Gary Owcar, President & COO, CNA Canada
There has certainly been a lot of chatter south of the border about increasing rates and establishing a bottom to the soft market. CEOs have not missed an opportunity to talk about their positive rate increases and the market outlook.
One thing is for sure: this is not the typical environment for a hardening market. Instead of too little capacity chasing too many risks, we have the opposite — too much capacity chasing too few risks. The problem is anemic rates of return on equity, investments and assets. For boards and shareholders, current income in today’s marketplace is very much at issue.
At CNA, we have taken the position that we will provide distinctive insurance solutions regardless of market cycles. In Canada, we have implemented a strategy focusing on a strong point-of-sale capability, coupled with deep expertise in chosen industry and product segments.
In 2012, our key priorities will be:
• Improving data integrity and access to maximize our predictability models and sharpen underwriting and pricing skills.
• Training and developing our people to increase sales competency, while providing new tools to mine business with our distribution partners.
• Improving productivity by centralization and automation of business processes that are not core to the underwriting and claim functions.
• Continuing to raise performance expectations, while upgrading and developing our talent wherever possible.
Overall, I believe 2012 will see the leaders in our industry moving ahead based on execution and performance. And, I fully expect CNA to be counted among them.
To view full article published in Canadian Underwriter's December 2011 issue, please click here.