HSB Canada has evolved as a business and kept pace with societal changes and shifts in consumer demand during its near-150-year history
HSB CANADA
HSB Canada has evolved as a business and kept pace with societal changes and shifts in consumer demand during its near-150-year history
When a company has been in business for almost 150 years , you would expect to encounter some change along the way . Founded in 1875 , HSB Canada started life at a time when pressure boilers were the primary engine powering equipment and machinery in industry across Canada .
The technology was relatively new and explosions were quite common , until companies like HSB Canada started deploying engineers to routinely inspect this prone equipment . At the time , this was an extremely novel approach , but the insurance industry has come a long way since 1875 – and HSB Canada with it .
Today , the Toronto-headquartered business provides inspection , risk management and IoT technology services , as well as insuring a number of specialty lines , including equipment breakdown cover – a nod to the company ’ s heritage , which is still reflected in its logo – as well as cyber insurance cover , a huge area of need in an increasingly volatile world . Since 2009 , HSB has been a part of the Munich Re Group , giving it access to a wider pool of expertise – and the company acknowledges that talent is one of the things that sets it apart .
“ The people here are one of our biggest differentiators ,” proclaims Mike Scarbeau , Vice President Information Technology at
HSB Canada . “ We have a lot of fantastic subject matter experts who are , I would say , the de facto experts in Canada , particularly on the inspection and engineering side . There ’ s a lot of great talent that has been brought into the business , so it ’ s a really exciting time to be here .”
Becoming part of Munich Re 15 years ago – the latest chapter in a long and storied history for the business – has only helped to accentuate that . “ You certainly feel you ’ re part of a bigger group that has some amazing talent across the globe ,” Scarbeau adds .
How has insurance evolved in 148 years ? A lot of things have changed since HSB Canada was founded in 1875 . There have been seven British monarchs ( from Victoria to her great-great-great-grandson Charles III ); 13 new American states ; and 23 prime ministers of Canada ( all but one term , in fact , as the company was started just eight years after the formation of the country ).
A lot has changed from a technological viewpoint , as well as a social one , as HSB Canada ’ s Vice President Client Solutions and Innovation , Lasith Lansakara , explains : “ I think there has been an evolution of technology with the introduction of connected technology , like internet of things ( IoT ) devices . There has been quick transfer of data , and there ’ s been increased proliferation of data available .
40 September 2023