The Changing Reality


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Change in Canada's P&C insurance industry is occurring ever faster, and there is nothing in sight which suggests that it will soon slow. Whether your organization is a carrier, broker, supplier to the industry or IT vendor, reality is changing; organizations need to change with it. Few would disagree.

This presentation supported a live panel discussion at the Insurance-Canada Technology Conference on March 18, 2014. Discussing how internal and external focus has changed to deal with the changing reality:

– What approaches, techniques and tools they are using to realign and respond to the changing needs they see
– If the promise of their brand has been part of the refocus, how and why it has changed
– What did it take to reenergize their people be a part of the solution addressing the changing reality rather than the anchor holding the business back

Panelists were:
– Wendy Watson, President, ORBiT
– Jeff Roy, President & CEO, P.A. Roy Insurance Brokers, Inc.
– Bill Morris, Senior Partner, Navicom
– Lorie Smith, VP - Business Operations and Technology, Mass Insurance Brokers Ltd.
– Steve Wagler, Partner, Josslin Insurance Brokers Limited

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The Changing Reality

  1. 1. ORBiT Organization of Real Time Brokers Implementing Technology Working Together to Improve Customer Satisfaction
  2. 2. The Changing Reality Introducing our Panelists: Bill Morris, Navicom Jeff Roy, P.A. Roy Insurance Lorie Smith, Mass Insurance Steve Wagler, Josslin Insurance Bios are at
  3. 3. The New Age of PERSONAL Lines Insurance How CUSTOMERS are DRIVING Market Change!
  4. 4. What’s REALLY Driving Marketshare Change in Ontario? Three Major Themes… • Changing Consumer Landscape • Changing Market Landscape • Insurance Industry Reaction
  5. 5. Changing Consumer Expectations Personalized (Relevant) Accessible (When, Where, How I Want it) Real Time (In the Now!) Simple and Easy (Point and Click) “Proactive” Value (Know What I Need and Want) Moving Target…
  6. 6. Changing Consumer Behaviours Increasingly Multi-Modal – Ultimately Mobile! Preference Toward E-commerce Instant Response/Gratification Rapid Acceptance of Social Media “Experienced” Users Better Prepared Predisposition Towards Self Education Accelerated Decision Making!!!
  7. 7. Changing Broker Customer Expectations! Top BROKER Customer Engagement Drivers: Over HALF of ALL broker customers are NOT fully engaged! BUT!
  8. 8. Agent Financial Institution Direct BrokerGroup Agent 25% Financial Institution & Direct 25% Broker 45% Group 5% Changing Market Dynamics 2010 2013 Group 2%Agent 25% Broker 73% 1980 2014 Evidence that Ontario Broker Customer Engagement has bottomed out!
  9. 9. Changing Competitive Landscape Increasing competitive “noise” – Canada and US Cross selling, complimentary product packaging is increasing: Financial Institutions, Agents and Directs have less complex benefit delivery model Financial Institutions enjoy closer customer connection Telematics pushing innovation envelop
  10. 10. Industry Maturation and Consolidation More Industry Consolidation • Insurance companies • Insurance brokers Increased Corporate Branding • Insurance companies • Financial institutions • Global competitors • Brokers Direct channels becoming more aggressive • Innovation or commodity for less $
  11. 11. Industry Reaction to Change Law of Inertia: Carriers AND Brokers AND Customers Until NOW! Technological barriers Regulatory barriers Political barriers Limited culture of innovation or collaboration BBIC Brokers customer engagement
  12. 12. New technologies, innovation, collaboration, Social Media and the Internet are being used by entrepreneurs and INDUSTRY LEADERS IN ONTARIO - RIGHT NOW to change how consumers buy insurance! What’s It All Mean?
  13. 13. BBIC Broker of Tomorrow “The world belongs to the few people that are not afraid to get their hands dirty.” Author Unknown
  14. 14. Question 1 Can you share at a fairly high level, the direction you’ve chosen to reinvent your brokerage to be successful in the future?
  15. 15. Question 2 What was the impetus for you and your executive team to actually deal with the Changing Reality in our industry?
  16. 16. Question 3 What was the biggest barrier you encountered with your team, before you could move forward?
  17. 17. Question 4 When you were going through the process to develop what your brokerage needed to become, where did you look for inspiration, guidance, critical thinking, reality checks, if you will?
  18. 18. Question 5 You have each chosen a different path for dealing with the changing reality in our industry – why did you decide upon your specific path? What were the critical factors you had in your sights when you made your decision?
  19. 19. Question 6 How are you or how have you gotten buy in from your staff for the change in direction?
  20. 20. Question 7 How have your hiring practices changed to meet the requirements of your future brokerage?
  21. 21. Question 8 Where have you seen the single biggest change in the expense allocation on your budget?
  22. 22. Question 9 What’s the biggest benefit for your clients with the changes you’ve made to your brokerage?
  23. 23. Question 10 What word(s) of advice would you give to other brokerage principals who are just starting down this path?
  24. 24. Closing Remarks From our customer experience expert… Thank you