November 5, 2020 by David Gambrill
Canadian Underwriter’s 2020 National Broker Survey was a survey unlike any other.
Conducted during a one-in-100-year global pandemic, we talked to 220 Canadian property and casualty insurance brokers about pressures on the distribution channel, operational challenges, best practices, optimal marketing and sales strategies, and how they feel generally about being a broker.
COVID-19 has not made a significant dent in brokers’ optimism about their career choices or their financial future, according to our survey results.
Nor has the global pandemic changed three-year trends in what brokers have identified as successful business strategies and best practices. Specialization continues to be one of the most important ways to serve brokers’ customers well, while referrals continue to be the most popular way to gain new prospects.
This is not to say, however, that the pandemic has had no impact on how brokers think about specialization. Survey results show, for example, that enthusiasm for specialization as a growth strategy may be starting to plateau. Some industry observers suggest the pandemic has highlighted the risk of extremely specialized business models.
Read about these and other broker insights in this digital hub showcasing the results of our 2020 National Broker Survey.
Feature image courtesy of iStock.ca/Tinpixels