June 19, 2018 07:00
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Before insuring a new client, April Canada needs to ” play the detective “, said the wholesaler to the Journal of the insurance.
“It is necessary to do plenty of research before you can assess the risk of a client, said Patricia Desjardins, director, transportation and personal lines wholesaler. The carriers that will in the United States have a risk much more severe. We have statistics for each of the states. The worst is the one in New York. Gold with the geographical position of Quebec, it is almost mandatory to go through New York to go to the United States, ” she explains.
For Northbridge Insurance, it is important to reduce the frequency of claims. “You don’t control the cost of a loss. However, it is able to control the frequency of losses, ” says Luc Bouchard, senior director, transportation and logistics, to the insurer.
Northbridge has a prevention service, and provides more than 8000 training per year among carriers. “They should focus on the drivers that they currently have rather than try to engage quickly. They can also increase their fares, ” says Mr. Bouchard.
For Kathleen Ann Rake, vice-president, customer service and development of the firm Univesta Rake, the solution lies in prevention. “We need to find the risk management solutions where clients must assume a greater part of the risk with the companies. We must operate in a consistent and focus on prevention and safety. “
According to dr Rake, the insurers involved in the transport industry should have begun to increase premiums gradually, at a rate of 3 % to 5% per year, rather than to increase as much as in 2018. She also believes that a greater involvement of insurers in the niche of the trucking would be beneficial.
“We’re dealing now with only three insurers in our firm. If there are few insurers, premiums are stable. The more insurers, the more there is of the competition. The more competition, the more the premiums are lower, ” adds Ms. Rake.
Patricia Desjardins says it is certain that the insurers will eventually release new products. “If you want to survive, you have to enter in the mold. At this time, the mold is broken, ” she said.