The Ontario Broker - Volume 22, Issue 2 - 23

leadership
Another challenge we often discuss is having the right strategy
for digital transformation. Though the large players in the
industry have improved expense ratios and profitability through
improvements in process efficiency, there's a need to tie digital
investments to high-value business objectives.
RJ: Resourcing has certainly become a rampant issue. With carriers
and broker competitors all competing for the same pool, it seems
finding talent has become more competitive than ever. Although
we do not see our business or organization as one that can be
done without the personal and compassionate touch of a human,
we know that their all tools that can aid in their ability to most
effectively and efficiently work.
WHAT ARE THE BIGGEST OPPORTUNITIES YOU SEE IN THE
INDUSTRY TODAY?
SB: Leveraging technology for communication and collaboration
is a big opportunity to accelerate the performance of your
organization. While the erosion of interpersonal communication
has created challenges for traditional styles of leadership, the
broad adoption of video communication and collaboration
software has created new opportunities to engage teams more
frequently, effectively and in ways that haven't been done before.
SK: The insurance industry has enjoyed historic highs in
profitability over the last two years, and now is the time to put the
money where the mouth is. Insurance has lagged behind other
industries to embrace technology and change. Current insurance
products are mostly one-size-fits-all, whereas the customers
increasingly demand tailored products. Technology like usagebased
insurance would help large incumbents maintain their
competitiveness and market share. Underwriting automation is
another area that remains on the radar of all insurers. Whether
a customer is looking for auto, property or renters' insurance -
they are always looking for carriers that can provide quick and
affordable coverage.
RJ: Niche products and services. Without a doubt, we see customer
behaviour gravitating towards the commoditization of home
and auto or traditional personal lines products. We must remain
diligent in offering our customers the most comprehensive and
competitive products and pricing when it comes to this category.
We need to explore how we can provide most product verticals
not available through digital offerings. Whether that be a small
business, commercial needs, or life and investment products.
We need to continue to explore the depth of our available tools
and services to ensure that our customers have every end of
their financial future protected. Otherwise, we leave ourselves
susceptible to the competition by a failure of our own efforts.
Thank you to our brokers
and our employees for your
continued support.
Without you, we would not
have experienced the incredible success
we continue to have.
CONNECT WITH US
Jennifer Power
Vice President, Pembridge Insurance Company
www.pembridge.com
VOLUME 21 | ISSUE 5UME 22 | ISSUE 2
23
http://www.pembridge.com
The Ontario Broker - Volume 22, Issue 2

Table of Contents for the Digital Edition of The Ontario Broker - Volume 22, Issue 2
