What does it take to be a top insurance industry employer?
“There’s no one thing,” said Stuart Bruce, CEO of FIRST Insurance Funding of Canada, winner of the 2019 Insurance Business Award for Insurance Industry Employer of Choice. “We’ve been dedicated to building a healthy and collaborative environment for all our employees and have always been focused on their happiness and job satisfaction.”
For the leadership team, maneuvering through the COVID-19 pandemic was a true test, not only of the agility of the organization, but to its adaptability as an employer. Luckily, assessing what works and what doesn’t is a regular practice at FIRST; so, while it was challenging, the team was able to formulate a plan quickly and move to a work-from-home structure in record time.
Prior to the pandemic, the company had established a work-from-home program with about 70% of the staff fully equipped to make a transition at any time. The program was developed about two years ago in order to improve work life balance and create a culture of trust, autonomy and engagement. But going from 70% to 100% wasn’t easy, said Bruce.
“Our team rose to the occasion, which is fortunate considering the financing we provide is in great demand right now,” he said. “We are lucky to be highly successful in this environment and we’ve been able to help a lot of small Canadian businesses during this difficult time.”
They have been able to put over $200 million in additional capital in the marketplace in the last three months, which he says wouldn’t have been possible without commitment and collaboration from the team.
That commitment is an important theme at FIRST. Bruce says the company is invested in each employee’s career development and their families, with dedicated committees for health and wellness, as well as staff engagement, which fosters a collaborative culture. There’s also a pledge to supporting the communities they serve, championing initiatives such as Dyslexia Canada, JDRF Canada and annual local food drives. In return it asks its staff for a commitment not just to their job, or to clients and partners, but to their colleagues and to themselves. That very same commitment transcends into their broker relationships as well.
“Our dedication to brokers hasn’t wavered,” Bruce said. “We made sure to have the capital in place to support our recent growth and ensure brokers had the tools they needed to help clients get through the last couple of months, even before government support kicked in. Those payment deferrals and waiving late fees were all important in making sure our clients could manage.”
The company also launched a customized payment form, which allows brokers to offer clients a multi-payment option. Not only does it provide clients with choice, Bruce says it also helps brokers accelerate their receivable management.
Nominations for this year’s Insurance Business Awards are now open and Bruce encourages industry peers to put themselves in the running. While he’s always been confident about the culture at FIRST Insurance, he says it’s phenomenal to be recognized.
“Events like the Insurance Business Awards help to highlight industry achievements and provide examples for others to strive for,” he said. “Any progressive leadership team will look to others who are successful and strive to be better, so shining a spotlight on companies that are leading by example is important.”
Nominations for this year’s Insurance Business Awards close on August 07. Follow this link and nominate now.
