Cooke predicts fair future for independent brokers

“The future of the independent broker is up to the independent broker,” says George Cooke president of The Dominion of Canada General Insurance Company. A favorable future lies ahead of the independent broker if the members of the profession want to realize it, he adds. However, success will depend on two factors, maintaining independence and delivering quality of service. Referring to Insurance Bureau of Canada research, Cooke points out that brokers are currently seen in a more favorable light by consumers than direct writers. But, the pendulum can swing if brokers do not uphold consumer interests as a first objective. “A lot of people [brokers] are doing a lot of things, but it is important to remember that customer service should be the ultimate purpose. An independent broker is someone who serves customers’ best interests, not the company or the brokerage. This is achieved through offering choice and advice.”

Technology, he points out, is not necessarily the enemy of the broker as is held in certain camps. Technology opens the door for brokers to expand their service abilities, he observes. “What’s more, it is cheap, but unfortunately not many people [brokers] are doing enough.” As such, Cooke says brokers need to increase their level of marketing sophistication, “they need to convince consumers that they are competitive in price and claims settlement”.