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Brokers have a strong place in the future of the Canadian insurance industry if they continue to be “innovative, customer-focused and forward-thinking.” The opportunities that lie ahead are different and exciting, but only those who differentiate themselves from other channels and educate people about the “exclusive benefits of working with an insurance broker” will be able to grasp those opportunities.
“Innovation, results and a vision for the future” are three differentiating factors among insurance brokers, according to Karen Slaunwhite, president at Karen Slaunwhite & Associates Inc. and former executive director of the Insurance Brokers Association of Nova Scotia (IBANS). She’s looking for those three things when judging nominees for the upcoming 2018 Insurance Business Awards.
It’s not exactly easy for insurance brokers at the moment. Challenges like evolving customer behaviours, disruptive technologies, increased competition and new business pressures are just some of the things forcing brokers to innovate and be forward-thinking. Another constant pressure on brokers of all sizes revolves around profitability.
“The soft market has continued for many years and brokers also need to see rate increase to help with overall profitability,” Slaunwhite told Insurance Business. But despite the challenging market environment, there are many Canadian brokers who are excelling. That’s why celebrations like the Insurance Business Awards are so important, Slaunwhite explained.
“It’s important to celebrate achievements in the insurance industry, especially around excellence in best practices, innovation and customer service,” she said. “Recognition is important to an industry because it leads to growth. It also helps to attract the best and the brightest to want to work in a dynamic industry which provides challenges and opportunities.”
For past Insurance Business Award winners, the industry recognition has led to all sorts of positive progress. In 2017, ALIGNED Insurance was honoured with the ‘Best Brokerage Under 10 People’ award. ALIGNED president and CEO, Andrew Clark commented: “Winning the award meant a ton to the ALIGNED team. It brought our team even closer together because every ALIGNED employee contributed to and felt part of the win. It gave us something to celebrate and share proudly with clients, prospects, friends and family.”
Janet Reeve, managing director, risk and insurance services, INTECH Risk Management, added: “As the recipient of the 2017 Risk Manager of the Year award from Insurance Business Canada, INTECH has enjoyed an increased awareness of our organization and capabilities, which has been leveraged into additional business this year. The recognition of our expertise reaffirms our commitment to provide this ‘value add’ service to clients who would normally not have access to sound and impartial risk management advice.”
Nominations for the 2018 Insurance Business Awards close this Sunday night (August 26). Nominating is completely free, but the reward is priceless – winning an Insurance Business Award will set you apart as one of the best in the business. Winners will be revealed live at a black-tie awards ceremony on Thursday November 29, at The Liberty Grand Toronto.
