Best Insurance Brokerages in Canada | 5-Star Brokerages
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Standard setters
Insurance Business Canada’s 5-Star Brokerages of 2024 are thriving in transformative times, thanks to a compelling purpose and forward-thinking strategies.
The best insurance brokerages achieved outstanding growth with their proactive and unique approaches to embracing challenges and opportunities.
They have future-proofed themselves with a pledge of excellence to:
Best insurance brokerages make their mark
“At the heart of any established brokerage is a profound commitment to understanding and fulfilling client needs, as well as their risks, to find the best solutions for them,” says David Mamane, partner and insurance industry senior analyst at RSM Canada.
In commenting on how the top-ranked brokerages are standing strong in the Canadian market, the insurance industry senior analyst also highlights an ability to attract clients, new brokers, and leverage technology as crucial components of sustained success.
He says, “The digital transformation in the insurance sector has not just been a trend but truly a fundamental shift in how the top brokerages deliver their services. A proactive approach allows them to continue to cement themselves as leaders in this space.”
All of this year’s top insurance brokerages strive to set new industry standards and surpass their current benchmarks of success, as demonstrated by the following firms that have cracked IBC’s prestigious list for the first time.
OVC Assurance
Ranking: 3
The Saint-Hubert, Quebec-based insurance brokerage is setting new industry standards with its commitment to operational excellence, innovation, and a spirited workplace culture.
Blazing trails of growth
The 80-employee-strong organization has followed an impressive growth trajectory, supported by its forward-thinking approach. In April 2022, OVC expanded its operations with the launch of Gold Standard Insurance in Toronto, enhancing its ability to capitalize on new markets and increase its customer base.
In both 2022 and 2023, OVC recorded an increase in the following areas:
23% in revenue
26% in clients
29% in policies
“Our growth plan replicates what we are already doing, contributing to our numbers getting bigger year after year,” says training and special projects director Hugo Lamarre.
What sets the 5-Star insurance brokerage apart is not only its roster of 23 carrier partnerships but also its foresight to adopt a flexible/hybrid work model before the pandemic.
Additional key factors driving OVC to the top of the winners’ list include its unwavering commitment to:
operational excellence
in-house training and development
technology and innovation investment
client service and satisfaction
“The key to client satisfaction is being able to reach your broker; price, premium, and coverage options all fade away if the client cannot reach their broker”
Hugo LamarreOVC Assurance
Leveraging tech and teaching
Another differentiator that affords the award-winning brokerage a competitive edge is its reaction to the war for talent, highlighted as a predicted workplace trend for 2024 by leading research and advisory firm Gartner.
For example, the brokerage prioritizes recruiting people from other industries who display exceptional qualities and attributes and trains them for success in insurance.
“We ‘train green,’ as we like to call it,” says Lamarre. “These people were successful in another industry but want a change and, perhaps, the flexibility that insurance provides. So, we onboard them and provide the training and support to help them pass exams and get the broker licenses they need.”
OVC has invested significantly in compliance, employing three employees dedicated to call monitoring, coaching, and conducting reviews. These measures ensure that brokers have the technical knowledge and skills to navigate the complex insurance market and product offerings.
The brokerage’s leaders also focus on teaching their brokers how to prospect and generate business leads. To aid this, OVC’s office features a well-stocked library of books and materials on these subjects.
Lamarre says, “We don’t buy leads online, so we teach our people how to prospect and develop long-term client relationships essential for growth.”
The insurance brokerage fosters a positive work environment, professional development, and team camaraderie through various initiatives, including:
a one-week training vacation for 30 employees in 2023
an on-site gym
terrace with mini-putt and lounge sofas
fresh fruits and barista coffee
“We have people coming to work at the office because they love the spirit here; they do activities together and positively influence each other,” Lamarre says.
Nurturing an environment where personal relationships flourish alongside professional aspirations has enabled the business to prosper.
They have also invested in its technology stack, primarily through a proprietary project, Jarvis. This internal tech tool increases brokers’ efficiency and ability to provide an exceptional client experience by reducing time spent on routine tasks.
OVC adheres to the highest professional standards and best practices, including in its digital marketing and social media, where clients are encouraged to leave reviews online on Google and Facebook.
Lamarre says, “If a client has an issue, we invest a lot of time to understand what happened, and we do everything possible to change that experience.”
Exceptional client service and experience have also propelled the brokerage, as it ensures that clients always have a direct line to their broker or the option of reaching another team member to assist with any queries.
With a long-term growth plan and a strong management team in place, the brokerage expects to boost its ability to handle its growing prosperity and sustain its status as a 5-Star brokerage through a continued focus on recruitment and client satisfaction.
