In the May issue of Insurance Business magazine, we canvassed brokers to determine what they thought made a top brokerage. We took five minutes to ask one broker what it takes to be a top brokerage in Canada.
“Brokers need to be proactive with education and advice to clients,” said Heather Wilson, president of Wilson Insurance. “If you are not investing in changes today you are falling behind. Embrace new technologies and creative solutions to help your clients save money and understand how they can mitigate or prevent losses. Referrals from your happy clients go a long way to help grow your business. A great example is our annual Shred Day coming up in May to educate our clients and their friends and family about identity theft prevention.”
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What’s the biggest challenge facing the industry today?
“The increase in frequency and magnitude of significant weather events (wind, water and snow/ice storms) and the related losses presents a big challenge to our industry that doesn’t seem to be going away any time soon.”
How would you change the industry to help brokerages flourish?
“There has been much commoditization of product in our industry which has devalued our profession. It is unfortunate many consumers feel insurance is only about finding the lowest price. While price certainly matters, the price only focused consumer may face unprotected losses. We need to continue to raise the profile of brokers and the value and advice we bring to our clients financial well-being.” (continued.)
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What sets your firm apart from your rivals?
“We believe today it is no longer enough to rely only on insurance to protect a client and their business. There are new risks emerging every day. We offer insurance and non-insurance related products to better protect our clients. Through our Risk Detective TM Consulting Division we offer group benefits, team building, succession, strategic planning and other specialty products to help clients uncover hidden risks and develop comprehensive plans to manage their risk.”
What’s next?
“There is a lot of consolidation taking place and I believe that is necessary for the future success in the broker channel. We are always seeking opportunities to grow our business and our team and look forward to more conversations about that with industry peers into the future.”
Find out just who was the top brokerage in Canada in the May issue of Insurance Business magazine.
