Why Gallagher Canada is evolving its approach to risk

Why Gallagher Canada is evolving its approach to risk | Insurance Business Canada

Insurance News

“No single person” can possess all broking expertise, says president

Insurance News

By
Gia Snape

The process of purchasing insurance has shifted significantly over the past few years, thanks to the increasing complexity of businesses and the variety of risks they face.

In the past, insurance buyers may have relied on a single broker for their coverage needs and risk expertise. But today, it takes a team of experts from different fields to get the job done.

Tyler Averill (pictured), newly appointed president of Canada retail insurance at Gallagher, spoke recently to Insurance Business about how this shift has informed the brokerage’s approach to clients.

“The shift is that purchasers engage one person as the account lead, and that account lead is engaging three, four, or five people from various product and industry areas across multiple geographies,” reflected Averill.

“I think insurance remains very much a relationship-based purchase. Owners and decision-makers value partnership and loyalty, and having a strong connection with their broker is crucial. But now, it’s not just about relationships; it must be backed by the right knowledge and expertise.

“No single person can possess all the knowledge and expertise that clients need, especially as businesses become more dynamic with increasing risks.”

The evolution of Gallagher’s broking strategy

Averill was recently tapped to lead Gallagher’s retail business in Canada as part of a host of leadership appointments last month. The restructuring has seen Gallagher Canada’s chief executive, Dave Partington, add the Latin America and Caribbean portfolios to his function.

Averill, who joined Gallagher in 2012 through the Noraxis acquisition, has been pivotal to Gallagher’s success in Canada in the past few years.

According to Averill, this team-based approach to service creates a richer experience and provides clients with a broader range of expertise.

It’s also a strategy that Gallagher intends to leverage as it seeks further growth in Canada and as a natural evolution of its broking processes.

“Traditionally we’ve worked within our given geographies and engaged local experts. Now, we’re seeing clients working across larger geographies or more countries,” Averill said.

“What’s going to create a better experience for the client is finding the best industry expert who understands trends, challenges, and risks, along with the right product experts who understand the nuances of the required coverages.”

Harnessing multiple fields of expertise also adds value to Gallagher’s risk advisory side.

“Combining with our internal technology and resource experts who champion modelling and analytics tools helps us ensure the client improves their risk profile,” said Averill.

What role do data, analytics, and technology play?

Deploying industry, product, and technology experts to build value and enrich client experiences is central to Averill’s priorities. But technology also plays an equally important role, particularly in optimizing operations at Gallagher.

One key initiative involves automating the process clients use to submit renewal data. This streamlines the workflow, empowering teams to manage their tasks more efficiently and enhances both client and employee experiences.

“We’ve created harmonized dashboards for our operational teams that enable our teams to see a bunch of different workflows all in one dashboard,” said Averill.

The ability to leverage data is vital as the Canadian insurance market softens.

“We’re seeing capacity return to the marketplace, giving buyers more choice,” Averill continued. “Companies that leverage large amounts of data to understand trends will be the winners in finding the best capacity for their clients.

“It boils down to having enough data, having the right data, and using it to make more accurate decisions. You need to know where the capacity is and get it quickly, and you can’t assume that what worked last quarter will apply this quarter.”

Reflecting on his journey with Gallagher, Averill shared his excitement for the road ahead, despite challenges in Canada’s broking sector.

“For me, the most exciting part is continuing this decade-long journey with my colleagues, building on our success and leveraging our achievements to maintain momentum,” he said, highlighting the tenured group of individuals within Gallagher Canada that have helped grow the brokerage.

“Gallagher is one of the best options among brokerages due to its talent, tenure, tools, resources, and technologies.”

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