When you work in high-end retail for a company like Louis Vuitton, the products speak for themselves. The world-famous handbags and leather goods ooze sophistication and value, which serious shoppers rarely need reminding of.
Selling insurance isn’t quite the same. There’s no physicality to it and its value is often lost in a haze of widespread public misunderstanding. A good broker turns insurance into a comprehended investment and necessity – rather like the fashionista views the latest Louis Vuitton number.
Sharp Insurance’s Nick Wong (pictured) is one such broker adding immense value to the Canadian distribution channel. He recently came away with the
Insurance Business Canada Broker of the Year 2017 award, which he said left him “shocked and flabbergasted” given the “high quality of the candidates.”
Wong joined the insurance industry seven years ago after some time working in high-end retail for companies like Louis Vuitton and Harry Rosen. He started at TD Insurance in Calgary before joining the brokerage side of the industry at Sharp Insurance in 2013.
The Fort McMurray-native achieved the top position in sales in his first year and has been a high-flyer ever since. He was an
Insurance Business Young Gun in 2016 at the age of 29, and was then ranked eighth in the
Insurance Business Elite Brokers 2017.
We
caught up with the top broker to find out more about his success, and where he thinks the industry needs to sharpen up:
How did you achieve success at Sharp Insurance?
I owe a lot of my success to Sharp Insurance. It started as a small brokerage and has then expanded at an amazing speed. We’ve outgrown our office and are moving to somewhere with double the size and space. With rapid growth comes growing pains – but we’ve been through that struggle as a family, figuring out solutions together and overcoming lots of objectives to get to where we are. This helped me to become the broker that I am. Sharp Insurance is a very innovative and technologically advanced company. We’re always striving to be number one in the industry and always wanting to be the company to pave the way with technology. That has definitely contributed to my success as well.
You were an Insurance Business Young Gun in 2016, and now you’re Broker of the Year 2017. What advice do you have for younger generations thinking about working as an insurance broker?
A lot of young people think insurance is boring. Prior to the insurance industry, I worked in high-end retail at Louis Vuitton and Harry Rosen. I didn’t really want to make the switch into insurance and I didn’t think it was something I would like or enjoy. And yet here I am, seven years later, and I know that this is 100% the right career for me. Therefore my advice would be: don’t be afraid to try new things, as
you never know what the future will hold for you. I gave insurance a shot, and I love it! Insurance isn’t like it used to be. There’s so much learning involved and there are so many challenges that really allow you to push yourself and become more successful. It provides great opportunities to expand your knowledge and your skillsets.
What challenges are the Canadian brokerage industry facing?
There’s a lot of adapting to do in the insurance industry, because it’s changing rapidly. At Sharp Insurance, we’re really focused on
technology and innovation, so we’re constantly changing and trying out new ways to work and speed up processes. The new generation of consumer is so involved in technology that they want everything to be done quickly and at their fingertips, by email, text and social media. The pace of the industry is so fast now compared to what it used to be, and client expectations have become higher as well. The challenge for the industry is to try to meet those consumer expectations of people wanting things to be done asap. Turnaround time is definitely something we really need to focus on.
What are your career goals for 2018 and beyond?
My goal is to keep on educating clients and ensuring they understand what they’re investing their money into when it comes to insurance premiums. I want to keep up with top sales, cross-sales, and make sure all of my clients are fully covered in all aspects of their lives. I see myself as more of an educator than an insurance broker. A lot of clients don’t fully understand how insurance works or why rates are the way they are. I aim to educate my clients and give them peace of mind about where their money is going and the value of that transaction. When I was working in retail, I sold a product – they saw it, touched it, felt it, wore it, and bought it. With insurance, it’s different because there’s no physicality to the product, so adding that value is very important.
Are there any other secrets to your success?
I think it’s vitally important to have a good work/life balance. When I first started working in the insurance industry, I was so focused on work that it took away from my ability to be successful. But with the support of Sharp Insurance, I’ve made some changes and have created a better work/life balance. I’ve started a small business on the side that I do as a hobby job, and I’m also a really passionate snowboarder and make the most of any snow day. Having a good work/life balance keeps me energized and is a key aspect to my success.
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