It’s been a busy year for Encon, one of Canada’s leading managing general agents.
Former president Jean Laurin retired after more than three decades with the company – 15 of them as its head.
“The retirement of our former president Jean Laurin this fall was a very notable development for us,” Encon’s new president, David Cook, told
Insurance Business.
“Jean was a champion of innovation, service and bringing specialized knowledge to our clients when it matters the most. After 15 years under his leadership, these qualities have become part of our DNA and drive the culture of the company,” said Cook, who took over after serving as chief underwriting officer for the firm since 2009.
But the wheels of this MGA haven’t stopped turning.
In 2017, with Cook at the helm, the company plans to invest in technologies “that will increase the automation capabilities that we can provide for our brokers and clients,” the president said.
Encon also plans to focus on and expand in markets that require specialized knowledge – which Cook describes as “one of our key strengths.”
During the past year, Cook says insurer and broker consolidation was one of the most notable changes in the industry.
“[It] has had a significant impact on the market and we expect that to continue,” he said. “It’s forcing all players in this space to adapt to a changing marketplace.”
And while emerging areas of business, such as cyber, have been a key theme, there is still room for improvement.
Cook says cyber will continue to grow, but warns that “we don’t expect it to fully take off in 2017.”
Many companies are still reluctant to purchase cyber policies despite a growing number of high profile cyber breaches, he explained.
“For this reason, it’s important to ensure that cyber liability insurance is attractive, affordable and that the coverages are well understood—so MGAs need to invest in the tools and resources to deliver this to brokers.”
With the challenges of 2016 in mind, what obstacles might lay in the path ahead – particularly when it comes to brokers?
“Last year was marked by a complex operational environment and an increase in competition,” Cook said.
The new reality for brokers means it is critical they find ways to create value and help clients navigate business complexities.
“[Brokers] need to demonstrate a high level of product knowledge and advise clients to make the right decision for them,” he explained.
“For this reason, working with markets that have the right depth and breadth of expertise is more important than ever.”
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