From Limitations to Liberations in Insurance with the CEO of Boardwalk Insurance, Michael Malfa

In this episode, Chris is joined by Michael Malfa - CEO & Co-Founder at Boardwalk Insurance - an Ontario based insurance provider with a broad range of service tailored to individual clients such as contractors and business owners. Michael didn't exactly plan to dive into the world of insurance, it was more of a spontanous turn in his career after being persuaded by his friend with an emphasis on flexibility and scalability of both working hours and salary. Back in his school days, he set his sights on marketing, but sixteen years later, he's not regretting the detour. What distinguishes Michael is his desire to be more than just another insurance agent, instead he is determined to assist a broad range of of clients by providing services tailored to their exact needs.For Michael, defining the distinction between insurance agents and consultants became pivotal in his journey within the insurance space. Motivated by a desire to assist employers in managing risks more effectively, Michael and his partner decided to break away from the limitations of their previous roles. The main driver, beyond technological limitations, was their aspiration to become consultants rather than being constrained as captive agents. The limitations of being a captive agent became apparent when encountering clients with diverse needs that couldn't be met due to restricted access to the market. Realizing this prompted a shift towards the agency aspect of the business, enabling Michael to start his own agency and eventually collaborating with over 35 insurance carriers by offering a broad spectrum of products. The first game-changer in their business was a BMS on the P&C side. Developed in-house, it played a crucial role in transforming their operations. Its inception was a long process, from wireframes drafted on napkins to prototypes, with an in-house development team ensuring its evolution into an all-around, robust system. While their system is not yet in the SaaS space, there are considerations for its future introduction to the market once metrics and further development are aligned. In terms of marketing, Michael experimented with various channels, including contracts with marketing agencies, event participation, Google ads, SEO, and social media. However, the guest acknowledges that deeper exploration and a dedicated marketing professional are needed for increased success. Michael recognizes the importance of having an omni-channel approach, and he emphasizes the need to connect with clients through various channels to build brand trustworthiness. Looking forward, he envisions significant growth in the marketing aspect of the business. One of the significant challenges faced by Boardwalk Insurance is building brand awareness, especially in the Greater Toronto Area and beyond provincial borders. Additionally, building a robust team across Canada is crucial to reach ambitious growth plans. Recruitment is a key focus, Michael utilizes LinkedIn and is set on establishing an increased brand presence to attract targeted individuals. The brand message revolves around providing an enhanced customer experience in handling commercial insurance, leveraging the accessible tools tools to empower staff and executives. Check out the full episode to learn more on Michaels insurance journey and future plans within the world of insurance! Connect with Michael Malfa - https://www.myboardwalk.com Connect with Chris - https://www.linkedin.com/in/chris-hopfer/ Don't be a stranger! If you have a guest in mind you'd love to hear on the show, or a burning question you'd love answered - reach out to the executive producer Ed via email - [email protected] - and we will take a look and see if we can make your day!