The coronavirus pandemic may have slowed some M&A activity in the insurance industry, but Navacord, one of the largest commercial insurance brokers in Canada, is ploughing ahead, recently announcing four acquisitions that will allow the firm to service clients from coast to coast.
As these new broker partners will soon learn, being part of Navacord means that risk advisors get access to the resources that only a national firm can provide while still being able to maintain their local touch with clients.
For a specialized brokerage focused on the construction industry, that value proposition and the many other benefits that come with being a Navacord broker partner have helped the business continue to find success in today’s rapidly evolving risk landscape.
“We can wear both hats – we can be that hand-holding boutique firm [and provide a] local touch for our clients, but we’ve also got the backing of the national firm,” said Shawn McCallum (pictured above), partner at Petrela, Winter & Associates, a Navacord broker partner.
This approach helps Navacord deliver results for its number one priority – its clientele. At the broking level, risk advisors’ time, energy and attention is, first and foremost, focused on servicing clients and developing new business relationships.
“My day-to-day priorities are exclusively focused on client needs while directly and actively engaging with the business communities and industry sectors in which we specialize,” said Jason Cedrone (pictured below), partner at Jones Deslauriers, a Navacord broker partner. “Our greatest value proposition is that we act as an extension of our client’s management team. We lead with our people and advisory services, not with insurance products.”
The opportunities to develop the skills necessary to be a strong advocate for clients are abundant at Navacord. Since Petrela Winter joined the Navacord ranks in 2015, McCallum has gained access to a wealth of resources to develop his career, including ongoing professional development summits and mentoring opportunities. This support means that broker partners can recruit talented risk advisors from other sectors who can then quickly learn the ropes from leaders across the firm.
“Collaboration is a big word at Navacord,” said McCallum. “We take a lot of pride in hiring new advisors into Navacord with maybe less insurance or sales experience, and [we make sure] that they’re teamed up with a senior advisor that can mentor those individuals.”
The focus on collaboration doesn’t just benefit incoming talent. While there are many different entities under Navacord that are spread out across the country, teams don’t work in silos. For example, if a risk advisor at Petrela Winter in Ontario has a client in Western Canada, they can rely on broker partners there to act as their direct line.
“Navacord has done a very good job in knocking down the interior walls, so although we’re all keeping our own entities, we’ve got the full support of anyone across the country,” said McCallum, adding that Navacord holds growth summits regularly, where colleagues can share best practices, network with their peers, and develop deeper product knowledge. As a result, he continued, “Navacord makes sure that advisors are in tune with the latest and the greatest, and that there’s assistance where needed.”
Navacord also provides an established development program for high potential risk advisors called the Producer to Partner program. Through weekly sales meetings, up-and-coming risk advisors have the ability to discuss their challenges and opportunities in a group forum, seeking mentorship and direction from senior colleagues, explained Cedrone.
“The goal is to develop and grow their capabilities and push an individual’s performance outside of their personal comfort zone,” he said. “What makes this program truly unique is the healthy and powerful sense of accountability. We give individual targets and expect them to be met, but we also provide the support to get high potential performers across – and even sometimes beyond – the finish line.”
Alongside these opportunities, attracting top risk advisors likewise becomes easier with an industry-leading compensation structure that rewards individuals who are motivated and aspire to grow a book of business. Thanks to Navacord’s broad and deep access to markets, as well as its clout with those markets, high achievers’ goals are attainable. If there’s an account that they’re interested in going after, their toolbox is full, says McCallum.
This is an attractive proposition for risk advisors who are coming from a local, family-run business that might be restricted in their access to markets. On the other hand, risk advisors joining Navacord from a global brokerage, where they already have access to markets, can find internal processes at the brokerage firm that are more efficient and allow for quicker decision-making that works in favour of the client.
“We’ve got the best of both worlds at Navacord and that’s how we continue to attract the best talent in the industry,” explained McCallum, who has an ownership stake in the business as one of the 90+ shareholders at Navacord.
In fact, entrepreneurship is in Navacord’s DNA. After all, the business is comprised of go-getters with proven track records in building brands, developing client relationships and executing on outcomes, says Cedrone.
“Risk advisors at Navacord know what it takes to build and grow a business and are committed to helping clients grow theirs,” he continued. “Any risk advisor who values delivering a high level of attentive, sophisticated service and trusted advice necessary to manage the complexities of risk in rapidly changing times would fit in well here.”
It’s no surprise then that some of the insurance industry’s best and brightest are choosing Navacord. With senior leadership leading by example, going out into the field to meet with clients just like junior peers, there’s a culture of accountability that, according to Cedrone, “drives me to deliver my absolute best to my colleagues and partners each and every day.”
Added McCallum, “We’re a young, energetic group and there are no stale ideas … It’s a fun and rewarding place to be.”
