How Baker Tilly Toronto helps insurance coverage suppliers in transition

For skilled advisors like Baker Tilly Toronto, staying present on this enterprise panorama is crucial. And for insurance coverage intermediaries, the important thing to thriving on this surroundings is to companion with specialists like Baker Tilly Toronto that provide specialised experience and strategic steering.

An ever-changing enterprise panorama

“With the large switch of wealth presently going from one era to the subsequent, there’s loads of consolidation happening,” explains Steven Frye, companion, audit, valuations and company finance at Baker Tilly Toronto, a number one impartial audit, tax and advisory agency. “And personal fairness teams have pushed the worth of insurance coverage brokerages as much as a stage that I didn’t even suppose was doable 20 years in the past.”

Whereas the rise of brokerage valuations is an effective factor for owner-operated companies, it additionally creates new complexities, akin to elevated competitors, succession planning problems and the necessity for strategic planning to maximise worth throughout transitions.

Technological developments and the growing use of synthetic intelligence (AI) add additional layers of market disruption. “AI is altering the best way the insurance coverage business operates,” says Frye. “Twenty-five years in the past, this was all only a idea.”

These disruptors threaten insurance coverage suppliers’ stability and progress trajectory. Luckily, Baker Tilly Toronto specializes within the insurance coverage business, offering personalised, specialty help by its staff’s in-depth data of monetary, regulatory, compliance, technological, operational, benchmarking and bookkeeping points associated to the market.

Introducing Baker Tilly  

Frye is a founding member of Baker Tilly Toronto, a part of the Baker Tilly cooperative. He brings over 25 years of experience within the valuation of insurance coverage brokerages and consulting for firms within the monetary providers, manufacturing and technology-based industries. Frye’s expertise in a broad vary of specialty providers (acquisitions and divestures, company finance, litigation help, regulatory issues and operations consulting) exemplifies Baker Tilly Toronto’s distinctive capacity to deal with its purchasers’ wants efficiently.

The agency’s well-trained groups work throughout a wide range of disciplines to align their abilities with consumer necessities, making certain distinctive outcomes. Along with offering assurance, valuation and company finance providers to the insurance coverage business, Baker Tilly Toronto additionally helps purchasers with planning, operations and profitability.

“We keep present with what the problems are,” says Frye. “A key to being a trusted advisor is to essentially perceive the place the consumer is in the intervening time.” Baker Tilly Toronto presents strategic experience to maintain insurance coverage suppliers aggressive within the disrupted market. From succession planning to company finance, the agency works with insurance coverage suppliers to make sure their companies are well-positioned for the long run.