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Ad Name: IBAC_ThankYou_Ontario_Broker2011_1Pg Size: 8.125” x 10.875” Colour: CMYKPublication: The Ontario Broker (Insurance Brokers Association of Ontario)Agency (Contact): Thursby & Associates Inc. (Stephen Thursby – 416.863.1499) sthursby@thursby.ca

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the official publication of the insurance brokers association of ontario (ibao)

DECEmbEr 2011

THEOnTariO

brOkEr

broker of the year

Craig musiCo

02   Message froM the chair04   governMent relations 

Update05   coMMUnication strategies

06   ceo corner 10  hr strategies11  territory Update12   estate planning

13  yBc Update14  coMMUnity view 

THE OnTariO brOkEr / December 2011

Editor Vanessa Marigavanessa@canadianunderwriter.ca 416-510-6793

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02

you say you Want an evolution

Bryan YetmanChair, IBAO

I am grateful for having an opportunity to serve Ontar-io’s brokers over the past seven years. I am extremely proud of what we have accomplished together. Choosing what successes to write about is difficult for me. I could talk at length about our hard work with auto reforms. I could also reflect on the divisive debate we’ve had on credit scoring and our role in forcing the conversation that now finds itself on a national stage. However, these were market condi-tions we addressed as they came up and instead, I’d rather reflect on a few strategic initiatives where IBAO offered leadership.During the Ceo Panel at the 91st annual Convention in october, i briefly discussed the market share challenges we face as a channel. specifically, i pointed out that over the past 25 years, direct marketing companies

have gained 25% market share, almost exclusively at the expense of the broker channel. While reviewing these slides in context with my tenure at ibao, there were a few strategic initia-tives i am particularly excited about.

the success of direct marketing companies dur-ing these past two decades has come in large part through their diligent work to better understand their consumers and their desire to embrace technology (that we’ve seemingly avoided). their success in these areas has led us to try and make some key investments of our own in hopes to better compete more effectively for market share.

in the past, ibao had not conducted much in the way of consumer research. how ever, in 2009, we began working with a company called Navicom with a goal to better understand consumer demands and consumer attitudes toward brokers, agents, directs, financial institutions and group carriers. this re -search, that we’ve con-tinued to build on each year, has helped us gain an under standing of consumer demand. We have been sharing these insights with members to aid with their strategic decision-making.

Consumers’ desire to use the internet for research is undeniable. in fact, over the past 10 years, the number of consumers using the inter-net to gather information about a wide variety of subjects has grown expo-nentially. according to stats

Canada, in 2007, 8.9 million Canadians were searching for insurance quotes online. today, this number has climbed to 10.85 million. additional consumer re -search also told us that consumers expect to further engage with this industry online. therefore, in may 2008, we launched my insuranceshopper.ca (mis), easily the single biggest investment this association has made.

in 2008, the broker brand did not exist online, ignoring at least 9 million opportunities. in just over three years, my insurance-shopper (mis) makes more than 2.5 million brand impressions monthly. While any significant investment takes time to get running at full steam, i believe that mis presents significant opportunities for brokers online. brokers are easier to find online and as our own carriers move to establish a direct web presence to consumers, we are well prepared to compete with these sites as opposed to trying to play catch up.

technology is not just an external issue, but an inter-nal one as well. the nature of direct selling brings the incredible efficiency of working in one system, with one workflow to meet the expectations of a growing number of ‘24/7-minded’ consumers. ibao continues to see this as a big obstacle for brokers. frankly, i am continually disheartened when insurers impose unique and clunky work-flows, taking a ‘father knows best’ attitude,

mEssagE frOm THE CHair

December 2011 / THE OnTariO brOkEr 03

The board of Directors, staff and the members of ibaO, would like to sincerely thank the following companies for their generous full-year support by advertising in each issue of the ontario Broker magazine in 2011:

The commitment and investment of these companies in the ontario Broker has made the publication a ‘priority-read’ for over 12,000 brokers within 1,200 offices across Ontario.

Thank You

ig noring our requests for streamlined workflows and in sisting that their portals are where the true efficien-cies lie. furthermore, i am puzzled when i see so many, even those that deal solely with brokers, show little sense of urgency to invest in common standard solutions that drive efficiency into the distribution of our product.

but, during the past two years i’ve spent with ibao, i am incredibly pleased with initiatives that brokers are driving at both the provincial and national level. ibaC’s data exchange pro ject essen-tially brings a one-to-one reality to our channel. it is a lofty project, but one we believe will soon be table stakes for our channel.

at our annual Conven-tion, we actively discussed the issue of automated electronic delivery of DeC pages to brokers bms’ using the Csio standard. Prior to

Convention, only one bms vendor and one insurer had that capability. since Con-vention, we have had some positive wins! the Domin-ion and intact have since committed to build to the Csio standard, and today three of the four major bms vendors, including Cssi & keal have also publicly announced their commit-ment to embracing this standard. but, there is still work to be done. brokers continue to share emails from many mainstream carriers full of excuses as to why they can’t or won’t build to the Csio standard. ironically, this correspon-dence ends by pushing some proprietary solution as the better workflow.

it was bittersweet for me to listen to rick orr at our industry Luncheon at Con-vention speak so passion-ately about his vision for his term as President. in his

address, rick stressed the need for brokers and car-riers to work together on collaborative technologies that make us more com-petitive as a channel, as opposed to building pro-prietary technologies that accomplish exactly the opposite. While i am sad to retire from my term at such an exciting time, i could not think of a more capable individual to lead us down this road.

once again, i thank you for the opportunity to serve on ibao’s board and execu-tive teams. as i return to my young family and focus on growing my own broker-age, i know that there are many challenges that lie ahead. but, i know this organization will evolve and find ways to enhance the broker distribution system and continue to be an in -valuable resource to you, our valued members.

