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Insurance Adviser magazine is the monthly magazine of the National Insurance Brokers Association (NIBA).
Insurance Adviser magazine is published by NIBA
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With over 20 insightful sessions, there’s something for everyone
Meet the state finalists of the CGU-partnered 2024 Broker of the Year awards
From the track to the field, we’re ready to cheer on Team Australia at Paris 2024.
Allianz is the Worldwide Insurance Partner of the Olympic and Paralympic Games and has been insuring Aussie businesses for over 100 years.
SHOWCASING THE BEST OF OUR PROFESSION
Welcome to July. The End of Financial Year (EOFY) June period has always been a really busy time for our profession and industry. With that behind us, and the Paris Olympics starting from the end of this month, I hope that the exciting sporting season ahead provides some much-needed change of pace after a busy month for you and your families. I know that I for one will be watching the results from the cycling events with a keen eye.
Looking at our Representation pillar, NIBA has been actively advocating for brokers over the past few months over a range of issues, ensuring that we are the loud and clear voice of the profession. The Delivering Better Financial Outcomes Bill successfully passed through parliament earlier this month, marking a significant step towards the implementation of the Quality of Advice Review recommendations. This legislation is the first of three tranches, which will implement the recommendations of the Quality of Advice Review. We look forward to collaborating with the government and regulators on the implementation of these reforms and are eager to engage in the ongoing discussions surrounding the outstanding Quality of Advice recommendations, which remain a critical aspect of our commitment to ensuring general risk advice is accessible and affordable for all Australians.
The NSW Government recently announced reforms which aim to enhance transparency and accountability within the strata sector. NIBA looks forward to collaborating with the NSW Government on implementing these important reforms to increase transparency and confidence in the NSW strata sector. Insurance brokers play a crucial role as trusted advisors in the strata sector, providing expert guidance and arranging insurance to protect residents from a variety of risks. These reforms align with our commitment to ensure fairness and transparency within the industry.
Late last year, the Insurance Council of Australia (ICA) announced the triannual review of the General Insurance Code of Practice. Recently, NIBA provided comprehensive feedback to the Code Review Panel’s initial consultation paper. We look forward to engaging with the ICA further on the consultation paper and through other opportunities that may arise for the rest of the year.
Talking of Codes and reviews, we are also well into the planning for the review of the existing Insurance Brokers Code of Practice. Consumer expectations and needs are evolving and changing. I think in the end, the Code and the Code review process will likely reflect some of that. We’re
obviously on the direction of travel to lifting standards and to increasing transparency and I think that’s an evolutionary journey.
Moving to our Community pillar, I’m thrilled to witness the incredible support for the NIBA Gala Lunch Series this month, with almost 2,500 attendees across the country. The support from our members and the wider industry for the Gala Lunches is exciting and we look onward to our flagship event – the 2024 NIBA Convention in Adelaide from 20-22 October. I look forward to joining 800 professionals over two-and-a-half days as we network, engage and celebrate excellence, with over 20 insightful sessions in store and eight awards to be won. It’s a platform for us to showcase the highest standards of professionalism to the wider industry and our key stakeholders.
And finally, that brings me to our third pillar, Professionalism. Among other things, the NIBA Gala Lunches are an opportunity to showcase the immense depth of broking talent that exists within our profession. I extend my warm congratulations to all the state finalists of the Vero-partnered Young Broker of the Year award and the CGU-partnered Broker of the Year award. I wish the very best of luck to the state winners, who have proceeded to our national awards, with the national winners to be revealed at the 2024 NIBA Convention in October.
In our Cover Story for this month, you can find out more about the outstanding 16 state finalists who are elevating the standards of our profession and are in the running to be the national Broker of the Year.
RICHARD KLIPIN Chief Executive Officer, NIBA
With more than $8.9m in donations so far, we are making a real difference to the way insurance is provided to the Not for Profit sector.
WE ARE YOUR VOICE!
A key part of NIBA’s role is representing the interests of brokers to government and regulators to ensure that all Australians have access to trusted risk advice. NIBA also maintains strong relationships with government, regulators, relevant industry bodies, consumer groups and government agencies.
DELIVERING BETTER FINANCIAL OUTCOMES AND OTHER MEASURES BILL
Last month, NIBA provided evidence to the Senate Economics Legislation Committee’s review of the first tranche of the government’s Delivering Better Financial Outcomes package. In an opening address to the Committee, NIBA CEO Richard Klipin highlighted the critical role insurance brokers play in in serving their clients and their broader community. Following the inquiry, the Bill was progressed through the Senate where it was passed earlier this month. The commission disclosure and consent requirements, which were introduced as part of this tranche of legislation, will commence twelve months after the Bill gains Royal Assent. NIBA is committed to working with the government and ASIC on the implementation of these reforms and the outstanding Quality of Advice recommendations.
SENATE INQUIRY ON THE IMPACT OF CLIMATE RISK ON INSURANCE PREMIUMS AND AVAILABILITY
In mid-May, the Senate resolved to establish a committee to inquire into and report on the Impact of Climate Risk on Insurance Premiums and Availability. NIBA submitted a detailed response to the Senate Select Committee’s inquiry on the impact of climate risk on insurance premiums and availability. NIBA’s submission highlighted the increasing frequency and severity of natural disasters and the need for insurance to mitigate adverse effects. The submission cites alarming statistics, such as a fourfold increase in natural disasters predicted with a 1.5°C rise in global temperatures, which could see Australia facing up to fifty severe weather events annually. NIBA’s submission underscores the critical role of insurance in disaster recovery. However, rising premiums, particularly in areas at high-
risk of climate-driven disasters have rendered insurance unaffordable for many. NIBA’s submission calls for enhanced transparency in insurance pricing to allow consumers to understand the impact of climate-driven risks on their policies and advocates for government action in climate adaptation and resilience measures to ensure long-term viability and affordability of insurance.
The Committee will present its final report no later than Tuesday, 19 November 2024.
GENERAL INSURANCE CODE OF PRACTICE: INITIAL CONSULTATION PAPER
Late last year, the Insurance Council of Australia (ICA) announced the triannual review of the General Insurance Code of Practice. The review is conducted by an independent Code Review Panel consisting of former APRA Deputy Chair Helen Rowell, consumer advocate Gerard Brody, and industry expert Paul Muir. The review aims to maintain and enhance consumer protections, enhance consumer experiences, and increase the accessibility, effectiveness, and efficiency of the Code.
NIBA provided comprehensive feedback to the Code Review Panel’s initial consultation paper. The submission emphasised the necessity for the review to consider the impact of any potential changes on insurance brokers, who are required to comply with the Code when acting under a binder arrangement, and who often operate with fewer resources compared to large insurers.
NIBA’s submission made a number of recommendations including:
• aligning the Code with the Australian Securities and Investments Commission’s (ASIC’s) expectations regarding financial hardship;
• encouraging insurers to collaborate with consumer advocacy groups and stakeholders to gather insights and feedback on how to tailor their products and services more effectively to meet the needs of vulnerable customers;
• increasing standards for the provision of Cash Settlement Fact Sheets to include information on the potential consequences of accepting a settlement, such as how it may affect the policyholder’s insurance contract and alerting the policyholder to the risk of increased repair costs due to the loss of repair guarantees, pre-existing damage not included in the cash settlement or higher costs of trades and materials.
• requiring External Experts to provide their report within 10 business days of completing their assessment;
• requiring insurers to provide copies of External Experts’ reports whenever a policyholder’s claim is denied, or the insurer limits their liability based on information within the report or the Expert’s recommendation; and
• introducing provisions that encourage insurers to recognise and respond to consumers’ risk mitigation efforts.
The Review Panel will deliver their initial report in mid-2024. The second phase of the review will focus on issues arising from the government’s review into insurers’ responses to 2022 major floods claims.
CONTACT NIBA
As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact Head of Policy & Advocacy Allyssa Hextell at ahextell@niba.com.au
EMBRACE THE FUTURE OF INSURANCE BROKING YOUR GUIDE TO THE 2024 NIBA CONVENTION
The NIBA Convention is the flagship event of the insurance broking profession. It’s the meeting place for brokers, partners, suppliers, key regulators and stakeholders, and our emerging talent.
