October 26, 2017 by Greg Dalgetty, Editor
Gore Mutual CEO Heidi Sevcik talked about the company’s decision to acquire insurance brokerage Howard Noble Insurance at the IBAO Convention in Ottawa on Thursday.
Gore Mutual acquired Noble Insurance earlier this year. Sevcik noted that Gore gave Noble its first contract in 1946.
“This acquisition was really all about the continuation of that partnership, and more importantly, securing that broker in the broker channel,” she said.
Sevcik was asked whether she viewed insurers purchasing brokerages as a positive or negative industry trend.
“For brokers who are looking to sell, this is a positive thing. For brokers who are looking to acquire, we appreciate that this presents challenges,” she commented. “But this has been going on long before Gore Mutual ever started considering acquisitions.”
Sevcik also talked about Gore Mutual’s investment in the InsurTech BrokerLift, a digital platform that allows brokers’ customers to receive quotes and pay for insurance policies online.
“They are 100% committed to working with brokers, and not just on behalf of Gore Mutual,” she said. “The vast majority of their products are coming from a variety of different markets. We consulted with a number of brokers to help them with technology solutions, and [the solutions] are not just dedicated to Gore products.”
This story was originally published by Canadian Insurance Top Broker.