Until 2011, Alexandre Guilbert worked for a major direct insurer and thoroughly enjoyed his role. But when the range of services offered by his employer no longer matched the needs of his clientele, he decided to make the jump to the brokerage sector.
In March 2016, Alexandre founded GC Insurance Inc. after acquiring the clientele of a brokerage based on Montreal's South Shore; at the time, the firm had only two employees. Riding a wave of enthusiasm, the young entrepreneur knew that to take things to the next level, he needed to carry out a thorough review of the firm's business procedures and modernize its operations.
Here is Alexandre's inspirational success story, driven by his whole-hearted embrace of technology!
Identifying the key processes
In effect, Alexandre decided to dive right into the deep end of the brokerage sector. He soon realized that his firm would never grow without a top-to-bottom review of all its processes and procedures. Many administrative tasks were still being performed manually, with no value added for clients. In addition, there wasn't a spare moment to devote to growth! Fortunately, the clientele was solid and loyal and appreciated the quality of the services and advice provided.
Alexandre explains: "Based on my experience, I made a bet at the outset that implementing more modern processes would make the firm more efficient and create new avenues for sales growth. But to make that happen, technology was an essential part of the adventure."
Although he knew that investing in technology was crucial, he was no expert. As a result, he spent time doing research and identifying strategies aimed at easing the firm's administrative burden and driving growth.
High-impact technological solutions
After taking part in the Tech Launchpad contest and finishing in the Top 3, Alexandre's interest in technology grew by leaps and bounds. Drawing on his new-found confidence, he was poised to make his first investments. His research had confirmed that few available systems offered the tools he needed, so he had to piece together the best options (i.e. aligned with his realities) in order to create a custom-tailored high-tech environment.
To begin with, he put in place a client relationship management (CRM) system, together with a few complementary technologies. Most of his client policy management operations are handled within the CRM, which in his view offers more opportunities than traditional brokerage management systems. These tools also helped him to drum up business by identifying potential prospects and providing follow-up throughout the consumer purchase process.
Alexandre also acquired a cloud hosting platform, along with a VOIP telephone system (voice over internet protocol) designed to provide full integration with the firm's existing systems while boosting flexibility and efficiency for brokers in the office or out on the road.
The firm's website was also completely revamped and adapted to various types of mobile devices and screen sizes. It now includes an application for online quote requests.
Alexandre is weighing up other avenues for high-tech development, including a chatbot that he hopes will give the firm's efficiency an additional boost.
An essential technological transition
"These changes weren't particularly revolutionary," notes Alexandre. "Even though it may seem like my learning curve was quite steep, I'd do it all over again tomorrow. Yes, I wasted some time along the way, and a few investments didn't quite work out. But the knowledge I acquired about the tools available on the market and how to get them working in sync was enormously valuable."
He adds: "After only three years in business, there was only one year in which our firm could reap the full benefits of these new technologies. Even so, our annual revenues have risen by 60% despite no advertising! Plus, we now have an office assistant and a third insurance expert. I'm very proud to say that our efforts are starting to pay off."
According to Alexandre, technology is inescapable; it is both a challenge and an opportunity. The major insurers will always be able to afford the latest cutting-edge systems, even though there are many other tools out there that will allow the smaller players to optimize their technology solutions.
Alexandre concludes with an optimistic message: "If a firm of our size can acquire cutting-edge technology, then anyone can. Be smart! Be creative! Be innovative!"
