Tom Hughes, partner at Locke Insurance Brokers, talks about broker consolidation when asked how Canadian property and casualty insurance brokers will change over the next three to five years.
Hughes’s comments are part of a series of video clips Canadian Underwriter is posting in November, leading up to its Top Broker Summit in Toronto on November 25. The theme of the summit is, ‘How will you change?’
Canadian Underwriter asked brokers attending the 2019 Insurance Brokers Association of Ontario (IBAO) Convention how they thought the broker distribution channel will change over the next five years. We received a broad spectrum of answers and we will be publishing them daily over the next 10 days between Nov. 11 and Nov. 22.
Brokers have identified a number of challenges facing the broker distribution channel in the future; our video clips highlight a sampling of them. In a poll published in our September print edition, brokers were asked to rank their Top 3 challenges from a list of more than 20. Their Top 5 answers were: retaining talent, recruiting talent, improving data exchange, finding profitable business during a hard market, and competing against directs for business.
Recruiting and retaining talent within brokerages will be among several featured panel discussions at the Top Broker Summit. Attendees will also hear from the executive of a large Canadian aggregator who has an interesting take on whether aggregators represent a “friend or foe” to brokers.
In addition, the summit will tackle a broad spectrum of issues facing brokers, including selling cyber-insurance; a potential economic recession; overcoming your client’s cognitive “optimism bias;” and discussions with some of the industry’s top CEOs about their views on what the broker channel will look like over the next 3-5 years.