President’s Schedule:

Dec. 5 Executive Meeting with Economical

Dec. 8 IBAC Professional Development Com-mittee Meeting

Dec. 13 London Affiliate Meeting

Dec. 13 Executive Meeting with Bank of Montreal

Dec. 14 IBAO Executive Meeting

Dec. 15 Oxford Affiliate Meeting CEO’s Schedule:

Dec. 5 Executive Meeting with Economical

Dec. 6-8 Beyond Best in Class

Dec. 13 Executive Meeting with Bank of Montreal

Dec. 14 IBAO Executive Meeting

THE OnTariO brOkEr / December 2011 04

the environment John Wilkinson (Perth-Wellington), minister of education Leona Dombrowsky (Prince edward-hastings), minister of agriculture Carol mitchell (huron bruce) and minister of revenue sophia aggelonitis (hamilton-mountain) all went down to defeat. a list of all newly elected mPPs can be viewed on the onta-rio Legislative website at www.ontla.on.ca.

the most notable trend from this result was the urban-rural split. most of the Liberal losses occurred in rural ridings, and that is where the PCs made most of their gains. the Liberals hold the majority of urban ontario, most notably the gta. in toronto proper, the PCs were shut out completely, failing to replicate the success of their federal cousins in securing seats in toronto.

nEw CabinETon oct. 20, the new Cabinet was ap -pointed. it has been shrunk to 22 mem-bers compared to 26 before the election. No new faces were appointed. the mes-sage trying to be sent here is that there is an experienced, but leaner, team ready to deal with the tough economic challenges facing ontario. the other reality is that the Liberals have a much smaller caucus, and it will need quite a bit of experience and discipline to navigate through, for them, uncharted minority territory.

so what does this all mean? Neither the electorate, nor the three parties want an election anytime soon. the electorate has just been through three elections in the past 12 months. the parties are drained, both financially and physically from what has been a very long campaign that ostensibly began in January.

expect a fairly stable minority Parlia-ment. all parties will have to work with each other and will have to temper their rhetoric. the opposition parties will have to think carefully what they choose to oppose instead of doing so reflexively, as they do where their vote “doesn’t matter” in a majority setting. the governing Liber-als will also have to be very careful as to what they propose in the Legislature.

most importantly, there will be a slight tilt of power back to mPPs from the exec-utive Council (Cabinet). individual mPPs’ views will become more important, as parties do their best to control their cau-cus and keep each one happy to make sure no one is offside for crucial votes. once again, this highlights the importance of reaching out to our mPPs. every mPP needs to be approached from every party so that they are aware of the issues and concerns of the ibao.

Arthur LofskyGovernment Relations Consultant

2011 ontario election resultsFor the first time in 26 years, the Ontario electorate has elected a minority Parlia-ment in Ontario. Albeit, it is a “major minority” as Premier McGuinty character-ized it the day after the Liberal victory.the election was very close, as polls had suggested throughout the campaign. fifty-four seats are required for a major-ity. the Liberals won 53 seats (a net loss of 19) with a popular vote of 37.6%. the Progressive Conservatives won 37 seats (a gain of 12) with 35.4% of the vote. the NDP won 17 seats (a gain of 7) with 22.7% of the vote. Voter turnout was the lowest ever recorded at 49.2%.

Despite the Liberal victory, they suf-fered some significant losses. minister of

gOvErnmEnT rElaTiOns UpDaTE

December 2011 / THE OnTariO brOkEr 05

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going global: Why Canadian brokers Need to Play Catch up!Consumers will switch insurers if their preferred interaction points are not pro-vided or maintained, a recent IBM Global Business Services study found. the study gathered consumer data from more than 20,000 respondents living in twenty countries around the world, excluding Canada. one major finding, perhaps unsurprisingly, is that today’s insurance consumer expects the avail-ability of “multimodal interaction points” from insurance providers. Consumers want access to relevant insurance infor-mation, with the majority saying they would use between two and four different inter action modes in the process of buy-ing insurance.

other research from the united states suggests customers are radically changing the way they buy insurance products and services (in the us) and that the independent insurance agent channel hasn’t “kept up” in terms of catering to changing consumer buying habits. find-ings suggest that agents don’t have the opportunity to “tell our story the way we used to” and that the absence of a “hybrid solution to combat directs writers” is putting this channel at significant com-petitive disadvantage.

the changing consumer buying habits that are occurring elsewhere in the world are well documented and the findings are clear: when it comes to purchasing per-sonal insurance, consumers expect to be able to choose from a variety of inter-

action points, all of which they expect to be interactive, in real time and of high quality. on the other hand, the impor-tance (and even necessity) of personal interaction is less straightforward. to be sure, personal interaction continues to be the preferred means of buying insurance. but what does “personal inter-action” mean in 2011? is a voice on the other end of a phone line “personal” enough? it may well be if the companion interaction points are easy to understand, easy to use and “resonate” appropriately with the modern consumer. furthermore, there is evidence of emerging consumer segments that may not need or want any personal interaction at all when it comes to buying insurance. to be sure this is a slippery slope for insurance brokers and agents from around the globe. it is para-mount that your own brokerages offer personalized service models that are accessible and supported in 21st century

terms and continue to offer meaningful and relevant value to existing and poten-tial customers alike.

the good news is that there is plenty of evidence from recent studies conducted in ontario by ibao that suggest consum-ers will respond positively to a variety of different types of personal interactions. but, ontario brokers must first embrace the changing buying habits of today’s personal insurance consumer and provide the different interaction points that they expect. otherwise brokers may never have the opportunity to develop the per-sonal relationship with customers that they are so well positioned to provide!

