The Ontario Broker - Volume 23, Issue 3 - 33

" For many of us, the merger came with some shock, some initial
disappointment, grief even, " Christa shares. " You go through all the
emotions that come with change. But once we were able to explain the
whys and the hows and discuss the future, everyone's in a better place.
We see why this was necessary and all the positives to come out of it.
We know with the pressure from insurers and the marketplace, scale
and size matter, so we're not only continuing who we are, we can now
scale with financial backing. "
" The biggest thing we wanted going down this path was for things to
stay consistent for our frontline staff, " says Jason. " We remain focused
on our team. They're the root of our success and something we'll
continue to protect. "
Despite things staying the same for the team, Christa admits her
personal definition and perspective on independence has changed.
" We too used to hold out the fact that there was no insurer
investment in our brokerage. We considered ourselves maybe better
than. It was a differentiator from some of our competitors. I guess my
eyes have been opened in that regard. We haven't experienced pressure
from Definity to make decisions we wouldn't have before. They've been
very clear they're happy with the way we run the brokerage. One of
the key components of our agreement is maintaining organizational
independence and continuing to make decisions for McFarlan
Rowlands that are best for our team. "
" There are things we can get synergy and savings on that we've
started to discuss, " says Burke. " But they don't really impact the day-today.
We certainly don't want to turn McFarlan Rowlands upside down,
make a whack of changes just because. And we don't want to change
McDougall either. Our integration approach will be slow and cautious. "
" There are many opportunities with this partnership, " says Christa.
" Larger clients are interested if we're moving to a national presence
and if we'll have the capability to serve their growing business needs-
that's something we can unequivocally say yes to as we expand into
other provinces. "
THE CURRENT TREND
There's lots of speculation about brokerages and ownership. M&A
activity has accelerated so quickly, many brokerages are wondering if
this moment will pass, or the time is right to sell.
" Perhaps it's my age, but I'm certainly finding the current pace of
M&A daunting, " says Burke. " And I don't think it's going to stop. I'm
not saying it's good or bad. There's a lot of capital out there. "
" The pressures are real in terms of insurer volume expectations,
technology investments, talent acquisition, " says Christa. " But don't let
fear dictate your decision. Every brokerage needs to clearly understand
and promote their value proposition, whatever that is. Small can be
great. If you have a niche, if you have something you do well, whether
it's geographically or in a line of business, there's room for success in
that. We need to get creative and continue with confidence and clarity
rather than let some of the noise dictate our businesses.
" Networks, whether formal or informal, can allow brokerages to
maintain financial independence. Brokerages coming together through
the IBAO or otherwise to share common challenges and find solutions
collectively is key. Many may opt to sell or consolidate because they're
not able to overcome some of the challenges out there. It's important
to continue supporting and ensuring the ongoing viability of smaller
brokerages as well as larger ones. There's a place for both. "
THE WINNING TEAM
McFarlan's Communications Team had approached management
about applying for awards before but were always met with hesitation.
" I'd always said no, " Burke admits. " You nominate yourself, and I'm
not big on that. It's competing against other brokers-I'm not big on
that either. "
What triggered the decision to apply for Brokerage of the Year was
recruitment.
" We struggled during the pandemic, just like other brokerages. And I
thought, you know what? Maybe now's the time. Let's get our name out
there and see if it brings in talent. "
" We brought a group of 10-15 people to the awards night. It
felt like the Oscars, " says Jason. " We were so thrilled to win. Our
frontline staff who are in the trenches everyday doing the work-
kudos to them. Everybody played a part in that win, that's what
made it feel so good. "
" We have a great team. It's what I'm most proud of, " says Burke.
" Seeing everyone we've brought in and developed over the years, how
they're running things now, it's quite amazing. I got to accept the
trophy, but that win didn't have much to do with me. It was our staff
and our incredible team. "
THE RIGHT PATH
The broker channel is wide enough and diverse enough that it can
accommodate businesses of all types, models and sizes. A robust and
adaptive brokerage like McFarlan Rowlands will always have a place in
it, just as it always has in its various iterations.
" What I've loved most about this business are the relationships and
getting to meet so many great people, " says Jason. " Clients, company
partners, everyone on our team. It's a small, close-knit industry I'm
very happy to be part of. "
" Within the broker channel, there are so many paths a person can
follow depending on their strengths and goals, whether it's sales,
service, administration, business operations, accounting, claims, " says
Christa. " There's enormous opportunity to work your way up. Many
brokerages hire on aptitude, not experience. We've developed career
paths and roles that allow people to come in at entry level positions
and very quickly move up if they're inclined and capable. Insurance is
such a rewarding career. Sky's the limit. "
" I started in insurance when I was 19. I've made a ton of friends.
It's been a great gig, " says Burke. " My brother-in-law worked for an
insurance company. I saw what he was doing and said, that looks cool.
I want to do that. Now I have a daughter in insurance, she's having a
great career. "
Volume 23 | Issue 3
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The Ontario Broker - Volume 23, Issue 3

Table of Contents for the Digital Edition of The Ontario Broker - Volume 23, Issue 3
