Insurers Buying Into The Supply Chain; Conflicts Of Interest?

Insurance companies buying into the claims management supply chain are bound to face some headwinds when it comes to conflicts of interest, but ultimately the P&C industry is big enough to absorb more of these types of acquisitions in the future, panelists at the National Insurance Conference of Canada (NICC) predicted in Quebec last Monday.

At the end of the NICC panel, ‘Finding an Equilibrium: The New World of Claims Management,’ a panel of industry claims executives fielded a question from an audience member, who asked point-blank for their thoughts about the impact of Intact Insurance’s acquisition of On Side Restoration in August.

The Intact-On Side Restoration deal is still subject to regulatory approval.

Intact is Canada’s largest property and casualty insurer, with a market share of almost 17% prior to announcing its intention in August to acquire The Guarantee.

On Side Restoration is a national restoration firm based in Vancouver B.C., with more than 1,200 employees and 35 branches coast to coast.