As a broker serving the financial sector, Advocis Broker Services Inc. continuously works with insurer partners to develop unique coverage requirements for insureds that evolve and grow alongside industry changes.

Vice President Jack Mazakian is the principal broker and oversees all aspects of Advocis Broker Services' nationwide operations. He is responsible for organizational growth and advises clients on managing and mitigating risks as they take on more responsibilities and grow. We had a conversation with Jack to gain insights into the evolving nature of risk and what Advocis is doing to help their clients prevent loss.

The evolving nature of risk

Jack believes the industry has evolved, and people are more aware of their risk profile. He said, “The world is more attuned to catastrophes, with perils like floods, storms, wildfires, and so forth. But from our professional perspective, we find that our client base is very aware of what they do every day, and they need to make sure they're protecting themselves to serve their clients better.”

He also believes brokers must become more attentive and proficient in their work to keep up with the changing times. It not only improves efficiency and productivity but also enhances the overall quality and reputation of their work. He said, “Our industry and client base are moving towards a new level of professionalism. As insurance professionals, we have an increased duty, responsibility, and obligation, and we need to adapt alongside our clients to become more effective.”

Educating clients on loss prevention

Jack said, “As insurance brokers, we sell insurance and help clients take the next steps when a loss occurs. The most valuable part of that equation is the process involved, not that a loss has occurred. Not everyone is familiar with that process.” He also said, “A key part of our business model is risk management, and we provide clients with accredited continuing education seminars. Part of that education is to help clients understand loss prevention and what to do when something's gone wrong.”

Rather than inundating clients with commercials, Jack believes brokers should aim to provide clients with helpful advice and tools to prevent loss. He said, “This type of thought leadership must be brought to clients because only then do they realize the value of what we provide is unique compared to the whole marketplace of insurance brokers and insurance companies.”

Learn how becoming digital helped Advocis Broker Services Inc. serve a growing client base and elevate their role as thought leaders in a specialized market.