BrokerLink lifts the lid on Hanbidge and Bowman Insurance deal

BrokerLink lifts the lid on Hanbidge and Bowman Insurance deal | Insurance Business Canada

Mergers & Acquisitions

BrokerLink lifts the lid on Hanbidge and Bowman Insurance deal

Top considerations when making acquisitions also revealed

Mergers & Acquisitions

By
Terry Gangcuangco

Hanbidge and Bowman Insurance in Owen Sound came under the BrokerLink umbrella earlier this month. Here, BrokerLink vice president for acquisitions Michael Stack (pictured) tells Insurance Business all about the deal and what further opportunities the property and casualty insurance brokerage is seeing in the market.    

What led to the decision to expand BrokerLink’s reach in Owen Sound?

BrokerLink is committed to being a strong investor and employer in the regions where we operate, and there are several key factors that we look for when it comes to an acquisition:

Location: We look for opportunities in new and existing communities within the provinces we serve, to build our presence. Owen Sound is a thriving community that has a rich and varied range of personal and commercial opportunities.
Business mix: We’re always looking for ways to grow and expand our personal, commercial, and specialty insurance portfolios. For example, Hanbidge and Bowen has a reputation that’s respected for providing customized farm insurance solutions, in addition to their personal and business insurance offerings.
People: We’re very excited to welcome the employees of Hanbidge and Bowman Insurance to our team! A brokerage’s employees are an integral part of all our acquisitions, and we are proud to retain close to 90% of the employees who join us in the process. This is a key area that differentiates our model, and we believe acquiring employees with diverse insurance experience is a key benefit.
Commitment to local service and community: Our employees live and work in the communities they serve, and they are active in their local communities through participation in local events, causes, and celebrations.

Of the things Hanbidge and Bowman Insurance brings to the table, which do you think will provide the biggest benefit to the group?

The people. Hanbidge and Bowman Insurance professionals are in tune with local community needs and share BrokerLink’s values, which include: a drive for excellence, acting with integrity, generosity, respect, and delivering exceptional customer service to provide protection for homes, vehicles, businesses, farms and more.

We welcome new talent – especially when it comes with local expertise! The competition for talent is rising in our industry, so to attract and retain the industry’s most talented, we strive to provide a working environment that includes:

a superior benefit package
resources and tools employees need to deliver excellent customer service
investment in training and development
opportunities to broaden career paths within our organization.

At BrokerLink, we’re here to help people and we want to establish ourselves as the brokerage of choice, providing local expertise and personalized insurance coverage the way customers want it, whether it’s in person, online, or over the phone.

What is your outlook for the business this year?

We are always looking for opportunities to grow our existing lines of personal, commercial, and specialized business, and we’re committed to expanding our footprint in the communities where our customers live, while being a socially responsible employer that makes diversity, equity, and inclusion a priority.

We plan to continue investing in technology platforms that help us provide the best customer experience by serving our customers the way they choose.

We believe that insurance is about people, not things, and we’re focused on building a great team by being an employer of choice. We will continue investing in our people, actively recruiting to attract top talent in the industry, and expanding the career growth and development programs we offer to all new and existing employees across the organization.

More broadly, what market opportunities are you seeing in Ontario?

Customer demand drives our strategy, so with this in mind we’re eager for opportunities that improve our customer experience, not only via a service or simply a location lens, but also with special insurance programs, expertise, technology, and product options.

Ontario brokers, like many we’ve observed coast-to-coast, are being innovative and creating tailored insurance programs supported by experts, products, and technology, to better serve their existing and future clientele.

At BrokerLink, we’re eager to engage these market leaders and further strengthen and build our Ontario footprint, expertise, tech stack, and product offerings.

What are some of the challenges brokers are facing in the province?

Attracting and retaining top talent continues to be a challenge, that’s why we prioritize providing the best working environment possible.

Providing superior service to customers is increasingly complex, requiring large investments in technology, and hiring for new roles and resources. In many cases, access to new technology is an advantage we offer prospective brokerages, as it’s expensive to invest continuously in the technology that’s needed to compete in today’s marketplace.

Climate is another important consideration, based on last year’s unprecedented level of activity. Wildfires, flooding, and severe storms are now expected over longer periods of time each year, and brokers must step in to help customers through these difficult situations more often.

As well, many people are struggling to pay their bills due to inflation and have tough choices to make, so dedicated customer service is more important than ever. We must be able to explain coverage options and offer customized solutions based on customers’ specific needs.

What are you most excited about following BrokerLink’s expansion?

We are excited about continuing to grow, while enhancing both our customer and broker experience with this growth.

We’re proud of our acquisition model, which offers those that we partner with several key differentiators:

A focus on employees, as mentioned earlier.
Our strong reputation, established by aligning with brokerages that share the same values, such as being customer-driven and active members of their communities.
A commitment to local service, proven by being a proud employer to more than 3,700 people located in over 200 large and small communities across Canada, who share our values and dedication to providing exceptional customer service.
Organizational strength, which allows us to make ongoing investments in the technology required to compete. In addition, joining BrokerLink means gaining access to expertise across the organization, so that best practices can be shared from Alberta to Atlantic, in all lines of business and operations.

Our door is open, and we are always willing to speak with broker principals who are considering future options for their brokerage. It can be a difficult decision that takes time, so we focus on providing support and building strong relationships throughout the process, to ensure the transition is smooth for everyone – including employees and customers.

What do you think about this story? Share your thoughts in the comments below.

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