Best Insurance Companies to Work for in Canada | Top Insurance Employers 2023

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Investing in success

Insurance Business Canada recognizes the Top Insurance Employers of 2023, all industry-leading organizations that value their employees’ contributions by creating optimal environments for them to thrive.

This year’s best insurance companies to work for have earned high marks from their employees across over 20 metrics, including:

compensation, benefits, and bonuses
job security
work-life balance and flexible work options
career advancement and development
diversity, inclusion, and belonging

The results have secured the organizations a place among Canada’s top insurance workplaces, as illustrated by four of the best from across the country.

“If we continue to build on our culture, we’ll continue to have great employees. If you have happy employees, you end up having satisfied customers, which only helps your business grow”
Robyn YoungExcel & Y Insurance Services

Team members treated like family at Excel & Y Insurance Services

Employees at the family-owned and operated firm are encouraged to bring their authentic selves to work. The company’s leadership prioritizes feedback and strives to foster an innovative and family-friendly culture that supports every stage of their workforce’s development.

“To know that our employees are ultimately happy and engaged and recognize our culture is huge,” explains president and CEO Robyn Young about winning the coveted top employer status.

Survey respondents stated:

“The family environment and friendliness that the company has is amazing; it feels like coming home Monday morning.”
“Employees are treated fairly and can do their job without being micromanaged.”
“They sponsor quite a few events, which allows me to volunteer, which is great.”

Regarding supporting work-life balance, the company features a hybrid workforce that empowers managers and their teams to work out their schedules in a high-trust environment.

“We’ve always operated under a ‘you be fair to me and I’ll be fair to you’ philosophy,” adds Young.

Top Insurance Employers 2023

Besides a competitive and comprehensive compensation package, Excel & Y Insurance offers:

a health savings account that provides additional support and resources
work-from-home equipment support
generous time-off policies, including three personal days and birthdays off
bonus and commission structure
regular small-group social events with senior leadership, chosen by employees with nearly 100 percent participation

The values-based brokerage genuinely cares about their employees’ views and regularly surveys them about where they’d like to see changes. Young enjoys attending company social events to express her appreciation to employees for their outstanding contributions to the business.

“I’m motivated to increase our employee engagement even higher,” she reflects.

“We’re committed to employee-centred design, ensuring we continue to deliver impact with our total rewards offering by actively seeking feedback from our employees to strengthen our existing programs and experiences”
Harold WeckworthNorthbridge Financial

People-first culture shines at Northbridge Financial

A thriving culture is a cornerstone common among the best insurance companies to work for.

Northbridge stakes its identity and values on three pillars:

employees are a top priority at the people-first company
team spirit and collaboration
making a difference in the lives of its workforce and the industry

“These pillars guide everything we do, from recognizing our employees’ achievements to offering flexible work arrangements,” says Harold Weckworth, senior vice president of people and culture. “Plus, we strongly emphasize having fun while we work, creating a positive and enjoyable work environment.”

Praise for the recurring top insurance employers in IBC’s survey included:

“This is a company where our leaders listen; they know us, ask how the family is doing, and know the names of our immediate family members.”
“I have to praise them for creating a good people culture; no matter from the front line to management, everyone seems to be friendly, helpful, and easy to talk to.”
“The benefits are probably the best thing that my company does well. They have an extensive and well-thought-out coverage policy that’s flexible.”

Top Insurance Employers 2023

In addition to competitive benefits, a pension, and an employee share purchase plan, Northbridge Financial offers:

a comprehensive well-being program, including health coaching and mental health training
generous time-away, including me-days, well-being days, and a vacation purchase plan
employee support at various life stages, with sabbaticals and new family member ramp-up assistance
work-life balance is a reality with summer hours and early long weekend closures

“Accessibility to leaders at all levels is a big part of our culture,” adds Weckworth. “Employees can realize the benefits of working with a larger, national organization but with a small company feel.”

“We’re being thoughtful and intentional about ensuring everyone has what they need to do the best they can in their current role and, for those aspiring to do more, ensuring that we help them achieve their goals”
Jean-Pierre GalipeaultArch Insurance Canada

Employee experience prioritized at Arch Insurance Canada

A commitment to an intentionally broad definition of customer experience underpins the culture at Arch Insurance Canada, recognizing that employees are internal customers. Management is approachable, and decisions impacting its workforce are made through the lens of employees’ experience.

“When you make decisions through that lens, and employees can share their thoughts honestly, I think it leads to overwhelmingly positive outcomes,” explains president and chief regional executive Jean-Pierre Galipeault.

According to respondents:

“The company is fantastic at communication and access to senior leadership.”
“Strong focus on community and teamwork with many opportunities to collaborate with other business units.”
“Great retirement plan and use of a recognition platform.”

A 100-percent employer-paid comprehensive benefits program complements Arch Insurance Canada’s competitive compensation package, and the features of this program include:

a diversity and inclusion employee network
retirement matching
Arch Achieve monetary awards
educational assistance and reimbursement

Creating a place of belonging is paramount at the company, where transparency and collaboration are emphasized.

A program called ‘Year of You’ encourages employees to approach career exploration and development from different angles. They take 30 minutes each month to self-assess their strengths, skill sets, and knowledge, and take ownership of how they want to improve. “The company is always challenging its employees to be the best they can be,” adds Mary De Luca, a member of the HR team.

CMB Insurance Brokers tops again for employee satisfaction

For the second year, employees pushed the independent brokerage into the top employer’s circle, confirming that its values-driven culture sets the stage for them to excel.

“If we hire and develop remarkable people that share our vision, they will accomplish remarkable things,” explains partner and vice president of people, Nicole Hewson. “We really do nurture our team members.”

Survey participants stated:

“The culture is amazing; the entire organization works well together and helps one another out.”
“CMB looks at every way to bring a better work experience for their employees.”
“They allow employees to feel safe and heard.”

CMB has experienced tremendous growth and continues to lead as the best insurance company to work for by emphasizing:

a quarterly check-in with employees
an annual compensation review
career pathing and internal promotion
generous vacation, plus 10 flex days
a share purchase program

Work-life balance is prioritized along with social engagement and team-building activities, such as a ‘Fabulous Friday’ baked potato bar or reindeer games at holiday time. The company maintains its strong culture by celebrating its diverse staff.

“It’s beautiful to see the synergy and teamwork that occurs when you when everyone shares the same goals,” Hewson adds. “We’re always growing and looking to be better than we were yesterday.”

“The way we take care of our people differentiates us, and that includes our carrier partners and our clients”
Nicole HewsonCMB Insurance Brokers

How the best insurance companies to work for plan to stay in the top tier

Staying ahead of the curve is paramount for the 2023 Top Insurance Employers. While they share common goals of building diverse, fair, and inclusive cultures where everyone feels valued, they are pursuing different strategies to get there.

Northbridge Financial: Retaining top talent is crucial, and plans are underway for the future workforce, considering changing demographics, skills, evolving work arrangements, and employee expectations.

Excel & Y Insurance Services: Increased support for innovation and technology that builds upon employee skill sets to boost job satisfaction and make mundane tasks more enjoyable.

Arch Insurance Canada: Leveraging its deep culture of continuous improvement is paramount, along with investing in and giving employees every opportunity to take more ownership in their careers.

CMB Insurance Brokers: To aid retention, the company conducted a significant third-party compensation review to ensure it is prepared for 2024.