Join us on this exciting journey over two-and-a-half days, where we will learn, share, connect, celebrate and unpack the key future trends facing our profession and the wider insurance sector of Australia.
This year, we invite the insurance broking profession to go “Beyond the Status Quo” at the NIBA Convention, which will be held from 20 to 22 October at the Adelaide Convention Centre.
The theme of this year’s Convention – “Beyond the Status Quo” – is a call to action for our broking community to embrace innovation, be adaptable and stay ahead of the curve.
A unique event in the broking calendar, the NIBA Convention brings the breadth and diversity of the broking community and the wider insurance industry together in one place. With around 800 delegates in attendance, whether you’re an insurance broker from a cluster group, small, independent or an international firm, this is your opportunity to network and engage with your peers and industry leaders and build professional relationships that can help strengthen your business.
That’s not all – with cutting-edge insights and learning, you’ll walk away with practical insights and strategies to help you tackle the most burning challenges the insurance broking profession faces today, so that you and your business are well-positioned for tomorrow.
The NIBA Convention is where the spotlight is well and truly on us – the broking profession. It sets the stage for us to showcase how we’re upholding the highest standards of professionalism to other important stakeholders.
A DIVERSE PROGRAM
With over 20 insightful sessions that cover a wide range, including updates from regulatory bodies such as AFCA, insights to help you leverage artificial intelligence (AI) for your business needs, tips to help you master the art of difficult conversations with your clients, and tips to help you develop a mindset that makes you more adaptable for the future, our diverse program has something for everyone.
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AN ENVIOUS LINEUP OF THOUGHT LEADERS
Gemma Acton NEWS PRESENTER AND BROADCASTER
Isaacs
Andrea Clarke
Ben Hamer
MESSAGE FROM YOUR 2024 NIBA CONVENTION CHAIR
Hear from Di Phelan, NIBA Past President and the 2024 NIBA Convention Chair about the unmissable experience that awaits you in October.
On behalf of NIBA, the Convention Committee, and the NIBA Board of Directors, it is with great pleasure that I extend to you a warm invitation to join us for the 2024 NIBA Convention, set to take place at the Adelaide Convention Centre from 20-22 October.
This year, our theme boldly declares “Beyond The Status Quo.” Building upon the momentum of last year’s call to reimagine and think differently, we now urge you to explore and embrace the future of insurance broking and propel beyond the ordinary at the 2024 NIBA Convention.
Prepare to embark on a journey of discovery, where cuttingedge insights, shifting industry trends, and groundbreaking strategies await. Our Convention promises to challenge you to reshape your approach, encouraging you to break free from conventional norms and move with the times. Assembled alongside fellow brokers, you’ll partake in a transformative
experience designed to offer unparalleled networking opportunities and invaluable knowledge.
The NIBA Convention is the singular event that unites the entire insurance broking profession. From seasoned veterans to emerging talents representing diverse entities, including listed groups, international firms, and SMEs, our gathering embodies the full spectrum of our profession. Embrace this unique opportunity to elevate your expertise and position yourself at the forefront of the dynamic insurance broking landscape.
Diversity is at the heart of our program, curated to enrich your business acumen, keep you abreast of the latest trends, and foster the mindset essential for sustained success. With a lineup featuring plenary speakers and engaging breakout sessions throughout the Convention, there will be ample opportunities for growth and exploration.
We eagerly anticipate your presence at the 2024 NIBA Convention, where innovation meets inspiration, and the future of insurance broking awaits.
CELEBRATE EXCELLENCE AT THE NIBA GALA DINNER AND AWARDS CEREMONY
The NIBA Gala Dinner and Awards Ceremony is a highly anticipated evening where the profession and the wider industry comes together to celebrate and recognise the best talent of the past 12 months. Serving as the culminating event after two-and-a-half days of vibrant activities, this gathering unites industry professionals to honour emerging talent and respected leaders alike.
The evening features awards dedicated to insurers and underwriting agencies. These awards are determined based on the feedback provided by brokers through the annual Broker Market Survey. The Broker Market Survey is conducted on behalf of NIBA by independent market research firm, NielsonIQ. The award winners decided based on the survey includes the Large General Insurer of the Year, Underwriting Agency of the Year and the Specialty Insurer of the Year.
You’ll find out the esteemed national Vero-Partnered Young Broker of the Year winner, alongside the prestigious national CGU-partnered Broker of the Year winner. The ceremony will conclude with the presentation of the Lex McKeown Trophy, bestowed upon a longstanding NIBA member who has demonstrated exceptional dedication to the association and has significantly influenced the broking profession.
Come together for an unforgettable night where the industry and our profession unite to applaud excellence and achievement.
MARK YOUR CALENDAR
Date: Tuesday, 22 October 2024
Time: 7:00pm – 11:00pm
Location: Halls CD, Adelaide Convention Centre
A NIGHT OF RECOGNITION!
• 2024 Large General Insurer of the Year
• 2024 Specialty Insurer of the Year
• 2024 Underwriting Agency of the Year
• 2024 National Young Broker of the Year
• 2024 National Broker of the Year
• 2024 Lex McKeown Trophy Recipient
GO BEYOND NETWORKING
The 2024 NIBA Convention is the perfect opportunity for you to forge new professional partnerships and strengthen old ones, as well as network and engage with your peers and industry leaders all in one place. Whether you’re attending sessions, exploring the Marketplace, or joining us at the NIBA-CGU Welcome Function or the Gala Dinner, networking is at the heart of every event.
2024 NIBA-CGU WELCOME FUNCTION
The NIBA-CGU Welcome Function serves as the gateway to an incredible Convention experience. Taking place on Sunday, 20 October 2024, this is more than just a celebration. It's an integral part of the Convention experience, where you can forge connections and ignite innovation. This is where industry leaders, delegates, and partners come together to lay the platform for fruitful collaborations and transformative ideas.
The Convention is not just about learning and networking; it's also about pushing the boundaries of what's possible in the insurance industry. And it all starts with the 2024 NIBA-CGU Welcome Function.
Thank you to CGU, our Welcome Function partner for their support in making this event possible.
THE NIBA MARKETPLACE IS BACK
Drop by at the NIBA Marketplace to recharge.
This is your opportunity to connect with peers, engage with exhibitors showcasing transformative industry products and services, and take a moment to relax before diving back into the agenda. Whether you're networking or seeking inspiration, join us at the Marketplace to make the most of your Convention experience.
CPD POINTS
NIBA is pleased that 10 CPD points will be available for full attendance and 5 points for day attendance at the NIBA Convention. Delegates will need to scan into sessions to be eligible for CPD points.
A BIG THANK YOU TO OUR SPONSORS AND PARTNERS
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NIBA STATE EVENTS RECAP
NIBA has delivered 10 events so far this year with a combined registration count close to 800 attendees!
WHAT AN EVENTFUL START TO THE YEAR!
Let’s reflect on the fantastic state events that have taken place so far in 2024.
VICTORIA
First, we had Victoria’s ‘Reinsurance 101: Decoding the Risk Game for Young Professionals’ in April. Our industry leaders of tomorrow got the lowdown on the current reinsurance scene and left with some practical takeaways and questions to ponder.
We then had our first regional event in May – ‘Geelong’s Introduction to Loss Adjusting’, where participants were presented with an informative demonstration of the value add that Loss Adjusting brings to claim management for key clients. Our key speakers took the audience on a journey with case studies covering topics such as claim investigations, recovery prospects and more.
Later that month, Victoria indulged their senses in a ‘Wine & Cheese Networking' event that encouraged industry professionals to make valuable connections in a fun and relaxing atmosphere.
QUEENSLAND
Queensland had its first event in April on ‘Contract Review and Breach Reporting’. This seminar gave participants valuable insights into typical contract reviewing issues, different types of claims, efficient record keeping and more with field experts.
NEW SOUTH WALES
In May, New South Wales held its annual four-week ‘Presentation Skills Program’. Participants developed their skills and confidence and learned valuable tips and tricks for structuring their presentations, understanding their audience, and handling nerves. These brave participants then rose to the occasion and presented in front of the group and a panel of judges.
