New Canadian CEO offers leadership tips
New Canadian CEO offers leadership tips | Insurance Business Canada
Insurance News
New Canadian CEO offers leadership tips
And how to make broker partnership thrive
Insurance News
By
Nicole Panteloucos
In the ever-changing insurance landscape, strong leadership is key to building solid client relationships, delivering top-notch service, and ensuring long-term success. With constant regulatory changes, technological shifts, and evolving customer expectations, executives must navigate these complexities with a clear strategic vision, fostering a culture of innovation and adaptability within their organizations – all while ensuring their broker partners also benefit.
Spearheading the firm’s northwards expansion, Kate Della Mora (pictured above), the new chief executive officer of CFC Canada, shared her insights on what makes a top insurance leader.
Prioritize education and building broker relationships
According to Della Mora, effective leadership is about more than just managing a team—it’s about inspiring and empowering them. Leaders should equip their people with the tools and support they need to excel while nurturing a culture of continuous learning and professional growth.
For leaders looking to take their organizations to the next level, Della Mora also emphasized the importance of insurers having dedicated knowledge or resource hubs on their websites. These hubs not only serve as a starting point for brokers to develop relationships with insurance brands but also provide self-service education materials, including product information, articles, guides, webinars, case studies, and videos. This commitment to communication and support can effectively attract top brokers.
The power of education in sustaining broker relationships is underscored by J.D. Power’s Independent Agent Satisfaction Study in the US, which reveals a strong correlation between higher levels of independent agent satisfaction and an increased number of business relationships with insurers. The study highlights that when agents are more satisfied, they are more likely to engage and build lasting partnerships with insurance companies.
Other tips for insurance leaders looking to enhance broker education and relationships include:
Tailored training programs: Develop customized training programs that address brokers’ specific needs and interests, covering advanced product knowledge, regulatory changes, and market trends.
Industry conferences: Provide opportunities for brokers to attend industry conferences and networking events to enhance their knowledge and expand their professional networks.
Regular updates and newsletters: Provide newsletters and updates featuring industry news, new product information, and upcoming training opportunities.
Feedback and improvement: Regularly gather feedback from brokers on their training needs and use this input to continuously improve learning initiatives.
Encourage work-life balance among team members
While insurance leaders may invest heavily in building the knowledge and expertise of their internal teams, it’s crucial to remember that burnout can undermine these efforts.
As a mother of two who is passionate about exercise, her children, and managing her son’s hockey team, Della Mora emphasized the importance of maintaining interests outside of work.
Engaging in hobbies not only rejuvenates employees but also brings diverse and unique perspectives to the workplace. Reflecting on advice she gives to her own team, Della Mora said: “If you enjoy horseback riding, mindfulness, or whatever activity speaks to you, please continue doing that.”
She added: “If you want to take a pottery class at two in the afternoon and that works for you, and then you come back and excel at work, that’s fantastic. Everyone’s winning. I strongly believe that.”
Della Mora is right. Studies show that allowing employees to participate in flexible work arrangements not only boosts their happiness but also increases productivity during their working hours. Research has found a causal link between employee satisfaction and productivity, with happy workers being up to 13% more productive.
When it comes to accomplishing tasks, Della Mora is goal-oriented and prefers to focus her team’s efforts on executing high-quality projects well, rather than spreading attention across multiple tasks without completing them.
“We need to be realistic about what we can accomplish in a day and focus on doing things really well, rather than spreading ourselves too thin and not executing effectively,” she said. “Creating boundaries, keeping organized to-do lists, and prioritizing tasks are crucial for success.”
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