The Ontario Broker - Volume 20, Issue 1 - 7

Insurance Brokers Association of Ontario
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Toronto, ON M4P 3A1
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EDITOR

Thriving in Today's
Soft Skills Market
Greg Kruk, Vice President, IBAO Board of Directors

C

hange is a constant in the insurance industry.
When the market is soft, everything feels easy.
Insurers compete for risks, premiums are flat
or decreasing and underwriting guidelines
are more relaxed. When the market is hard, stress levels
typically rise. Insurance companies tighten their risk

NORAH BLACK
nblack@ibao.on.ca

acceptance, coverage is often reduced or removed, and
premiums increase.

CONTRIBUTING EDITOR

As brokers we often view the effects of a hard market in
a negative light, having to fight tooth and nail to obtain
coverage for our clients and explain large increases when-
from their perspective-nothing's changed.

JEFF TOTH
jtoth@ibao.on.ca

CONTRIBUTOR

ERIN HOUGH
ehough@ibao.on.ca

CONTRIBUTOR

TAHNEE MALAZDREWICZ
tmalazdrewicz@ibao.on.ca

DESIGNER

SAMANTHA CHANG
schang@ibao.on.ca

ADVERTISING & SUBSCRIPTION INQUIRIES

contact@ibao.on.ca

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7

But it's times like these when a broker's value is at its
highest. In this soft skills market, brokers who rely on
both their technical expertise and soft skills to provide
clients thorough renewal reviews or new business
experiences will shine.

IB AO.ORG

THE
ONTARIO
BROKER

"It's times
like these
when a
broker's
value is at
its highest."

With capacity reduced, insurance companies are limiting
what classes of business they're looking for, and often only
best-in-class risks are considered by standard markets
which gives brokers the opportunity to really get to
know their clients and operations. In Commercial Lines,
building a submission that looks more like a business plan
can be effective in persuading underwriters to provide
more favourable terms than the coverage and pricing
provided in submissions that only contain loss experience
and revenues.
As difficult as it may seem to face a hard market, it's
the time to build relationships with insurance company
partners and clients, fulfilling our role as professional
insurance intermediaries.
In times of economic recession it's recommended people
invest in their own education. I'd give this same advice
to brokers in a hard market-IBAO offers a wide range of
courses and professional opportunities for brokers of all
levels. Further developing your soft skills will help you
protect your book of business during these challenging
times and thrive once the market corrects itself.

Volume 20 | Issue 1
http://www.IBAO.ORG http://www.ibao.org
The Ontario Broker - Volume 20, Issue 1

Table of Contents for the Digital Edition of The Ontario Broker - Volume 20, Issue 1