Consumers expect to be able to choose from a variety of interaction points.

THE OnTariO brOkEr / December 2011 06

CEO COrnEr

Karen GavanPresident and CEO, The Economical Insurance Group

Critical Questions from the CrisisTo understand 2011, we need to look back at least three years. And we need to take a hard, objective look at where our industry is today if we are to understand where we need to be in three years’ time and beyond.in the summer of 2008, it looked like the worst threat to the economy may have

been over. the united states government backstopped toxic-asset ridden invest-ment bank bear stearns; its forced sale to JP morgan Chase completed the rescue, modelling the government and Wall street’s approach to maintaining global confidence. for a few short weeks, capital markets roared in relief.

and then came the cliff.by midwinter 2009, major indices in

North america and the uk lost half their value. it turns out those were the good old days — before the european currency association’s very survival became a matter of divided opinion, and the conti-nent’s peripheral economies began tum-bling like dominos, from ireland to greece to italy and beyond.

although Canada has experienced some of the shocks and squeezes of the global financial crisis, we all appreciate that our economy — and our own finan-cial services sector, especially — has been supported by prudent regulation and

sovereign fiscal prudence. our experience may have been comparatively muted, but even Canada’s relatively positive experi-ence continues to be costly for the insur-ance industry. the fact is that economic growth is slow, unemployment continues at high levels in some key parts of the country, and real wages are falling. hard times have pinched family budgets, stiff-ening market competition and creating favourable conditions for fraudulent activity. an ongoing soft and erratic market cycle, as well as the country’s stimulative interest rate environment, have sharply diminished portfolio returns. future claims liabilities have soared as matched investments continue to call for steady cash infusions.

as companies strive to maintain or build margin in market conditions that make underwriting profitability more essential than ever, we all need to inno-vate, to get lean. We need to question basic assumptions in a world where insti-tutions that are “too big to fail” do exactly that, and where sovereign debt is no longer rock solid. so our thoughts natu-rally turn to the conditions and challenges that lie ahead.

What can we do better? are there structural gaps in our own industry that need to be bridged? Despite the perfor-mance of the Canadian financial services sector throughout the downturn, are there areas where the Canadian market-place is in fact less evolved, less secure, than we assume? there are certainly issues to be considered.

a frank assessment of recent claims experience shows a steady rise in weather-related catastrophic losses. in 2011 alone, Canada has experienced a massive wildfire in Northern alberta, a devastating tornado in southwestern ontario, multiple earthquakes, the tail-end of a hurricane and historic precipita-tion volumes, together with strong winds.

Perhaps it’s time, as an industry, to think not only about retrenching against intensifying environmental challenges — by factoring sustainability more heav-ily into our lives, work and buildings — but also to manage these risks more clearly and directly with discrete revenue allocations that reflect the true cost of these occurrences.

December 2011 / THE OnTariO brOkEr 07

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Carriers currently have no clear incen-tive to plan adequately, deliberately and directly for these weather-related loss experiences. is this an area we can or should develop?

While there continues to be debate in some corners about whether climate change is natural or caused by mankind, there is no doubt about the human cause of terrorism. this is another area where dedicated and concerted accom-modation for future loss could — or should — be made.

again, Canada has been relatively fortunate. We have not directly suffered a major terror incident since the air india bombing more than 25 years ago. that’s probably part luck and part vigilance, but the time for preparation is now — not in the wake of tragedy. of course, we all hope such tragic events never strike.

however, to paraphrase a sentiment attributed to the office of the super-intendent of financial institutions chief Julie Dickson: “hope is not a miti-gation strategy.”

most major advanced economies have explicit government backstops for insurance claims stemming from acts of terror. is there an opportunity here for insurers and regulators to come together and anticipate the needs and challenges that would emanate from a terrorist event or series of events? Can we build a resilient means of addressing those challenges?

similarly, the threat of fraud is created by humans. so, humans should be able to confront and mitigate that threat. although fraudsters are always looking for new ways to cheat, is there more we as an industry can do to protect the ultimate victims of fraud — our honest customers?

these are some of the questions we can ask ourselves as we look both back and ahead. a key lesson we can all take away from the recent — and continuing — global financial crisis, is that in every failure there is opportunity, and in every success there is risk.

financial institutions around the world that, heading into the recession, were less well-regulated, less well-capitalized and less prudently invested than those in Canada, now have an opportunity to begin reforming their operations and, in

partnership with their home govern-ments, revising their regulations. they are asking the hard questions and will be stronger as a result.

financial institutions in Canada that were well-regulated, well-capitalized and prudently invested heading into the

downturn, are now hailed as beacons of good management and foresight. We must be alert to the possibility that, out of this success, can come complacency.

in the business of risk management, complacency can be the biggest risk.

