RHS 176 - Michael Malfa on Building a Digital Experience for Your Producers

Apr 6, 2023

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Became a Master of the Close: https://masteroftheclose.com

In this episode of The Ryan Hanley Show, Ryan Hanley sits down with Michael Malfa.

Michael Malfa is the CEO and co-founder of Boardwalk Insurance, an independent insurance agency located in Ontario, Canada.

I think Michael's LinkedIn bio says it all, "Championing change, always looking for new, efficient ways to deliver enhanced customer experiences. As technology evolves, so must we. Our goal is to leverage technology and make it our ally, rather than our enemy."

We get down on many different topics associated with the digital production of insurance business.

You're going to love this one...

Episode Highlights:

Michael discusses his experience in commercial brokerage and what led Boardwalk Insurance to develop its own unique solution and technology. (7:12)
Michael discusses the process of creating the technology that will provide producers with the tools they need. (12:29)
Michael explains that insurance risk management is a long-term investment and that it is essential for future-proofing the business. (18:18)
Ryan mentions that when people consider their agency as a business rather than an agency, the decisions they make are different. (29:10)
Michael explains that Boardwalk Insurance is developing a digital experience for brokers, and gradually releasing technology to clients and producers to gauge uptake. (36:14)
Michael believes that having the right partner can help a business succeed. (41:19)
Ryan mentions that the UK is far ahead of the US in terms of technological experience, but their broker model is archaic (47:07)
Michael discusses the significance of having a method of communication with the clients. (54:33)
Michael explains the importance of flow in direct selling and online selling. (57:54)

Key Quotes:

“Insurance Risk Management, the business is going to become more than just that in 5,10,15 years. If you're just doing that you're going to be left behind. So, you know, we're just trying to future-proof ourselves.” - Michael Malfa
“When you think about your agency as a business and not an agency, the decisions you make are different.” - Ryan Hanley
“A lot of the technology we're doing, our customers don't feel a lot of it yet. We're just giving them bit by tidbit…Our producers and our staff see it all, they're interacting with this with this system very digitally. And then eventually, it's just going to get to a point where we start flipping the switch and moving it directly to the customer.” - Michael Malfa

Resources Mentioned:

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