WELCOME NOTE: THE NEW BUSINESS RESILIENCE

The past few years have thrown challenges at businesses from the left, right and centre. From a global pandemic to natural disasters, geopolitical troubles, and supply chain difficulties to the high interest rate environment we’re all living through, there’s been no shortage of hurdles for businesses to overcome.

Looking back, we had a relatively straightforward run from the GFC to COVID-19, and maybe that lulled us into a false sense of security. It’s become abundantly clear that, in order to ride out whatever comes along next, we’ve got to be well-informed and well-prepared. While we don’t have a crystal ball to gaze into, we do have knowledge to access to prepare ourselves for the challenges that will undoubtedly lie ahead.

And having a thirst for that knowledge is important as brokers because having a solid understanding of what’s on the horizon is something that’s imperative to build a solid, robust and resilient business.

Things can change in an instant – and your clients need to be prepared.

Resilience in business is something that’s been talked about since the early days of COVID-19, and it’s important we don’t consign the notion to pandemic history.

Having a resilient business is vital – but by resilient, we don’t mean withstanding whatever is thrown. It’s more proactive than that – it’s about creating a business that has the knowledge and understanding to react in a positive way and can alter course swiftly and easily based on market and global conditions.

In this edition of our Brokers' Guide, we’ve delved into a number of topics that we see on the horizon as having emerging issues and implications for businesses – and, naturally, for brokers, too.

From the risks that come hand in hand with new technologies and emerging property risks to business interruption in plant, machinery and vehicles, and the risks that are emerging in workers’ compensation, there are a whole host of challenges that are increasing in prevalence and importance – and which you and your clients need to be prepared for.

It’s a challenge, no doubt. But with the right information, insight and guidance, brokers can help clients chart a successful path through whatever lies ahead. It’s a serious opportunity for the proposition of ‘insurance broker’ to be truly elevated beyond writing and placing policies – firmly establishing risk advice as a business essential.