Following this event, was the ‘Business Interruption Masterclass’, where participants took a deep dive into the key fundamentals and explored techniques to uncover the skills and knowledge required by brokers to provide appropriate advice and services when advising clients.
We then saw our second regional event of the year in Newcastle. This ‘Member Update & Networking Function’ was an opportunity for industry professionals to receive the latest updates on key initiatives, explore current trends and hot topics in a panel session, foster connections, and ignite fresh business relationships.
WESTERN AUSTRALIA
In anticipation of the new WA Workers Compensation and Injury Management Act 2023 coming into effect on 1st July, Western Australia held its ‘Principles & Standards Workers Comp Seminar’ in May to assist brokers in navigating significant changes. An information session was conducted to identify impacts and prepare effectively.
SOUTH AUSTRALIA
South Australia then ran a ‘Business Interruption & Material Damage Underinsurance Seminar’ in late May. In this session, common additional covers were discussed, and participants explored the uninsurance impacts on an insured business. Some of the key takeaways included insurance claims and coverage uncertainties, recent and upcoming legal cases and interpretations on this subject and more.
TASMANIA
This year, we’ve seen an increase in Tasmania’s engagement, which so far has resulted in the ‘General Insurance Masterclass’, which was delivered in partnership with AILA in May. This program featured general insurance trends, calculating risk, management liability trends, and contractual indemnities and cover.
Thank you to our state committees, sponsors and providers for supporting NIBA in these state initiatives. It’s great to see so much activity in the industry.
NIBA’S UPCOMING STATE EVENTS
NIBA hosts various educational and social events across Australia for the intermediated insurance community.
CHECK OUT NIBA’S UPCOMING EVENTS
Scan this QR Code to register for the upcoming state events.
NEW SOUTH WALES
NIBA NSW The State of Young Professionals – A Fireside Chat
Hear from senior insurance broking executives as they discuss the role of Young Professionals in our industry and how our top young talent drives us forward. Learn how to stand out from your peers to drive success in this informative panel session.
Gain a deeper understanding of how to assist and inform clients in preventing and managing cyber risk. Leading experts will provide participants with an integrated and comprehensive approach and understanding of cyber risk management, policies and important insights.
This informal Meet and Greet event is a rare opportunity for regionally based industry professionals to connect with other like-minded attendees to share ideas and discuss hot topics and trends in our industry at Townsville's premier destination, City Lane. As a result, we hope to gauge interest in regional Queensland.
Venue: The TapHouse – City Lane
Tickets: Pay your own way SEP 5 AUG 15 AUG 14
NIBA Townsville Meet and Greet
GET TO KNOW THE NIBA DIVISIONAL COMMITTEE CHAIRS
LEIGH STALKER
JOB TITLE: General Manager, Capital Innovation Insurance Group, Vice-Chair, NIBA Vic/Tas Divisional Committee and Chair, NIBA Tas Sub-Committee
Why does NIBA matter to me?
NIBA is our advocate and presents a unified voice to various stakeholders in government, industry, business and community to advocate, educate, lobby and inform on a myriad of challenges confronting the industry, individuals, businesses, groups, organisations, NFPs and similar. NIBA continues to do the heavy lifting to convert rhetoric into tangible results for brokers (and the industry), with minimal fuss or fanfare.
NIBA is the one voice for insurance brokers, representing our interests and promoting high standards of professionalism and confidence.
Being an industry participant for more than 40 years, I love that the industry has been subject to consistent change, great people, intense learning and fantastic opportunities. NIBA can impact government, business and communities as well as people, and can have an overt influence to bring about tangible, positive and effective change. The implementation of the NIBA
Insurance Brokers Code of Practice is an example of that positive and effective change which sets clear expectations with the level of professionalism required by NIBA members and industry participants.
What is the one broking topic or issue you’re a passionate advocate for?
What makes my work enjoyable is being part of an industry that is critical to all aspects of the community and economy. We do great work, protect and help people and we deeply value relationships – both professional as well as personal.
My industry success and achievements and many of the life lessons I have learnt throughout my career have been achieved by a simple philosophy of surrounding myself with the best people possible, being accountable for every step along the way and to grab every opportunity that turns up. NIBA and the industry has been a catalyst to allow me to do this.
What is something you’re proud of having accomplished in your role as Vice-Chair, NIBA Vic/Tas Divisional Committee and Chair, NIBA Tas Sub-Committee?
We must ensure career pathways for new starters are clearly defined, articulated, and above all create a stimulating environment for diverse talent. Careers in insurance should be something that people actively seek out. NIBA Vic/ Tas has overtly promoted insurance broking as a career of choice and value.
Mentorship has played a major role in my career. People I admire in the industry have had a profound impact and influence over me and I truly consider mentoring to be one of the ways we can take our profession to the next level. I believe it is imperative that we encourage bringing in individuals to join the insurance industry by promoting what we do as a valued profession; we
should be on par with other professions like law and accounting. The Tasmania Sub-Committee has ensured that the NIBA Mentoring Program will be operational at a Tasmanian level, which is fantastic given there has not been a NIBA Mentoring Program in Tasmania for several years.
Equally important has been the hard work to refresh and reinvigorate NIBA Tasmania actions, initiatives, profile and industry engagement. The NIBA Tasmania refresh has received strong support from the NIBA members, insurers, suppliers and other stakeholders as was recently evident by the inaugural NIBA/AILA Tasmanian General Insurance Masterclass which was successfully held in May in Hobart and was enjoyed by over 100 delegates.
NIBA SAYS CONGRATULATIONS
NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR RECEIVING THEIR QPIB DESIGNATIONS
Gemma MacKinnon, Lockton Companies Australia
Haydn Nichols, Bluewell Insurance Brokers
Alenka Stepcic, North Queensland Insurance Brokers
Chelsea Cochrane, IFS Insurance Solutions
Helen Stephens, Simplex Insurance Solutions
Emily-Rose Srbinovska, AEI Canberra
Empowering Working Parents Insights and Initiatives From Insure Your Future
NIBA
is proud to present a rst-of-its-kindfi initiative to promote insurance broking as a career of choice,
eInsur ourY Future.
As part of the ongoing research for ‘Insure Your Future,’ a series of impactful projects have been quietly unfolding, aimed at understanding and attracting key demographics to the insurance broking profession. The initial focus has been on working parents, a group requiring flexibility to balance personal and professional commitments, and who have found supportive environments within this sector.
The aim of the initiative is to promote insurance broking as a career, attract more people into the profession and increase resources and information available about the profession.
Indeed, the talent pool of working parents – including those returning to work and those starting or making a career change – represents a valuable yet often overlooked resource due to their need for certain flexibilities or differing working arrangements.
s’NIBA dedicated Insure Your Future Committee will keep you updated on the s’project progress.
These individuals require increased flexibility to fulfil both their personal and professional commitments and have had positive experiences with understanding employers.
In addition to these interviews, Committee members also spoke with the HR and internal talent teams at several firms about how they support their employees and what policies are in place to support working parents.
Over the coming weeks, you will see blog posts about our interviews with individuals. We will share our conversations with organisations on how they have been working to attract and retain working parents.
Do you have ideas or thoughts on what we should include? Have you seen something similar being done well elsewhere? Or do you just want to find out more about the initiative and how you can get involved?
Please email info@insureyourfuture.com.au or contact your state NIBA Committee representative.
This project aims to showcase the positive impact that increased flexibility and inclusive policies have on both employees and employers, while encouraging discussion among businesses on what they can be doing to promote inclusive working environments. In doing so, we hope the profession becomes a clear choice for working parents considering entering or rejoining the workforce.
Get Involved!
Is your business championing diversity with innovative agile working policies that support employees with families? We want to hear from you!
In the lead-up to launching this project, we have had some fantastic conversations with members who are actively taking steps to supporting working parents within their businesses by introducing suites of agile work policies and alternative working arrangements. It is invaluable to those working on IYF to hear about what is already being done and how IYF can support this, while also getting fresh ideas and valuable insight into what future resources may be useful.
We would love to hear from more members on this, so if you have insights or experiences to share, please email Ananya Krishnan – Campaign Manager, at akrishnan@niba.com.au to schedule a discussion today.
