There are approximately 36,000 property and casualty (P&C) insurance brokers servicing virtually every community (large and small) across Canada. Despite multiple challenges being thrown their way in the shape of technology disruption, heightened consolidation and soft P&C markets, the broker channel continues to remain the beating heart of the Canadian insurance industry.
Amid all the hype and excitement around innovation in insurance, Canadian brokers have diligently continued to serve clients in their local communities. Many deserve recognition for being on the forefront in terms of technology, product and customer service, according to George Hodgson, chief executive officer, Insurance Brokers Association of Alberta.
“Technology is both a challenge and an opportunity for Canadian brokers,” said Hodgson. “Investing in new technology can turn out very expensive, which can be particularly challenging for smaller brokerages. For example, in Alberta the average size of our brokerages is 10 people or less. They don’t all have the investment dollars to make huge technology advancements.
“But there are ways small brokerages can use technology to boost their growth and their presence in the marketplace. I recently had a conversation with a local broker after a technology seminar in Saskatchewan and the broker said: ‘This is not for me.’ I replied: ‘This is more for you than anybody. You’ve saturated the small community you’re in, so why don’t you use technology to reach out for opportunities in larger communities?’ That’s where technology and things like social media become so important.”
Hodgson will be judging submissions for the Insurance Business Canada Awards 2018 - a broker-focused awards ceremony celebrating excellence in the insurance industry and recognizing the outstanding achievements of individuals and businesses across Canada. As a judge, Hodgson is looking for brokers and brokerage firms (of all sizes) who apply technology and embrace innovation in order to stay relevant and provide best-in-class customer service.
The “customer service, the advocacy and the advice” brokers can provide totally trumps what direct writers can offer to consumers, especially in hyper-local communities, according to Hodgson. That’s what sets the broker channel apart from other channels, and that’s how he’s going to pick the award-winners.
“This is my third year as a judge for the Insurance Business Canada Awards and I can honestly say the thing that stands out and stays with me is just how strong the submissions are. It makes my role as a judge really quite hard,” Hodgson told Insurance Business. “Generally, only the best brokerages apply for things like this, but what I would say is that there are tons of smaller brokerages in Canada, who might be leaders in the broker community but don’t necessarily get recognition for their work. Brokers don’t like to blow their own horns. I think it’s unfortunate because sometimes we should celebrate our achievements.”
What better way to celebrate excellence in the Canadian insurance industry than by submitting a nomination for the third annual Insurance Business Awards? There are 21 categories to choose from - but be quick because nominations close soon.
