Creating an unfair advantage can be important for elite brokers

Published: July 27, 2019

Updated: August 28, 2019

Author: Luke Jones

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Brokers have been at the centre of the Canadian insurance market for much of the industry’s history. Over time, the broker network has become an ultra-competitive environment where standing out from the crowd in a positive way is important. Brokers are fighting to differentiate themselves, while also facing challenges such as insurtech, digital insurance, and direct-to-consumer selling.

For elite brokers, standing out from the busy market can be achieved by creating an unfair advantage over other providers. That’s according to Dave Watson, founder and president of WSF Advisory Services, Inc., who recently spoke to Insurance Business Canada.

“At WSF Advisory, we’ve come up with the adage that in order to build our business and be an elite broker, we have to build an unfair advantage over our competitors. We must have something that’s a differentiator between us and everybody else, and that has to be something that isn’t easy to duplicate so that it actually gives us an unfair advantage.”

Watson says he puts an emphasis on advocacy. While that is not an uncommon brokerage goal, WSF Advisory is trying to achieve verified advocacy. By partnering with a tax accounting firm, the company will receive a report of recommendations to show they are offering good advice to customers.

“It’s a verification that our advice is sound,” explained Watson. “I think it’s necessary at the top end of the market. It underpins company compliance, and it gives us a really strong position in terms of client confidence because it shows we have their best interests in mind and we’re striving to find the best solutions for their problems.”