Ensure that your business is registered to feature on our Employer Directory
This will enable potential talent to search through the largest variety of available and appropriate opportunities near them. To register, visit: https://insureyourfuture.com.au/directory-submission/
2024 BROKER OF THE YEAR AWARDS
The Broker of the Year awards are proudly partnered by CGU
BROKING LEADERS ELEVATING OUR PROFESSION
THE 2024 BROKER OF THE YEAR AWARD, PARTNERED BY CGU, RECOGNISES THE AMBITIOUS SENIOR BROKERS ELEVATING THE STANDARDS OF THE INSURANCE BROKING PROFESSION. MEET THIS YEAR’S STATE FINALISTS AND GET TO KNOW THEM BETTER.
INTERVIEWS BY VIRAT NEHRU
Sean Morrish General Manager and Risk Advisor Intercharge Insurance Brokers
How did you get started in the insurance broking profession?
While I had worked in various insurance roles during the 90’s in the UK, I didn’t enter the broking profession until 2003 when I emigrated to Australia. My background had always been customer-focused roles, and an opportunity arose to get into broking with Aon in Sydney. I didn’t know what to expect, but I immediately loved it.
The interactions with my colleagues, learning from some truly amazing mentors, building relationships with underwriters and clients, and developing my own skills all contributed to the belief that I had finally found the profession for me. I hadn’t realised how rewarding working in this industry could be and I can honestly say I have never once thought about leaving it for something else. I remember when I first started out, I was told by a senior broker that our job was the best kept secret, and it didn’t take long to grasp that it was the truth.
What do you think the insurance broking profession will look like in the future?
Technology is advancing at breakneck speed and the expansion of AI means we must all recognise change is coming and commit to embracing and evolving with it. While some tasks and roles will change in the future, I firmly believe there will always be a space for the personal touch and guidance of a trusted advisor that clients will be drawn to and appreciate. Our role as a broker goes beyond pure policy wording and premiums; we are risk advisors first and foremost, and appropriate insurance placement is a by-product of that critical advice. Clients, in all industries, will always need that advice and so our task as brokers is to keep providing this fundamental service to the highest standard. In the years to come, this will guarantee we remain as valued as we are today.
The other changes will likely come from the government and/or legislators. If
I had to guess, I think we shall face more regulations and rules in the future. This isn’t necessarily a bad thing. That is why it is so reassuring to have NIBA looking out for our profession. I sometimes talk to clients who don’t have an equivalent body in their profession, and I hear about the serious challenges they go through. It reminds me not to take for granted how lucky we are to have NIBA representing our profession for the good of the industry so that any changes are positive and worthwhile.
What inspires you the most about the insurance broking profession?
Over the past 20 years I’ve been amazed at the standard of professionalism in the broking fraternity. Like all brokers, I come up against my peers from time to time in competition to win or retain clients. These instances have continuously been a hard-fought challenge because the other broker invariably does such a good job. This inspires me to push myself and my team to keep improving and keep our standards high. With brokers all pushing each other in this manner we also elevate each other and the industry. By setting the standard, NIBA contributes greatly to this high level of professionalism and should take heart that it’s accomplished so much.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
I don’t believe any of us wake up in the morning thinking about awards, but to gain some recognition from my peers for the effort and contributions I make each day in my role is a wonderful feeling. For me personally, the NIBA Broker of Year is the most highly respected and standout award in the industry for individual brokers. Being nominated gives me validation that my work, decisions and approach have been on the right path, and it inspires me to keep going. Being finalist is an amazing privilege, which I am incredibly grateful for.
“Over the past 20 years I’ve been amazed at the standard of professionalism in the broking fraternity.”
What inspires you the most about the insurance broking profession?
The insurance broking profession inspires me because it is fundamentally a people-centric industry, where our role is to protect a client’s business from risk. Engaging with clients and understanding their business have always been a driving force for me. Few industries provide such deep insights into diverse businesses and offer the opportunity to materially benefit them. As insurance brokers, we deliver economic solutions that protect people and their assets from various risks, which adds significant meaning to our work.
The profession demands strategic planning, innovative thinking and creativity daily. Tackling challenges and overcoming obstacles has made me resilient, and I am passionate about helping our clients to find the right insurance solutions. This passion has been the primary motivation throughout my 18 years in the industry.
While the work can sometimes appear to outsiders as monotonous, administrative, and seemingly never-ending, the personal connections and networks built with clients, underwriters and colleagues are invaluable. Appreciating these relationships and the impact we have on people’s lives and businesses keeps me inspired and dedicated to this profession.
What do you think the insurance broking profession will look like in the future?
Human interaction and the need to understand the client’s business will remain vital in the future. This will help to ensure we remain relevant as advisors, not just transactional brokers. That said, innovation will continue, and the insurance broking profession will undergo significant transformations likely driven by technology advancements, evolving consumer business profiles and expectations, as well as heightened focus on compliance and regulations.
AI is set to revolutionise how insurance brokers assess risks and develop insurance plans, making them more precise and tailored to client’s individual needs. This shift will require capital and time
Sharon Ling
Client Director – Corporate Lockton Companies Australia
investment in digital platforms to streamline administrative tasks, allowing brokers to focus more on strategic advisory roles and building stronger client relationships. As insurance brokers, staying relevant means adopting agile, customercentric approaches while preserving the human touch that AI can’t replace. Data analytics will play a crucial role, enabling us to offer proactive risk management services by identifying and addressing potential issues before they lead to claims.
The industry’s future will also be shaped by sustainability concerns and environmental risks, with insurance brokers guiding clients through climate change challenges and sustainability initiatives. I think the future of insurance broking will largely be characterised by tech-savvy practices, a heightened client focus and adaptability to emerging risks. The business of insurance broking is well placed to remain a vital player in the global economy, serving clients to meet the needs of today and tomorrow with transparency, innovative solutions and expert guidance.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
I would like to congratulate the other finalists of the 2024 Broker of the Year, as it is a wonderful honour showcasing their hard work and dedication. Being named a finalist would not have been possible without the support and influence of everyone who has contributed to my career.
This recognition from others is a very generous compliment towards the small part and role that I play in the insurance broking profession. It also makes me reflect on how people and companies have invested in me throughout my career and strengthens the desire to further promote the industry to attract and foster talent.
This achievement also reflects positively on Lockton and the team around me, demonstrating our commitment to excellence and innovation in the market. This accolade isn’t just about recognition; it’s a testament to our collective effort in providing outstanding outcomes and building lasting client relationships.
The Broker of the Year awards are proudly partnered by CGU
What do you think the insurance broking profession will look like in the future?
Matthew Bates Managing Director
Bell Partners Insurance
The future of the insurance broking profession will undoubtedly be shaped by advancements in technology, which will drive efficiency and enhance our ability to serve clients. AI and data analytics will revolutionise how we assess risks and tailor insurance solutions, providing more precise and personalised options for our clients. However, while technology will streamline processes and improve accessibility, the core of our profession remains firmly rooted in human relationships.
The trust and personal connection that brokers build with their clients is irreplaceable. As brokers, we need to move beyond mere transactions and embrace our roles as true advisors. This means understanding our clients’ unique needs, offering strategic guidance, and being there for them during critical moments. Our value lies in our ability to provide expert advice, offer reassurance, and navigate the complexities of insurance on behalf of our clients.
Moreover, the evolving landscape of risks – such as cyber threats and the implications of AI – requires us to collaborate closely with our insurer partners. Together, we must develop innovative solutions to mitigate these emerging risks. This collaborative approach will ensure that we stay ahead of potential challenges and continue to offer robust protection to our clients. In essence, while technology will enhance our capabilities, the future of insurance broking will still rely on the expertise, trust, and advisory role that brokers bring to the table.
What inspires you the most about the insurance broking profession?
What inspires me the most about the insurance broking profession is the profound impact we have on people’s lives and businesses. Every day, we help clients navigate the complexities of insurance, ensuring they are protected against the unexpected. It’s incredibly rewarding to know that our expertise
and advice can provide peace of mind and financial security.
