Although many have spoken and pushed for the digitalization of the insurance industry for years, those conversations suddenly became a lot more serious following the COVID-19 pandemic. Thanks to the many economic challenges brought about by the pandemic, it was a difficult but necessary decision for traditional insurance businesses to make the transition to digital.
But for Surex, the decision was easy enough to make. After all, this award-winning insurance marketplace was already operating digitally even before the pandemic.
Read more: 5-Star Brokerages – Ontario 2022
Surex is one of the winners of Insurance Business Canada’s 5-Star Brokerages – Ontario 2022, in recognition of its resilience and success amid a global health crisis. What is notable is that this was not even the company’s first time being recognized by IBC; it was also named one of Insurance Business Canada’s 2021 Top Brokerages and 2020 Top Insurance Workplaces as well.
“[It] was an interesting year to run an insurance business – there was a lot going on, for sure,” Surex said about its work during the pandemic. “However, we felt we were ahead of the game for the most part because we were already an online business, so we easily pivoted to a completely remote workforce.”
“We saw lots of new growth within our teams, as well as with our client base, which enabled us to reach a large milestone this year,” the company continued in its statement. “We made very strategic decisions on how we grew the business with some strategic partnerships, and even with the challenges of COVID, we have been able to maintain an aggressive growth strategy.
So notable are Surex’s digital successes, that even larger insurance companies have taken notice. In 2021, iA Financial acquired 70% of Surex’s shares. iA Financial acquired majority stakes in two Surex companies – Surexdirect.com Ltd and Surexdirect.com, the latter of which operates in Ontario.
"The acquisition of this tech-enabled P&C distributor represents a high strategic value for iA Financial Group given its digital expertise, distribution capabilities and high synergy potential,” said iA Financial Group executive vice president of dealer services and special risks, François Blais. "It allows us to better serve our distribution networks across Canada and, at the same time, to improve the client experience by offering a broader range of financial products."
"We are very excited to have a partner of iA Financial Group's stature with whom we share common values, such as authenticity, quality customer experience and the importance of social and community engagement,” added Surex president and CEO Lance Miller.
Read more: 5-Star Brokerages – Ontario 2022
