This document summarizes a panel discussion on how the insurance industry in Canada is changing in response to shifts in consumer expectations and behavior. The panelists, who represent different brokerages, discuss how their businesses have reinvented themselves to focus on personalized, digital customer experiences. They note barriers to change, the importance of innovation and collaboration, and how hiring practices and budgets now reflect a priority on technology over traditional marketing. The panel aims to provide guidance to other brokers on successfully adapting to remain relevant and competitive in the new industry landscape.

1. www.orbitcanada.ca
ORBiT
Organization of Real Time Brokers
Implementing Technology
Working Together to Improve
Customer Satisfaction

2. www.orbitcanada.ca
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 www.insurance-canada.ca

3. The New Age of PERSONAL Lines
Insurance
How CUSTOMERS are DRIVING
Market Change!

4. What’s REALLY Driving Marketshare
Change in Ontario?
Three Major Themes…
• Changing Consumer Landscape
• Changing Market Landscape
• Insurance Industry Reaction

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. 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. Changing Broker Customer
Expectations!
Top BROKER Customer Engagement Drivers:
Over HALF of ALL broker customers
are NOT fully engaged!
BUT!

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. 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. 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. 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. 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. BBIC Broker of Tomorrow
“The world belongs to the
few people that are
not afraid to get their hands dirty.”
Author Unknown

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?
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15. Question 2
What was the impetus for you and
your executive team to actually
deal with the Changing Reality
in our industry?
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16. Question 3
What was the biggest barrier you
encountered with your team,
before you could move
forward?
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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?
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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?
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19. Question 6
How are you or how have you
gotten buy in from your staff
for the change in direction?
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20. Question 7
How have your hiring practices
changed to meet the
requirements of your future
brokerage?
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21. Question 8
Where have you seen the single
biggest change in the expense
allocation on your budget?
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22. Question 9
What’s the biggest benefit for
your clients with the changes
you’ve made to your
brokerage?
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23. Question 10
What word(s) of advice would
you give to other brokerage
principals who are just starting
down this path?
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24. Closing Remarks
From our customer experience
expert…
Thank you
www.orbitcanada.ca