At its core, insurance broking is about building relationships and trust. We get to know our clients deeply, understanding their unique needs and challenges. This personal connection allows us to tailor solutions that truly protect what matters most to them. Seeing the tangible benefits of our work, especially when a claim is made and a client’s future is safeguarded, is a powerful motivator.
Finally, the sense of community and collaboration among brokers is truly inspiring. We share a common goal of advocating for our clients and upholding the highest standards of professionalism. It’s this collective commitment to excellence that makes me proud to be part of this industry.
What does becoming a finalist of the 2024 Broker of the Year mean to you? I’m deeply honoured to be named a finalist for the 2024 Broker of the Year award. This recognition is a testament to the hard work and dedication of the entire team at Bell Partners Insurance. While I’m incredibly proud of this achievement, it’s important to remain humble and acknowledge that it’s the collective effort of our team that has brought us here. It is our team, and in addition, our wonderful clients that push us to be our best for them.
This opportunity allows me to highlight the critical role that insurance brokers play in safeguarding the interests of our clients. By raising the profile of our profession, I hope to attract new talent into the industry. Insurance can be a deeply rewarding career, offering the chance to make a real difference in people’s lives by protecting what they hold most dear. I would love to give back to this great industry as an advocate to such an amazing industry.
We face a growing need for skilled professionals who are passionate about delivering exceptional service and advice. By showcasing the importance and impact of our work, I aim to inspire the next generation to join us in this dynamic field. Together, we can continue to enhance the professionalism and reputation of our industry.
Daniela Zaccone Principal Marsh Specialty
What do you think the insurance broking profession will look like in the future?
With advancements in technology, there will be increased pressures on automation. We are already seeing it no matter how big or small the broking firm might be, but it’s important to remember we are in the ‘people business’. Building and maintaining strong client relationships will be crucial. Technology is rapidly evolving and savvy organisations that invest in this space will gain advantages over those that don’t. There is so much opportunity to lean on AI and data analytics that will massively assist brokers in identifying potential risks, develop risk mitigation strategies, and offer innovative insurance products that address emerging risks such as cyber threats and climate change, enhancing client experience. Increased focus on collaboration and strategic partnerships with Insurtech companies, data providers and other industry stakeholders to leverage expertise and enhance services to clients will be important. The industry will also continue to be influenced by evolving regulatory frameworks which will be important for brokers in staying updated with compliance requirements, data privacy regulations and industry standards to ensure ethical practices. Lastly, continuous learning and upskilling will be vital to remain relevant in the future. It’s important to acquire new skills in areas such as data analytics, digital marketing and emerging technologies. Tech will no doubt shape the future of the profession, however, the human element will remain essential.
What inspires you the most about the insurance broking profession?
Brokers can make a positive impact on people’s lives by assisting in protecting their assets, businesses and loved ones. Providing valuable advice, guidance and support to clients during challenging times is highly
rewarding. As brokers, we are constantly faced with complex challenges and unique situations as part of our daily roles, analysing various factors whilst considering different coverage options and negotiating with insurers to find the best fit for client needs.
The problem-solving aspect of the job is intellectually stimulating, and it is satisfying to find creative solutions whilst building long-term relationships with multiple various stakeholders and service providers. Each day is different. The industry is continuously evolving with new products, regulations and emerging risks.
There is a chance to learn something new every day and grow as a professional. We play a vital role in the insurance ecosystem acting as the conduit between clients and insurers, helping to bridge the gap and ensure that clients have access to the right cover solutions. Advocating for clients’ interest and providing expert advice contributes to the overall resilience of the industry, and that’s exciting and inspiring to me.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
Becoming a finalist of the 2024 Broker of the Year is a significant achievement and recognition within the industry which I am extremely grateful for. It is validation of the hard work, dedication and professionalism in my career journey so far. The acknowledgement of accomplishments has made me more confident, and I feel encouraged to continue to take on new challenges and opportunities.
I’m excited for what else I can learn and do to further develop my personal growth and give back to the broking community. It’s inspiring to continue to strive for excellence and set new professional goals along with valuable insight and feedback into areas of improvement. There’s an immense sense of satisfaction that comes from putting in good old-fashioned hard work.
“The acknowledgement of accomplishments has made me more confident, and I feel encouraged to continue to take on new challenges.”
What do you think the insurance broking profession will look like in the future?
Technological advancements and evolving customer demands will heavily influence the future of the insurance broking profession. Digital transformation, featuring AI and big data analytics, will enhance risk assessment and claims management. Brokers will use AI to offer tailored insurance solutions, boosting accuracy and efficiency. The trend towards digital platforms will persist, making insurance more accessible and user-friendly. Customers will seek seamless digital interactions, prompting brokers to implement omnichannel strategies that blend digital and personal touchpoints. Insurtech startups will drive innovation, compelling traditional brokers to adapt and collaborate.
Regulatory changes and a heightened focus on data privacy will require robust compliance systems. Brokers must stay informed about new regulations and invest in cybersecurity to protect sensitive data. The role of brokers will continue to develop from transactional intermediaries to trusted advisors and partners, providing comprehensive risk management and expanded consulting services. Soft skills like empathy and communication will remain vital, as personalised human interaction will distinguish brokers in a digital era.
Overall, the insurance broking profession will become more technologically adept, customer-focused, and advisory-oriented, combining cuttingedge technology with the enduring need for personal trust and expertise.
What inspires you the most about the insurance broking profession?
What I find most inspiring about the insurance broking profession is its unique combination of human connection and problem-solving. At its essence, insurance broking involves assisting businesses in managing risks and uncertainties, offering them peace of mind and financial stability. This role requires not only technical knowledge but also a deep understanding of the client’s needs and aspirations.
The dynamic nature of the profession is equally inspiring. Each day brings new challenges, necessitating brokers to stay updated on market trends, regulatory shifts,
Alexandra Ferguson Account Director and State Manager Avatar Brokers
and emerging risks. This continual learning and adaptation ensure the work remains intellectually stimulating and rewarding. Furthermore, the growing integration of technology in the field is particularly exciting. Advancements like AI and big data analytics allow brokers to deliver more personalised and efficient services, enhancing client experiences and outcomes. This blend of innovation with traditional client-focused values creates a progressive and impactful profession. Lastly, making a tangible difference in people’s lives is profoundly motivating. Whether it’s aiding a business in recovering from a significant loss or ensuring a family’s protection against unforeseen events, the positive impact of an insurance broker’s work is both meaningful and gratifying. This combination of service, expertise, and innovation makes the profession truly inspiring.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
Being named a finalist for the 2024 Broker of the Year is a tremendous honour and a significant milestone in my professional journey. It signifies the culmination of years of dedication, hard work, and an unwavering commitment to excellence in the insurance broking profession. This recognition is not just a personal achievement; it also reflects the team’s collective effort at Avatar, whose support and collaboration have been instrumental. This nomination validates my innovative approaches and client-focused strategies, emphasising the importance of personalised service and creative utilisation of technology in today’s insurance landscape. It highlights my ability to adapt to industry changes, embrace new tools, and continuously improve stakeholder experiences. Being named a finalist acknowledges me as a leader and role model within the industry, inspiring others to pursue excellence and innovation. It offers a platform to advocate for best practices, share insights, and contribute to the ongoing development of the profession. Ultimately, this recognition fuels my passion and determination to elevate the standards of insurance broking further, ensuring clients receive the best possible advice and protection. It is a testament to the impact we can make when combining expertise, empathy, and innovation in our work.
The Broker of the Year awards are proudly partnered by CGU
Will Laundy Director Pillar Brokerage
How did you get started in the insurance broking profession?
Like many, I had not planned a career in insurance broking. After graduating high school, I started a Bachelor of Commerce degree with the view of potentially becoming an accountant. However, after a couple of years of tertiary study, I realised I did not want to follow this career path. I knew I wanted to be in a business that combined my interest in numbers and contract law, which I had studied at university, but also incorporated my people skills and elements of negotiation. At that time, a family friend was running a successful general insurance brokerage and was looking for a new junior staff member. I knew nothing of insurance and had assumed that general insurance was purely house and car policies. After joining that local brokerage, I quickly realised that the broking industry was far broader than I had ever expected, and there were significant opportunities to apply my people skills and interests in numbers and contract law.