Perhaps it’s time, as an industry, to think not only about retrenching against intensifying environ­mental challenges — by factoring sustainability more heavily into our lives, work and buildings — but also to manage these risks more clearly and directly with discrete revenue allocations that reflect the true cost of these occurrences.

THE OnTariO brOkEr / December 2011 08

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“I’m always happy with the business development support and service I receive from Aviva. It goes a long way in helping our brokerage achieve our goals. In addition to great products and service, a trusted, committed and stable partnership like this is just one more reason we’re confident recommending Aviva.”

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Craig musico, ibao’s broker of the year, credits his former career as an adjuster with helping him to bridge the communication gap between the insurance world and the consumer. by VaNessa mariga

When Craig musico, a partner at Callister musico insurance group in sarnia, got the news that ibao had selected him as the 2011 broker of the year, it was an affirmation that his approach to being a broker is on the right track.

“When i look at what the qualifying criteria was for the award, it was that you’re representing your profession well and that you’re helping to create the

sustainability of that business, with an eye to the community,” he says.

“by receiving the award, it reinforces in my mind that we are doing what we’re supposed to do. it’s feedback from our peers that’s telling us that what we’re trying to accomplish is okay.”

Craig hales from the town of Lively, a small bedroom community just outside of sudbury, ont. When he was 15 his family relocated to fernie, bC. he remained on

the West Coast until he completed a psych degree from the university of british Columbia. by that time his parents had decided it was time to head back east and had relocated in London, ont. Craig joined his parents and his girlfriend (now his wife) who he had met while working summers in ontario.

as it turned out, an independent adjusting firm in London was looking for a new trainee. “i had no idea what an adjuster was, so i researched the pro-fession. so, when i went in for my inter-view i had a pretty good handle on what was involved.”

he spent the next year working in the firm’s London office. When there, the workflow ebbed management gave him the option of an eventual lay-off, or the opportunity to move down the road to sarnia to open a new branch.

“being a young guy full of ambition, i said, ‘okay, let’s go.’ i came down here with a van full of furniture, opened an office and it eventually took off.”

six years into his tenure, Craig was made a partner. in 2001, it was sold to a us-based outfit. he remained on as branch manager for about two-and-a- half years before he decided it was time for a change.

at that time, an old friend and his now business partner, Paul Callister, had just merged his personal lines brokerage with another firm in town. Paul called on Craig and asked if he would be interested in joining the team and head up a commer-cial lines division. he took up the chal-lenge, and as such, launched his career as a broker.

“the nice part about learning [the insurance business] on the adjusting side is that you understand the functionality of

aDjUsTing COmmUniCaTiOn

December 2011 / THE OnTariO brOkEr 09

an insurance policy — regardless of the line of business. i also got my fellowship designation, which required me to take law courses at the university of toronto. it gave me an incredible baseline for the sales side,” he says.

since spearheading the commercial lines division seven years ago he has increased the book of business by 500%. and in 2008, he was made a partner at the firm.

he attributes his background as an adjuster for some of the business’s suc-cessful growth. “i think because of the way i learned the business, my filter sys-tem is based on exposure. and so, when i have a dialogue with a prospective client, it is easy for me to identify where i per-ceive the issues in terms of coverage and exposures. the other part of being an adjuster is that you have to talk to people in laymen’s terms. you have to take the policy wordings and articulate them so that the insured understands what’s happening,” he says.

serving as a translator of sorts between the technical-language of the insurance world and the everyday ver-nacular of the consumer is an asset for a broker, who must explain the concepts to the consumer at the front-end of the insurance transaction.

“so, when you sit down and have a conversation with someone and identify the potential pitfalls and gaps, you are able to create confidence on the part of the consumer.”

moving forward, Craig anticipates continued growth at Callister musico, despite the increasing competition from other distribution channels.

“there is going to be a segment of population that is looking for price only. We need to make sure that we identify and target our client, or what we perceive to be our ideal client, which is someone that is interested in advice and service.”

targeting these clients requires form-ing the right affiliations and building “centres of influence,” he continues. the firm has created alliances with experts in complimentary fields, like financial advi-sors. “We don’t intend to be generalists. We want to have specialists, and we place a heavy emphasis on our staff being tech-nically sound. it’s been a process of creat-ing the environment that will attract the type of clients we want, and then taking a more holistic approach in our offerings.”

EAST TO wESTOriginally from a small Northern Ontario community, Craig Musico spent his formative years in British Columbia.

THE ADjuSTMENT BurEAuAfter graduating from uBC, Craig returned to Ontario where he got a job with an adjusting firm.

BrOkErING CHANGEIn 2004, he switched from adjusting to a career as a broker. Hired by Paul Callis-ter, he was tasked with launching a commercial lines division.

MAkING PArTNEr In 2008, he was made partner at Callister Musico Insurance Group. Since that time he has grown the commercial book of business by 500%.

COACH’S COrNErDuring the winter months he is fre-quently found on a hockey rink where he coaches his children in minor league hockey. In 2010, he was honoured with ‘Coach of the Year.’

LEADING THE wAYCraig also works with the YMCA Capital Campaign, which will fund the creation of a $3.5 million ‘Lead-ership and Challenge’ centre. The project builds on Sarnia’s youth-at-risk initia-tive and corporate leadership training opportunities.

