By RCCAQ
It's a bit of a coincidence that Ogilvy Insurance, founded 90 years ago, found itself among the first brokerage firms to be named "Technology Champion". One day, Bruce Ogilvy, one of the firm's two partners, read an article asking firms to evaluate their own technological level. Since his firm had always been very IT-proactive, he was curious to see how his firm would rank. To his great surprise, he ended up receiving a call from the Centre for Study of Insurance Operations (CSIO) informing him that Ogilvy Insurance was one of the few firms to obtain a perfect score!
“We were really proud," says Mr. Ogilvy. "It's the culmination of lots of hard work over the past 20 years!” The firm gradually reviewed all its business processes for technology adaption purposes. Founded in 1924, the firm operated 100% manually for several decades, that is, until the technology revolution began. “The changes we've seen weren't just in the area of computers. They were also cultural,” he notes.
Hooked on high-tech improvements
The history of Gaudreau Assurances is quite different. Founded in 1999, the firm started out using various technologies for its administrative functions. Around 10 years ago, it began computerizing the processes for its personal insurance lines. In 2015, all of the commercial insurance operations were migrated to a computerized management system. “We'd originally planned to convert the smaller clients and then move on to the bigger ones, over an 18-month period,” explained Vincent Gaudreau, vice-president of Gaudreau Assurances. “The process with the initial group of clients went so smoothly and we saw so many benefits that we accelerated the schedule and completed the whole project in only 10 months.”
As Mr. Gaudreau sees it, technology's benefits are twofold. Needless to say, the firm's efficiency gains have been significant, creating a snowball effect by improving client service quality thanks to increased speed and greater process fluidity. “Each new project brings us an array of benefits, which encourages us to keep on going. It's like we're hooked on high-tech improvements!” adds Mr. Gaudreau with a laugh.
The Gaudreau Assurances team is quite young, so the firm's technological advances have been a big hit among its employees. Management has expressed an interest in testing new applications whenever computer companies are getting ready to launch new products. According to Mr. Gaudreau, “This enabled us to become even more familiar with the development process for high-tech systems. On top of that, we were among the very first firms to use these new tools when they were market-ready. This approach has been very beneficial for us.”
The importance of getting involved and training teams effectively
At Ogilvy Insurance, Bruce Ogilvy encourages other firms to cast aside any technological misgivings they may have. “Often, it's less complicated than you might think. The most important thing is to surround yourself with the right people. Hiring a consultant is often a key part of getting a project of the ground and getting everyone on track. And you don't always have to embark on big projects to make improvements. Often, there are unused features in our current systems. So that's always a good place to start! There are also growing numbers of applications and tools that are ready to be integrated in existing systems.”
Mr. Ogilvy also addressed the question of HR management when rolling out new technologies. “The best advice I can give is to consider how your employees will be involved in these projects. You have to take time out beforehand to tell your employees what they'll be expected to do and what the benefits are. But you can't play down or minimize any changes. Change is always a source of anxiety, so you have to be transparent and state thing clearly. After that, the key is keeping teams informed on an ongoing basis, in addition to training and retraining your employees! They're the ones who end up using the new systems, so they need time to familiarize themselves with them so they feel comfortable in front of their clients.”
One thing is certain, says Mr. Ogilvy. “All firms have to get involved. The future of our industry is on the line. Clients now expect to access electronic transactions whenever and wherever they like. The brokerage insurance sector needs to make progress in this regard.”
The best way to take on the direct insurers
Vincent Gaudreau concurs. After serving as the RCCAQ's chair in 2014-15, Mr. Gaudreau now summarizes the issue as not being a question of whether a firm should computerize its processes, but when. “There's no time to lose! The best way to take on the direct insurers is to offer our clients efficient, smooth and straightforward processes. If we're not up to the task in this regard, how can we ever promote our value added or our advisory services? Our clients won't even go there.” Mr. Gaudreau added that failing to embrace progress would mean losing out on business opportunities and market share. “Is that what we want? I don't think so!"
- Ogilvy Assurance has two offices (Montreal/Toronto) and around 50 employees.
- Based in Montreal, Gaudreau Assurances was founded in 1999 and now has around 25 employees.
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