“The pace of change in the industry is changing,” Colin Simpson, CEO of the Insurance Brokers Association of Ontario, tells
Insurance Business, “and the focus of the participants in the industry is changing.”
We all know that advancements in technology are transforming the industry, but for brokers specifically one of the main challenges is how they can maintain their foothold in driving distribution in a new environment, Simpson explains – “how do they actually lead the charge as it were, in that backdrop.”
Aside from digitization, changes in the regulatory environment also pose a significant challenge, Simpson says, citing the auto sector in Ontario and the FSCO mandate review as an example.
There’s all sorts of information out there about how the world is moving on, and how the digital landscape is moving, but “in reality we need to get down to the nuts and bolts,” Simpson explains, and that means looking at how brokers can change, and how the association can help them do that.
IBAO is going through a three-year strategic planning cycle, which involves reaching out to members and stakeholders for feedback on what the association is doing well, and what can be improved upon – which Simpson admits, “is going to vary depending on who you’re talking to.”
As a result, beginning early 2017, IBAO will begin to address the issues, “from a practical perspective,” which will include training, advocacy and advising brokers on broker perpetuation – how to survive in the environment as they move forward.
“You can talk to as many people as you want about the theory, but it really comes down to how do you get from A to B to C, and that’s the tricky bit,” Simpson says.
And practical advice will be a key component at the upcoming IBAO’s 96th convention later this month.
The annual event will take on a new format, and this year’s theme is ‘create your future’, which the association hopes will help encourage brokers to start to think more like entrepreneurs.
“It’s about learning to adapt with the rapidly changing business environment, and instead of just accepting changes, molding those changes into prosperous opportunities,” Brett Boadway, director of broker relations & communications at IBAO, explains.
“We have brought in some very successful brokers that are very successful in the digital sphere, to come and talk to us about why they have been so successful and what they have done,” Simpson says.
“Businesses are going to see an increase in competition, without a doubt, across the board,” he adds.
“They need to understand how that competition is going to look and feel, and we as brokers need to get much better at communicating the value proposition of a broker.”
The 96th IBAO annual conference will be held on October 19-21 at the Toronto Hotel Sheraton Centre. More information and tickets can be found at: http://www.ibao.org/events/convention/
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