What do you think the insurance broking profession will look like in the future?
We are already seeing our insurer partners wanting to better leverage technology, and I expect this trend to continue particularly for homogenous products with large policy volumes. Brokers who have invested in technology, connectivity and platform delivery will be best placed to compete in this space. At the corporate and risk managed end of the profession, my expectation is that there will be higher levels of broker qualification and industry specialisation as risk advice and risk transfer evolves and becomes more complex. I expect the role of the general insurance broker to be less focused on
process driven tasks, such as obtaining market quotations, but more aligned to tailored risk advice and risk management, based on the client’s industry.
What inspires you the most about the insurance broking profession?
What’s most inspiring for me about the insurance broking profession is the ability for a broker to positively impact their client’s circumstances in their moment of great need. There are very few professions that provide advice and guidance that could be the difference between a business surviving a major event or not. Our profession typically shies away from the spotlight when compared to other industries, however we play a very important role in our clients’ lives, and we should be proud of our role in the economy and society more broadly.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
I am extremely passionate about the insurance broking industry, so to be named a finalist for the 2024 Broker of the Year awards is very humbling. As insurance brokers, it’s a great honour to know that clients put their complete trust in us to manage their risk and, as such, we need to ensure we’re continually providing exceptional service and outcomes.
Similarly, I believe it’s the role of all insurance brokers to advocate for our industry and the critical role we play in business. This nomination serves as motivation to continue to deliver outstanding service to clients and promote the benefits of the broking industry more widely. I am grateful to be considered for this award and, if successful at the state awards, being Broker of the Year would be a personal career highlight.
“Our profession typically shies away from the spotlight when compared to other industries, however we play a very important role in our clients’ lives, and we should be proud of our role in the economy and society more broadly.”
Jen
Bettridge Clear Leader and Director Clear Insurance
What do you think the insurance broking profession will look like in the future?
Our industry still operates in a very manual way, with brokers focusing too much on price to win new business. As technology platforms continue to develop, in association with open API and AI capabilities, I believe the process of arranging insurance covers will become much more efficient for all parties involved. My hope is that our profession shifts from price focused to risk focused, with the underlying desire of doing the right thing for the client, not winning the next piece of business. I see more reforms being introduced which will put an emphasis on clear and thorough risk advice, which clients are needing more and more. I believe fee for service remuneration models will become more common, even if not driven by reforms on transparency.
Lastly, I believe there will be a shift around qualifications. It’s no secret that there is no clear career pathway into insurance and many individuals currently operating as brokers, may not have the desired level of experience. Whilst there may not be a university degree for insurance broking, I believe something will and needs to change to ensure that consumers are being advised accurately on the risk exposures.
What inspires you the most about the insurance broking profession?
Whilst I put a lot of emphasis on risk advice, insurance broking is all about relationships. The relationships we have with our clients, our insurers and our own teams. I get inspired by being a part of all these relationships. It’s incredibly satisfying when you’ve been working with a startup for 7 years whilst they undergo R&D, to finally see them go into manufacturing stage and turn their hard work into great success or
helping your clients through the hard times (both professionally and personally), only to see them flourish out the other end.
Watching the career progression of people I knew 20 years ago is awe-inspiring. Some are now National Managers; some have remained with the same company and others are forming their own paths as ARs. What doesn’t change, is the bond you once shared and the championing we do for one another. We are primarily insurance and risk advisors, but sometimes you have to be a life coach, a marriage counsellor, or a friend. Either way, it’s the relationship that creates long-term success.
What does becoming a finalist of the 2024 Broker of the Year mean to you? Applying for awards was never something on my radar. Having gained majority of my experience from suburban brokerages, I didn’t believe I had the necessary skill to go up against international or city-based brokers. Thankfully, I no longer believe this is what gives a broker their competitive advantage.
Instead, now I see what attracted my experienced mentors to suburban brokerages was the ability for them to build authentic relationships with clients. I see that it was the level of empathy my past employers encouraged us to have for our clients, coupled with the responsibility of helping them in whatever way we could. And I see that skill comes with time and experience, so long as we are willing to learn. Ultimately, it’s the culmination of all these things that drives my key value of integrity, and no matter what, to “always do what’s in the best interest of the client.” So, as a finalist of this award, it means the world to me to encourage the next generation of brokers, irrespective of where they’ve gained their experience.
“We are primarily insurance and risk advisors, but sometimes you have to be a life coach, a marriage counsellor, or a friend. It’s the relationship that creates long-term success.”
What do you think the insurance broking profession will look like in the future?
I have confidence that the insurance broking profession will survive well into the future. There will certainly be advances in the tools at our disposal and brokers will need to evolve in the way they interact with clients. As existing online systems evolve, we will also be presented with an increasing offering of insurers and underwriting agencies’ portals, providing online access to quote and bind, rather than having access to actual underwriters.
AI tools will probably be available to assist a broker to review insurance documents and contracts, research industry requirements and document compliance notes and client interactions, in real time. Such tools have the potential to free up a broker’s time to allow them to use it more efficiently. Our challenge, as insurance professionals, is to master this everincreasing range of online portals, systems and new insurance products, and provide our clients with a ‘human’ interface for their insurance requirements. As brokers, it is our responsibility not only to develop our own skills, but also to develop and mentor the next generation of insurance professionals toward the future.
What inspires you the most about the insurance broking profession?
Several things inspire me. Firstly, our industry employs some very interesting and dedicated people. I enjoy seeing our newer staff members becoming involved in the industry and developing their skills and knowledge. I also enjoy the networking aspect of our industry such as locating new markets and providing appropriate covers for our clients. It is important that we maintain channels of communication with insurers and underwriters. We are fortunate to have so many new underwriting agencies, often developing new and often innovative products, to cover the niche risks in the market.
The risk management aspect of my work also inspires me. In a previous career as a
Neil Daniel Specialised Placement Manager
Holdfast Insurance Brokers
business analyst, and with my continuing parallel work as a firefighter with the South Australia Country Fire Service, risk management is a major part of the role. Insurance broking complements those attributes. A broker examines all aspects of their client’s business activities, their property and their lifestyle requirements to determine their risk exposure.
“I consider that I have been very fortunate to experience so many facets of the insurance industry.”
What does becoming a finalist of the 2024 Broker of the Year mean to you?
It’s a recognition that I had never really considered until my name was put forward. I find it very flattering to be considered in an industry with so many other worthy brokers. I’m not usually the type of person who seeks recognition. I come from a generation where if you had the chance to work hard, your recognition was to stay employed, learn as much as possible, and hopefully, develop a clientele of loyal and interesting clients. I consider that I have been very fortunate to experience so many facets of the insurance industry, with so many mentors, along the way. I’m humbled to be proposed as a finalist in this award from NIBA, an organisation that I have followed and respected for many years. I am also very flattered that Holdfast Insurance Brokers put my name forward for this honor. As a finalist, or, if I was fortunate to be chosen as the 2024 SA/NT Broker of the year, I’ll use that honor towards promoting our industry, NIBA, Holdfast Insurance Brokers, and the services that we can provide, to the wider community. I hope that it will also assist me toward mentoring and developing our next generation of insurance brokers, both at Holdfast Insurance Brokers and in the wider insurance community.
The Broker of the Year awards are proudly partnered by CGU
Scott Stewart Managing Director Insurance Mentor
What do you think the insurance broking profession will look like in the future?
In a world where technology is advancing at an exponential rate, I believe insurance brokers are now more indispensable than ever. Brokers can attest to the value our relationships have, whether this is with our clients or insurer stakeholders, through comprehensive placements or the adept management of claims. We serve as the crucial link that binds advice and solutions for our clients. As technology continues to advance, I believe this will only empower our brokers to provide relevant and robust support so we can continue to focus on our core strengths, ensuring client needs continue to be met with precision and expertise. Looking ahead, I envision a future where insurance broking becomes a leading profession and aspirational career choice for young graduates. As a passionate Managing Director dedicated to inspiring the next generation of brokers, I am optimistic about the potential of our industry to attract better talent every year. Initiatives such as the NIBA YPs exemplify our cumulative industry commitments to fostering a bright future for our aspiring brokers and other young professionals.
