Cameron Copeland, president of Specialty Program Group Canada, recently shared his insights on the challenges and opportunities facing insurance brokers in the current market during an interview with IBTV.
With the insurance landscape evolving rapidly, Copeland said brokers are grappling with a multifaceted set of challenges while leveraging innovation to carve out a distinct position in the market.
He also highlighted the dual nature of the market, noting that some segments remain hard, while others are gradually softening. This dynamic shift has led to increased competition, he said, driving brokers to be agile and strategic in their approach.
According to Copeland, brokers are engaged in battle “on all fronts” as they strive to construct tailored products and innovative solutions for clients while working to retain existing business and cultivate new opportunities.
“We're both fighting for our brokers to build product and to solve problems, and we're fighting with our brokers to defend business and to also help them win,” he said.
When asked about his predictions for the second half of 2023, Copeland expressed optimism about the industry's trajectory.
He pointed to a growing trend of deeper broker expertise and specialization, fueled by innovation and a focus on distinct market niches.
As businesses recover from the pandemic, brokers are now spotting fresh opportunities and capitalizing on a shifting economic landscape, Copeland noted.
“I think the second half of 2023 is going to be exciting,” he said. “And it's going to give us an opportunity to show how we add value for our broker partners and the strengths that we bring to the table so that they can compete in that market as it continues to grow and evolve ahead.”
Watch the full interview to learn more about Cameron Copeland on the challenges and opportunities facing insurance brokers today.
