HERE WE GROW AGAIN

HERE WE GROW AGAIN

THE ONLY WAY THAT WE CAN LIVE, IS IF WE GROW. THE ONLY WAY THAT WE CAN GROW IS IF WE CHANGE. THE ONLY WAY THAT WE CAN CHANGE IS IF WE LEARN. THE ONLY WAY WE CAN LEARN IS IF WE ARE EXPOSED. AND THE ONLY WAY THAT WE CAN BE EXPOSED IS IF WE THROW OURSELVES OUT INTO THE OPEN. DO IT. THROW YOURSELF.

C. JOYBELL C.
AUTHOR

Asking our most important customers, our brokers, what they think of us is definitely throwing ourselves out into the open. Thank you very much to the hundreds of you who responded to our second survey. I very much appreciate both your candour and your most precious resource, your time.

Finding out what you are thinking about us and getting your feedback and suggestions is extremely valuable – you are helping us learn about ourselves which will enable us to drive change and continue on our path of growing Trisura. Thank you again.

Speaking of growth, I hope you saw the recent edition of Canadian Business and PROFIT magazine with their list of Canada’s Fastest-Growing Companies. I was very pleased to see Trisura make the grade and be recognized for the first time. The majority of companies on the list are small, and I was intrigued to discover that for larger companies of our size, (those over $100 million in revenue) we sit at number 17 on the list of the Fastest-Growing Canadian companies. That’s not bad considering our industry grows at 2 or 3% annually.

The fact that we have managed to grow our business so significantly over the years is largely due to the strong support we continue to receive from our broker partners. I also believe that part of the reason for this success is because we conducted our first ever broker survey 3 years ago and we took many of the suggestions to heart in an attempt to improve both our company and the way we do the business.

In 2013, you basically told us you love (my word) our people and our service, but wanted us to stretch in order to provide more products and services for you to distribute on our behalf. You also wanted us to broaden our appetite and increase our capacity. We have consistently worked on pursuing these objectives and were pleased to see a +8% improvement in our score for “product”. Product was actually the second most important measure for you in this year’s survey, and was number 1 in 2013.

The most important measure for you this time was ”service and ease of doing business”, which was number 2 on the list in 2013. I was thrilled to see a +5% improvement in that metric as well and the scoring of an 83 puts us into a best-in-class ranking.

I was gratified to see that we improved in every single category save one: Technology and E-commerce, and we still scored a respectable 72.

For a full synopsis of the survey, our scores and our plans, please click on the following link:

ACCESS FULL SURVEY RESULTS

We realize that we have several things we need to continue to work on and improve, but overall we seem to be heading in the right direction. You have helped us learn, change and grow, and as I have said on countless previous occasions, to live. The only way we could accomplish these things was if we threw ourselves out there into the open, and so we did. Your responses are invaluable. Without you, Trisura would not exist. I thank you for your continued support and confidence.

Cheers,

How to Obtain a Contractor Bond

How to Obtain a Contractor Bond Video Transcript:

Penelope: Brokers say contractor bonds is a market that has been long under served. But as this need grows, what solutions are available to brokers to help them save time and money. Insurance business Canada sat down with Trisura to find out.

Matt: we’ve been hearing from our brokers that the segment of the market that handles small accounts or infrequent users of bonds was dramatically under-served. So what we did is we looked to find a way to underwrite that business,  because what they were saying was that the underwriting was basically being done the same way as the traditional market.

Chris: In 2014, Trisura made a portfolio acquisition of small contractors, primarily outside of Quebec. We made the acquisition at the same because we felt small contractors were under served in Canada. Through our due diligence and the integration of accounts into our portfolio, we discovered that the small contractors could be underwritten a lot more efficiently and really to help service our brokers and to help service their contractors at the same time. Through that period of time we developed an alternate underwriting platform that we looked at more holistically for both the personal and the corporate credit worthiness of contractors. Trisura online is Trisura’s  eCommerce platform where we’ve underwritten many of our products lines, most notably commercial surety and many of our specialty insurance solution products. As we developed our contractor bond program, we also discovered it was a natural fit into Trisura Online.

One of the key benefits to the broker, really is the automation and ease of workflow. Allowing the broker to give as much work to the contractor as they want or to keep as much as they want in house.

Matt: Yeah and I think under the new platform it’s great because what we’ve done is dramatically reduce the amount of information that either the broker or their client have to provide. We’ve got it down to about 20 questions or so.

Chris: Absolutely. And with all of that, you know, it really allows the broker to do what the broker should be doing , which is having time to be out and selling and producing new business for their organization.

Matt: Right, and then once the account is submitted and approved, everything is handled through Trisura Online. The security preparation and execution, the bond request and execution can all be handled through Trisura Online, which again, should really free up broker’s time to focus on sales.

Chris: That’s right. And at the end of the day, it’s an efficiency play – with all the business that we have through Trisura online, the main benefit is a much more efficient workflow for our brokers.

Matt: Yeah and I think the one other thing it does is it provide consistency, because when you are underwriting something , as it comes in without any sort of real rules or procedures, you can often get different results based on some of the same information. So what we’ve tried to do is provide a consistent approach so that a broker knows exactly the results they’re going to get when they submit something through our contractor bond program.