Insurance carrier marks dedication to supporting the broker channel
Hundreds of brokers from all across Canada participated in Insurance Business’s survey to determine the country’s top insurance carriers. Brokers were asked to rate the carriers they worked with based on 10 categories, and only those who scored 80% or higher could be recognized as 5-Star Carriers.
Travelers Canada – the Canadian arm of The Travelers Companies – is among the 15 winners of IBC’s 5-Star Carriers award for 2022. The company managed to score highly in terms of overall service level and underwriting expertise, but the brokers surveyed have also made special mention of the wide range of personal lines products offered by Travelers.
What makes Travelers such a standout is that the company remains committed to its broker exclusivity model.
“Our broker agreements require that brokers and Travelers Canada exercise the utmost diligence, honesty and good faith in performing their duties, in properly and promptly servicing policies, and in our communications and dealings with policyholders,” the company once stated.
Travelers is an ardent sponsor of both the Insurance Brokers Association of Ontario (IBAO) and the Insurance Brokers Association of Canada (IBAC) in their respective campaigns which highlight the importance of broker distribution in the insurance process.
“Brokers are an invaluable part of our business and serve a critical role in providing counsel to our customers,” Travelers Canada CEO Heather Masterson said in a statement.
And it does not stop at making promises and showing broker support for Travelers; the carrier is an active participant with the Centre for Study of Insurance Operations (CSIO). As a Foundation-level member, Travelers is not only certified to comply with CSIO’s eDocs standards, but also takes an active role in the development of real-time data exchange between insurers and brokers. Just last month, CSIO advisory committee and working group – of which Travelers is a part of – finalized the business requirements of 40 new use cases for its API standards.
“The successful completion of our 2022 API roadmap is an important milestone in CSIO’s digital customer experience transformation efforts,” said Travelers Canada AVP, chief architect Derek Oke. “We’re another step closer to our ultimate goal of real-time data exchange between insurers and broker management systems because of the hard work, collaboration and passion for continuous improvement of this working group.”
