational offerings. Our focus on decommodifying capacity by providing differentiated services and a more user-friendly experience will continue to be our priority. «