Photography by Dan bellyk

THE OnTariO brOkEr / December 2011

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Alex Gallacher, MBA, CHRP, SHRPManaging Director, ENGAGE HR

strategy, structure, PeopleMore than ever, substantial change is afoot in the insurance industry, and well underway for many P&C brokerages. If it was not already apparent, it became abundantly clear at the CEO Panel during IBAO’s 91st Annual Convention on Oct. 20. It was also clear on the Exhibit Floor, with insurers attempting to compete on a variety of levels.in these changing times, each and every brokerage must ask itself what its value chain looks like.

Navicom, an ibao affinity Partner, has been dissecting and presenting brokerage value chains to ibao brokers. these value chains start and end with consumer preference. i encourage each and every

broker age to learn more about this — undertake research and share it with your people. you can do this by joining the next available ibao beyond best in Class (bbiC) Program or by contacting bill morris at Navicom. your competitors, including the direct writers, and the bank-owned insurers, have this knowl-edge and are using it to their advantage. you owe it to yourself and your business — now, or in the not too distant future, particularly for those serving the 80% of ontario consumers considered urban or semi-urban.

this information is a key input to establishing, refreshing and setting strat-egy for 2012 and beyond. another key element in successfully setting strategy is understanding where the people that comprise your brokerage’s staff are at. see page 22 of the oct. 2011 issue of The Ontario Broker for more on this. in response to broker feedback on the organizational Culture survey and employee opinion survey, we have tweaked these surveys to make them even more effective.

if you need help managing a 2012 strategic planning process for your bro-kerage, get it. there are several capable organizations that regularly work with ibao’s members, who are good at it and will keep it on track. the good news is,

everyone involved then gets to partici-pate, and the facilitator usually takes better notes. Lorie guthrie Phair of LePhair associates, barry Nelson of Practical management, and our team at eNgage hr can all help get the job done.

you will also want to ensure that your brokerage has an optimized organiza-tional structure to deliver this strategic plan. this structure may involve new workflows, roles, reporting relationships, responsibilities, accountabilities, metrics, technologies, systems, feedback, develop-mental opportunities, and rewards — to support the strategy. you may need help again — get it — to enable your business, and protect your important role in your community.

the last and most important part of the equation is having the right people, in the right roles, in the right structure, headed toward common strategic objec-tives. failures in having the right people can be disastrous to current, future, and even former customers who might want to be customers again some day. this is where a clear human capital plan will help.

happy holidays, thanks for the privi-lege of working with you across this won-derful province, and best wishes to your continued success in 2012 and beyond!

December 2011 / THE OnTariO brOkEr 11

TErriTOry 5 UpDaTE

Traci Brown Territory 5 Director, IBAO

reinventing ourselvesMuch of Territory 5, comprised of windsor-Essex County, Chatham kent and Sarnia, borders the u.S., therefore, we have historically had deep ties with the automotive business sector. we know that tough economic times are not just our issue, but as we reflect on the trans-formation that has occurred here, it is with pride that we take notice of how we have endured and re-invented ourselves.a good example of this is the solar and wind energy initiatives, replacing the declining market share commercially for tool and die and manufacturing risks. Public demand for green energy is increasing, and this is a call our future leaders are pressured to heed. another noticeable change is the influx of immi-gration to the Windsor-essex area and the re-positioning of the region as a retire-ment destination. Perhaps this will lead to a more service-based economy in the future to supplement, or supplant the manufacturing base.

being independent brokers supporting our local communities, we can reflect on the concerns of our customers and what they really want and need from us with respect to their insurance and peace of mind.

Considering the increased presence of banks and direct writers and the fact that our market share is declining, now is the time for us to switch into high gear and lead the way as brokers of the future. ibao has been working with Navicom to tell us what makes a difference to our customers and what will make them so happy that they wouldn’t think of leaving us as their trusted advisor and resource.

is there a new creative marketing plan you can launch? reach out to ibao’s marketing Department for ideas and rollouts to assure you are in touch with your clients on a regular basis with rel-evant information they crave.

What about offering extended hours on certain days? When asked, employees will probably enjoy the flexible hours and days options. Let’s face it, our clients are the same as us — they want to do busi-ness when they have time.

are you still bombarding clients with traditional mail when they would prefer to receive documents electroni-cally? more importantly, have you taken the time to ask your clients how they want to deal with you or what they expect of their broker? today’s tech-nology allows emails, texting, web camera meetings, twitter, and a variety of methods that only you will know about once you inquire. start collecting that

data and have a systematic approach as part of your plan for tomorrow’s broker model.

i know brokers often get caught up in the daily tasks of their business, but it is also important to work on your business and not just in it. so with this i leave you all ...and thanks to brad Neal and Doug barnett, affiliate Presidents of territory 5 for their input.

Have you taken the time to ask your clients how they want to deal with you or what they expect of their broker?