What inspires you the most about the insurance broking profession?
Even after 25 years, I continue to be inspired by the dynamic nature of our industry. Our industry provides diverse opportunities for our professionals across various disciplines, opening new career pathways for established and emerging professionals alike. Brokers mould our own areas of expertise, allowing us to take control of our careers which forms an experience unique to each broker. Emerging brokers can work alongside established industry professionals in an environment that encourages the learning and development of new brokers, continuously inspiring new generations of insurance brokers.
Arguably, the most rewarding aspect of our industry continues to be the tangible impact we make on our clients. As brokers, we know our roles are so much more than just schedules and premiums. Securing a positive outcome either through complex placements or guiding a small business through a stressful claim, the impacts we have on our clients reinforces the essential roles we play in the insurance industry. This blend of expertise and interpersonal skills, along with the way we continuously learn and adapt to our environment are what continues to inspire me about our great profession.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
Being recognised as a finalist for the NIBA 2024 Broker of the Year award is a tremendous honour and validation of my dedication to our incredible profession. This nomination signifies not only a personal achievement but also the collective efforts of my team and our firm, Insurance Mentor. It has been incredible to watch our industry continue to evolve over the years, and I believe our profession is only getting better with time. Seeing the quality of talent in our industry frequently inspires me to continue my professional development and never stop learning.
Leading a team of diverse and talented brokers from a range of disciplines and experience is a privilege that drives me to set standards which foster a culture of excellence, learning, and development for our organisation. This nomination is a testament to the quality of work our firm continues to produce for our clients every day. Moreover, being a finalist for such an award encourages me to reflect on the journey of my career, appreciate the challenges and successes that have shaped it over time. Ultimately, this recognition serves as a reminder of the impact brokers have on our clients, reigniting my passion and commitment to this rewarding profession.
“Seeing the quality of talent in our industry frequently inspires me.”
Chelsey Harris Regional Director EBM Insurance & Risk
What do you think the insurance broking profession will look like in the future?
With the escalation of catastrophic events, AI and related technology, plus cyber security risks, insurance markets will continue to be complex and difficult for individuals and business to navigate. Clients will become more reliant on an insurance broker for their high quality professional advisory service to provide tailored risk management solutions and greater choices. No amount of technology will replace the individual relationship a broker has with its client or the tangible benefits of being ‘on the ground’ with clients which provides us with a true understanding of individual risk profiles. Clients will continue to benefit from increased choices and access to constant innovation and tailoring of insurance products. The challenge for the insurance broking industry will be to adapt and evolve as technology influences the life cycle of how insurance is transacted. The transition from purchase and annual renewal of insurance products may move to a model of continual cycle as product offerings adapt to the individual requirements of the end customers.
The ongoing support for our clients through the changes required to address ESG issues and workforce-related challenges will continue to be a focus. A holistic approach through a network of resources to collaborate and support clients across key areas of risk management, including WHS, critical incident support, legal advice etc will be necessary.
What inspires you the most about the insurance broking profession?
Supporting clients by providing exceptional client servicing and building strong client relationships is what encourages me in my role. Providing my knowledge and expertise so a client has peace of mind that their people and assets are adequately protected is my number one focus and what drives
me to be an exceptional insurance broker. Ensuring that I stay up to date with our industry developments and changes in clients’ industries ensures that I continue to focus on exceptional client servicing and tailoring a client’s insurance program to meet their changing needs. I take a genuine interest in every client’s business, and I am privileged to join them on their journey as they grow and succeed.
The team with which I work also provides me with daily inspiration. I strive to be a motivating and supportive leader and I enjoy guiding and mentoring others. I am always encouraging their personal development and I find it extremely rewarding when others achieve their goals and build successful careers in the broking industry.
What does becoming a finalist of the 2024 Broker of the Year mean to you? It’s a fantastic honour and privilege to be recognised for the Broker of the Year award. When I was nominated by a colleague and also EBM’s Managing Director - Broking, Peter McLachlan, I was completely surprised by the nomination. We all strive to be the best insurance broker possible, so to be nominated was such a fantastic acknowledgement of my hard work and dedication to our industry. As a finalist, I hope that I am an inspiration to others, especially women, that we can all achieve our goals.
Insurance broking is a fantastic career and one that everyone can have success in. The career opportunities in our industry, relationships you build with key stakeholders and especially clients are extremely rewarding, and I would like to encourage more people to choose insurance broking as a career. Since my nomination, I have been able to reflect on my career when I first walked through the doors of Commercial Union 30 years ago and the amazing career I have chosen and succeeded in.
“I strive to be a motivating and supportive leader and I enjoy guiding and mentoring others.”
How did you get started in the insurance broking profession?
Initially working in sales in a non-insurance industry and progressing my way through the retail industry ranks, I came to a point where I was unsure of the future or sustainability of my role and sought something with more risk and reward. I took a leap of faith and started my insurance career with Guardian Insurance Brokers. After being in the insurance industry for close to 8 years, I can look back and am appreciative of the influences I had and know that the insurance industry journey is best suited for me as I love getting up every day and doing what we do.
What do you think the insurance broking profession will look like in the future?
The future of the insurance broking profession is likely to be shaped by several key trends such as technology, data and artificial intelligence, regulatory changes and customer expectations. We at Guardian are heavily driven on the trusted advisor relationship model of insurance broking.
Moving forward, I am of the belief that clients will expect more transparency, simplicity, and responsiveness from insurers. Overall, the future of the insurance broking profession appears to be one where the above mentioned will play a pivotal role in shaping products, operations, and customer interactions. Adapting to these trends will likely determine which companies emerge as leaders in the everchanging landscape of insurance. For a brokerage integrating these fundamentals with the insurers they do business with and continuing to be the trusted advisor to their clients will ultimately assist with the continuation and future growth of a successful business.
What inspires you the most about the insurance broking profession?
The ability to be of service to our clients, the challenge of being solution driven on a daily basis, the ever-changing landscape of the insurance industry and knowing that being a trusted advisor to our clients is
the opportunity to protect their assets are all inspiring propositions. The insurance industry has given me a sense of fulfilment and it’s very rewarding to help people in their time of need.
Collaboration and working with other likeminded professionals in achieving a mutual outcome, and the high level of knowledge you are absorbing daily, which ultimately challenges and provides you with wider scope of thinking are important considerations. I think of how to inspire others, of helping in growing other people as well as the next generation. This approach is much like my mentor had with me when they saw the right attitude and knew that they could guide me for the remainder of the way to a successful career within the insurance industry.
“I think of how to inspire others, of helping in growing other people as well as the next generation.”
What does becoming a finalist of the 2024 Broker of the Year mean to you?
I am extremely grateful to have been nominated and to have made it as a finalist. My career and all the challenges along the way are what have both prepared me and am grateful to be acknowledged by my peers. Being a finalist signifies recognition of the hard work, dedication, and accomplishments in the insurance industry. Ultimately, becoming a finalist has given me a deep sense of personal fulfilment and pride. It represents a milestone in my journey, symbolising the achievements and the positive impact that I have made in the insurance industry.
Over the years, the insurance industry has given me so much personally and professionally and being a finalist has given me the opportunity to give back by providing me with a platform to educate, inspire and promote what an amazing opportunity it is to work in the insurance industry.
The Broker of the Year awards are proudly partnered by CGU
Murray Johnson Owner and Director Johnson Insurance Brokers
What do you think the insurance broking profession will look like in the future?
Our industry continues to change and develop, especially with the evolution of technology, but at the heart of it, broking is an advice and relationship business, both with clients we represent and intermediated insurers and agencies.
Whilst we have seen growth in broker use of online quotation comparison tools, many lines of business are still placed via underwriting and broker discussion. We are seeing even more underwriting agencies and growth in this space as traditional large insurers struggle to compete with the speed and dynamics of underwriting agencies.
Income transparency is well in motion, and as brokers, we are comfortable earning income for providing a professional service. This is important for broking to be seen on par with other professions such as accountants, lawyers and others.
