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www.orbitcanada.ca
ORBiT
Organization of Real Time Brokers
Implementing Technology
Working Together to Improve
Customer Satisfaction
www.orbitcanada.ca
The Changing Reality
Introducing our Panelists:
Bill Morris, Navicom
Jeff Roy, P.A. Roy Insurance
Lorie Smith, Mass Insurance
Steve Wagler, Josslin Insurance
Bios are at www.insurance-canada.ca
The New Age of PERSONAL Lines
Insurance
How CUSTOMERS are DRIVING
Market Change!
What’s REALLY Driving Marketshare
Change in Ontario?
Three Major Themes…
• Changing Consumer Landscape
• Changing Market Landscape
• Insurance Industry Reaction
Changing Consumer Expectations
Personalized (Relevant)
Accessible (When, Where, How I Want it)
Real Time (In the Now!)
Simple and Easy (Point and Click)
“Proactive” Value (Know What I Need and
Want)
Moving Target…
Changing Consumer Behaviours
Increasingly Multi-Modal – Ultimately Mobile!
Preference Toward E-commerce
Instant Response/Gratification
Rapid Acceptance of Social Media
“Experienced” Users Better Prepared
Predisposition Towards Self Education
Accelerated Decision Making!!!
Changing Broker Customer
Expectations!
Top BROKER Customer Engagement Drivers:
Over HALF of ALL broker customers
are NOT fully engaged!
BUT!
Agent
Financial
Institution
Direct
BrokerGroup
Agent
25%
Financial
Institution &
Direct
25%
Broker
45%
Group
5%
Changing Market Dynamics
2010
2013
Group
2%Agent
25%
Broker
73%
1980
2014
Evidence that Ontario Broker
Customer Engagement has
bottomed out!
Changing Competitive Landscape
Increasing competitive “noise” – Canada and US
Cross selling, complimentary product packaging is
increasing:
Financial Institutions, Agents and Directs have less
complex benefit delivery model
Financial Institutions enjoy closer customer
connection
Telematics pushing innovation envelop
Industry Maturation and Consolidation
More Industry Consolidation
• Insurance companies
• Insurance brokers
Increased Corporate Branding
• Insurance companies
• Financial institutions
• Global competitors
• Brokers
Direct channels becoming more aggressive
• Innovation or commodity for less $
Industry Reaction to Change
Law of Inertia: Carriers AND Brokers AND
Customers
Until NOW!
Technological barriers
Regulatory barriers
Political barriers
Limited culture of innovation or
collaboration
BBIC Brokers customer engagement
New
technologies, innovation, collaboration,
Social Media and the Internet are being
used by entrepreneurs and INDUSTRY
LEADERS
IN ONTARIO - RIGHT NOW
to change how consumers buy
insurance!
What’s It All Mean?
BBIC Broker of Tomorrow
“The world belongs to the
few people that are
not afraid to get their hands dirty.”
Author Unknown
Question 1
Can you share at a fairly high
level, the direction you’ve
chosen to reinvent your
brokerage to be successful in
the future?
www.orbitcanada.ca
Question 2
What was the impetus for you and
your executive team to actually
deal with the Changing Reality
in our industry?
www.orbitcanada.ca
Question 3
What was the biggest barrier you
encountered with your team,
before you could move
forward?
www.orbitcanada.ca
Question 4
When you were going through the
process to develop what your
brokerage needed to become,
where did you look for
inspiration, guidance, critical
thinking, reality checks, if you
will?
www.orbitcanada.ca
Question 5
You have each chosen a different
path for dealing with the
changing reality in our industry
– why did you decide upon your
specific path? What were the
critical factors you had in your
sights when you made your
decision?
www.orbitcanada.ca
Question 6
How are you or how have you
gotten buy in from your staff
for the change in direction?
www.orbitcanada.ca
Question 7
How have your hiring practices
changed to meet the
requirements of your future
brokerage?
www.orbitcanada.ca
Question 8
Where have you seen the single
biggest change in the expense
allocation on your budget?
www.orbitcanada.ca
Question 9
What’s the biggest benefit for
your clients with the changes
you’ve made to your
brokerage?
www.orbitcanada.ca
Question 10
What word(s) of advice would
you give to other brokerage
principals who are just starting
down this path?
www.orbitcanada.ca
Closing Remarks
From our customer experience
expert…
Thank you
www.orbitcanada.ca
The Changing Reality

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The Changing Reality

  • 1. www.orbitcanada.ca ORBiT Organization of Real Time Brokers Implementing Technology Working Together to Improve Customer Satisfaction
  • 2. www.orbitcanada.ca The Changing Reality Introducing our Panelists: Bill Morris, Navicom Jeff Roy, P.A. Roy Insurance Lorie Smith, Mass Insurance Steve Wagler, Josslin Insurance Bios are at www.insurance-canada.ca
  • 3. The New Age of PERSONAL Lines Insurance How CUSTOMERS are DRIVING Market Change!
