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 surroundings is to companion with consultants 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 following, there’s quite a lot of consolidation occurring,” 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 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, equivalent 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 progress trajectory. Happily, Baker Tilly Toronto specializes within the insurance coverage trade, offering customized, specialty help by its staff’s in-depth data of monetary, 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 actually perceive the place the consumer 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 companies, manufacturing and technology-based industries. Frye’s expertise in a broad vary of specialty companies (acquisitions and divestures, company finance, litigation help, regulatory issues and operations consulting) exemplifies Baker Tilly Toronto’s distinctive capability to handle its shoppers’ wants efficiently.
The agency’s well-trained groups work throughout a wide range of disciplines to align their expertise with consumer necessities, making certain distinctive outcomes. Along with offering assurance, valuation and company finance companies 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 actually perceive the place the consumer is in the intervening time.” Baker Tilly Toronto affords 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.
