After the COVID-19 pandemic, many people who had been talking about and pushing for the digitalization of the insurance business for years suddenly found themselves having far more serious conversations about the topic. It was a challenging but necessary decision for traditional insurance companies to make the shift to digital insurance in light of the severe economic issues that were brought about as a result of the pandemic.
On the other hand, Surex had no trouble coming to a conclusion regarding the matter. After all, this multi-award-winning insurance industry had already transitioned to digital operations well before the epidemic.
In acknowledgement of its resiliency and achievement despite the ongoing global health crisis, Insurance Business Canada has named Surex one of the winners of its 5-Star Brokerages – Ontario 2022 award. It is noteworthy that this was not even the first time that the company had been recognized by IBC; it was also named one of Insurance Business Canada’s 2021 Top Brokerages and 2020 Top Insurance Places of employment as well. This is a testament to the company’s continued success in the Canadian insurance industry.
Surex stated that its operations during the pandemic made for a “interesting year to run an insurance business — there was definitely a lot going on,” in reference to the company’s work. “However, given that we were already operating as an online firm, the transition to a 100% remote workforce was not difficult for us,” they said. “We felt that we were ahead of the game in most respects because of this.”
The company’s statement went on to say, “We saw lots of fresh growth within our teams as well as with our client base, which enabled us to hit a significant milestone this year.” “We took extremely strategic decisions on how we built the firm, and we did so with some key relationships. Despite the difficulties posed by COVID, we have been able to keep up with our aggressive expansion strategy.”
Because Surex’s digital triumphs are so noteworthy, even more well-established insurance companies have taken notice of them. iA Financial was able to acquire 70 percent of Surex’s shares in 2021. iA Financial has purchased controlling interests in two Surex companies: Surexdirect.com Ltd. and Surexdirect.com, the latter of which is based in the province of Ontario.
“Francois Blais, executive vice president of dealer services and special risks for iA Financial Group, stated that the achievement of this tech-enabled P&C distributor exemplifies a high strategic value for the company given its digital expertise, management of the supply chain, and high synergy potential. “It allows us to better serve our distribution networks across Canada and, at the same time, to improve the client experience by offering a broader range of financial products,” Blais said.
“”We are very thrilled to have a partner of iA Financial Group’s magnitude with whom we share common values,” noted Surex president and CEO Lance Miller. “These values include authenticity, excellent client experience, and the significance of social and community participation.”