THE OnTariO brOkEr / December 2011 12

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Derek de Gannes Cookson Walker LLP

Probate Planning

without a sound estate plan your estate may be liable for estate administration tax, or probate, as it is more often referred.Probate is the process for validating a will and serves as proof to interested parties such as banks and trust companies, investment dealers and land registry offices that your will has been certified by the court and the executor is authorized to act on your estate’s behalf. for a fee of approximately 0.015% of the assets dealt with under the probated will, the ontario government will issue a “Certificate of appointment of estate trustee with a Will” as proof of a valid will and an autho-rized executor.

minimizing probate costs to your

estate may be as simple as giving away everything you own before death. While simple, this option may jeopardize your well-being and have negative tax implica-tions especially where the transferred assets have increased in value while you owned those assets.

the techniques described in the fol-lowing will allow your executor to mini-mize probate costs without causing you to give up everything you own of value during your lifetime:• make use of multiple wills whereby

you make a will (the primary will) limited to assets for which probate is required (i.e., bank deposits, invest-ment accounts, real estate) and a separate will (secondary will) for assets where probate is not required (i.e., private company shares and amounts due from private companies). upon death your executor will submit the will dealing with assets that re -quire probate, sparing your estate the fee based on assets that do not require probate.

• transfer assets to a trust created dur-ing your lifetime such that the trans-ferred assets do not form part of the assets held on the day of death that pass to your estate. While you no longer own the assets, you can be left with some degree of control as an

executor of the trust. alter ego and joint spousal trusts are options to consider for those aged 65 and over. this technique also avoids delays in distrusting the assets, as having a will probated can be a lengthy process.

• Name beneficiaries rather than your estate directly in insurance policies and registered plans such as retire-ment savings plans and retirement income funds.

• register assets in joint tenancy with rights of survivorship so that property may bypass your estate on death and pass directly to the joint owner.

With any planning involving the trans-fer of asset ownership one has to consider the income tax implications because you don’t want to create an income tax prob-lem today to spare probate costs that would otherwise arise at some future date. any transfers to spouses or minor children or trusts may trigger any number of income attribution rules and capital gains where the transferred property has gone up in value.

be sure to speak with a lawyer or accountant versed in these matters as part of your estate planning.

December 2011 / THE OnTariO brOkEr 13

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ybC UpDaTE

Jeff JonesTerritory 1 Director, Young Broker Council

that’s a Wrap for 2011 wow! 2011 seems to have just flown by; however, in that time IBAO held its 91st Annual Convention, and this year appeared to be the most successful convention to date — in part due to the efforts of the Young Brokers Council’s board. on the education front, ybC was proud to present stuart knight’s the art of Power-ful Conversation during the Convention. stewart enlightened us by stating every interaction we have with another human being is an opportunity to strengthen the relationship with those who matter and can dramatically increase the productivity of the team as a whole. although texting, faxing and emailing are part of any busi-

ness, nothing beats the benefit of knowing how to connect face-to-face. the ybC will also be sponsoring stuart and the art of Powerful Conversation to more than 6 locations in ontario as part of the regional meetings commencing april 2012. stay tuned for more information, as this is a must attend presentation!

this year, during the awards of excel-lence, President Peter burns presented the young broker of the year award to morgan girouard from all insurance ontario Limited in orleans. Congratula-tions to morgan on this great achieve-ment. it is brokers like morgan who step out of their day-to-day duties as a broker and donate their time and ideas for the perpetuation of our industry. We encour-age all brokers to get involved with your local affiliate. as our next convention theme states: ‘be a broker, be involved.’ if you have a young broker in your office or your affiliate who is involved and mak-ing a difference in your community and our industry, please nominate them next year for the young broker of the year award. the awards of excellence nomi-nation forms will be available for the 2012 Convention in february.

the ybC would also like to congratu-late Chairman bryan yetman on receiving the very prestigious Wallace e. Wood memorial award. the award, named in

honour of ibao Past President Wallace e. Wood, was created to recognize an indi-vidual who has dedicated themselves to the support and development of the independent brokerage system through tireless personal time and effort. bryan raises the bar to a new level of what young brokers can achieve and contribute to our industry.

for more information on ybC initiatives or local events, feel free to contact me or your ybC team Leader. if you would like to get involved with the ybC, please visit our website at www.the young brokers.com.

on behalf of all ybC members, i’d like to wish you and your family a safe and happy holiday season.

Although texting, faxing and emailing are part of any business, nothing beats the benefit of knowing how to connect face­to­face.

THE OnTariO brOkEr / December 2011 14

School of InsuranceIBAOEDUCATION FOR BROKERS BY BROKERS

School of Insurance Thank You

UPCOMING SEMINARS & COURSES

Watch for our 2012 Curriculum Calendar Available in January

QUESTIONS?Contact the Education Department at 416-488-7422 or 1-800-268-8845.

www.ibao.org/education

Jennifer Armstrong, CASusan BakerLyall Bell, CIPJames Bonnay, CIP, CCIBMichael Carberry, BA, CAIBChristopher Coniglio, BA, CAIB, CIPMonica Cain, CIPLilian CroucherFred De Francesco, CIPAl DiamondTom Donnelly, L.L.B.Hugh Fardy

CAIB Group Leaders

IBAO School of Insurance would like to offer recognition to those who bring our courses to life.

