A PATH TO GROWTH
generations of clients are more nuanced than merely targeting areas of business that are expanding and reducing exposure to those contracting. “While we’ve identified the COVID-trio as being uppermost in the minds of most business leaders, the gamut of risk remains,” says James Stack, Pacific Distribution Director for AGCS. Stack says the central conversation brokers must have to deliver value to their clients today and into the future needs to transcend individual risks and focus on business continuity.
Leading demographer Bernard Salt, futurist Gihan Perera and Allianz Global Corporate & Specialty’s James Stack say the broking industry has a unique opportunity to position itself to forge new paths, ways of working and enhance its role with clients as a true partner in risk. Michelle Dunner reports. The 2021 Allianz Risk Barometer1 was dominated by the global pandemic with issues around business interruption, the outbreak and cyber incidents keeping company leaders up at night – dubbed the ‘COVID-trio’. While Australia’s economic recovery from a year like no other seems to be more rapid than many other countries, there are clear winners and losers in the business arena. But the implications for brokers in looking to attract future 1 https://www.agcs.allianz.com/news-and-insights/reports/allianz-risk-barometer.html
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“If COVID and the other major issues we saw last year, including bushfires and floods have taught us anything it’s the need for a working, living business continuity plan (BCP). There’s been a lot of talk about business disruption, supply chain issues, ‘near-shoring’, but it always comes back to having a robust BCP and that’s where brokers really can help their clients. “If the focus for brokers is to attract new generations of clients, it’s more than looking at individual industries. The broker today, tomorrow and into the future has to go beyond advising on risk transfer and help businesses with their ability to recover. Insurance, while a critical component, is just one aspect of that.” EXPANSION AND CONTRACTION At the 2020 NIBA conference, Bernard Salt identified healthcare, technology, logistics, high-end manufacturing and agribusiness as having the highest growth potential.
