The Ontario Broker - Volume 22, Issue 5 - 45

COLUMNS
FORWARD MOMENTUM
Tina (Waddick) Jonmaire, Managing Director, Forward Insurance
CAN YOU TELL US ABOUT FORWARD INSURANCE
AND THE AREAS THAT YOU SPECIALIZE IN?
In February 2022, our President and CEO, Troy Moreira,
founded Forward Insurance Managers Ltd. Forward is an
InsurTech MGA that pairs a self-serve quote and issue
platform (appropriately named JET for its speed) with
traditional personalized underwriting service, and strictly
distributes through the broker channel in Canada. Forward
has a wide array of specialty products which spans personal
lines, marine, construction, professional liability, cyber,
and industry-specific commercial lines packages. Thanks
to 25 years of experience in the specialty arena in Canada,
and support from our international insurer contacts,
the product suite has come together very quickly. Most
importantly, there are more products to come throughout
2023.
YOU ARE MOST RECOGNIZED FOR YOUR
UNMISTAKABLE BRIGHT FUCHSIA PERSONA-CAN
YOU SHARE MORE ABOUT THIS AND THE STORY
BEHIND YOUR BRAND.
Who doesn't love Fuchsia!? From the very early stages,
there was very little doubt about the Forward brand
colour. Fuchsia is a modern and vibrant colour, and that
is Forward-a modern and vibrant company! The Forward
Team is having fun sprinkling fuchsia all over our JET
platform, social media, swag and even the clothes we wear
to events!
WITH THE CURRENT HARD MARKET FOR SPECIALTY
LINES, MGAS HAVE BECOME A CORNERSTONE
IN MANY BROKERAGES IN CANADA. WHAT SETS
FORWARD INSURANCE APART FROM THE OTHERS?
Forward is very different on three accounts.
1. Our expertise and experience are second to none. Our
founder has been in the MGA space creating specialty
insurance products for 25 years, and the leadership team
he has assembled is one of the best in the business.
2. Forward utilizes a modern self-serve quote and full-policy
life cycle portal for our broker distribution that greatly
improves the ease of doing business. Most other MGAs in
Canada have made little or no investment in technology,
in contrast to Forward's multi-million-dollar investment.
3. Forward is independently owned, while most other MGAs
of any stature in Canada are brokerage-owned and are
competing with their customers.
VOLUME 22 | ISSUE 5
TECHNOLOGY PLAYS A LARGE ROLE IN THE INSURANCE INDUSTRY,
WHAT HAS FORWARD INSURANCE DONE TO LEVERAGE TECHNOLOGY
TO MAKE THE BROKER EXPERIENCE BETTER?
At Forward, we wanted to provide a modern, full policy lifecycle solution for
Canadian brokers. Our digital experience is appropriately named JET, for its
speed. The technology is modern and very functional, but most importantly,
we've spent thousands of hours building underwriting knowledge and rate logic
into the platform. This means that brokers can get an instant quote for even the
strangest risk situation. Having said this all, Forward prides itself on the fact that
we back up our platform with traditional personalized underwriting service. Our
underwriting team is available by telephone or email and provides first-class
service. My mantra is Forward is all about People + Technology, IN THAT ORDER.
This captures the company's philosophy from all perspectives. Sometimes
companies get lost in their use of technology and forget about the people in the
equation. Forward's technology is here to serve the people. Technology should
make the broker experience the best it can be...and make it easier for our team
members as well.
ARE THERE ANY NEW OFFERINGS ON THE HORIZON FOR FORWARD
INSURANCE, IF YES-CAN YOU SHARE MORE INFO?
We just launched two new products:
* A cyber risk insurance product for small businesses under $65 million in gross
revenue that creates quotes in just a couple minutes. Smaller firms-sub
$15 million in revenue-can create a quote by completing a six-question
application form. We also include free software for the smaller firms who may
not currently have appropriate security in place with all of our cyber insurance
policies. The software often makes the insurance almost free when you
consider the usual retail price. Also, each risk entered in JET will receive a free
cyber risk assessment report-another great value add.
* A stand-alone personal umbrella liability product. That's right, no supporting
business and no requirement for the underlying policies to be placed with
Forward. There are limits of liability up to $10 million. It doesn't require the
scheduling of underlying policies, and it is easily available on our JET platform
within minutes.
We are also planning new product launches in Q1 of 2023, so stay tuned!
DO YOU NEED A CONTRACT TO DO BUSINESS WITH FORWARD
INSURANCE OR IS IT OPEN TO ANY BROKER?
In our experience, many MGAs do not require a contract with retail brokers. The
brokers then find themselves with over 40 MGAs on their books, and don't have
a standard process or practice. This lack of agreement can lead to problems
down the road for everyone. This is another reason that sets Forward apart
from other MGAs. We require a signed broker agreement that clearly states our
intentions in building a successful and profitable partnership with our brokers
across Canada. To learn more, contact marketing@forwardinsurance.ca
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The Ontario Broker - Volume 22, Issue 5

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