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“It's best to do one thing...
really, really well.“
— Google Corporate Philosophy
In 1989, Benesure CEO John Lorriman started a small, highly-specialized consulting firm called Lorriman & Long Management Inc., better known as L&L. His firm did one thing: help lenders increase their bottom line and enhance customer relationships with insurance products.
In the early 1990s, the Canadian mortgage market started to change radically. Mortgage brokers — and lenders devoted to serving their needs — increased their market share by leaps and bounds. These new players were energetic and aggressive but lean, presenting L&L with the opportunity to become a dominant force in this new niche.
It wasn’t long before the vast majority of all mortgage protection bought in the Canadian mortgage broker and lender channel was provided by a plan that was designed and managed by L&L. This was the genesis of both Mortgage Protection Plan and Credit Security Plan.
At about the same time, we were developing another foot-hold in Canada's non-bank mortgage business. In 1993 we joined forced with industry-leader, FlrstLine Trust, to offer an innovative home warranty program, from which ultimately grew the Encompass Home Service Program.
As consultants, we tended to focus on plan design, implementation and marketing, while asking an insurance company to take care of many of the operational details. However, as we evolved, and tightened our focus still further, it became clear that no insurance company could match our knowledgebase when it came to our “one thing” – the mortgage transaction.
Therefore, the next phase of our development consisted largely of building and enhancing our in-house expertise in areas such as actuarial services, finance and information technology. As part of this development process, L&L became Benesure Canada Inc.
While Benesure still works with licensed insurance companies today, our team of roughly 70 people is pro-actively involved in all aspects of our products: distribution, billing and other administrative processes as well as claims.
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This totem pole, which is proudly displayed in our reception area, was custom-designed for L&L as a physical reflection of our entrepreneurial spirit and quest for future growth.
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