Competition is a "healthy challenge" for the insurance market

Competition is a “healthy challenge” for the insurance market | Insurance Business Canada

Insurance News

Competition is a “healthy challenge” for the insurance market

Expert shares her outlook for the rest of the year

Insurance News

By
Mika Pangilinan

As the industry progresses into the second half of 2023, insurance professionals are closely observing the dynamics and trends that will shape the market in the coming months.

In an interview with IBTV, Jessica Kurylowicz, vice president of specialty solutions at Northbridge Insurance, offered her perspective on increased competition in the marketplace.

Capacity remains available in the market, especially as companies invest in expertise and technology to enhance their capabilities and elevate their services “to the next level.” She also pointed out that carriers and MGAs have been actively consolidating their operations and mobilizing their specialty teams.

For Kurylowicz, this influx of competition signifies a healthy challenge. However, she also emphasized the importance of maintaining a stable market.

“The key will be stabilization [and] making sure that there’s not an overcorrection,” she said.

Kurylowicz discussed Northbridge’s commitment to being a “long-term focused partner” by building lasting relationships, rather than being influenced by short-term market fluctuations.

“We really value that long-term focus versus the ebbs and flows of what we might see in the marketplace from quarter to quarter,” she said.

Part of this long-term commitment is ensuring top-notch service. According to Kurylowicz, “ease of doing business” is one of Northbridge’s key focus areas.

“Brokers want to receive phone calls back, they want to make sure that they know who they’re dealing with,” she said. “And that’s really the key component of the value proposition that Northbridge offers in our specialty team.”

Watch the full IBTV interview to learn more about Jessica Kurylowicz’s insights on the insurance market and how it will evolve over the second half of the year.