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In case you missed it: Your IBAO Convention 2016 roundup
Role players to “come together” in the coming year to “collaborate, communicate, innovate and integrate.”
Gloria Cilliers on October 21, 2016
The future looks bright for brokers, if they come together and own the change that is affecting the industry.
That was the view from several speakers during last week’s annual Insurance Brokers Association of Ontario (IBAO) Convention, held in downtown Toronto.
Addressing brokers, insurers and broker management system companies, incoming President of the IBAO, Traci Boland, urged role players to “come together” in the coming year to “collaborate, communicate, innovate and integrate” in the face of an ever-evolving, ever-changing industry.
Contradicting concerns surrounding broker relevancy, Boland maintained that the “appetite for consumers to work with brokers is huge.”
“The negative rhetoric about the future of brokers is not the truth,” Boland said. “Ontario brokers write $25 billion in premiums. That’s three times the size of the largest insurance companies.”
But brokers need to realize they aren’t competing with one another. “Brokers need to think of each other as teammates, not competitors,” she said.
Boland’s thoughts were echoed by Lance Miller, broker, CEO & Co-founder of Surex Direct, who said that brokers “should not become casualties of change” but own it instead. Miller said that while insurance companies’ confidence in the broker channel is waning and directs are bringing a lot of doomsayers to the fore, brokers have a real chance to show consumers their value. “It’s not all doom and gloom. The biggest mistake we make as that we think our problems are not the insurers’ problems. Brokers need to adapt. Own the change and increase insurers’ confidence.” He urged brokers to let go of traditional delivery ideals and embrace the changing demands of consumers.
Similarly, Jim Harris, disruptive innovation expert, told brokers during his keynote address to work together to think differently in order to keep up with emerging innovation impacting the industry.
Read about Harris’ keynote address here.
CEO panel delivers tough questions
Harris also moderated this year’s CEO panel, during which each of the five major P&C about hot industry topics and also responded to live tweets. Each were specifically asked whether they are doing, or planning on doing, anything that may be perceived by brokers to be going “around” them.
Economical, RSA, Intact and Aviva specifically, who all have direct arms, assured brokers that their main focus would remain on their broker channels. This, again echoing the convention sentiment about a positive future for brokers who embrace change.
IBAO elects new Board, honours top brokers
During the convention, the IBAO announced its incoming Board of Directors for 2017, led by Boland. The appointment marks the first time that the IBAO will have five female directors on its board across the country.
The Association also recognized the top-performing brokers and brokerages throughout the province, including Young Broker of the Year, which was awarded to Adam Hare, Vice-president of Insurance Jack in Oshawa, Ont. Hare is also one of Canadian Insurance Top Broker’s Top 10 under 40 finalists this year.
Read more about the winners here.
Voting is open for the Canadian Insurance Top Broker’s Top 10 under 40.
In case you missed it: Your IBAO Convention 2016 roundup
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