Andrew Voroney, EVP & COO, SGI Canada
From climate change to corporate transformation to recruitment, the insurance industry is no stranger to challenge or change. But, where others see challenges, Andrew Voroney, Executive Vice President and Chief Operating Officer of SGI CANADA, sees opportunities to deliver profitable growth by providing exceptional customer and partner experiences.
You’ve been with SGI CANADA since 2016 and in insurance for over 18 years, so you’ve seen the industry evolve in many ways. What’s different about where the industry is going in the next five years?
We’re always responding, learning, and growing. It’s safe to say there have been more industry challenges this past year alone than in all of SGI’s history—almost 80 years—and I don’t see that subsiding. We got through one of the worst commercial hard markets in 2020 and 2021. When you look at risk capacity, brokers are working harder to find coverage for customers as insurers reconsider what’s insurable in the context of inflationary impacts, supply chain issues, and climate change.
Over the next couple of years, we’ll be innovating at a higher level to figure out how to navigate this new world.
I think the evolution of how we use technology is the biggest—and most exciting—tool to overcome some of these challenges. For example, the industry is focusing more on risk mitigation now. We’ve historically used our data for pricing, but now we’re looking at how we can use it to help stop those claims from happening in the first place.
Can you talk more about how technology is influencing the industry?
We’re in a time of continuous improvement—that’s not new, but how the industry overall is evolving processes and systems to meet the market demands is different. Most organizations have recently made it through or are in midst of a corporate transformation, like we are at SGI CANADA. That’s allowing the insurance industry to start to use technology to offer value in new ways to our customers.
I believe that a lot of the technology and data that we’re starting to use more effectively—thanks to artificial intelligence and data mining—will allow us to tailor the coverage for our customers—but not sell it to them. That’s where the broker still knows best; the broker understands who the customer is, what their risks are, and what the different options are for customers’ needs.
SGI CANADA has always been committed to our broker network—and now more than ever, we see working with partners as the best way to navigate and thrive through corporate transformation. We’re not going at this alone. We’ll continue to answer the phone. We’ll continue to put relationships at the core of our business.
Are there any challenges specific to the Ontario market that you’re looking out for?
The auto insurance market in Ontario faces a lot of pricing pressure. Customers have expectations, and the government has a growing interest in consumer protection when it comes to pricing. So, we could see more government collaboration.
Another piece is talent. The record number of retirements is putting a lot of pressure on the insurance workforce, especially in Ontario. Technology can help create efficiencies, but SGI CANADA still firmly understands the value of its people and the relationships they develop with our brokers. So, looking at developing our talent is a big priority.
How is SGI CANADA growing in Ontario, considering these challenges and opportunities?
We have an established presence in the province with two offices in the GTA, and we see room to keep growing. The market fits well into our personal and commercial lines risk appetite.
We also offer a unique partnership because we’re laser focused on maintaining our service and collaboration with brokers—especially as we go through corporate transformation. We ensure we’re prioritizing the things that matter to our brokers and customers as we maintain our service standards.
Why is the broker network so important to SGI CANADA?
We’ve been committed to our broker network for our whole history, and that’s not going to change anytime soon.
Anyone who says that insurance is easy to sell or isn’t a complex product needs to look more deeply at it. I’m an insurance professional, and I still see a broker. I have tons of questions when I work through my own insurance needs. A trusted advisor is key to safety, security, and peace of mind.
What does collaboration between brokers and SGI CANADA look like?
It’s the same way we collaborate with our colleagues and our other partners. We’ve built a culture of accountability, responsible leadership, and care. That means, we share information with our brokers, answer the phone when they call, and seek their perspective to ensure our strategies are mutually beneficial.
We don’t need to be guarded about our strategy because we trust our partners to take and build off our ideas. We want to hear from, respond quickly to, and build a successful relationship with every one of our broker partners. Without those conversations and collaborations, we can’t innovate, overcome challenges, or fully seize opportunities. The flow of information and ideas moves so quickly right now. You need to empower each other to stay successful.