THE FUTURE OF INDEPENDENT INSURANCE BROKERAGES IN CANADA: WHY INDEPENDENCE MATTERS
When I first founded the Canada Broker Network in 2002, I noticed a change happening in the industry. Brokers were starting to sell, intimidated by the many risks posed by staying fiercely independent. Ever since then, I’ve been working to empower independent Canadian brokerages to stay strong in the face of foreign competitors and other challenges, so that we can maintain a strong, self-reliant industry with high standards for operational performance, growth, and innovation.
The importance of cultivating independence is a nobrainer. As independent brokers, we can offer our customers the best unbiased options, easily comparing insurance providers and suggesting the optimal fit and price for their needs. More choices are better for the market and our clients, keeping up vibrant competition and improving insurance options that we can provide. Our independence is the key to keeping high standards of fair dealings and upfront negotiation practices.
At Acera, where I serve as COO, fostering and protecting that independence is a cornerstone of my role. It remains one of only two entirely Canadian-owned brokerages, and I truly believe that the freedom we enjoy is how we continue to provide first-rate services. We can connect with customers and offer tailored advice on their specific needs, be it solar-panel coverage, what to do if wildfires are threatening your property, or how non-profits can protect their directors.
As independent brokers, we can bring that personalized service to the table. A potential customer in one province isn’t going to have the same needs as someone living on the other side of the country. With personalized and regional information and data, we can stay equipped to keep ahead of the curve.
While some reports indicate that independent brokerages in Canada are on the decline, I believe there’s reason to
remain optimistic. It may be hard to maintain independence with super broker consolidations, but working together is the key to building success. Collaborating with other brokerages allows us to share data, keep prices low, and stay nimble. Individual brokerage licenses are on the rise in Ontario, pointing to an uptick in start-ups.
By sticking together, there’s a clear path forward for autonomous yet collaborative independent insurance brokers to not only survive but thrive in this economy. As Canadians, we deserve local and personalized insurance options that can be tailored to our needs, and I believe striving for independence is the only way forward.
