Michael Abraham has officially taken the plunge. Formerly a broker at Paisley Manor Insurance brokers, the young insurance professional has opened the doors to his long-standing vision – his very own brokerage.
Newly-minted Bedrock Insurance, which is located in Toronto, will be driven by a “younger-minded” thinking with a focus on clients seeking a dedicated broker.
“People say they’re ‘allergic’ to insurance,” Abraham says. “I saw an opportunity out there to create a client-focused brokerage because that’s where the industry has continuity - it’s about working with clients who want a broker and an advisor. We’re looking to build that out, and we have a lot of long term goals that will be reached through that business model.”
“I’m looking to create that environment where you have brokers that are writing an indispensable service to their clients. That’s traditionally how business has been built and I’m trying to focus on that end of it.”
And, now that his clients have settled in and he has finished recruiting his five-person team, Abraham is focusing on another important business strategy – fostering an up-and-coming generation of brokers.
“That’s what I’m going to build up in the initial stages of my brokerage, within the first 12 months. I have a couple of brokers that I’ll be working with directly, helping them out, and it will be a really nice environment for brokers to be at,” he says. “Eventually, older brokers who have been in the business will come to this environment.”
He says it’s important to act as a mentor and incubator for fledgling brokers, as breaking into the business is anything but easy due to steep compensation models.
“If you’re commission only and you’re someone who is in a comfortable environment - such as your parents’ home - and you want to move out after college, you’ll be making zero dollars until you do something,” he says.
“Mentorship is important partially because there’s a lack of career paths that are specific to insurance,” he adds. “It’s always very valuable, but with the insurance industry, you’re dealing with a big responsibility – they’re teaching you how to sell. It has to be really knowledge based.”
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