To succeed in the world of broking, producers need to be passionate about providing attentive and sophisticated service and trusted advice to their clients, particularly those working in industries with complex risks. With an ownership model focused on ‘owners serving owners,’ Navacord has cultivated a highly entrepreneurial culture that recognizes and celebrates the achievement of the individuals who have that passion, and can help clients effectively manage risks in a rapidly evolving risk environment.
Find out more: Learn everything you need to know about Navacord here
This passion is evident in Navacord’s producers, such as Mike Dow, risk advisor at Iridium, a Navacord broker partner, who has built a career in risk and insurance over the past 28 years.
Dow initially got his start as an underwriter for the Canadian arm of a UK-based insurer and then joined a large global insurance broker, where he stayed for 13 years. Dow’s largest client later hired Dow to be director of risk management. After six years, he made the leap back to retail broking before coming onboard at Iridium, which specializes in energy, industrial, and technology industries.
Having rubbed elbows with some of Iridium’s top leaders, including founder Roger Swierstra, and current president and CEO Berto Di Manno, Dow got to know their business values before joining the firm. “I knew about their strong relationships in the industry and how successful the company has been since its founding, so all of those things made Iridium a really attractive opportunity for me,” explained Dow.
After joining the Iridium team in September 2019, Dow soon discovered the other benefits of working for the firm. For one, there is an intense focus on recruiting employees who work well with others, creating a spirit of teamwork. “I’ve absolutely seen that since I joined Iridium,” said Dow. “I’ve never worked in a team that is as cohesive as the Iridium group; there’s nobody who’s afraid to roll up their sleeves and pitch in to do anything that needs to be done on an account.”
As part of the Navacord family, Iridium receives a ton of support in recruiting and hiring, as well as in the extensive risk and insurance services provided to clients. Internally, Navacord also offers opportunities for share-of-ownership for producers across the company who are committed to growing the business and securing their future, in addition to mentoring, the sharing of best practices, and expert resources and tools.
Navacord has “provided the support and direction that’s made Iridium a more cohesive member of the Navacord family, but without interfering in how Iridium has done its business and what makes Iridium special,” noted Dow.
One of the components that makes Iridium stand out is its focus on protecting clients and making this goal a team effort. Iridium holds regular risk reviews and risk workshops, both with prospects and current clients, communicating to leadership and relevant teams about risks in a way that helps companies identify their exposures, and then make valuable risk and insurance decisions.
“I’ve been in risk workshops where the sessions were so high level and theoretical that they didn’t deliver practical information. That’s not the way it is with Iridium,” said Dow. “Every risk workshop that I’ve participated in has resulted in directly actionable items that benefited the prospect or client, in terms of them addressing their risk and developing their insurance program.”
Iridium has also developed strong relationships with its insurer partners, which is especially crucial today as the coronavirus pandemic has disrupted business-as-usual, presenting new challenges and risks for companies.
“We have a lot of conversations with our insurers about their concerns in the current environment, and we’re seeing that they are worried about how companies are doing financially and whether they are starting to suffer to the extent that it’s going to impair operations,” said Dow.
To address these concerns, Iridium risk advisors have counselled clients on how to provide insurers with the right information that demonstrates that they are succeeding and continue to be keenly aware of their risks. For instance, specific to the energy industry, insurers want to know if a company has continued its maintenance program and is still visiting producing wells weekly or daily, as well as visiting the rest of their wells as required by regulators. The ongoing risk reviews of insureds that Iridium helps guide have been vital in the current climate.
As a result of its client focus and the support it receives from Navacord, producers at Iridium have the tools at their disposal to develop strong relationships with prospects and clients. Dow adds, “In a lot of cases, clients have expressed to us that they have no interest in talking to other brokers, and prospects can’t wait to get started with us.”
