To paraphrase Johnny Cash –
A ring of fire is a burning thing, bound by wild desires.
The insurance industry can be seen as one such ‘ring of fire,’ fuelled by
the desires of three key industry stakeholders: the consumer, the community and young brokers.
That’s how Brian Purcell, owner of James Purcell Insurance Brokers, opened his incoming president address at the Insurance Brokers Association of Ontario (
IBAO) convention in Ottawa last month.
“Scientifically, fire is made up of heat, oxygen and fuel. It’s a chemical reaction with the proper mixture of these three ingredients that determines how efficient and how high that fire can grow,” he told the audience.
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“The oxygen is represented by all the resources and opportunities the industry can provide - our knowledge and expertise, our time and resources, our trust and our confidence. The heat is a result of the oxygen and the fuel working together, and the fire will only grow if all the elements work together efficiently. So, let’s […] keep the fire alive and produce an efficient burn.”
Purcell described three flames of opportunity that can fuel the fire of a successful industry – the first being young insurance brokers.
Talented millennial brokers can bring a fresh outlook to a business, contemporary skillsets and a “burning desire to succeed.” The enthusiasm of this group is strong, he said, so it’s “incumbent upon the industry to mentor and engage young brokers” to help get their careers burning.
The second flame of opportunity is the local community – the backbone of a successful brokerage. Insurance
brokers should engage with the community, volunteer with local organisations and display the personal side of the business, according to Purcell. As well as the geographic community, brokers can engage with the digital community, which is “not just a young person’s arena anymore, but a captive audience waiting to hear from all of us,” he said.
“The broker community has the grass roots advantage. We are the people involved in our communities and people want to deal with people they know and trust. We are your frontline underwriters and we know the risks. We can provide the digital experience, the personal experience and the better long-term results,” Purcell told the audience.
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“A third flame of opportunity is to feed the fire within the consumer. As brokers, we have the ability to
provide the ultimate customer experience. We already offer the traditional skills like choice, community connections and professional advice. Now’s the time to focus on the digital solutions that our clients can experience everywhere. Everyone has different service levels they expect and that is not defined by age. We need to make the necessary investments in technology, to provide solutions to satisfy the consumer.”
Brian Purcell is known locally in Spencerville, ON, as a firefighter nicknamed Smokey. As the incoming president of the IBAO, he won’t be fighting against the fire in the Canadian insurance industry – he will be fuelling it.
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