December 23, 2020 by Adam Malik
Tina Osen, President, Hub International Canada
Consumer behaviours are changing. We demonstrated to our customers how important it was to have good information, in real-time, and they value our knowledge.
Our clients recognize that the advice we bring is important, but they want to consume it in different ways. So the next step is to continue to dial up virtual advisory services, digitally enable our sales forces, and open new channels to interact with us. These will all be necessary steps to re-imagine distribution in a way that serves our customers.
Operating models will have to change, too. I’m kind of excited about the fact that this crisis has required us to be more agile, flatter in our decision making, and move quicker to get things done. All are necessary skills for a changing consumer and rapid technological advances.
The pandemic has really illustrated the importance of great leadership. It required CEOs to push for broad changes in their companies and rapidly dial up the extent and speed at which they re-examined their business models. In crisis, CEOs need to be more engaged. This will require strong communication skills, listening, empathy, understanding, commitment, follow-through, flexibility, and the ability to pivot quickly.
Currently, capacity continues to be challenged. No indicators suggest any short-term relief. These challenges do present opportunities.
For example, scale becomes important. M&A will continue to be a significant driver in the business. You need the size to invest in your value proposition for your customers.
Second, we are going to continue to see a rationalization of trading partners.
Finally, we will see the introduction of new capital. Not all solutions are available in the current marketplace, so you will see new entrants that opportunistically see the right timing with pricing (in addition to more sophisticated AI) enter the marketplace. Conversely, you will see brokers scouring the globe for solutions if they can’t find them domestically.