December 21, 2020 by Adam Malik
When FCA this year celebrated 100 years of operations, and the beginning of a new chapter for our business journey, we also prepared for market hardening. Like everyone else, we have been surprised by the added complexity of the COVID-19 pandemic to a year that we had already forecast as being difficult.
But while the pandemic has introduced its own challenges, it has also given us the opportunity to accelerate technology enhancements we had previously planned. Operationally, our employees have welcomed new, virtual working realities. Our team embraced drastic changes to operate remotely and demonstrated the efficiency of a work-from-home model. This is important, especially since this could become a more permanent shift for many industries.
From an insurance industry lens, we’ve seen our business partners take a vast array of approaches to deal with the combined challenges of COVID-19 and the tightening market. As these market conditions play out, brokerages taking a “client- first” approach will be rewarded.
Marketplace changes have shifted client expectations, challenging us as a brokerage to present new and creative options to meet their needs. Partners with sound fundamentals and who are nimble to provide new solutions will be favoured in this new landscape. As the market continues to tighten for the foreseeable future, clients’ expectations of their insurance broker to deliver value will only increase. Having a wide breadth of markets available is invaluable to our clients during these uncertain times, since the overall market still seems to be quite asymmetric.
As more Canadian brokerages get swallowed up in acquisitions, the war for new talent will become more competitive. As an independently-owned insurance brokerage, our model has always been people first, allowing us to attract the best talent in the industry. Those who invest in their people will be put in a better position no matter where the market takes us.