Michael Abraham is the president and CEO of Toronto-based Bedrock Insurance Brokers. He founded Bedrock after finding success as a broker for Paisley Manor Insurance Brokers. He is also a recipient of the Young Guns 2016 award.
In this interview, we learn more about Abraham and his thoughts about the insurance space.
Tell us about yourself. How many years of experience in the insurance industry do you have? Any interests of note?
Before I lived in Toronto, I worked part time in insurance for about one year while living in New Jersey in 2009. In 2010, I relocated with my wife and baby to Toronto and decided to enroll in the insurance course through Seneca College to further my Insurance understanding and acquire the RIBO license. I then began working in sales at Paisley Manor and, fairly quickly, built a large book of business of my own. After about five years, I decided to move on and had a vision of building a brokerage that would service brokers like myself and help them grow and service their own books. Helping brokers build their books and careers is very rewarding. It wasn’t too long ago that I was in their shoes.
I find the insurance business fascinating. As a broker, I enjoy dealing with a variety of businesses, some of which are brand new and some have been around for many years. As someone with the entrepreneurial itch, I enjoy watching the progress and development of these businesses and, at the same time, doing my part in making sure they are protected from any insurable loss by understanding the depths of their businesses in order to know what to protect.
Tell us about your previous experience with Paisley Manor Insurance. Having worked with three lines of insurance (personal, life and health, commercial), how has this experience helped you become the insurance professional you are today?
I gained a considerable amount of knowledge and experience through Paisley Manor. I was able to work under and learn from leading members of the insurance business on the sales end and on how to build an advisor relationship with clients as well as how to operate in their best interest. At Paisley Manor, the team is like family. They take care of their staff and are very understanding to personal needs.
We, at Bedrock, are modelling after that same culture. We care about each of our team members and look forward to their success and growth. The main difference between Paisley Manor and Bedrock is the modernization at Bedrock. There is a focus here on social media, digital marketing, apps, etc.
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What are Bedrock Insurance Broker’s growth plans for the future?
We are currently using broker management systems that trigger coverage conversations, as well as email marketing campaigns. Insurance companies should be utilizing all technology they can to make insurance purchases easier and more simplified for customers, and be updating in unison with the growing technological world.
What are your thoughts about the on-demand insurance models, such as “Trov” and “Sure”? Should brokers be worried about on-demand insurance apps and the convenience they provide to customers?
These apps should not affect the brokerage model. They are for single, simple products. Us, as brokers, will always be needed on the commercial end; there is no conceivable way for a large manufacturer to buy and understand insurance on demand. Brokers are really asset risk managers. On demand insurance will never be able to assess the type of coverage a company may need, or what risks are involved. They may be able to pull a product from a list of products they insure, and set up insurance for that specific item, but are unable to determine anything beyond that.
If we change our industry to be called “Asset Risk Management”, rather than “Insurance”, perhaps, it will be easier for people to understand the difference between what we do and what the on demand insurance model is meant for.
Do you have any words for young professionals starting out as brokers?
It takes a lot of hard work starting out but it is necessary and rewarding, as your accomplishments and work prepare you and your clients for the future. It is very helpful to find a good mentor and, of course, be up to date on all courses and licensing.
When I started out, I was only 22 years old. I started in sales making only commission with zero clients in my book. I helped my first client almost immediately and worked very hard for the next few years to grow my book from that one contact to what it is today. I learned to navigate the insurance world and to understand what clients are looking for. It was amazing to see how many clients don’t understand their insurance and when you stay away from the hard sell and price conversations, they really appreciate and need your help.
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