Atlantic Canada-based brokerage AA Munro Insurance has embarked on a quest to prise open the world of insurance technology and create a “meaningful new experience” for its customers.
AA Munro is a proud community-centric brokerage. It was founded in Nova Scotia and now operates in over 20 communities across Atlantic Canada. The brokerage’s digital journey is about enhancing its customer service and connecting with the local community in a fresh and efficient manner.
“In 2019, we’re focusing on our vision of opening the world of technology to give customers a meaningful new experience of insurance,” said Angus MacCaull, communications analyst at AA Munro. “The key word there is ‘meaningful’. A lot of models have popped up and secured some volume in the digital space, but they haven’t necessarily been profitable for insurers or brokers and they haven’t necessarily improved the customer experience.
“In the Atlantic Canada market, we’ve found that customer service expectations are a little different to some of the more densely populated areas of the country. It’s definitely our culture and our personalized service that makes the difference in the sale, more so than dedicated digital capabilities. But we understand that the world is changing, and we need to change with it.”
AA Munro has adopted a hybrid model, whereby a team of digital agents will work within its traditional sales channels for a certain percentage of their time. By working in this way, AA Munro’s digital agents still feel like they’re part of the local community and are providing local service for customers in person, MacCaull explained.
“They don’t feel as much burnout or disconnect from trying to sell a fairly abstract product to a faceless customer over email or over the phone all the time,” he added. “The motivation that drives people to sell comes from feeling like part of a team, and not from having a new technology possibility. Our hybrid model keeps our agents in that community-focused, team environment, which is essential when it comes to sales.”
When it comes to embracing new technology, it’s important for brokers to engage with tools that fit well with their business models and their markets. MacCaull explained that, in the past, AA Munro had been tempted to invest time and money into new ideas that were presented by carriers as important emerging trends. But these investments didn’t always pay off.
“Like many brokerages, we had a little bit of success here and there, and a lot of failure in other areas. We learned that the hype, alongside very real structural change in the industry is not always relevant to every marketplace or to every business model,” he told Insurance Business. “So, as we’ve learned more and built our in-house capabilities, our carrier partners are appreciating and respecting the growing mastery we have over emerging trends and digital tools and how they’re applicable or not to our business model, our communities and our customers.”
Such digital tools can be anything as simple as e-signature technology. E-signature is part of the online space, but it gives consumers a whole new way of relating to their insurance. The aim for AA Munro is to get all brokers onboard with using simple digital tools like e-signature, even if they’re working with the most traditional demographics.
In order to help its broker force understand the importance of technology, AA Munro has become more involved with the local tech community in Nova Scotia, and has entered into a corporate partnership with Volta Labs in Halifax. By working closely with tech start-ups, AA Munro hopes its brokers will engage further with digital shifts in society, and, importantly, how those digital trends impact the insurance brokerage business.
“I would advise other brokers thinking about starting this digital journey to trust their business models and look for ways that digital tools can enhance the experience they’re giving to customers, while also enhancing internal workflows,” MacCaull added. “Don’t try to remake your business from a digital model, because we don’t yet have any proven digital models at large out there. What we have are some very useful digital tools, so trust your business model and find the ways those tools can fit in.”
