Jen: [00:00:07] Good day, everybody, and welcome to Insurance coverage Enterprise TV. I am Jen Frost, editor of North America at Insurance coverage Enterprise. At present, I am joined by Stephen Billyard, CEO of the award successful Billyard Insurance coverage Group. And maybe fittingly, you may assume BIG was not too long ago named Barnes and Wilcox, massive brokerage of the yr on the 2022 Insurance coverage Enterprise Canada Awards. Steve, thanks a lot for becoming a member of us right now and welcome to the present.
Stephen: [00:00:35] Thanks, Jen. It is a pleasure to be with you.
Jen: [00:00:37] And congratulations on all of your current achievements as effectively, Steve.
Stephen: [00:00:41] Thanks. Thanks very a lot. We had been actually excited to lastly be acknowledged in that area. It is one thing that every one of our workforce members at BIG took very severely. And for a few years we have been hoping to realize that recognition. So this yr was fairly particular for us all.
Jen: [00:00:54] Superior. And talking of achievements, what’s the secret to BIG’s natural grown success?
Stephen: [00:01:00] Yeah, effectively, actually I get requested that query lots. You realize, we we’re the quickest natural rising brokerage in Canada. And so all people, I believe, thinks they’re in search of a silver bullet. That one factor that that you simply do to 10x your organization. Nevertheless it’s you understand, it is by no means fairly that straightforward. You realize, I believe what we have finished is quite a few issues very effectively, and we have stayed targeted on just a few key ideas know-how, branding, coaching, help, however most significantly, individuals. You realize, we sought out and empowered one of the best, brightest and youngest within the enterprise. And we have put brokers and brokers on the forefront of our technique. So each determination that we make is geared in direction of how will we make the frontline brokers job simpler, sooner, higher, to allow them to do what they do greatest, which is care for their purchasers and develop their enterprise. And, you understand, whereas we’re not good at it, it is really a tough, exhausting enterprise to carry change on this method. However I believe that ethos, it is with that ethos that we get higher and higher each day.
Jen: [00:01:53] Completely. I imply, no person’s completely good, are they? Steve? So one query I do wish to ask you is whether or not there was any massive problem that massive overcame final yr.
Stephen: [00:02:03] Effectively, I believe I believe we confronted, you understand, staying in that very same vein, which is attracting and retaining high, high expertise, being the middle of our enterprise technique. You realize, we it was additionally the largest problem that we face this yr and I believe the largest problem that your complete business confronted. You realize, the actual fact is the insurance coverage business is transferring very quick proper now, whether or not you are on the dealer facet, the insurer facet or the MGA facet. And there is only a scarcity of skilled, proficient insurance coverage professionals on the market. So, you understand, we we labored fairly exhausting to beat it by by cultivating a tradition and an atmosphere that draws high expertise, that be a spot on the high expertise wish to work. And so I believe we have been very profitable at constructing a brokerage that folks wish to construct their careers at. And the second a part of that’s actually placing an emphasis on studying and growth. So within the locations the place we could not discover high expertise or nice individuals to to fill the roles that we had, we targeted on simply discovering nice individuals after which turning them into nice insurance coverage professionals with our with our studying and growth assets.
Jen: [00:03:00] Expertise looks as if such a problem for everybody in the meanwhile. Completely. Now, Steve, we have spoken a bit about 2022, however I am to listen to what you assume your massive achievements or what you hope your massive achievements are going to be this yr.
Stephen: [00:03:14] Effectively, you understand, I wish to make main strides on our mission, which is to be a number one nationwide insurance coverage brokerage and lead the digital insurance coverage revolution. We’re increasing as we converse into British Columbia, Manitoba and Saskatchewan. However we’re persevering with our progress in Ontario, Alberta and Nova Scotia and New Brunswick. And we’re constructing a know-how platform that’s going to empower our brokers to service and promote extra effectively and supply the information we have to run our companies extra successfully. I believe if we are able to accomplish that, I am very glad with the place it’ll put us within the Canadian insurance coverage market by the tip of 2023.
Jen: [00:03:47] So that you spoke a bit about digital and tech there and the way necessary it’s to yourselves, and that is maybe extra one for the broader market, and that basically is to what extent do brokers maybe threat being left behind if they are not actually embracing digital right now?
Stephen: [00:04:01] Sure, I believe I believe to each extent, truthfully, I believe when you’re not embracing digital right now, it truly is the one recreation. So when you’re nonetheless simply speaking about it, when you’re simply occupied with it and you are not doing it already, you are already falling behind. And so or maybe you are simply ready to be consolidated by somebody who’s. And so and that is a enterprise technique as effectively. However I believe for us, a minimum of in our ethos, know-how is all the pieces. And it is why our mission is to guide the digital insurance coverage revolution.
Jen: [00:04:27] Thanks, Steve. And what different market pattern may you be maintaining a tally of in the meanwhile?
Stephen: [00:04:32] Effectively, once I once I assume again to the unpredictability of the final 24 months, inflation rising declare prices which can influence the profitability of our of our insurance coverage carriers provide chain points inflicting declare service points. It has been an actual problem during the last 24 months for the carriers to to ship on their declare service promise due to the provision chain and inflation challenges they confronted and the know-how integration with our intermediaries. I believe our business has to do higher than we’re doing and it has to financially carry out so as to thrive. And our prospects are demanding extra from us than ever earlier than. You realize, we’re coming by way of this era the place the place the weak spots in our business have been uncovered and the winners within the yr forward shall be those who make progress on these points.
Jen: [00:05:16] So the winners would be the ones that make progress on these points. You heard it right here first. Effectively, Steve, thanks a lot for becoming a member of us right now. It has been nice having you on the present. Thanks.
Stephen: [00:05:26] Thanks for having me with you, Jen.
Jen: [00:05:28] And thanks additionally to you, our viewers. Do not forget to take a look at extra of our podcast movies and every day information at www.insurancebusiness.com/ca. I am Jen Frost, Editor, Insurance coverage Enterprise.