InSureU Brokers
Ranking: 10
As one of the youngest insurance brokerages to earn a coveted spot on this year’s 5-Star list after seven years of operation, the Mississauga, Ontario-based business ranked for its overall growth and prosperity.
Client-centric philosophy
“Our founding principle has been built on nurturing long-term, sustainable relationships and cultivating a loyal clientele,” says president Sanjay Makkar. “It’s that overall team focus and their relationships with customers that help drive our continuous growth.”
InSureU’s growth for 2022 and 2023 reflects increases as follows:
22% in revenue
27% in clients
43% in policies
The insurance brokerage’s corporate culture is a shining example of effective collaboration, integrity, and passion for continuous improvement, enabling its staff to navigate an increasingly dynamic insurance market successfully.
A commitment to transparency, open communication channels, and upholding a high degree of accountability are cornerstones of its business philosophy, paving the way for team members to work together to achieve common goals.
“We ensure that our team members are empowered with the knowledge to contribute to meeting unique industry and customer needs,” Makkar says.
InSureU epitomizes a client-centric approach anchored by dedicated customer support teams positioned to oversee proactive communication across their personal and commercial lines and technical services. Other factors driving growth include:
Makkar says, “We offer personalized service and advice based on risk-management strategies, combined with leveraging technology to help customers achieve their goals and deliver strong results.”
Broker expertise drives strategic growth
InSureU is on a continuous journey to explore niche markets in the personal lines and business insurance space and facets of its operations where it can differentiate itself in the marketplace. It strengthens its competitive edge by fostering strong relationships with its carrier partners to offer clients diverse solutions.
Its plan to build upon its industry-leading status encompasses remaining:
“In everything we do every day, we strive to excel, and we’re confident in our ability to achieve our goals due to all the hard work we are doing and will continue to do,” says Makkar.
“We seek out opportunities for strategic growth and expansion while remaining true to our core values and commitments to delivering exceptional customer service”
Sanjay MakkarInSureU Brokers
Best Insurance Brokerages in Canada | 5-Star Brokerages
Ai Insurance Organization
All-Risks Insurance Brokers – Bolton
Axis Insurance Managers
Begin Insurance
Blue Harbour Financial
BMS Canada Risk Services
Brokers Trust Insurance
Diamond Insurance Group
Fuse Insurance
Insureit Group
InsureLine Brokers (Empire)
InSureU Brokers
isure insurance
Leibel Insurance Group
McLean & Dickey
Merit Insurance Brokers
Mitch Insurance Brokers
Munn Insurance
Oegema, Nicholson & Associates Insurance Brokers
OVC Assurance
PIB (Programmed Insurance Brokers)
RH Insurance
Surex
Wilson M. Beck Insurance Services
Best Insurance Brokerages in Canada | 5-Star Brokerages – Listing in order
1. Diamond Insurance Group
2. BMS Canada Risk Services
3. OVC Assurance
4. Insureit Group
5. (tie) Surex
5. (tie) McLean & Dickey
7. Wilson M. Beck Insurance Services
8. Brokers Trust Insurance
9. PIB (Programmed Insurance Brokers)
10. InSureU Brokers
11. Begin Insurance
12. Munn Insurance
13. Blue Harbour Financial
14. All-Risks Insurance Brokers – Bolton
15. RH Insurance
16. isure insurance
17. Axis Insurance Managers
18. Mitch Insurance Brokers
19. InsureLine Brokers (Empire)
20. Ai Insurance Organization
21. Fuse Insurance
22. Merit Insurance Brokers
23. Leibel Insurance Group
24. Oegema, Nicholson & Associates Insurance Brokers
Insights
As part of our editorial process, Key Media’s researchers interviewed the subject matter expert below for an independent analysis of this report and its findings.
To be considered for IBC’s 5-Star Brokerages, each brokerage was required to provide key details about its business in 2022 and 2023, including revenue, policies written, and number of clients. To be eligible, brokerages were required to have three or more brokers and an office in Canada.
Each brokerage was then ranked according to these eight criteria:
Revenue
Revenue growth
Revenue per broker
Number of clients
Number of new clients
Client growth
Policies written
Policy growth
As in previous years, each brokerage was required to supply its details for the 2022 and 2023 calendar years. Brokerages were ranked according to each of the above criteria, and all the rankings were then added together.
Akin to a golf score, the brokerages with the lowest overall scores achieved the highest rankings. IB’s ranking system rewards brokerages based on business per broker rather than a critical mass, which ensures that the very best brokerages are singled out, regardless of size.
