“WE ALL NEED PEOPLE WHO WILL GIVE US FEEDBACK. THAT’S HOW WE IMPROVE.”
Trisura exists to create exceptional experiences for all our stakeholders, including, of course, our brokers. So when Insurance Business Canada recently surveyed Canada’s P&C brokers and reported on which insurers were deemed to be “Five-Star Carriers”, I took note. I was pleased to learn that Canada’s brokers rated Trisura among the industry’s best in 7 of the 10 categories. This reinforced to me that we are on the right track, living our core values and serving our brokers well.
The fact is, only 1 carrier beat us by being recognized in 8 of the 10 categories and another prominent global player tied us for second place. It also reminded me that our job is far from being done. We can do better, in part by getting feedback from you and then acting on that feedback to improve our company.
What was both interesting and satisfying to me is that while Trisura is still a relative newcomer to the insurance scene in Canada (10 years and counting), is a boutique player focused on the specialty lines side of the business, and doesn’t have the reach, capacity or sheer number of brokers compared to the industry Goliaths, we still scored very highly.
I was intrigued to see that we rated so well in Reputation and Financial Stability, measures that generally come with a lengthy tenure in the business, not ones that are easy for a ten year old company to achieve.
We also scored highly in Range of Products. This was gratifying to me, given that when we last surveyed our brokers in 2013, you told us you loved our people and our service but you would like to be able to offer a broader array of products on our behalf. We listened and have increased our suite of products, our appetite for the business and our capacity. We will continue to do so and are working on developing additional innovative products in order to serve you better, all of which will help fuel our future growth together.
Incidentally, I was not surprised to see our strong scores in Commitment to the Broker Distribution Channel, Underwriting Expertise, Education and Training and Marketing Support. All of these are a focus for us because we believe they are areas in which we can be of assistance to you.
I was somewhat surprised that we scored highly in Competitive Rates, given the softness of the market, but upon reflection I believe this is because our underwriters work hard with their brokers to understand a risk and tailor a coverage that allows pricing flexibility. Our underwriters are empowered to get deals done.
I was even more surprised that we did not reach the Five-Star Carrier status in Technology and Automation, particularly given that in 2015, we processed some 20 thousand transactions representing over $14 million in premium via our online e-commerce platform. This industry leading technology is geared to both program and one-off risks. It enables the broker to facilitate fully-automated transactions that allow for policies to be bound, paid for and delivered online. The efficiency gained is massive. Perhaps we need to talk up our capabilities in this regard even more, and find more ways to assist our brokers in Technology and Automation.
Further, the fact we did not score highly on Quick Quotes also surprised me, especially given the highlighted broker feedback comment “I get really fast quotes from my underwriters”. I hear this type of feedback about Trisura underwriters from our brokers all the time. In fact, this has historically been the source of one of Trisura’s strongest competitive advantages, however, maybe it’s something we need to have a look at again.
Last, we didn’t hit 5 stars in Claims Processing. This does not surprise me. We have fewer claims than some insurers given the nature of our product focus. I can attest to the fact that we have a superb claims team here at Trisura. I am confident that as we grow and become a more significant player, our strong capabilities in the claims area will also rise to the fore and this will be an area we will be known for.
My future goal is for Trisura to be ranked as a Five-Star Carrier in all 10 categories, and to be rated by Canada’s P&C brokers as the preeminent insurer operating in Canada. We are constantly seeking new, better ways to meet the needs of our brokers and their insureds, and to be “a step above” in our delivery to you.
We are currently conducting our own survey with our brokers. You may have seen a request to participate. I would very much appreciate you giving us feedback that we can use in order to improve our business and the service we provide to you.
Hey, if Bill Gates says we need people to give us feedback, it’s probably a really good idea…
Wishing you a safe and happy summer. All the best, and thanks in advance.