Jen: [00:00:07] Hello, everybody, and welcome to Insurance Business TV. I’m Jen Frost, editor of North America at Insurance Business. Today, I’m joined by Stephen Billyard, CEO of the award successful Billyard Insurance Group. And maybe fittingly, you may suppose BIG was not too long ago named Barnes and Wilcox, massive brokerage of the yr on the 2022 Insurance Business Canada Awards. Steve, thanks a lot for becoming a member of us at this time and welcome to the present.
Stephen: [00:00:35] Thanks, Jen. It’s a pleasure to be with you.
Jen: [00:00:37] And congratulations on all of your current achievements as nicely, Steve.
Stephen: [00:00:41] Thank you. Thank you very a lot. We have been actually excited to lastly be acknowledged in that area. It’s one thing that every one of our crew members at BIG took very critically. 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] Awesome. And talking of achievements, what’s the secret to BIG’s natural grown success?
Stephen: [00:01:00] Yeah, nicely, actually I get requested that query loads. You know, we we’re the quickest natural rising brokerage in Canada. And so everyone, I feel, thinks they’re in search of a silver bullet. That one factor that that you simply do to 10x your organization. But it is you understand, it is by no means fairly that easy. You know, I feel what we have carried out is various issues very nicely, and we have stayed targeted on just a few key ideas know-how, branding, coaching, help, however most significantly, individuals. You know, we sought out and empowered the very best, brightest and youngest within the enterprise. And we have put brokers and brokers on the forefront of our technique. So each resolution that we make is geared in the direction of how can we make the frontline brokers job simpler, quicker, higher, to allow them to do what they do finest, which is care for their shoppers and develop their enterprise. And, you understand, whereas we’re not excellent at it, it is truly a tough, exhausting enterprise to carry change on this method. But I feel that ethos, it is with that ethos that we get higher and higher daily.
Jen: [00:01:53] Absolutely. I imply, no one’s completely excellent, 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] Well, I feel I feel 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 know, we it was additionally the most important problem that we face this yr and I feel the most important problem that the whole business confronted. You know, the very fact is the insurance coverage business is transferring very quick proper now, whether or not you are on the dealer aspect, the insurer aspect or the MGA aspect. And there’s only a scarcity of skilled, gifted insurance coverage professionals on the market. So, you understand, we we labored fairly exhausting to beat it by by cultivating a tradition and an surroundings that pulls high expertise, that be a spot on the high expertise wish to work. And so I feel 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] Talent looks like such a problem for everybody in the meanwhile. Absolutely. Now, Steve, we have spoken a bit about 2022, however I’m to listen to what you suppose your massive achievements or what you hope your massive achievements are going to be this yr.
Stephen: [00:03:14] Well, 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. But we’re persevering with our development 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 info we have to run our companies extra successfully. I feel if we will accomplish that, I’m very happy with the place it may put us within the Canadian insurance coverage market by the tip of 2023.
Jen: [00:03:47] So you spoke a bit about digital and tech there and the way vital 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 at this time?
Stephen: [00:04:01] Yes, I feel I feel to each extent, truthfully, I feel for those who’re not embracing digital at this time, it truly is the one recreation. So for those who’re nonetheless simply speaking about it, for those who’re simply serious about 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 nicely. But I feel for us, not less than in our ethos, know-how is every little thing. And it is why our mission is to guide the digital insurance coverage revolution.
Jen: [00:04:27] Thank you, Steve. And what different market development may you be maintaining a tally of in the meanwhile?
Stephen: [00:04:32] Well, after I after I suppose again to the unpredictability of the final 24 months, inflation growing declare prices which is able to affect the profitability of our of our insurance coverage carriers provide chain points inflicting declare service points. It’s been an actual problem over the past 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 feel our business has to do higher than we’re doing and it has to financially carry out with the intention to thrive. And our clients are demanding extra from us than ever earlier than. You know, we’re coming via this era the place the place the weak spots in our business have been uncovered and the winners within the yr forward might be people 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. Well, Steve, thanks a lot for becoming a member of us at this time. It’s been nice having you on the present. Thank you.
Stephen: [00:05:26] Thanks for having me with you, Jen.
Jen: [00:05:28] And thanks additionally to you, our viewers. Don’t overlook to take a look at extra of our podcast movies and day by day information at www.insurancebusiness.com/ca. I’m Jen Frost, Editor, Insurance Business.