Survey finds Canadian brokers love their job

Published: January 31, 2019

Updated: February 28, 2019

Author: Luke Jones

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Brokers are often told times are tough. Insurers are increasingly going direct, and the industry is struggling to grow. Profits are unlikely to improve in coming years and technological disruptors are like to put some out of business. Doom and gloom indeed, but perhaps being a broker is not that bad at all.

In fact, a report from Canadian Underwriter this week suggests brokers are happy in their roles and with their chosen career path:

“I truly believe that I am a valued professional advisor,” Ryan McKenna, commercial and personal lines broker at McDougall Insurance and Financial, told Canadian Underwriter. “I gain considerable satisfaction when I solve a problem for a customer by negotiating terms with an insurance underwriter.”

Matt Summers, personal lines account executive for Halifax-based Archway Insurance agrees, and say flexibility is also a valuable part of being a broker. He said brokers can be more dynamic with customers and work through more pricing options.

“I feel that the input and suggestions regarding the brokerage are actually heard and in many cases are implemented, which is sometimes unheard of at a direct insurer,” said Summers.

Canadian Underwriter has published its 2018 National Broker Survey, which asked 655 brokers how satisfied they are with their career. Answers were given on a 0-10 scale where 0 was completely dissatisfied and 10 was completely satisfied. 41.4% of respondents said their satisfaction was at 10, with 14% putting it at 9/10, 20% at 8/10, and nearly 14% at 7/10. Only 11% of brokers scored their satisfaction between 0 and 6.

“As a broker, you can expect to learn a lot and have a lot of fun,” Summers said, pointing to numerous industry events. “Your opinion matters and you will be appreciated. They will manage you and not micromanage you.”