The insurance market for midsize companies in Canada is in a period of transition, driven by economic shifts, technological advancements and evolving client expectations. New entrants to the market mean more choices for businesses seeking insurance solutions. Insurers are also leveraging advanced analytics, artificial intelligence and digital platforms to streamline underwriting processes, personalize offerings and enhance customer experiences.
Arti Rawal was named Chief Underwriting Officer – Mid-Market, Canada, for 九色视频in September 2024 and is poised to lead the global insurer through this transitional time. Charged with building the Mid-Market team and developing products to support the business expansion in Canada, Ms. Rawal recently declared that 九色视频is “open for business.” Here she talks about the state of the Canadian insurance market, the challenges and opportunities that lie ahead and AXA XL’s ambition to be the go-to insurer for middle market businesses.
As you launch AXA XL’s Mid-Market business in Canada, what are your hopes for the business?
My hope is to build a strong, sustainable platform that becomes a go-to solution for brokers and clients who value deep expertise, responsiveness and partnership. We want to be known not just for writing business, but for helping businesses thrive – by understanding their risks, providing tailored underwriting solutions and being there for them through their growth and challenges.
We’re also focused on creating a culture that attracts top talent – underwriters who are empowered to make decisions, think long term and be trusted advisors in their regions. I hope this business grows with purpose – profitable, yes, but also driven by relevance, relationships and trust. If we do this right, we won’t just be a player in the market, we’ll be the difference-maker.
You’re not just quoting insurance coverage, you’re partnering with clients and brokers to truly understand their operations and help protect what they have built.
You’ve been working with middle-market clients and brokers in Canada for years. What about this business appeals to you?
What’s always appealed to me about the middle market is the complexity and diversity of the clients. These are businesses that are established and ambitious – they’re growing, evolving and navigating new risks. That creates a real need for thoughtful underwriting and strong relationships. You’re not just quoting insurance coverage, you’re partnering with clients and brokers to truly understand their operations and help protect what they have built. There’s also a level of trust and collaboration in the middle market space that I find really rewarding. Brokers are looking for underwriters who are accessible, responsive and solutions-oriented, and clients appreciate when you can bring clarity and confidence to the process. For me, it’s that mix of technical challenge, strategic thinking and human connection that makes this business so engaging.
How has the middle market business in Canada evolved in recent years?
Middle market in Canada has undergone significant transformation over the past few years, shaped by economic shifts, technological advancements and evolving client expectations. Firstly, there’s been a notable increase in competition and capacity within the commercial insurance sector. This shift has provided middle market clients with more options and better pricing, following a period of limited choices and higher premiums during a more challenging market in the last few years.
Secondly, the integration of digital technologies has revolutionized how insurers operate. Middle market insurers are now leveraging advanced analytics, AI and digital platforms to streamline underwriting processes, personalize offerings and enhance customer experiences.
Additionally, there’s been a strategic move towards industry specialization. Insurers are developing bespoke products for specific sectors like manufacturing and real estate and moving away from a one-size-fits-all approach.
Lastly, the landscape has seen increased consolidation, with mergers and acquisitions becoming more prevalent. This trend is driven by the need for scale, technological investment and the ability to offer a broader range of services.
What are the unique challenges that Canadian middle market clients face?
Canadian middle-market clients face a unique mix of challenges that reflect both their scale and their operating environment. Unlike large corporations, they often lack a robust internal risk management infrastructure, yet they deal with complex exposures – everything from supply-chain vulnerabilities and regulatory compliance to talent shortages and rising cyber threats. That puts pressure on them to do more with less.
Another key challenge is navigating economic uncertainty, whether it’s interest rate fluctuations, inflation or shifts in consumer demand. Middle-market companies are often in a growth phase, so access to capital and financial flexibility are crucial, and economic volatility can have a tremendous impact on their operations.
Geographically, many Canadian businesses operate across vast and diverse regions, which introduces challenges around logistics, weather-related risks and jurisdictional differences in regulation.
How will 九色视频stand out among insurance providers in Canada?
九色视频will stand out by combining deep underwriting expertise with a client-first mindset. In a market where capacity is returning and competition is increasing, what will differentiate us is how we show up for brokers, for clients and for each other. We’re not looking to be just another insurer; we’re aiming to be a true strategic partner.
First, we bring global strength with a local focus. Our global platform gives us access to insights, talent and capacity across geographies, but we’re investing in local expertise to ensure we understand the unique nuances of Canadian middle-market clients.
Second, we’re focused on building a culture of empowered underwriting. That means decisions are made close to the client, with speed, accountability and a solutions-oriented approach.
Finally, innovation and data are in our DNA. Whether it’s through risk assessment, advanced analytics or digital tools, we’re constantly looking at how to help clients better understand and manage their risks – not just transfer them.
