AGCS Canada CEO talks cyber, expansion opportunities
We spoke to Ulrich Kadow following a RIMS Canada Conference
We recently held adult with Ulrich Kadow, CEO of Allianz Global Corporate Specialty (AGCS) in Canada, for a wide-ranging contention on a accumulation of courtesy topics following a RIMS Canada Conference in St. John’s.
With changes to a Personal Information Protection and Electronic Documents Act entrance into outcome on Nov. 1, Canadian businesses will shortly be compulsory by law to forewarn a open when they’ve suffered a information breach.
This, pronounced Kadow, can usually assistance a marketplace for cyber insurance.
“From my perspective, it’s a really certain expansion for many reasons,” he told Canadian Insurance Top Broker. “I consider it will positively boost a recognition of cyber as a risk, and also as an word coverage that is accessible to clients to conduct or send a risk.”
But Kadow also remarkable that a requirement to news breaches could outcome in some-more claims, as companies that competence have been tempted to disguise cyberattacks will now be compelled to news them.
“Short-term, it’s a bit of a risk, though long-term, it’s an event for us,” he said. “For a many part, we smell opportunity.”
With impassioned continue events occurring with augmenting magnitude and severity, insurers have been strike tough by skill claims in new years.
“From an word association perspective, we consider a many critical thing is to always know a risk and cost for it adequately,” Kadow said.
AGCS has kept a pricing rival in a series of ways. Stateside, a insurer has used choice collateral markets “to conduct cat risks during a improved cost than what would’ve been accessible in a normal market,” Kadow noted.
But coping with meridian change is some-more than only handling cat risks; it’s also traffic with a fallout of healthy disasters, that mostly means pollution. That, says Kadow, is where environmental spoil guilt coverage can assistance clients.
“There’s a aloft magnitude of hurricanes and rainfall, and that increases a risk of H2O repairs and cover bearing that competence grow over time,” he said. “Our environmental solutions and products that we launched here in Canada dual or 3 years ago are one approach to conduct that risk, know a risk and also, in many cases, send it.”
Ease of doing business
AGCS launched AllianzGo—a digital quote-to-bind apparatus for brokers—in a States final year. The rollout is still underway, though Kadow hopes a identical charity will be done accessible to brokers in Canada before long.
“I do design that we’ll have something in place subsequent year, presumably even early subsequent year,” he said. “Whether it’s AllianzGo or something else, we’ll have to see, though we’re actively operative on that.”
The insurer has also been contemplating brokers and clients frequently given 2015, in an bid to find improved ways of doing business.
“There’s utterly a bit of time and bid going into using these surveys,” Kadow said. “We ask brokers and clients privately about what we can do to make it easier to do business with us.”
AGCS had grown a business in Canada by 20% year to date. Kadow attributes this to 3 opposite factors: products, embankment and distribution.
On a product front, AGCS has seen success with a new middle-market offering, as good as specialty lines, live party and financial lines. The insurer has also stretched a geographic reach, by adding offices in Montreal and Vancouver.
And a association has taken what Kadow calls a “very focused approach” to handling a distribution. AGCS has about 15 placement partners in Canada that it focuses a courtesy on in sequence to build stronger relationships.
“Aligning what we do with what a placement partners wish to concentration on has been utterly a good motorist of growth,” Kadow observed.
And, while a new expansion during AGCS has been encouraging, Kadow pronounced there’s copiousness of room for more.
“When we demeanour during Allianz in several markets around a globe, a commission of marketplace share we have in Canada is still not utterly adult to standard with what an Allianz code is typically famous for in other markets. As a outcome of that, we consider there’s still utterly a bit of expansion and sparkling years ahead.”
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