December 30, 2021 by Canadian Underwriter Staff
Aly Kanji, President and CEO, InsureLine
The idea that the strength of brokers is in our relationships was reinforced in 2021. Relationships are resilient and it is the value in these relationships that propelled brokers forward in the face of quarantines, lockdowns and isolation. Change is constant. The brokerage business is evolving and will continue to evolve. Despite the billions of dollars being invested in insurtech and discussion around disruption within the insurance industry, the reality is that it is more likely that the insurance business will evolve than be disrupted. That evolution is accelerating, and it will be imperative for all players in the industry to keep up with the pace of evolution.
From a B.C. perspective, Insurance Corporation of British Columbia (ICBC) will begin to offer auto renewals online in late March 2022, through ICBC Autoplan brokers. This will mark another evolution in the distribution of auto insurance in B.C. and will open many new opportunities for those brokerages that have been preparing and are ready to meet the demands of multi-channel distribution. Meanwhile, brokerages across Canada will continue to face a talent crisis, with insufficient licensed brokers available to do the required work. Building a unique identity and workplace culture along with a compelling story will be critical to attracting top talent.
InsureLine is an insurance brokerage franchise – we exist as a vehicle to keep the independent broker channel alive in the face of all the brokerage consolidation. We expect that more independent brokerage operators will consider joining a network like ours to fuel their growth to new heights, rather than choosing to sell to a consolidator. We also expect many brokers to be displaced through brokerage consolidation and these entrepreneurial individuals with strong client relationships will seek new opportunities to build a future for themselves.