Michael Whibley joined NFP's Business Insurance team in July, bringing his wealth of expertise in small to mid-size business insurance to the organization. Adding his over 13 years of experience to the team enables NFP to deliver on servicing clients in Canada by investing in the company's desire to enhance coverage and meet clients' needs for the Complex Risks Solutions line of the business.
To gain more insight into his experience of joining the company, we spoke with Whibley about his transition to NFP.
Editor's note: This interview has been edited for clarity and brevity.
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NFP: Can you describe your experience of joining NFP?
Michael Whibley: Right from the start of the recruitment process it was more personal, primarily because I had good relationships with the folks from previous industry roles. And so I felt like there's a good meeting of minds here.
The experience was solid and set the tone for the day-to-day. NFP has been very welcoming and colleagues put time in their calendar to get to know me right away. That meant a lot to me when joining a new organization remotely.
NFP: Why did you decide to make the move to NFP?
Michael: I've spent most of my career on the insurer side and I wanted to join an organization where I can add value to the customers and to the organization. When I looked at the industry, I thought NFP provided the most potential from any brokerage in the marketplace. I wanted to be a part of the growth and development of a fantastic brand and group of people and utilize my experience to make a difference for the customer. Frankly, it seemed like an exciting place to be.
NFP: How does your previous experience help you at NFP?
Michael: I feel my experience allows me to look at the broader picture. On the insurer side, you are constantly trying to predict the future and figure out what results will look like a year or even two years from now and beyond. NFP already excels at customer service, so my work creating organizational structures and long-term strategy will partner well with this customer-driven approach. Also, my in-depth understanding of the insurer's perspective and strategy allows me to see through the press releases and corporate-speak knowing the subtext of what markets are telling us and what is really going on. I've been on the other side and understand what is presented to brokers behind the scenes. Being responsible for some very large Profits & Loss at insurers, I understand the motivation. Taking on the role of that go-between supporter of front-line people and customers is very important, and I am excited to provide this value.
NFP: In terms of your specialties in insurance brokering, how would you describe those in relation to your role right now?
Michael: That's an excellent question. I have done a little bit of everything in my career, from substantial national accounts to being in the weeds with smaller community focused transactional accounts. I bring a depth of knowledge in the small- to mid-size market for this role. If you look at the businesses in Canada, approximately 97 per cent of all businesses are considered small/medium enterprises; this makes up the most of our economy. The insurance market is a bit chaotic - rising rate and reducing capacity. With my broad experience, we can help our customers navigate the chaos and find solutions.
NFP: When you touched on small business, I was thinking, what about with certain businesses going online? How does that work?
Michael: The truth is no one knows what the future is going to look like post-COVID. There continues to be value in brick-and-mortar locations. However, many businesses will continue to expand their online services while maintaining those storefronts. We must consider growing cyber threats. Holding key system and customer data ransom is happening more often than ever before. With this uncertain outlook going forward, I know we all need to be nimble and respond appropriately to manage the emerging risks.
NFP: Based on what you touched on about predicting the future, do you think anyone in the insurance industry could've predicted or prepared for a pandemic?
Michael: I don't think anyone could have anticipated a global pandemic. When you look at how insurance companies managed risk pricing, reinsurance catastrophe treaties, there's always been geographic spread to the strategy.They might have expected a massive fire in Southeast Asia, but it's unlikely that there is an earthquake in Mexico at the same. Insurance companies saw that the geographic risk model didn't hold true in a pandemic.
NFP: What are some trending risks right now in insurance?
Michael: Outside of the pandemic, severe weather is going to be the biggest concern. The severity of the weather - flooding, forest fires, tornados - is driving the most rate in the insurance market. During COVID, insurers have seen higher profits due to lower claims on the auto side; however, the industry is still projecting expensive weather events across the country. Pricing trends should largely remain the same and capacity to remain tight while the weather issues persist.
NFP: Why are you passionate about insurance?
Michael: I'm passionate about insurance because it allows entrepreneurial people to focus on their value to the customers. At the same time, NFP is set up to ensure the customer's risks are taken care of.I want all our customers to be confident in their choice of NFP as their risk partner. They should know we will focus on them - whether it's finding capacity at a fair price, finding innovative ways to protect their businesses, or helping manage a claim. We're striving to show our value in every interaction.
NFP’s specialists are ready to work with you to help ensure the exact coverage you need. We’ll learn your business and recommend smart ways to keep your workplace, people, products, and processes more secure. Request a quote online or call us at 1-844-811-1118