Brokers across Canada are grappling with a mix of persistent and emerging pressures, from staffing shortages to operational disruptions and the mounting impact of climate-related events. Michael Stack (pictured), vice-president of acquisitions at BrokerLink, says these issues are affecting brokerages nationwide – but there are strategies that can help mitigate the strain.
According to Stack, the most common and pressing challenge he hears from brokers, whether in British Columbia or St. John’s, is the difficulty in finding and retaining skilled employees. Recruiting fresh talent is only part of the problem – training new hires to meet the complex demands of the job is equally challenging.
The situation is particularly acute for commercial insurance expertise, which Stack described as “a unique skill set” in short supply. In his view, this shortage puts added pressure on brokerages to become employers of choice, offering not just competitive compensation but also clear career paths and opportunities for professional growth.
For larger organizations like BrokerLink, scale can be an advantage. “We invest in our people… and there’s lots of opportunity for career growth within the organization as we grow and scale across the country,” Stack said. That includes benefits packages, structured training, and the chance to advance into leadership or specialized roles. Smaller brokerages, he noted, may sometimes find it more difficult to match these offerings.
“Talent is… at a premium, and specifically commercial talent in the business,” Stack said.
Beyond staffing, operational change is a constant reality. Stack pointed to adjustments in insurer processes or product lines that can ripple through a brokerage’s day-to-day operations. For example, an insurer might alter its underwriting procedures or withdraw from a particular line of business, forcing the broker to move affected clients to a new market.
While such changes are part of doing business, they can be highly disruptive – particularly for smaller firms without the resources to absorb the workload. Stack said larger brokerages can buffer the impact by maintaining dedicated portfolio teams to handle reallocation and transitions, freeing frontline staff to focus on clients rather than paperwork.
Environmental risks are another shared concern. Flooding in the East, wildfires in the West, and other severe weather events are not only driving up claims but also reshaping the insurance landscape in affected areas. For brokers, this means navigating changing underwriting appetites, evolving coverage options, and heightened client concerns.
“Climate is top of mind and it’s creating more challenging environment for brokers,” Stack said.
Stack mintained that brokers need to stay agile in response to these shifts, and technology can play a role in managing the complexity. Enhanced data tools, digital customer service platforms, and streamlined internal processes can help brokerages keep pace with market changes while maintaining strong client relationships.
Finally, Stack emphasized that the need to innovate is no longer optional. National players are rolling out increasingly sophisticated products and digital experiences, and brokers must respond to remain competitive. That might involve investing in new platforms, exploring niche products, or adopting analytics tools to better understand and serve clients.
For BrokerLink, acquisitions are one way to accelerate innovation by bringing in “tech forward brokers” who have already invested in new systems or developed specialized offerings. Integrating these capabilities across its network, Stack said, creates an advantage in both service delivery and market positioning.
Ultimately, Stack believes that size and structure matter when it comes to overcoming these challenges. Larger brokerages can spread the cost of technology investments, offer broader career opportunities, and mobilize specialized teams to address operational or market disruptions. For employees, that can mean less time firefighting and more time building client relationships. For communities, it can mean more engaged brokers who are equipped to meet their needs – even in turbulent times.
“Becoming part of a larger national organization… it’s a real opportunity,” Stack said. He has seen former employees from small-town brokerages grow into national roles, bringing the benefits of that career progression back to their local communities.
“There’s nothing more rewarding than seeing your employees succeed… and grow in their careers,” he said. “Becoming part of a larger national organization… it’s a real opportunity.”
