Global insurance broker HUB International offers a broad array of products and expertise, including construction industry surety products. Since its inception in 1998 with the merger of 11 privately held brokerages, the firm has grown to include more than 400 integrated brokers across North America.
As of 2017, HUB is ranked as the eighth largest brokerage in the world and is backed by more than 10,000 employees and more than $1.65 billion in revenue.
Mark Del Ben, vice-president and team lead for the Toronto construction/surety practice, says HUB offers clients the dual advantage of being a large brokerage made up of smaller, dedicated teams. This “knowledge powerhouse,” he says, provides client centred, personalized and comprehensive insurance and surety solutions based on the collective skills and expertise of the whole team.
“Within each HUB office are various teams that specialize in one specific industry and therefore understand and anticipate the particular needs of their client,” Del Ben says.
Each HUB team offers a suite of tools and customized services to help clients navigate through the “often confusing world of insurance. Our ultimate goal is to ensure we deliver a Fortune 500 experience to every client regardless of size.”
He says that over the years, HUB has responded to new and emerging risks by hiring specialists and adding new lines of business to expand its portfolio and capabilities. In doing so, HUB has become a diverse brokerage and a one-stop shop for its clients.
“An example of this has been the creation of risk management programs for cyber insurance and developer surety,” he said. “Where we did not already have in-house talent with the required expertise, we sought out the ‘best of the best’ in the industry to add to our team.”
As the industry grows in its focus, and with more projects today requiring risk protection and surety products, he says new players are entering the market, creating competition for talent. The rush to recruit and retain knowledgeable and skilled staff is exacerbated by the retirement of the baby boomer generation.
Del Ben says that change such as this will always bring opportunity. “Our clients will benefit from having more options and access to competitive terms. That said, they may struggle to maintain strong long-term relationships in a market where employees move more frequently. This presents a challenge for all players in the market.”
He says the insurance industry has historically lagged behind on offering the most cutting-edge technological options to service clients, but the industry is playing catch-up and he is now seeing brokers and insurers offering clients online portals for accessing their products and services. Such conveniences will likely soon be the norm as companies seek new ways to retain clients.
For more information, visit https://www.hubinternational.com.