the changing reality
DESCRIPTION
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 LimitedTRANSCRIPT
www.orbitcanada.ca
ORBiTOrganization of Real Time Brokers
Implementing Technology
Working Together to Improve
Customer Satisfaction
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
The New Age of PERSONAL Lines Insurance
How CUSTOMERS are DRIVING Market Change!
What’s REALLY Driving Marketshare Change in Ontario?
Three Major Themes…
• Changing Consumer Landscape
• Changing Market Landscape
• Insurance Industry Reaction
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…
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!!!
Changing Broker Customer Expectations!
Top BROKER Customer Engagement Drivers:
Over HALF of ALL broker customers
are NOT fully engaged!
BUT!
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!
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
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 $
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
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?
BBIC Broker of Tomorrow
“The world belongs to the
few people that are
not afraid to get their hands dirty.”
Author Unknown
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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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
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