  • 4. What’s REALLY Driving Marketshare Change in Ontario? Three Major Themes… • Changing Consumer Landscape • Changing Market Landscape • Insurance Industry Reaction
  • 5. Changing Consumer Expectations Personalized (Relevant) Accessible (When, Where, How I Want it) Real Time (In the Now!) Simple and Easy (Point and Click) “Proactive” Value (Know What I Need and Want) Moving Target…
  • 6. Changing Consumer Behaviours Increasingly Multi-Modal – Ultimately Mobile! Preference Toward E-commerce Instant Response/Gratification Rapid Acceptance of Social Media “Experienced” Users Better Prepared Predisposition Towards Self Education Accelerated Decision Making!!!
  • 7. Changing Broker Customer Expectations! Top BROKER Customer Engagement Drivers: Over HALF of ALL broker customers are NOT fully engaged! BUT!
  • 8. Agent Financial Institution Direct BrokerGroup Agent 25% Financial Institution & Direct 25% Broker 45% Group 5% Changing Market Dynamics 2010 2013 Group 2%Agent 25% Broker 73% 1980 2014 Evidence that Ontario Broker Customer Engagement has bottomed out!
  • 9. Changing Competitive Landscape Increasing competitive “noise” – Canada and US Cross selling, complimentary product packaging is increasing: Financial Institutions, Agents and Directs have less complex benefit delivery model Financial Institutions enjoy closer customer connection Telematics pushing innovation envelop
  • 10. Industry Maturation and Consolidation More Industry Consolidation • Insurance companies • Insurance brokers Increased Corporate Branding • Insurance companies • Financial institutions • Global competitors • Brokers Direct channels becoming more aggressive • Innovation or commodity for less $
  • 11. Industry Reaction to Change Law of Inertia: Carriers AND Brokers AND Customers Until NOW! Technological barriers Regulatory barriers Political barriers Limited culture of innovation or collaboration BBIC Brokers customer engagement
  • 12. New technologies, innovation, collaboration, Social Media and the Internet are being used by entrepreneurs and INDUSTRY LEADERS IN ONTARIO - RIGHT NOW to change how consumers buy insurance! What’s It All Mean?
  • 13. BBIC Broker of Tomorrow “The world belongs to the few people that are not afraid to get their hands dirty.” Author Unknown
  • 14. Question 1 Can you share at a fairly high level, the direction you’ve chosen to reinvent your brokerage to be successful in the future? www.orbitcanada.ca
  • 15. Question 2 What was the impetus for you and your executive team to actually deal with the Changing Reality in our industry? www.orbitcanada.ca
  • 16. Question 3 What was the biggest barrier you encountered with your team, before you could move forward? www.orbitcanada.ca
  • 17. Question 4 When you were going through the process to develop what your brokerage needed to become, where did you look for inspiration, guidance, critical thinking, reality checks, if you will? www.orbitcanada.ca
  • 18. Question 5 You have each chosen a different path for dealing with the changing reality in our industry – why did you decide upon your specific path? What were the critical factors you had in your sights when you made your decision? www.orbitcanada.ca
  • 19. Question 6 How are you or how have you gotten buy in from your staff for the change in direction? www.orbitcanada.ca
  • 20. Question 7 How have your hiring practices changed to meet the requirements of your future brokerage? www.orbitcanada.ca
  • 21. Question 8 Where have you seen the single biggest change in the expense allocation on your budget? www.orbitcanada.ca
  • 22. Question 9 What’s the biggest benefit for your clients with the changes you’ve made to your brokerage? www.orbitcanada.ca
  • 23. Question 10 What word(s) of advice would you give to other brokerage principals who are just starting down this path? www.orbitcanada.ca
  • 24. Closing Remarks From our customer experience expert… Thank you www.orbitcanada.ca