Education Chairs (EC) & CAIB COORDINATORS (CC)Jeffrey D. Rice, AIIC, CAIB, (EC), (CC)Todd Rozon, CIP, (EC), (CC)Catherine E. Russell, CAIB (CC)Matthew. A. Sharpe, (EC), (CC)Paul Sottile, (EC), (CC)Douglas J. Storrey, CAIB, (EC), (CC)Andrew Tichelaar, CIP, CAIB, (EC), (CC)Nancy Thompson, AAIC, CAIB (CC)Jason R. Uniac, CAIB, CIP, (EC), (CC)John Vink, CAIB (CC)Wendy Watson, AIIC, CAIB, (EC), (CC)Violet Whitehouse, CAIB, CIP, (EC), (CC)

Shelley Allin, CAIB, (EC), (CC)Paul C. Armstrong, CIP, CAIB, (EC), (CC)Margaret E.C. Aspden, CSIP, (EC), (CC)John Bleau, AIIC, (EC), (CC)Valerie M. Bulloch, CCIB, (EC), (CC)Luis Caraballo, (EC), (CC)Loris J. Clarke, CAIB, CIP, (EC), (CC)Patty Crawford, BA, CAIB, (EC), (CC)Denise-Angela David, CIP, CAIB, (EC), (CC)Pierre De Laplante, BAdm, (EC)Tanya Diehl, CIP, CAIB, CRM, (CC)Graham Lidstone, CIP, CAIB, (CC)Brian Erwin, (EC), (CC)Darcy Franko-Felice, CAIB, CCIB (CC)

Janice Garratt, CAIB, (EC), (CC)Adriana Hebert, BA, (EC), (CC)Albert Hendriks, CIP, CAIB, (EC), (CC)Jeffrey M. Jones, CAIB, (EC), (CC)Gregory J. Kenney, (EC), (CC)Edward Kys, CAIB, (EC), (CC)Todd Landry, (EC), (CC)Tony Magermans, CAIB, (EC), (CC)Danny Marceau, (EC), (CC)Peter Mast, CAIB, CIP, (EC), (CC)Bryan McDermott, (EC), (CC)Randy Oliver, AIIC, (EC), (CC)Randy Paine, AIIC, (CC)Robert B. Payne, CAIB, (EC), (CC)

FacilitatorsJudith MitchellGlenn Planert, MBABernie Robertson, CAIB, CPIB, CRMRoss Robertson, CAIBBeverley RussellCordie Taylor-Edwards, FCIPFrank Uhran, FCIP, CRMDonna Weaver, Dipl (Hons.), CIP, CRMOwen Williams, AIIC, CAIB, CCIB, CRGlenn White, CAIB, CSP, AIPCViolet Whitehouse, CAIB, CIP

Derek Faulconer, BA, CNA, CAIBDonald Gadsden, AIIC, FIICAlex Gallacher, MBA, CHRP, SHRP, ICD.DRichard (Ted) Gammon, FCIP, CCIB, BABrent Gilbert, BEd, CCIB, CSPLorie Guthrie-Phair, CCIB, CIPIan Gold, L.L.B.Paul Green, BA, FCIPDerrick HughesStuart KnightRoss McBrideJo Anne Mitchell, CIP

Shelley Allin, CAIBKimberly Bates, CAIBLindsay M. Brown, BA, CIP, CAIBSusan Cotter, CAIBCrispen Daniels, CAIB, CPIB, CCIBKathy Darrah, CAIBPeter DasilvaJenny Desroches, CAIBTanya Diehl, CIP, CAIB, CRMMarianne Farr, CAIBSherry Folz, CAIBSylvie Forget-Swim, CAIB, CRMCindy Gale, CAIB, CPIBSharon GreenidgeBarbara J. Hartwell, CIP, CAIB, CCIBMario Laraia, CAIB, CPIBMichael McQuaid, CAIBChris Nezny, CIP, CAIB, CRMGregory A. Purkis, CAIBSusan Rhodes, CIP, CAIBUna Roy, CAIBMaureen Rybar, CIP, CAIBDarlene, Small, CAIBPaula Theaker, CAIBAndrew Tichelaar, CIP, CAIBTonya Upshall, CAIBAnn Marie Williamson, CAIB

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COmmUniTy viEw

raising a roofbrokers from oshawa’s roughley insurance were present during the 18th annual autofest at Lakeview Park, raising awareness for oshawa’s settlement house. During the event the team donated fifty magenta blankets to the not-for-profit community resource centre.

Left to right: Matthew Kelly; Lori McCann; A representative from the Settlement House; Anita Larkin; Cassandra Wildman; and a representative from the Settlement House

blanket Coveragethe team from miller insurance brokers inc. in kincardine offered warm comfort to the Women’s house in the form of a donation of magenta fleece blankets.

Backrow (left to right): Laura Beisel; Ruth Ehgoetz; Dave McClory; Mary Helen Musselman; Dave Young; Carol Fludder; and Nicole Liddle. Front row (l to r): Elyse Mitchell; Susan Cliffe; Shannon Drainville; and Vanessa Leblanc.

Due recognitioninsurance brokers association of Canada President fraser Lyle presented ibao Chair bryan yetman with a certificate of appreciation for his contribution and commitment as a Director and Chair of the technology Committee.

School of InsuranceIBAOEDUCATION FOR BROKERS BY BROKERS

School of Insurance Thank You

UPCOMING SEMINARS & COURSES

Watch for our 2012 Curriculum Calendar Available in January

QUESTIONS?Contact the Education Department at 416-488-7422 or 1-800-268-8845.

www.ibao.org/education

Jennifer Armstrong, CASusan BakerLyall Bell, CIPJames Bonnay, CIP, CCIBMichael Carberry, BA, CAIBChristopher Coniglio, BA, CAIB, CIPMonica Cain, CIPLilian CroucherFred De Francesco, CIPAl DiamondTom Donnelly, L.L.B.Hugh Fardy

CAIB Group Leaders

IBAO School of Insurance would like to offer recognition to those who bring our courses to life.

