There are big changes in the insurance business and Megson Fitzpatrick is expanding as a result in the hopes of selling insurance anywhere. The Victoria-based insurance company is quickly evolving to service customers who want to do business in different ways.
Megson FitzPatrick Insurance (MFI) provides custom insurance solutions for homes, businesses, landlords, automobiles and more for a wide range of clients on Vancouver Island and beyond. MFI sells motorcycle insurance throughout British Columbia and is planning to expand to other provinces and territories.
“We’re starting to sell more insurance online. Many younger customers want to customize a product for themselves, pay and download the policy in their homes. We’re looking at partnerships to make that happen,” explains Jay Tuson, CEO of Megson Fitzpatrick.
Since Megson Fitzpatrick was founded in 1968, the company has grown from one location to four and from two people to 100. Over the past five years MFI has hired 25 people a year. So far this year they’ve already added 26 new employees.
Tuson says the biggest growth area for MFI is business insurance. “About 60 per cent of our insurance sales are for businesses and their needs are increasingly complex.”
“Our vision is to transform and expand into an even stronger, more agile independent broker with a clear core purpose, ‘We exist to improve the lives of our Clients, Team and Community.’ ”
Megson Fitzpatrick gives back to the community, supporting a range of Vancouver Island charities from juvenile diabetes to social housing. Employees are also encouraged to volunteer their time in local charities and sit on boards.
Tuson’s advice to would-be entrepreneurs: Be clear about what you want to create – the vision is the seed to start a business but the toughest part is executing the strategy.