How QBE Canada is handling ‘renewal fatigue’ among clients
How QBE Canada is handling ‘renewal fatigue’ among clients | Insurance Business Canada
Insurance News
How QBE Canada is handling ‘renewal fatigue’ among clients
“The market has never been more competitive”
Insurance News
By
Gia Snape
After consecutive years of challenging renewal periods, many clients are understandably fatigued by the process. But far from seeing this as a problem only their brokers must deal with, insurer QBE Canada is taking the feedback to heart.
To address client fatigue, QBE Canada is ramping up “service excellence” in 2024. Its other key strategies include adopting new technology to streamline its services and developing expertise in critical lines of business.
“I constantly hear through our brokers that clients have experienced fatigue in the last few renewal cycles and are looking for communication and action that is timely and clear,” said Ben Hunter (pictured), director of QBE Canada.
“In advance of renewal dates, we are looking to ensure that our underwriting teams are delivering on that desire through a focus on service excellence.”
What’s the remedy for insurance client fatigue?
Reflecting on the market volatility that influenced recent renewal cycles, Hunter observed that pain points for brokers and their clients could be easily remedied by good communication around changes and underwriting appetite.
“In the shifting market, at times, there’s a lack of service that they felt they haven’t had [because] the communication was not made in a timely enough manner to make decisions on renewal. We continue to hear that, at times, brokers and clients are let down by the service expectations and outcomes.
“So, this is just an opportunity for us to double down on that service excellence and service differentiation. Our ability to connect with both the broker and the client early in the renewal or new business cycle to understand the pain points and important coverage elements allows us to build a tailored solution if needed.”
To achieve this goal, QBE Canada is launching a new policy administration system to improve its ability to meet service demands and deliver quick turnaround times for brokers.
QBE also recently unveiled a generative artificial intelligence (gen AI) capability for cyber insurance submissions in the United States. Hunter said he sees this platform being rolled out in Canada in the future.
“This will continue to expand and influence [our business],” he said. “We’re at the beginning of that journey for QBE and within the insurance industry.
“I think there’ll be further opportunities, whether within the different lines of business, from a submission standpoint, aggregation of data, better tools to look at catastrophe management… There’s a whole host of areas that I think AI will impact insurance.”
What can brokers expect from QBE Canada this year?
Hunter revealed that QBE Canada is also looking to further develop its expertise and enhance its financial lines team, focusing on cyber.
“While we have a very experienced team, there’s never a shortage of learning opportunities. We are building personalized training and development plans this year to enhance our team members’ capabilities further,” he said.
“I think our expertise, flexibility, empowerment, and service excellence set us apart from our competitors.
For Hunter, these focus areas for QBE Canada are also a response to the increasing competitiveness of the Canadian market and the challenging conditions for insurers looking to grow.
“I’m optimistic about the opportunities in Canada, especially with the talent and capabilities of our team and strong relationships that we have with our broker partners,” he said.
“But I do have some trepidation about getting too aggressive in the market. I think you’ve got to also balance opportunities with the reality that exists in Canada.
“We certainly see additional challenges regarding climate risk and natural catastrophes in Canada, particularly from a property perspective. We continue to see an increase in claims costs. Price adequacy in the accounts that we’re writing is an important piece of this.
“The market has never been more competitive in Canada, with new market entrants and companies looking to grow. We had a very positive year in 2023, and that desire to grow isn’t unique to QBE. So, we must pay particular attention to price adequacy, terms and conditions, and account selection. Certainly, that can require some insightful and surgical assessment of those internal and external factors.”
What are your thoughts on QBE Canada’s service-oriented strategy for 2024? Tell us in the comments below.
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