For skilled advisors like Baker Tilly Toronto, staying present on this enterprise panorama is vital. And for insurance coverage intermediaries, the important thing to thriving on this atmosphere is to accomplice with specialists like Baker Tilly Toronto that supply specialised experience and strategic steering.
An ever-changing enterprise panorama
“With the large switch of wealth at present going from one technology to the subsequent, there’s a variety of consolidation occurring,” explains Steven Frye, accomplice, 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 degree that I didn’t even suppose was attainable 20 years in the past.”
Whereas the rise of brokerage valuations is an efficient factor for owner-operated companies, it additionally creates new complexities, comparable 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 way in which the insurance coverage trade operates,” says Frye. “Twenty-five years in the past, this was all only a idea.”
These disruptors threaten insurance coverage suppliers’ stability and development trajectory. Luckily, Baker Tilly Toronto specializes within the insurance coverage trade, offering personalised, specialty assist via its staff’s in-depth information of economic, regulatory, compliance, technological, operational, benchmarking and bookkeeping points associated to the market.
“We keep present with what the problems are. A key to being a trusted advisor is to essentially perceive the place the shopper is in the intervening time.”
Steven Frye
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 corporations 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 assist, regulatory issues and operations consulting) exemplifies Baker Tilly Toronto’s distinctive means to deal with its shoppers’ wants efficiently.
The agency’s well-trained groups work throughout a wide range of disciplines to align their expertise with shopper necessities, making certain distinctive outcomes. Along with offering assurance, valuation and company finance providers to the insurance coverage trade, Baker Tilly Toronto additionally helps shoppers 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 shopper is in the intervening time.” Baker Tilly Toronto gives 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 longer term.