What does it take to reach the summit of the broking industry in Canada? Each year, Insurance Business Canada answers this question by showcasing top-performing brokers who have impressed the industry over the past 12 months. In the 2020 Elite Broker ranking, one of these outstanding brokers rose to the top of two categories, landing in the third spot based on new business commission volume and the seventh spot based on total premium volume.
This accomplishment for Elite Broker Karim Chandani (pictured) comes after only three years working in insurance.
“I’m brand new to the industry,” said Chandani, vice president of hospitality at HUB International in British Columbia, adding that after being self-employed for most of his life, he decided to make a career change at the age of 50. “Dave MacFarlane from HUB International that I did some charity work with suggested I get into sales with HUB international and I said, ‘I’m really not interested in doing any kind of sales.’ All I kept thinking about was life insurance and I wanted to avoid anything like that.”
He did however start with HUB in a different role, working on the management side in auto insurance. After about a year and a half, Chandani was convinced to finally make the switch to sales thanks to many of his contacts, who kept turning to him for advice on their business insurance. Today, that network of clients, as well as peers in the industry, has been one of the highlights of his career.
“It’s my network and my friends that I work with, and new friends that I meet through the business that’s kept me going,” Chandani told Insurance Business. This network also made it easy for him to specialize in the hospitality niche. “I’ve always known a lot of people in the hotel industry and I always wanted to be a hotelier, but it never happened. That space really fascinates me and when you look at hotels, it’s really real estate because they’re mostly real estate owners that just have people living in their properties.”
As Chandani met more people through the hospitality industry, he got more business referred to him by satisfied clients, proving that if you do a good job for one insured, it can pay off in spades. Now, he works to insure around 130 hotels across Canada, including well-known names like the Marriott, Hilton, Choice Hotels, Best Western Canada to name a few, though that’s not the only type of hospitality business he works with.
“I do a lot of work in the retirement home space, insuring over 50 retirement homes, and a lot of childcare facilities. Manufacturing is also a very important client for me,” said Chandani, adding that another one of his clients, Aliya’s Foods, makes almost 400,000 samosas a day. “You’re constantly meeting new and exciting people that are doing creative things and I love being a part of that.”
Chandani’s recognition as an Elite Broker comes at a time when the insurance marketplace is seeing some challenges, which underscores the value of brokers as they work to track down the best coverage for their clients in this environment.
“There is tremendous pressure today on price and there is tremendous pressure on trying to find coverage for clients,” he told Insurance Business. “It’s really a relationship-based business with insurance companies, where I have to present my client and their business in the best possible light to get them the right pricing and the right coverage.”
In the meantime, this Elite Broker will revel in his new status as he looks forward to building out his business in the coming years.
“For me, this is a huge honour – to be as successful as I have been and getting recognized with people that have been doing this for five, 10, 15 or 20 years,” Chandani said.
