AND THE MIC IS YOURS ...

NIBA is excited to reveal that one of the guest speakers at the NIBA Convention will be Patrick Tiernan, Chief of Markets at Lloyd’s of London. Insurance Adviser caught up with Mr Tiernan to get his thoughts about where the industry is headed and what he is most looking forward to at the Convention.

The program for the upcoming NIBA Convention promises to have a lineup of inspiring speakers that will get you to think di erently about the profession, the industry and how you approach your clients. Previously, we shared that you would hear from speakers such as Dr Jordan Nguyen, CEO, Psykinetic, Dr Bronwyn King AO, and Gus Balbontin, former CTO, Lonely Planet. And now, joining this esteemed list of speakers, we have Patrick Tiernan, Chief of Markets at Lloyd’s of London. Mr Tiernan shared his insights about the changes he sees in the industry and why you cannot put a price tag on the value of an event like the NIBA Convention.

Be open to innovation

The theme for this year’s Convention is “Reimagine: Think Di erently”. Mr Tiernan considers this theme to be a fantastic opportunity for the industry and the broking profession to be more innovative in approaching challenges and not rely on methods that may have worked in the past.

“In today’s world – where stability and certainty are hard to come by – insurance has never been more critical,” he said.

“The power of our industry to understand societal concerns and customer aspirations, and to navigate a path that allows companies and communities to accomplish their goals without being paralysed by uncertainty, is unparalleled.”

“That’s why we need to think di erently about what our industry and the broking profession can do at this critical juncture, execute it, and tell our story well.

We have been guilty of being insular in the past. Now is the time to be confident in our value. Underpinning this is the need to innovate: doing things as we’ve done them won’t equip us for the challenges we know are ahead.”

Know your value and don’t sell yourself short

Mr Tiernan believes that the industry can, at times, sell itself short because of how it is perceived through the lens of public discourse. Brokers need to have self-belief and confidence in what they do because the value they o er their clients is critical and essential, especially in a world that is becoming increasingly disruptive.

“In a stable, prosperous and peaceful environment, insurance is often seen as another cost of doing business or living our everyday lives,” he said.

“As an industry, we were not always a orded an equal seat, with other areas of finance having a voice in the corridors of government or in corporate decision making.

The industry is undergoing significant and exciting changes. We need to think di erently about our customers’ needs and how we address these going forward. Filling existing protection gaps in the market is critical to ensure insurance stays relevant.”

Embrace the digital frontier

As brokers look at new and more e ective ways adding value to their clients, staying ahead of the curve by being an early adopter of digital practices can reap rewards.

“Brokers also have a key role to play around data and digitalisation,” said Mr Tiernan.

“They have access to such rich and comprehensive data that utilising it across the value chain will allow us to develop better and more targeted products for customers.”

It is important to remember that the digital revolution isn’t something that will take place in the near future, rather, it is happening right now as we speak. Technologies such as artificial intelligence and machine learning have changed the way business is conducted.

“We are already starting to see the emergence of artificial intelligence and machine learning as tools in the underwriting and claims processes,” said Mr Tiernan.

“Looking ahead, algorithmic or machine augmented underwriting will only become more and more in focus for the industry. We have always relied on data to make underwriting and pricing decisions, but advances in analytics and big data are taking this to the next level.”

Cyber: a challenge and an opportunity

Looking forward, how the industry responds to the cyber challenge will be one of the key things to look out for. The continuously evolving nature of cyber threats make them a unique challenge to tackle successfully.

“Cyber is one of the hottest topics in our industry at the moment,” said Mr Tiernan.

“In 2021, the estimated economic loss due to cyber-attacks was $6 trillion. Global premium was less than $15bn. The first challenge is to develop solutions and products that increase take-up, so we can start to mutualise the risk.

While there is huge opportunity in the class, it’s not without challenge. Cyber threats themselves are constantly evolving and our industry is yet to be tested by a truly major event. This makes it di cult to assess risk and understand aggregations.”

The job is still about people and building relationships

While the digital revolution has impacted how brokers conduct their business, at its core, the nature of the job was, is, and will continue to be, all about people and the relationships you build with them. This fundamental aspect of insurance broking has not changed.

Mr Tiernan goes down memory lane, sharing with us that it was his love and curiosity of being around people that confirmed for him that this industry was where he wanted to be.

“I probably came to insurance because it suited my love of being around people, and for leaving legacy,” he said.

“Unlike my siblings and parents, I lacked the patience to teach and was too squeamish for medicine – but I had a desire to serve and make a di erence.

“There are probably many areas that could give folks that opportunity, but if I’m honest, I just liked the people I worked with along the way.

“And the harder you work in insurance, the more opportunities seem to come along.”

The NIBA Convention: a great opportunity for knowledge sharing

In October, the industry will converge on the Gold Coast for three days to discuss some of the most critical challenges that lie ahead, while also taking the time to reflect and celebrate. Mr Tiernan believes that you cannot put a price tag on the value of people coming together under one roof.

“Having the industry come together for an event like this is invaluable in my opinion,” he said.

“It’s a unique opportunity to share knowledge and deepen our understanding on the key issues we are collectively facing. The best and brightest in the industry are going to be at the event so it will be an incredible opportunity to learn from one another and collaborate.”

The Convention will also be an opportunity for many to catch-up with their colleagues and peers face-to-face after a considerable hiatus. For an industry that is heavily people-focused, the return to a more traditional form of interaction is a welcome breath of fresh air.

“While I think collectively we’ve done a great job of adapting to this new way of working, there’s no substitute for getting together in person, face to face,” said Mr Tiernan.

“There’s a lot to be excited about in our industry right now, but also a lot of challenges to address – and some of those complex problems can only be solved when you’re in the room together. So, I’m really excited to get together and hear about all of the wonderful things everyone is working on.”

NOW!

Be quick to secure your full NIBA Member Convention registration ticket at the early the standard price. Group tickets of eight or more delegates are available. Conditions apply.

Register at: www.2023nibaconvention.com.au/registration