In 2023, the gross written premium (GWP) for Canada's general insurance market was $82.4 billion (approximately US$61.1 billion). The market is anticipated to grow at a CAGR exceeding 5% between 2024 and 2028, according to Global Data. The rate at which the sector is spreading is as unprecedented as it is impressive, with some brokers riding this growth train to see a huge boom in their own personal firms.
Speaking to Insurance Business, Omar Chafchak, president and co-founder of Premium Insurance Brokers said that they’ve achieved their status as one of Canada’s fastest-growing brokerages through a combination of hard work and growing interest. The success, he told IB, lies in a deliberate balance between embracing technological innovation and holding onto the personal touch that many competitors have left behind.
“We use a technologically advanced BMS called Acturis – it’s super unique with a very strong management system which works for us.” Another innovation is Quick Facts, which Chafchak likened to “a Google for insurance manuals.”
“It’s an incredible system. It’s [essentially] a search engine,” he said. “You can access it when you want to know if a company accepts a certain risk or criteria.”
The tool, he explained, allows his team to quickly assess which carriers align with specific client needs, a capability that has made a tangible difference in both efficiency and accuracy. Despite these advancements, Chafchak is adamant that technology is only part of the equation.
“How we became one of the fastest-growing brokerages in Canada is because we kept something a little old-school,” he said. “We kept that face-to-face interaction. We allow people to walk in. We do the appointments face to face. We go out and see clients face to face. When you give that interaction, you use that – I like to call it old-school technique – it actually allowed us to continue to show our growth and sustain that growth.”
And Chafchak isn’t alone in his assertions here. While insurers are embracing technology at an exceptional pace, brokers and their clients are keen to retain that all important human touch. According to Duck Creek Technologies’ “Global Consumer Insurance Insights” survey, 44% of consumers would prefer to interact with a human – up from 35% in 2022. Simultaneously, interest in digital communication methods, such as apps and messaging platforms, has increased, indicating a desire for a balanced approach that combines technological convenience with human touch.
Because this emphasis on personal connections isn’t just a relic of the past; for Chafchak, it’s a strategic advantage in a digital-first world.
“Sometimes even just sharing your cell phone number can go a very long way,” he told Insurance Business, stressing that the smallest gestures often have the greatest impact. “No one wants to feel like they’re nothing but a number to you.”
Looking to the future, Chafchak is clear-eyed about the challenges and opportunities ahead. Diversification, he said, is key to maintaining their growth trajectory.
“The way we’re going to sustain that growth is to keep an open mind and keep diversified. We’re not going to focus on one market or one sector in the industry,” he said. “Because when you have a unique client, they're all going to have different needs. If we focus on one sector of the industry, we’re letting go of a lot of different opportunities. And if the broker doesn't have the proper education and the proper tools, and they're not educated enough on the products that they sell, then how would they know what to sell to their insureds?”
Equally important, Chafchak said, is education – both for brokers and clients.
“If the broker doesn’t have the proper education and tools, they wouldn’t know what to sell to their insured,” Chafchak said. “When a new product comes out, [our brokers] go out, they understand and learn that product. That’s how we’re going to sustain that growth.”
Chafchak also told IB that the industry’s increasing complexity is a call to action. Whether addressing risks tied to climate change, evolving cyber threats, or regulatory pressures, he believes that proactive education is the only way forward – with seminars being a great example of how to keep your eye on the ball.
“They educate you on all the new technology for mitigations to prevent losses,” Chafchak said. “You could advise [clients] that if they put an alarm sump pump here, we can increase your coverages to $25,000, for example.”
And throughout the conversation, Chafchak returned to the importance of understanding the tools and products at a broker’s disposal.
“To sell a product, you have to understand it. It’s that simple,” he said. “If you don’t understand the product you’re selling, it’s very tough to sell that product. If you fully understand it, it becomes an easy product to sell.”
As for adapting to the demands of tech-savvy clients, Chafchak said that brokers must keep pace with innovations like telematics discounts and anti-theft systems. These tools, while introduced by carriers, require brokers to educate themselves and their clients.
“If the carrier is going to go and provide these technologically advanced tools, it’s on the broker to educate themselves,” he said. “It’s not about choosing between old-school and new-school techniques. It’s about using the best of both to deliver value.”
