More than 90 hopefuls entered their names and their numbers to see if their brokerage was among the top 10 in Canada.
And we at Insurance Business magazine have been sharpening pencils and keying in the data to see who has the numbers.
There are a few familiar names that look likely to make the top 10, and a few upstarts that may surprise you. But one thing is for sure – there is definitely some fierce competition in the insurance broker channel.
Some of the numbers are impressive, with some brokerages boasting a total revenue per broker average of more than $200,000, and an average new revenue per broker surpassing $90,000.
We did get some concerns about a level playing field from those small brokerages – and rightly so. To address this, we utilized a handicap ranking involving seven criteria: total revenue, policies written, new policies written, new clients per broker, new revenue per broker, company growth, and revenue per broker.
What was truly spectacular was company growth, with the majority of companies increasing their book by a minimum of 1,000 clients.
By weighting the survey as much on a ‘per broker basis’ as much as on the raw total numbers, and by focusing on the growth of the brokerage, we hope to recognize those brokerages that are truly “on the grow.” (continued.)
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As early indications are that there may be only a point or two difference in handicap points separating brokerages in the rankings, it seems only fair that we also mention those who just missed out cracking the top 10 list – deserving of an honourable mention.
And what if you didn’t fill out the survey?
You will have to wait until next year, as submissions closed out at the stroke of midnight on Friday.
