Download - The Changing Reality
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www.orbitcanada.ca
ORBiTOrganization of Real Time Brokers
Implementing Technology
Working Together to Improve
Customer Satisfaction
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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
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The New Age of PERSONAL Lines Insurance
How CUSTOMERS are DRIVING Market Change!
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What’s REALLY Driving Marketshare Change in Ontario?
Three Major Themes…
• Changing Consumer Landscape
• Changing Market Landscape
• Insurance Industry Reaction
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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…
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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!!!
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Changing Broker Customer Expectations!
Top BROKER Customer Engagement Drivers:
Over HALF of ALL broker customers
are NOT fully engaged!
BUT!
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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!
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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
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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 $
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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
going up
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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?
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BBIC Broker of Tomorrow
“The world belongs to the
few people that are
not afraid to get their hands dirty.”
Author Unknown
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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?
www.orbitcanada.ca
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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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Question 3
What was the biggest barrier you encountered with your team, before you could move forward?
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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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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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Question 6
How are you or how have you gotten buy in from your staff for the change in direction?
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Question 7
How have your hiring practices changed to meet the requirements of your future brokerage?
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Question 8
Where have you seen the single biggest change in the expense allocation on your budget?
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Question 9
What’s the biggest benefit for your clients with the changes you’ve made to your brokerage?
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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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Closing Remarks
From our customer experience expert…
Thank you
www.orbitcanada.ca