Joe Palmer, president and CEO of Palmer Atlantic Insurance in Hartland, N.B., sees the protection and growth of the independent channel as the greatest challenge facing his fellow brokers.
“I see the trend of consolidation, both with insurers and brokers, continuing and will most certainly change the landscape for clients and independent brokers across the country,” Palmer told Insurance Business. “It’s important that we protect the independent broker channel and find new ways of doing business and staying relevant. Our clients depend on independent brokers to provide the quality service and choice they require. I believe over consolidation and insurers buying into the broker distribution channel as having a negative impact on how clients are looked after.”
Palmer – who put forth strong numbers to be a strong contender for Insurance Business magazine’s inaugural Top 30 Elite Brokers list – making it into the top 30 can’t be defined as a single thing.
“There is no magical formula and it is difficult to identify just one key to success. I believe that being successful is achieved through a series of key areas,” he says. “Certainly my work ethic has helped me get to where I am. I pride myself in working harder than most people. Also, being able to connect with clients, staff and business colleagues has always come easy for me. Having the ability to understand their individual needs and knowing how to address and solve those needs are critical.” (continued.)
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The December issue of Insurance Business magazine is featuring the top 30 brokers from across Canada. Each broker has their own unique success story in the upcoming issue, but many share a common theme to growing the business: being able to compete with the large directs.
“I believe that specializing and having the ability to offer a unique value proposition is critical for independent brokers to compete in this marketplace. As a result of the broker consolidation we’ve seen over the last several years, we now find ourselves competing against some very large organizations,” says Palmer.
For the independents to succeed, especially in the face of consolidation and larger competing organizations, they should use their small size to advantage and move quickly to meet emerging niche markets and changing client needs.
“Having a unique value proposition can provide a significant competitive advantage over these companies and other competitors," says Palmer. It’s important for small to mid-size independent brokers to realize that being nimble and having the ability to change directions quickly is also a significant advantage. The brokers that keep doing things the old fashion way will eventually become obsolete.”
Although Palmer stresses the need to look to the future to grow markets and his client book, he hasn’t forgotten the early influences in his life that shaped him as a person. (continued.)
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“Who were my mentors? Without a doubt, my dad and my grandfather,” he says. “My dad gave me all the opportunity and positive encouragement anyone could ask for. My grandfather taught me that a hard day’s work is reward enough.”
In addition to those role models from childhood, he also gives a tip of the cap to those who ran brokerages early in his career.
“I was also fortunate to have a couple mentors who helped me at different stages in my career. There was a brokerage owner in Yarmouth, Nova Scotia that gave me a start and is someone I respect very much,” he reflects. “More recently I spent a lot of time with another brokerage owner from Belleville, Ontario who helped coach me and refine my leadership and management skills. He also told me that a strong backstage support group is as important as the person selling on the front lines. I certainly have a great group of people supporting me at the office and couldn’t be successful without them.”
