London Inc. September 2021 - 26

Upfront Mergers & Acquisitions
FRIENDS WITH BENEFITS
Unleashing growth through partnerships, acquisitions and expansion, Selectpath
Benefits & Financial looks to balance scale and identity
ORIGINALLY FOUNDED IN 1994, Selectpath Benefits &
Financial Inc. (www.selectpath.ca) has surely and steadily
grown to become one of the largest benefits consulting firms
in Canada, with an established presence in Southwestern
Ontario.
The growth kick continued earlier this year when
Selectpath launched a new business division, Selectpath
Atlantic, and expanded geographically with the addition of
offices in Halifax and Saint John, New Brunswick.
" We had a bit of business on the East Coast, but acquiring
the group benefits and pensions
consulting division of OMG (Owens
MacFadyen Group) in the Maritimes
grew our operation by about 10 people
and our revenues by about 20 per cent, "
says Hart. " Establishing Selectpath's
presence with branded branch offices
in the Atlantic provinces, and investing
in regional talent, is part of our future
growth strategy. "
Around the same time, the company
launched a new division, Selectpath
Insurance, a multi-line property and
casual insurance brokerage to meet the
changing needs and complexity of client
businesses.
Next up was the acquisition of Navigo
SelectPath president and CEO, Gord Hart
With more than $500 million in group insurance
premiums and $450 million in assets under management,
Selectpath creates solutions for the hospital and healthcare
sectors, as well as for a wide range of industries such
as transportation, automotive dealership, technology and
advanced manufacturing sectors.
But it's probably safe to say that the last year or so has
brought about more change and growth for the firm than
any in its past. " We've seen 17 per cent annual growth since
2000, but we have grown dramatically in the past 12 months,
doubling our size in the past six months., " says president and
CEO, Gord Hart.
Part of that is attributable to the company joining forces
with Navacord in 2020, a Toronto-based insurance and risk
management brokerage that partners with independent
companies. That partnership, while improving Navacord's
position in the Canadian benefits space, also enabled
Selectpath to leverage the strength of a national organization
and build out their service offerings without giving up its
unique entrepreneurial identity.
26 | londonincmagazine.ca | SEPTEMBER 2021
Financial Solutions, based in Oakville,
which will continue to operate as a
separate brand but will move to the
Selectpath platform this year.
" We now have more than 100 staff
under the Selectpath umbrella, " says Hart. " Selectpath is
the largest integrated insurance broker in Southwestern
Ontario. "
Part of the firm's success, states Hart, is a commitment to
measure outcomes and results, both externally and internally.
" We don't just say we have great service, we measure that
every two years with a third-party survey of our clients. We
ask them to tell us how we're doing compared to what we
promised, " says Hart. " Our retention rate with clients in 98.5
per cent, and we've earned it. "
Like in many industries, one of Hart's biggest challenges
these days is finding the right people to support plans for
continued expansion. " We are looking for the right attitude
and aptitude. We have created our own 'university' to train
people, to put the right tools in their toolboxes, and to add
talent to the industry. "
Since 2007, Selectpath has also conducted annual
engagement surveys with staff. " Everyone wants to have
happy employees - we measure it, " says Hart. " Our employee
retention rate is incredible. "
KYM WOLFE
http://www.selectpath.ca http://www.londonincmagazine.ca

London Inc. September 2021

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