By RCCAQ

During its annual membership meeting in April 2016, the Centre for Study of Insurance Operations handed out its inaugural Technology Champion awards, which recognize Canadian brokers who obtain a perfect score of 100% on the CSIO's Technology Scorecard.

In light of technology's growing importance within the insurance brokerage sector, Liaison + magazine is featuring its first article on two firms whose exemplary performance has been recognized by the CSIO. Watch for future issues for information on other firms that have won this award!

Anne Martel, co-president of Martel & Martel, and Christopher Johnson, president of Assurances Multi-Risques, are both very clear on one thing: the use of technology in the brokerage sector is essential. Technology is no be-all and end-all, but it is one way of enhancing the client experience and leveraging a firm's efficiency. Both Ms. Martel and Mr. Johnson are convinced that technology integration is boosting their firms' performance and profitability.

“I was very proud to learn that we'd won the Technology Champion award. It's the culmination of 10 years of hard work,” explains Ms. Martel. To ensure that clients have the best possible experience (not to mention a simpler life!), Martel & Martel's management team decided to gradually phase in the very best aspects of computer technology. “Technology for technology's sake is pointless,” notes Ms. Martel. “That's why you need to have a vision and goals for your business. What we originally wanted to do was improve the client experience. In addition, the firm ended up with greater efficiency and performance as well!”

For Mr. Johnson, efficiency is the main benefit of technology. “The more we integrate technology into our business practices, the more we increase our efficiency. We've also seen how computerization reduces the risk of errors, such as incorrectly transcribed client information. That means we waste less time and can dedicate more quality time to our clients. And that often translates into additional sales because our brokers have more leeway to discuss the details of each client's situation.”

Assurances Multi-Risques and Martel & Martel both have 100% paper-free operations. All documents are exchanged with clients electronically. As soon as his firm opened its doors, Mr. Johnson decided to go paper-free. As a result, technology has always been front and centre within his firm's culture. Although one might think that IT costs would be an obstacle for a start-up firm, Mr. Johnson actually sees that integrating technology at the very beginning provided a long-term advantage, as he did not have to overhaul his business processes or oversee change management for his employees or clients. In fact, his clients have warmly welcomed the paper-free policy. “Most other industries rely on electronic communications with their clients. Why shouldn't insurance brokers do the same?” he asks.

At Martel & Martel, the "go-green transition" occurred in January 2016. Since then, all documents have been exchanged with clients electronically; less than 1% of clients have opted to continue with paper! “That shows how receptive our clients are, not just individuals, but companies as well,” says Ms. Martel.

Mr. Johnson has also noticed that his firm's technological advances have made staff retention easier. Brokers quickly realize that there are efficiency gains to be made; they're also proud to be part of a firm that, despite its size, has developed a pioneering vision in the realm of technology.

Ms. Martel isn't letting success go to her head, despite having been honoured by the CSIO: “I'm proud of what we've accomplished but we can't rest on our laurels: our industry is behind the times! We've got a long way to go to catch up. You can't swim against the tide of technology. So if we want to demonstrate our relevance, we have to maximize technology's potential. Our clients have been asking for that and will continue to do so! And since insurers will increasingly be bringing in new high-tech processes, brokers will be forced to follow suit." She notes that computerizing a process is often simpler than it seems. As she puts it, merely observing what other industries are doing is often the best source of inspiration. The required tools are often quite affordable since other companies have already implemented them.

Mr. Johnson shares this view: he too is convinced that the use of technology is unavoidable. He also believes that other firms also deserve the Technology Champion award. “I'm sure there are far more than five firms that meet the criteria. I encourage all brokerage owners to get informed and do the self-assessment. If more of us promote what we've achieved, we'll move the industry forward,” he adds.