Colin Simpson, CEO, IBAO
As I write this article, many areas in Canada as well as Europe and around the world are dealing with natural disasters, from extensive flooding to unseen average temperatures to an unprecedented number of wildfires. The continuing trajectory in frequency and severity of environmental events will continue to impact us all as a national industry, both professionally and personally. Your associations will continue to support you in the evolving environment within which your businesses must evolve.
Other than environmental challenges, the other major force impacting us all nationally is, of course, the economy. No one in Canada right now is immune to the challenges of finding good quality people and with the increased cost in living—housing in particular—we’ll all be having similar discussions with our respective provincial and federal politicians. With the upward pressure within the economy and the scarcity of qualified and experienced staff, the challenges of running a quality brokerage will surely continue to increase.
As the Canadian Regulators respond to market trends, it’s expected the recent focus on the treatment that consumers receive from our industry will both broaden and deepen in scope. Indeed, one development from this trend is insurance company contract wordings and the need for companies to audit and evaluate the responsibilities that their regulators are demanding. Whether you’re a supporter of regulation or not, the next few years will certainly see further expansion of regulators’ areas of focus in the name of treating consumers fairly.
Our Collective Path Forward
As your industry Association, we take these trends into account when considering our strategic options and direction. The lines that were once quite distinct between provincial and national issues are becoming blurred. Great work has been done in the past few years from a national perspective in regard to Federal advocacy, technology and working with the national regulator consortiums. All of these efforts demonstrate how effective, even challenging at times, working on a single national vision can be.
IBAO continues to take a leading role in a number of national initiatives, and others in our collective group continue to drive issues forward aligned with their own circumstances, skill sets and specialties to all of our collective benefit. IBABC continues to be challenged with environmental and market issues relating to earthquake, something that also impacts us here in Ontario, and in Quebec. RCCAQ has taken the lead on a national market analysis on Cyber. IBAC continues to evolve its strategy to maintain the protections that the Bank Act currently offers consumers. The one common aspect in all of these activities is the focus on the end impact that we have collectively as an industry on the consumer.
Together, We Can
As we look forward, we’ll focus on consumer needs serviced by our members, within the framework of an evolving regulatory regime, and an environment that continually looks to become more hostile to us all. We aim to provide timely and practical solutions to our members that will respond, if not get ahead of our changing world. One thing is for sure—our collective and collaborative approach to many of these challenges will be key to ensuring that the broker network across Canada continues to thrive and evolve along with the landscape around us. There is power in standing together and our collective efforts will serve the broker channel and consumers alike.