Unlocking success in broker-provider partnerships
Unlocking success in broker-provider partnerships | Insurance Business Canada
Insurance News
Unlocking success in broker-provider partnerships
MGA leader shares his insights
Insurance News
By
Mika Pangilinan
Building strong partnerships with insurance providers is a crucial aspect of success for brokers in the P&C sector, according to Gary Hirst, CEO and president of CHES Special Risk.
Brokers who foster strong industry relationships gain better access to a wide range of products, competitive pricing, and valuable support, enabling them to offer tailored coverage options that address the unique needs of their clients, said the MGA leader.
Hirst has over 35 years of industry experience, including time spent as a broker. Drawing from this background, he offered several tips for establishing smooth and mutually beneficial relationships with insurance providers:
Key strategies for brokers
Developing a comprehensive understanding of business owners and their insurance requirements is crucial to a broker’s success, according to Hirst.
He emphasized the importance of engaging with business owners when it comes to their needs, risks, and objectives.
“By actively listening and actively participating in client interactions, insurance brokers can collaborate with MGAs such as CHES Special Risk to deliver customized solutions that effectively meet their insurance requirements,” said Hirst.
Hirst also underscored the importance of providing detailed and reliable information during the application process, as this enhances the efficiency and effectiveness of the underwriting process, resulting in more favourable terms and conditions for the insured parties.
On top of ensuring the accuracy of information, Hirst said visual documentation also plays a crucial role in accurately assessing risks.
Telling clients to provide clear and detailed photographs of the assets or risks they wish to insure will assist insurance providers in evaluating potential risks and determining appropriate coverage levels, he said, resulting in more accurate premiums and improved risk management.
He said this direct form of communication allows for better clarification, builds trust, and fosters a deeper understanding of the client’s specific needs. It also demonstrates a commitment to delivering exceptional service.
Hirst became president and CEO of CHES Special Risk in 2017. The company has seen significant growth under his leadership, receiving recognition as one of Canada’s top-performing MGAs.
In 2022, CHES Special Risk was named one of Insurance Business Canada’s 5-Star MGAs, awarded for its technical expertise, reputation, product knowledge, and ability to place niche or emerging risks.
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