6 minute read
Change begets change
Coming off the back of a massive year of transformation, ProRisk is pushing itself further than ever before in 2021
AFTER A year like 2020, many agencies would be happy to simply chalk up their frustrations and move forward, never to look back. But that’s not the case for Hamish McDonald Nye, executive director at ProRisk. In a strange way, the year represented one of his high points since joining the business. In spite of the obvious issues caused by COVID-19, Nye describes 2020 as “a massive year of change” for ProRisk and reflects on it largely positively.
The company switched capacity provider to Swiss Re and introduced four new products: healthcare professionals’ civil liability, management liability (ML), sole traders and partnerships ML, and association liability. To cap things off, ProRisk was awarded Underwriting Agency of the Year at the 2020 Insurance Business Australia Awards and also received a 5-Star Award in cyber insurance from Insurance Business magazine.
Insurers pulling back capacity and nonrenewing binders, notably in the Lloyd’s market, was definitely a significant challenge for many looking for insurance, he says, although ProRisk’s capacity remained intact. Nye is optimistic that there will still
be opportunities for people to gain coverage, and brokers and underwriters alike will have the opportunity to look for creative solutions to service the wider community.
“The insurance landscape was undergoing a shift even before COVID became an issue, and I tend to think that we’ve mostly seen the acceleration of existing issues as opposed to completely new problems,” Nye says. “The onus is on us as an industry to look at how we can solve them with the tools we have at hand.”
Making life easier for brokers Nye points to ProRisk’s new broker portal, ProBind, as one of the tools that was critical to aiding brokers during 2020 – and also critical to ProRisk’s relevance to the wider market. He notes that “2020 really reinforced the need to have great technology available for brokers to make their job easier and more flexible.”
Matt Harkin, digital applications manager at ProRisk, agrees. Having been in the insurance space for more than 20 years, including a prior stint as a broker, he’s keenly aware of the importance of technology in better enabling a broker’s role.
“Throughout my time, I have seen many changes in the way insurance contracts are provided – from microfiche films and a single computer sever taking up an office floor in
we have at hand” Hamish McDonald Nye, ProRisk
Collins Street to the use of fax machines and call centre operators, through to purchasing insurance without human involvement,” he says. “So these days, it’s my role to ensure that here at ProRisk, we have the best possible tech to ensure solutions to streamline processes and procedures for brokers and underwriters alike. I work with a team here in Melbourne and offshore to provide enhancements, tools and solutions.”
ProBind, developed by Harkin in conjunction with his offshore team, was a means to give back to the broking community. Harkin says he’s grateful to be part of a business that consistently aims to be at the forefront of technology to improve interactions with its broker network and insurance capacity providers.
“In my eyes, it’s one of the best insurance software applications within the Australian market,” Harkin says. “It ticks so many boxes for us and our partners, and can be upgraded and adapted as necessary. Brokers use the platform to get smart insurance contracts for their clients because it’s simple to use, fast, secure and robust.”
It seems to have resonated with its intended audience, too – at time of writing, 2,020 brokers have registered on ProBind, and that number continues to rise daily. Harkin sees this as a tribute to the platform and its developers.
“It’s something we’re really proud of,” he
says. “At the moment, it’s live with a selection of our products, but we’re working on getting more live on there as soon as possible.”
Nor is this the sole broker outreach ProRisk has planned for 2021. Nye points to the agency’s comprehensive calendar of upcoming educational product and broking webinars and masterclasses. Additionally, more new products are in the pipeline.
Ultimately, Nye sees brokers as an integral part of the insurance chain. They’re a critical link between the customer, in terms of how products can be developed to meet consumers’ needs, while also understanding the position of the underwriter. As such, brokers can e ectively communicate the risks customers are facing while also engaging with the provider’s risk appetite.
What’s next? Looking ahead, Nye wants to see a decrease in the administrative and compliance burdens that are placed on insurance professionals. With new legislation around best interest duty coming into play later in 2021, Nye is curious to see what the day-to-day impact might be.
“Obviously we want to see a positive reputation among the community for insurance, and professionals acting in good faith,” he says. “So it’s not a case of being opposed to legislation and regulation; it’s more of a question of how much extra work that will place on people. You don’t want to make the administrative burden so onerous that people are taken away from their core skill set. I think it’ll be an interesting place to watch.”
The solution might lie in further technology and automation. For his part, Harkin expects to remain a staunch advocate of technology within the insurance space. He’s a fi rm believer that it will continue to evolve in ways that can’t always be easily comprehended today, just it has in other sectors.
“Technology within the insurance sector will be moving into a more collaborative and closer arrangement than what we have seen in the past,” he says. “Insurance providers want to help and work with the intermediaries and association groups, ensuring that they are getting the best solution for their clients and members. Technology is just a tool – however, it’s also an enabler in many areas, including being able to break down barriers that exist today relating to transparency.”
Both men agree that 2021 is a year with considerable promise. While 2020 might have been a landmark, 2021 presents the opportunity for ProRisk to set a new benchmark altogether.
