You don’t need a crystal ball to understand the insurance landscape is changing in Canada – and with change comes new challenges. The broker distribution channel is under more pressure than ever to adapt and innovate in line with the times.
Sometimes, a supportive ear and a guiding hand are all that’s needed for brokers to take the plunge into the unknown. That’s where a company like PROLINK Broker Network really comes into its own.
PROLINK, which has 60 independent broker members across the country with over $150 million in aggregated premiums, recently won the
Wynward Award for Brokerage Network Cluster of the Year at the
Insurance Business Canada Awards 2017 - an accolade it describes as a testament to its broker partners.
“The PROLINK model is very much built on trust and partnerships. We screen brokers carefully before appointing them to our network, and then we support them as best we can to ensure they’re successful,” said Brian Mahon, president, PROLINK Broker Network. “This is a challenging time for brokers. It’s hard to predict the future, but it’s certainly a changing landscape.
“As a network, we’ve
invested heavily in technology, which will hopefully allow our broker partners in the field to differentiate themselves from their competitors, and interact with their clients the way they want to interact. We do partner with a lot of more traditional brokerages, but again we’re investing in technology to give them the tools they need to remain relevant in the changing landscape.”
PROLINK is in “growth mode”. The network, which is celebrating its 10th anniversary this year, is always on the look out for people who are interested in becoming independent brokers in Canada. But the changing insurance landscape also holds sway on PROLINK’s business strategy.
“We’re always open-minded when looking for new partners. Each opportunity is unique unto itself, and it depends what the individual plans for their business. Our model states our partners are independent brokerages, so we trust them and allow them to operate their business to meet their particular needs. We’re there as a resource to provide consulting and business development and planning,” Mahon told
Insurance Business.
“That being said, we’re perhaps more open to partnering with commercial-focused brokerages than we were in the past. It’s become quite clear to everybody what’s happening in the industry. Personal insurance is becoming more commoditized and brokers are having to think about what to do to remain relevant in the space.”
Investing in and
engaging with technology is one answer to the problem. Another way brokers can show value is by providing more specialized and tailored services. PROLINK is engaging with insurance carriers in Canada to find out exactly what types of business they’re interested in, so their broker partners can be more strategic and focused on the business they write.
The year ahead has some exciting prospects for the award-winning network cluster. It’s moving head office to a site closer to Union Station in Downtown Toronto, and also migrating to a new broker management system, produced by Keal Technology.
What are your thoughts on the changing insurance landscape in Canada? Let us know in the comments section below.
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