Fatherly advice that created a top broker

There is a recurring theme among brokers who have made it to the pinnacle of the industry – and for C.J. Nolan, that was learned from his father.

Risk Management News

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There is a recurring theme among brokers who have made it to the pinnacle of the industry – and for C.J. Nolan, that was learned from his father.

“Insurance Industry clients know it when a company treats them right,” says Nolan the vice president of business development and sales at Munn Insurance in St. John’s Newfoundland, who followed in his father’s footsteps at Munn Insurance – where is father is president today. “If their insurance provider does not treat them in a fair, sensitive manner, they will move to one that does.”

Nolan is among the rarified few who finished among the Top 30 Elite brokers in Canada, a list that is featured in the December issue of Insurance Business magazine. He credits the health of the brokerage to the strong family commitment to the insurance industry.

“I grew up in the insurance business, learning the ropes along with my younger brother, Adam Nolan, with minor office jobs both after school and during the summer months,” Nolan told Insurance Business. “I started in personal lines sales in January 2001 and jumped at the chance to move into commercial insurance sales three years later.”

In 2006, Nolan took the additional role of commercial manager while also handling a full portfolio as a commercial producer.

“After more than doubling our commercial premium volume since 2006, I was promoted to V.P. of sales and business development for both personal lines and commercial insurance in January 2013,” adds Nolan.

That feeling of community and family is the focus of the business – and it seems to be working. (continued.)

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“We know our service strategies are successful from the vast amount of positive feedback clients give us, and the many new clients that are referred to us by existing clients,” says Nolan. “Munn is known as a homegrown entity, a company that shares the unique values of our province and people. That’s why people come to us. That’s why we can proudly say having three generations of the same family insured with us is more the norm than the exception. In business, service is everything, and in our industry a reputation for exceptional service is the hallmark of a successful insurance company.”

One of the advantages independents have over the direct insurers is the personal relationship, and proximity to those clients. Nolan says his brokerage doesn’t take this for granted, and is always reaching out to customers to gauge their level satisfaction.

“Our clients have very personable relationships with our representatives – a situation bolstered by the fact that we have offices close to where they live,” says Nolan. “Further information is gained through satisfaction surveys conducted as part of each claim process, online feedback forms, social media feedback, and yearly marketing studies designed to measure consumer opinion and expectations.”

Taking advantage of every available media to promote the business is crucial, says Nolan, as brokers cannot rest on their laurels or they risk becoming part of the statistic that sees 1 per cent of clients moving to the direct market.

“Through brand positioning, tactical products promotion and social media, we have established Munn Insurance as an active, living brand that’s easily recognizable – and beneficial to consumers,” says Nolan. “We utilize TV and radio, develop unique campaigns for each product, and use social media, direct mail and community partnerships to reach our market with a creatively executed, efficient message. (continued.)

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“When I started, the broker channel was the insurance market leader in both client market share and client choice. In today's market, there is fierce competition from direct markets who have certainly cut into the brokers market share,” Nolan points out. “Clients now have a higher expectation throughout their insurance customer experience. In this day in age of technology and social media, clients want to efficiently connect with their broker several times a year besides their traditional mid-term insurance contact and transactions.”

One of the areas where independents can grow the product is through liability coverage. In Newfoundland & Labrador, the oil industry is fueling that demand, says Nolan.

“We have certainly seen an increased number of requests for Professional Liability and Commercial General Liability due to our flourishing offshore oil industry within our province,” says Nolan. “We are seeing oil industry professionals working as contractors on behalf large oil companies. The oil company contracts are often times requesting the contractor to purchase Commercial General Liability alone, as stated in their contractor agreement with the oil companies. The insurance requirements within the contract never address the Professional Liability exposure that is very real given the contractor's operations.”

The onus of responsibility that independents carry when offering the right liability coverage is crucial, says Nunn, and it is something brokers need to be sure they explain in detail to the client.

“We are finding that the obligation to advise a potential client that Professional Liability should also be purchased along with the Commercial General Liability is imperative in the contractors' insurance purchasing decision,” says Nolan. “Brokers need to understand the difference in the professional liability coverage available, be able to explain why the professional liability coverage is necessary to cover their client's operations and also understand their client's contractual obligations within the contractor's agreement, with the oil companies, for example.”

And the consequences for not doing so can be expensive, warns Nolan. (continued.)

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“This obligation to understand the clients’ operations and coverage required by the contractor will not fall on the hands of the insurer, but will be the responsibility of the professional broker,” he says. “There is a big E&O (errors and omissions) exposure for any broker who is not offering professional advice to their client throughout their insurance purchasing decision.”

Nolan outlines three things that he has learned from his mentor, and his father, John Nolan, that he tries to work on every day:

"Number one:  Listen, Listen, Listen. The most successful people are the ones who do more listening than talking," he says. "Second, manage through measured accountability. Without accountability, nothing is going to change. You can't manage what you can't measure.

"Thirdly, become a patient leader," he says. "I am working hard every day for the right balance of firmness and understanding. This is especially important with millennials entering the work force, who are not used this old school, tough-love leadership practiced by many older, successful leaders."

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