How CNA Canada’s Oneworld+ Responds to Ever-Evolving Risk Landscape

One steadfast truth in the business world is that it is always changing – and so are risk management needs and concerns. In fact, nearly nine out of 10 (86 percent) business leaders in North America indicate their companies are operating in a moderate to high risk environment, with many specifically worried about the impact of cyber and economic risks on their business.¹

With that insight, CNA Canada underwriters teamed in early 2018 to enhance our oneworld wording. The team created oneworld+^SM, with an innovative suite of products tailored to specific segments, which are built to evolve with the insured’s changing risk landscape.

CNA Canada oneworld+ Project Manager Andrew Johnson recently took some time to discuss CNA’s customer-centric thought process around the rewrite and how the market has reacted to the new competitive wording and segmented approach.

Why did CNA Canada decide to enhance the wording and create oneworld+?
Businesses of all sizes are evolving constantly, as are the risks they’re facing. To meet their needs, we needed a policy that not only fit smartly with our primary segments, but also was able to stay ahead of emerging and evolving business exposures. The new oneworld+ wording has three key advantages:

• Market-leading wording, with additional coverages and broadened wordings, incorporating more than 25 changes in our oneworld+ product suite
• Introduction of distinctive coverages that are not typically offered in a package policy, including:
  • Cyber 1st and 3rd Party
  • Directors & Officers Liability
  • Media Management Crisis Costs
  • Event Cancellation

  • Currency Devaluation

• Tailored industry segment-specific wordings, designed to meet the needs of our targeted industry segments

What was your team’s thought process with the segment-specific wording?
Once the oneworld+ commercial wording framework was set, we worked to build out our segment wordings with distinctive coverages tailored to our industry-specific needs. We developed coverages, forming the wordings for these target segments:

• oneworld+ Commercial
• oneworld+ Manufacturing
• oneworld+ Healthcare
• oneworld+ Technology
• oneworld+ Construction
• oneworld+ Oil & Gas
• oneworld+ Office 

As an example, the oneworld+ Manufacturing wording incorporates standard coverages that specifically address manufacturers’ emerging issues, such as Manufacturer’s Errors & Omissions, Product Recall and also Property and Business Income coverages that address stock price fluctuations and enhanced business income coverage to cover an insured’s suppliers locations.

With oneworld+ Construction we’ve specifically addressed the increasing concerns from a growing litigious environment, including automatic coverage for Contractors Error & Omissions and replacement of building materials, for potential substandard or defective products.

This segmented approach and wording format gives us the foundation to build out additional future product offerings to meet the needs of our insureds, with most coverage requirements under one policy.

oneworld+ will be available in the province of Quebec in 2020.

How has the broker community reacted to the new oneworld+ wording?
We’ve had a very positive reaction from our broker partners. The new format and policy setup has resulted in an easy-to-read and easy-to-navigate policy. We’ve also received positive reviews from brokers on both the broadening of the wording and the additional distinctive coverages included.

I recently received this comment from one of our brokers: “Really this is the best product I have seen for a very long time. oneworld has truly evolved into a premier industry wording – the load of enhancements, reader/user friendly, clear definitions, conditions, extensions, and exclusions in all sections throughout. The cover page is a testament of the contents within.”

¹ CNA/Hardy Global Risk and Confidence Survey, November 2018