Education Chairs (EC) & CAIB COORDINATORS (CC)Jeffrey D. Rice, AIIC, CAIB, (EC), (CC)Todd Rozon, CIP, (EC), (CC)Catherine E. Russell, CAIB (CC)Matthew. A. Sharpe, (EC), (CC)Paul Sottile, (EC), (CC)Douglas J. Storrey, CAIB, (EC), (CC)Andrew Tichelaar, CIP, CAIB, (EC), (CC)Nancy Thompson, AAIC, CAIB (CC)Jason R. Uniac, CAIB, CIP, (EC), (CC)John Vink, CAIB (CC)Wendy Watson, AIIC, CAIB, (EC), (CC)Violet Whitehouse, CAIB, CIP, (EC), (CC)

Shelley Allin, CAIB, (EC), (CC)Paul C. Armstrong, CIP, CAIB, (EC), (CC)Margaret E.C. Aspden, CSIP, (EC), (CC)John Bleau, AIIC, (EC), (CC)Valerie M. Bulloch, CCIB, (EC), (CC)Luis Caraballo, (EC), (CC)Loris J. Clarke, CAIB, CIP, (EC), (CC)Patty Crawford, BA, CAIB, (EC), (CC)Denise-Angela David, CIP, CAIB, (EC), (CC)Pierre De Laplante, BAdm, (EC)Tanya Diehl, CIP, CAIB, CRM, (CC)Graham Lidstone, CIP, CAIB, (CC)Brian Erwin, (EC), (CC)Darcy Franko-Felice, CAIB, CCIB (CC)

Janice Garratt, CAIB, (EC), (CC)Adriana Hebert, BA, (EC), (CC)Albert Hendriks, CIP, CAIB, (EC), (CC)Jeffrey M. Jones, CAIB, (EC), (CC)Gregory J. Kenney, (EC), (CC)Edward Kys, CAIB, (EC), (CC)Todd Landry, (EC), (CC)Tony Magermans, CAIB, (EC), (CC)Danny Marceau, (EC), (CC)Peter Mast, CAIB, CIP, (EC), (CC)Bryan McDermott, (EC), (CC)Randy Oliver, AIIC, (EC), (CC)Randy Paine, AIIC, (CC)Robert B. Payne, CAIB, (EC), (CC)

FacilitatorsJudith MitchellGlenn Planert, MBABernie Robertson, CAIB, CPIB, CRMRoss Robertson, CAIBBeverley RussellCordie Taylor-Edwards, FCIPFrank Uhran, FCIP, CRMDonna Weaver, Dipl (Hons.), CIP, CRMOwen Williams, AIIC, CAIB, CCIB, CRGlenn White, CAIB, CSP, AIPCViolet Whitehouse, CAIB, CIP

Derek Faulconer, BA, CNA, CAIBDonald Gadsden, AIIC, FIICAlex Gallacher, MBA, CHRP, SHRP, ICD.DRichard (Ted) Gammon, FCIP, CCIB, BABrent Gilbert, BEd, CCIB, CSPLorie Guthrie-Phair, CCIB, CIPIan Gold, L.L.B.Paul Green, BA, FCIPDerrick HughesStuart KnightRoss McBrideJo Anne Mitchell, CIP

Shelley Allin, CAIBKimberly Bates, CAIBLindsay M. Brown, BA, CIP, CAIBSusan Cotter, CAIBCrispen Daniels, CAIB, CPIB, CCIBKathy Darrah, CAIBPeter DasilvaJenny Desroches, CAIBTanya Diehl, CIP, CAIB, CRMMarianne Farr, CAIBSherry Folz, CAIBSylvie Forget-Swim, CAIB, CRMCindy Gale, CAIB, CPIBSharon GreenidgeBarbara J. Hartwell, CIP, CAIB, CCIBMario Laraia, CAIB, CPIBMichael McQuaid, CAIBChris Nezny, CIP, CAIB, CRMGregory A. Purkis, CAIBSusan Rhodes, CIP, CAIBUna Roy, CAIBMaureen Rybar, CIP, CAIBDarlene, Small, CAIBPaula Theaker, CAIBAndrew Tichelaar, CIP, CAIBTonya Upshall, CAIBAnn Marie Williamson, CAIB

CAIB Self Study Advisor

Mark Campbell, CAIB

CPIB Self Study Advisor

Jeff Skelton, AIIC, CAIB

Sponsors

AVIVA CanadaThe Dominion of Canada

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Ad Name: IBAC_ThankYou_Ontario_Broker2011_1Pg Size: 8.125” x 10.875” Colour: CMYKPublication: The Ontario Broker (Insurance Brokers Association of Ontario)Agency (Contact): Thursby & Associates Inc. (Stephen Thursby – 416.863.1499) sthursby@thursby.ca

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There’s strength in numbers.

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Each of the Broker symbols above represents 1,000 insurance brokers, every one a member of their local Brokers Association, and every one of them drawing on the professionalism and effi ciency of Canada’s highest calibre insurance carriers to serve millions of insurance buyers across the country, earning their trust and loyalty.

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