Tailoring insurance solutions to meet the needs of diverse industries is a challenging task, but it's one that Linda Buckton, vice president, client executive at BFL CANADA, takes in her stride.
"We’re not cookie cutter," she said. It's a simple but profound statement that encapsulates the company’s approach to creating insurance programs that cater to the specific needs of each client, whether they're a children's clothing retailer or a contractor.
Buckton said that the process involves a comprehensive review of the client’s operations, with detailed discussions to assess their current coverage, identify gaps, and address potential risks they may not have considered.
"We'll do a deep dive and take a look at not only the coverages that you need, but what else can we put in there that our clients might maybe not be thinking about,” she said. This kind of in-depth analysis allows BFL to offer solutions that go beyond the basics of property, liability, and cyber insurance. The idea is to ensure that the client is fully protected, even from risks that might not seem obvious at first glance, like legal expenses.
The strategy is rooted in collaboration, both with clients and within the company. Buckton highlighted the strong relationships BFL has developed with over 90 insurers across Canada, emphasizing that these partnerships are essential to finding the right coverage for each client. It's not just about ticking boxes; it's about customizing coverage to fit perfectly.
"We have access to well over 90 insurers in, you know, across Canada, and we've got really good, strong partnerships with all of them," she said.
Technology also plays a crucial role in this tailored approach, particularly in making the process more accessible and efficient for clients. Buckton noted that BFL has heavily invested in digital platforms over the past five or six years to help clients manage their insurance needs seamlessly.
"Our clients can go do their renewals online," she said. This investment in technology addresses a growing demand for ease of access—something clients increasingly expect in an era where convenience often drives decision-making.
One of the emerging trends Buckton has noticed is an increased interest in business interruption coverage. She linked this to recent events, such as natural disasters and supply chain disruptions. Buckton recalled the floods in Calgary and Toronto, emphasizing that even businesses that didn't expect to be affected were caught off guard by infrastructure issues.
“It's the infrastructure around you that really gets affected," she said. The impacts of supply chain disruptions, whether from natural disasters or other factors, have made clients more aware of the need for this kind of protection, and Buckton has seen a corresponding increase in interest.
Balancing flexibility with risk management is another challenge in creating niche insurance programs. For Buckton, the solution often involves adjusting deductibles to match the client’s needs while controlling premiums. She shared the example of a high-traffic client with frequent small claims. Rather than letting premiums soar, BFL worked with the claims department to slightly increase deductibles, which reduced the number of small claims without saddling the client with unmanageable premiums.
“It was really seamless. It met the client's needs, and it also helped us keep the premiums down," she said.
The regulatory landscape is another ongoing consideration. Buckton acknowledged the heavy regulation of the insurance industry and how these rules can differ across provinces in Canada. She mentioned BFL’s national marketing task force, which helps the company stay ahead of changes and maintain compliance.
"One of the mechanisms that I use quite a bit is our national marketing task force," she said. Composed of marketers from offices across Canada, this task force keeps the company informed of regulatory shifts and market changes, enabling BFL to adapt quickly and keep clients up to date.
BFL's ability to stay ahead of these changes is crucial, as many clients are unaware of regulations until they’re directly affected. Buckton emphasized the importance of keeping clients informed so they aren’t blindsided by sudden shifts. "Nobody wants to be caught by a change,” she said. Proactively sending materials about upcoming changes helps clients adjust their plans in advance.
In essence, Buckton’s approach is a blend of deep industry knowledge, strong partnerships, and a keen understanding of her clients’ evolving needs. It's not just about offering insurance products – it's about crafting solutions that provide real security in an unpredictable world. Whether it’s a major catastrophe like a flood, or something more niche like a rise in small claims, Buckton and her team at BFL work closely with clients to build programs that cover the full spectrum of risks, all while staying flexible enough to adapt to new challenges. This comprehensive, client-first approach ensures that BFL is always looking out for its clients’ best interests, even when the risks aren't immediately apparent.
In a rapidly changing landscape, Buckton highlighted that BFL CANADA’s commitment goes beyond the basics of property, liability, and cyber insurance. The team takes the time to understand each client's unique situation and engages in open discussions to identify all their insurance needs. This thorough approach not only ensures clients receive strong protection but also builds lasting relationships based on trust. By prioritizing clear communication and collaboration, Buckton and her team position BFL as a leader in providing tailored insurance solutions that effectively address the challenges of an unpredictable world.
