Headquarters: Burnaby, BC
Website: wmbeck.com
What’s your brokerage’s competitive advantage?
We have one of the largest construction and surety teams in Western Canada. In addition to our in-house expertise in multiple areas of insurance and risk management, we offer products through our related companies that align with the multifaceted needs of our clients.
Internally, we strive to make our brokerage a great place to work. We are always looking for new features that will support our team members. Recently, we implemented a holistic wellness program.
What made 2020 a banner year for your brokerage?
In 2020, we welcomed two new offices, one in the Fraser Valley and one in Victoria, to our team. With that, we also welcomed 27 new team members, each with their own specialties and talents. This addition of new energy and expertise helped make us even stronger. As a result, we have been able to support our clients and grow our business. Furthermore, we have focused on implementing technology in order to improve the efficiency of our organization and the connection between our team members.
What did you do differently last year?
In 2019, we ran a pilot work-from-home program. This gave us the opportunity to work out the hiccups in this transition with the benefit of time; it also gave our people and our processes a chance to catch up to the new working environment. As a result, when COVID-19 hit and most of our people immediately transitioned to working from home full-time, we were more prepared. We now have a greater appreciation for the importance of these technological implementations and have placed an emphasis on continuing to innovate and adapt early going forward.
What’s the biggest challenge facing brokers in 2021?
The hard market and the effects of COVID-19 are still the two largest challenges facing brokers in 2021. The shift to working from home due to COVID has created hurdles for everyone in the industry. It has caused wrinkles in the usual processes, which have resulted in delays in marketing and underwriting timelines. Furthermore, there are capacity and rating issues in the market that remain a challenge for brokers.
Finally, the insurance industry has also experienced an increase in regulatory changes; adapting to these requirements, given the current market, is a challenge.
