Assessing the brokerage's technology needs and nurturing the next generation of leaders are two important steps Tanner Insurance Service Ltd. took to foster an effective succession strategy. As an independent broker serving the community for over 100 years, Tanner Insurance has undergone a shift from hand-written correspondence to typewriters to fax machines to laptops and mobile devices. As they move into the next century, they continue to scale by identifying and adapting to the latest trends to future-proof the business for the next generation.

Succession planning is about creating leaders

As the baby boomer generation approaches retirement, passing the brokerage to the next generation is becoming a bigger and more common issue. Steven Tanner, President of Tanner Insurance, said, “Succession can be a difficult part of any family business but also very satisfying. We still have documents from my grandfather's days with beautiful penmanship, and policies were delivered by hand. As a kid, I would go out with my dad after dinner and deliver policies.”

Stephanie Tanner, director of administration, joined the brokerage five years ago. She said, “When I first joined, my role was entry-level and a lot of pushing paper, then I moved on to administrative backend work, and I’m now progressing more into the operation side of things and the technology needs of the business.” She also said, “I love working in a family business, watching it grow and evolve into what it is today. It is a very cool experience that not many people get to go through."

Technology for a forward-facing future

Technology has revolutionized the way brokers do business. Innovation has allowed them to reduce operating costs and gain greater business insights, increase employee productivity and satisfaction, foster better insurer relationships, save time servicing customers, and build agile technology strategies on open and secure platforms.

Steven Tanner said, “Technology is critical to all industries, and I think it's just as important, if not more so, for insurance. That was part of our decision to upgrade our broker management system to Applied Epic® because it is the platform of the future.”

The fast-paced growth of the virtual marketplace on the internet and mobile devices is changing how people shop for insurance, and it’s critical to be at the forefront of being digital. However, we still value the hybrid experience with person-to-person contact. We feel that is where our niches and people want to be, and we want that trusted advisor role. We strive to present both options to whoever wants a specific customer experience.

Steven Tanner said, “The one thing the pandemic has taught me is that anything can happen. We want to be prepared and transform ourselves with technology but also have the flexibility to adapt third-party software; I think that will be critical for us as we move into the future.”

To learn more about what Applied Systems and our partners are doing to support the next generation of insurance professionals, download our eBook, Empowering the Rising Generations in Insurance.