May 19, 2023 by Canadian Underwriter Staff
Given all of the M&A activity in the broker channel over the past two decades, has the definition of what it means to be an “independent” broker changed?
In Canadian Underwriter‘s 2023 national survey of more than 150 brokers, 48% of respondents ranked insurance industry consolidation as the greatest challenge facing the broker channel. It was the fourth-highest concern, falling below the hard market (66%), talent acquisition (63%), and the growth of the direct channel (51%).
In verbatim answers to the survey, brokers wondered how M&A impacted consumers. Did it affect customers unevenly, depending on geography, or whether the area was urban or rural?
Given the many types of brokerage models these days, what does it mean now for a P&C brokerage to be independent? Does it come down to the intent of the broker, whose job is to provide consumers with choice? Or does it relate to who owns the brokerage? And what difference does it make to brokers and consumers?
Join Canadian Underwriter on Thursday, May 25, at 1:00 pm ET, in an engaging LinkedIn Live panel discussion with broker leaders to help understand what we mean when we talk about broker independence.
Joseph Carnevale, Chair, Insurance Brokers Association of Ontario
Linda Dolan, Broker Principal, Alport Insurance Agencies Inc., President, Insurance Brokers Association of Canada
Aly Kanji, President, CEO, Insureline
Lorie Phair, President, Canadian Broker Network