Do broker have what it takes to succeed today? Industry veterans gathered together to weigh in on what they see working, and what brokers need to do to win and keep clients.
A recent roundtable hosted by DAS Canada brought together a few of the influential industry players in the country – and the subject naturally turned to what brokers need to survive and thrive in tomorrow’s insurance landscape.
While relationships and product play a role, Andrew Burke, the CEO of DAS UK Group, suggested that brand is a crucial component.
“Focus on your end customer proposition,” Burke told the roundtable. “That for me becomes your brand.”
The roundtable consisted of Mike George, president and CEO of
Trisura Guarantee Insurance Company; Anna McCrindell, vice president, commercial insurance solutions,
Gore Mutual Insurance Company; Igal Mayer, co-chairman and CEO of RDA Inc.; Barbara Haynes, CEO of DAS Canada and Patricia St.-Jean, vice president, commercial insurance,
Desjardins – with retired president and COO of The Guarantee, Bob Dempsey, as moderator.
“The role of the broker is to understand their client's needs,” said McCrindell. “By sharing stories and experiences with business owners who are similar to that client; that can be a powerful selling tool.”
The sole broker at the table, Mayer suggested that having a strong online presence is crucial to maintaining good relationships with the client.
“We used to define relationships with individual brokers, and we know those individuals are able to build relationships with their clients that span their lifetime. The internet allows brokers to build those relationships,” he said. “What broker today isn't on LinkedIn? And if not - shame on you! We are all empowered customers, and if you as an advisor are helping them, then you are building a relationship”
The roundtable – which will be available on
Insurance Business TV in the coming weeks – tackled the subject of differentiating and innovating to meet customer and broker needs through add-on solutions.
For Trisura’s president, it is reaching out to the client to take the time to explain the coverage that places the broker in the position as a trusted advisor.
“That five-minute call from the broker to the client to explain a coverage that is appreciated,” he told the group. “It is the expertise that is valued and appreciated.”
And having specialized knowledge of niche products will increase the value that a broker has for the client, said Desjardins’ St.-Jean.
“Some brokers want to be all things to all people; but you need to choose and specialize,” she said. “They will work in that world where they need to specialize, so they can show their expertise.”
