O Canada!

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Happy Canada Day!

Whether you’re reading this on the bus, your desk, or at the cottage—let’s take a moment to reflect on what a beautiful, amazing country we’re privileged to live in.

O_Canada

The first company to offer insurance in Canada opened 215 years ago. A lot of things have changed when it comes to creating a submission, quoting that submission and binding coverage. Yet the concept of insurance is timeless. The Glossary of Insurance Terms defines insurance as:

“The undertaking usually by a company specializing in such undertaking to indemnify another person against loss or liability arising out of certain perils.”

That’s the official definition, but we all know insuring Canadians, and the industry overall is much more than that.

Did you know? *

  • More than 198 private P&C insurers actively compete in Canada.
  • In 2017, the P&C insurance industry employed 126,200 people across Canada. Employee compensation is the largest operating expense.
  • In 2017, Canadian P&C insurers paid out $30.1 billion, or 60%, of insurance company revenues in claims.
  • Intact is the top private P&C insurer in Canada.

*2018 Facts of the Property and Casualty Insurance Industry in Canada, published by the Insurance Bureau of Canada.

Of course, there are several software programs out there that help brokers make commercial insurance happen. Only one commercial management system is 100% Canadian owned and operated, though. Policy Works.

The Policy Works approach to commercial management software started with Don Campbell in 1978. He saw an opportunity to automate his brokerage’s personal, commercial and farm business. And with word processor in hand, he jumped on it.

Forty years later, we’re proud to offer commercially-focused brokers our new Analytics Module. By taking the rich, standardized policy and workflow data that gets captured in Policy Works, we can create insightful analytics that help brokerage principals, commercial lines managers and producers visualize financial results—revenues, expenses and profit—and much more.

Policy Works is software made in Canada exclusively for Canadian commercial lines brokers. We’re looking forward to celebrating Canada Day with you for years to come.

I’d like to know what insurance really means to you.

For me, insurance has paid the bills and put a lot of gas in the tank for most of my working career. It also brought me many life-long friendships that I truly treasure, and we’ve shared quite a few laughs along the way.

I know there’s some fantastic stories out there. If you’d like to share what insurance means to you, drop me a note. I’d love to hear them.

Commercial Lines Analytics Overview

Policy Works introduces the first out-of-the-box suite of commercial lines analytics that incorporates policy and workflow data.

Watch the video

Topics: Commercial_lines, data, analytics, connectivity