Trisura Guarantee a 2021 Five-Star Carrier

Trisura Guarantee a 2021 Five-Star Carrier

By Sara Ametrano

 

Trisura Guarantee has been named a 2021 Five-Star Carrier by Insurance Business Canada. This marks the fifth consecutive appearance for the organization on the annual list.

“Everyone at Trisura strives to create an exceptional experience for our broker partners,” says Richard Grant, Trisura’s chief operating officer. “Being named a Five-Star Carrier for the fifth year in a row is truly an honour.”

The list, now in its sixth installment, is determined based on brokers’ votes across 10 categories. Brokers are asked to rate carriers on a scale of one to five in each area. To be named a Five-Star Carrier, insurers must receive an average score of 4.00 or greater in at least one of the categories:

  • Competitive rates
  • Overall service level
  • Underwriting expertise
  • Range of products
  • Claims processing
  • Quick quotes
  • Appetite for niche and emerging risks
  • Broker communication
  • Product innovation
  • Online platforms and services

This year, Trisura was named a Five-Star Carrier in all 10 categories!

“We are all very appreciative to be recognized in all categories, as we take great pride in our relationships and dedication to your success,” Richard says. “Thank you to all who voted. We will continue to do our best to meet your needs and work together to find solutions for you and your clients.”

In addition to revealing the top carriers, the report also unveiled the areas that are most important to brokers when securing a carrier partner. The three most important aspects are: competitive rates (65%), overall service level (64%) and underwriting expertise (56%). Both competitive rates and underwriting expertise were top-priority items in the 2020 report as well.

To learn more about this year’s Five-Star Carrier list, and selection process, view the Insurance Business Canada article here.

Trisura provides 2020 outlook

Trisura provides 2020 outlook

In a recent interview with Canadian Underwriter, Trisura COO Richard Grant shared his thoughts on what should be a top concern for the industry in 2020. 

Read the original article here.

Trisura COO executive outlookAlthough the insurance industry is constantly evolving, one issue seems to remain on the back burner that I feel ought to be in the forefront — the risk of a mega-catastrophe. Canada is the only G7 nation whose insurance industry does not have financial backing from a federal government. Without a clear strategy in place, the industry could fall victim to a dire economic state, with smaller property and casualty insurers getting hit the hardest.

The impact of a mega-catastrophe on the industry has been an underlying concern for years. However, as is often the case, until there is a need for a response (until a disaster occurs), we likely won’t see any action. In the event of a mega-catastrophe in Canada such as a major earthquake, a best-case scenario would be months of business disruption while everyone searches for alternative insurance options. Not only will there be a significant increase in property claims, but we would anticipate seeing an increase in surety and directors’ and officers’ (D&O) liability losses as a direct result of a catastrophe affecting the general economy. The Conference Board of Canada previously reported that, in the long term, we could potentially see cumulative losses in Gross Domestic Product reaching almost $100 billion. Alone, the insurance industry is not capable of covering all the losses that a catastrophic quake might incur, which could lead to the financial collapse of some insurers. The industry-funded Property and Casualty Insurance Compensation Corporation (PACICC) would step in to respond to claims by policyholders of these failed entities. This alone could cause larger insurance companies to fail as well, as PACICC places levies on them to pay for the claims. Eventually, this could lead to financial collapse throughout the entire industry. We will see a disruption in businesses, which inevitably will result in the failure of companies in many industries. For example, in the early 2000s, when a major insurer in Australia collapsed, medical services across the country were negatively impacted.

It’s crucial we have a plan in place before it gets to that point. This will require a collaborative effort. Working with the Insurance Bureau of Canada, industry stakeholders should take the first steps toward action and open a conversation with the Office of the Superintendent of Financial Institutions and the federal government.

How Trisura Guarantee tries to “wow” brokers and customers

How Trisura Guarantee tries to “wow” brokers and customers

This article was originally published by Canadian Underwriter on March 28th, 2019

Read the original article here.

Author: Jason Contant

 

Offering consistency and going back to basics are just two of the ways Trisura Guarantee Insurance Company tries to stay one step ahead of the competition.

Basic things like responding promptly to brokers’ inquiries can make a significant difference, suggested Richard Grant, senior vice president of specialty insurance solutions with Trisura. Underwriting consistency also plays a key role. Other insurers may “write a class of business today, then in a year they are out of the business and then five years later, they’re back in the business,” Grant said in an interview Tuesday. “Trisura strives to be a consistent, stable underwriter that brokers can rely on.

Richard Grant interview with Canadian Underwriter“If we can make our brokers look good in their client’s eyes, that broker is going to remember Trisura, and we hope it will lead to their next piece of business being placed with us,” he said. “We encourage our underwriters to take pride in everything they do, take ownership in what they do and consistently deliver amazing service.”

This is also where one of Trisura’s values – having an entrepreneurial spirit – comes into play. To Grant, that means taking ownership, creating results and caring deeply about the overall success of the company. “We built the company from scratch by providing a step-above service and assisting our broker customers – solving their problems and helping them win business,” he said. “If our brokers are successful and we are part of that, we too will be successful.”

So, how does a smaller company like Trisura compete against some of the international behemoths and win? “We focus on wowing our brokers and their customers by providing that great service and coupling it with finding solutions for their problems with our creative underwriting expertise.”

Staff buy-in and passion is crucial. “Love what you do, and if you don’t love it, find what you do love,” Grant advised. The fortunate part of the insurance industry, he said, is that there are jobs that everyone can fall in love with – from actuarial number crunchers to front-line sales people.

“There is a job for anyone and everyone in the insurance industry. You just have to find what makes you tick and go after it.”