Bryson Blog

Canadian Risk Management: buying a promise

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Doug Bundock has been in insurance for 37 years. His father owned a brokerage—it was a natural progression into the business. “For me, this business is about relationships,” he says. “People want to deal with people they trust and know.”

For the past two years, Doug’s been with Bryson Insurance. His designation is Canadian Risk Management. That means he commits a lot of time and thought to ensure his clients are protected in the event of something unpredicted.

“I’ve spent the past 25 years in commercial insurance. A few years ago, I decided to go through the process of getting my CRM designation—it’s a pretty technical, involved process and it’s all about reducing and mitigating your risks.”

The best way to really convey the nature of CRM is through a hypothetical situation; a large percentage of Bryson’s business as an insurance brokerage stems from the transportation industry. On any give day, Bryson may get a call from a large transportation company, responsible for moving shipping containers across Canada. It’s up to the team at Bryson to determine a good policy match, based on all aspects of the transportation company. This is where Doug, and CRM, comes in.

“A company like that would be dealing with multiple exposures,” explains Doug. “From a property standpoint alone, we’d examine the construction of the building and where it’s located, security features, alarm systems, fencing, lighting, setup of stairs, handrails, potential situations where employees could be injured…”

All of these variables will affect the final outcome of a risk assessment. A thorough risk assessment can mean everything to an insurance company! Any company owning property inevitably has potential risk; by the same token, any company can take measures to become more appealing from an insurance standpoint.

CRM is instrumental in preventing or minimizing loss in the long run. That’s essentially what Doug and members of his team at Bryson do—they help clients from a multitude of industries reduce and mitigate their risks in order to get the best possible insurance policy.

“For instance, if someone doesn’t have an alarm system, that’s something we would recommend to make a business more attractive to a potential insurer,” Doug says. One of the biggest challenges in conducting thorough risk management and matching a client to a policy is convincing clients that they have a problem.

As Doug puts it, “It’s all about bringing things from the back of the brain to the front of the brain.” A trucker who has been driving for 25 years probably doesn’t think about the procedural minutiae when he hops in his rig each morning. But, as Doug points out, when you’re pulling tons of freight long distances, the potential for damage is much greater.

This concept rings true across most industries; it’s imperative that companies realize they need to spend some money in order to protect themselves. It’s better to pay a controlled amount and work on risk management upfront—this solidifies standing with any insurance company and ensures a higher level of security.

“As a broker, I like to think of us as consultants or advisors,” said Doug. “My job is to help a client purchase their insurance. There’s a definite mental switch between buying and purchasing. People don’t like to be sold, but they don’t mind buying.”

Insurance isn’t really about a tangible product. It’s about investing in a promise that if something unforeseen arises, you’re covered. CRM is one of the most integral aspects of this transaction. According to Doug, the brokers at Bryson have an excellent team and deal with fantastic clients, making the risk management process interesting and rewarding.

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