Brokers that add value through advice, service and expertise will always have a role, and the opportunities I see for those on this path are significant.
What inspires you the most about the insurance broking profession?
Our industry offers such a wide variety of opportunities and roles. I travel nearly 40k kms per annum, travelling between our offices in Busselton and Perth, and our clients’ premises throughout Western Australia. Our clients vary in size, complexity, and occupations. From agricultural risks (dairy, winery), civil contracting, professional services like engineering, mining contractors, NDIS providers, manufactures and shop fitters, the list is vast. No one business is the same, nor are the owners, and their attitude to risk transfer and advice varies.
I thrive on getting out and about, meeting new people, learning about their business using the technical skills I learnt
working at insurers and a variety of brokers, to bring the best I can to my clients. I’m so proud of the industry I work in, and greatly enjoy developing with my colleagues. I help my clients remove uncertainty, frustration, and wasted time.
Each day, I work alongside a brilliant team of very capable and fun-loving professional colleagues, with whom I absolutely could not do this without. That includes my wife. I love it, and even more so, owning my own business which provides me with a rewarding challenge, and the ability to focus on clients, move fast and remove internal demands present in large businesses.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
Having worked in the insurance industry for 30 years now, across both underwriting and broking, I’ve been fortunate to work alongside, studied and/or been mentored by some very talented people. Many people or situations have challenged me, and from each of those experiences, both positive and negative, I’ve grown and learnt. I’ve had many successes, and plenty of failures. But we are all human, right?
There are many deserving people that never apply or accept the nomination for whatever reason. I’ve declined the opportunity previously, as I never felt ready. But when can one ever be ready, or worthy? It’s time to put my best foot forward and having gone through some massive changes both personally and professionally in the last 5 years, I’m keen to keep progressing and challenging myself.
The award to me is the pinnacle of our industry. It will provide me and the team – this is no solo effort or business –with recognition. It gives me the ability to promote our industry and our business and set an example to others. Having invested 30 years of my life in this industry, it’s something I love, greatly enjoy, and am very proud of.
“I work alongside a brilliant team of very capable and fun-loving professional colleagues.”
Abbie Wilson Owner and Director National Insurance Brokers
How did you get started in the insurance broking profession?
I started my journey in the insurance broking profession in 2008 when I moved from Portland to Horsham for a new career path. Initially, I had varied experiences in hospitality and administration roles, but I always wanted a career that allowed me to make a significant impact on people’s lives.
In 2013, I established my own business, driven by a desire to create positive change in the industry and support my clients, many of whom have become friends. Being part of a small regional community, I find immense satisfaction in helping others navigate their insurance needs.
What do you think the insurance broking profession will look like in the future?
The future of insurance broking looks increasingly dynamic and technology driven. With advancements in data analytics, AI, and digital platforms, brokers will be able to provide more personalised and efficient services. I foresee a shift towards greater transparency and customer empowerment, where clients will have more control and understanding of their insurance policies.
Additionally, there will be a stronger emphasis on sustainability and resilience, especially in light of the frequent natural disasters we’ve all experienced. The role of brokers will evolve to become even more advisory driven, helping clients navigate these complexities and make informed decisions.
What inspires you the most about the insurance broking profession?
What inspires me the most about the insurance broking profession is the opportunity to make a real difference in people’s lives. I am passionate about building strong relationships with my clients, many of whom have become friends. The ability to provide support and guidance, especially during challenging times such as natural disasters, is incredibly fulfilling. I also value the continuous learning and growth the profession offers, both personally and professionally.
The collaborative spirit within the industry, especially with supportive networks like Community Broker Network, fuels my drive to strive for positive change and innovation knowing that at every corner, I have strong support.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
Becoming a finalist for the 2024 Broker of the Year is a humbling and overwhelming recognition of my dedication and efforts in the insurance industry. It signifies acknowledgment from my peers and the broader industry of the positive impact I strive to make. This nomination reaffirms my commitment to my clients and my passion for fostering change and growth within the profession.
It is not just a personal achievement but a testament to the support and collaboration I have received from Richard Crawford and the amazing team at Community Broker Network and the support from my clients. This recognition motivates me to continue pushing boundaries and contributing to the industry’s future.
Gavin McDiarmid Account Director Westminster Coverforce
What do you think the insurance broking profession will look like in the future?
Ideally, it should resemble a highly educated grouping of professionals that are well supported, with proven industry performers who are working with talented young people in delivering sound advice and support to customers. With new technology driving process every day, the proposition of client engagement is going to be challenged greatly. I would hope that process doesn’t prevail over product too much as this will compromise product understanding and ultimately, affect the ability of brokers to deliver the anticipated expertise people are going to command to help them through their hardships. With compliance and premiums continuing to reach new heights, the expectations of a broker to perform and deliver to clients will be higher than ever – this will mean the turnaround times on communications will need to be on point.
In essence, the key to the future will always be about people and how well they can connect with each other. One hopes the broking profession will look attractive and exciting to newcomers and promotes recognition that upholds a balance of persuasiveness to reinforce the necessity of engaging a broker for people’s general insurance (GI) solutions.
What inspires you the most about the insurance broking profession?
For me, it’s the people and holding position for win-win situations. The feeling associated with having the opportunity to first meet with some amazing business owners, holding discussions with underwriters, having influence towards a tailored insurance program, gaining healthy feedback from an insurer whilst also being thankful by their willingness to support a risk, being able to present a solution to a business that is priced competitively and ultimately pleases the customer, and then finally, being there for them during adversity – all of this makes a day, a week, a month or a year truly rewarding. We have an opportunity to facilitate a complex, and evolving, intangible product, that in a time of need has an ability to see a business go on to prosper, versus going under. It can enable an asset to be rebuilt, replaced, or reinstated back to position prior to loss and returning things to how they once were. For these reasons, I am proud to say that I am an insurance broker.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
It is most gratifying to be recognised by my industry peers to be selected as a Broker of the Year finalist. To be chosen when there are many special people out there continually operating to the needs of their companies and to their clients, the selection is somewhat special. Each day, and for many years, I have carved a career in general insurance broking and have continually promoted the industry with a sense of pride. To reach a mark that is so highly regarded, I would like to take the opportunity to sincerely thank all those great people that have helped me over the years. With their guidance and insight, it’s made me develop to a level that I can now also assist those within our industry and at the same time be able to continue to support the wider community with education on their options and their recommended insurance products.
Joshua Boyd Regional Manager – ACT Aon
How did you get started in the insurance broking profession?
All good insurance careers start with the phrase ‘I fell into it’, and mine is no exception. Coming out of school with no idea what the future held, a family friend worked as a broker and suggested that I apply for a 12-month traineeship role they had open. During that period, I worked with experienced brokers who provided a great introduction to the world of insurance and broking. I then secured a role at the local WFI branch, and it was experiences here that shaped my career path. In 2009, the Black Saturday bushfires hit, and I was involved in WFI’s response to these devastating events. We were dispatched to the hardest hit areas to assist our clients who had lost everything by fast tracking claims and helping as required. This rewarding experience really opened my eyes to the way our industry supports people when they are at their most vulnerable. This convinced I wanted to make insurance my career. While I continued with roles with insurers for the next few years, when the opportunity presented itself to move into broking in 2015, I jumped at the chance to move into a role where I was on the front line supporting my clients, and I have never looked back.
What do you think the insurance broking profession will look like in the future?
Personally, I feel the insurance broking profession will see us utilising technology to enhance our service offerings on two fronts. Firstly, I believe we can harness the efficiencies provided by technology to streamline both administrative and information collection processes. In turn, this allows us more time to engage with clients, learning more about their business and associated risks and building those all-important relationships. While engaging technology to analyse risks at a deeper level will allow us to develop insurance solutions that are more closely aligned than ever to a client’s risk profile and appetite.
What inspires you the most about the insurance broking profession?
What inspires me the most about the insurance broking profession is both the sheer diversity in the clients and problems we seek to solve for them, and the ability to have a meaningful impact for clients when they are at their most vulnerable. The diversity in clients and problems keeps each day different from the last and expands your knowledge in areas you never thought you would explore. While being able to support clients when they are vulnerable following a loss event is very rewarding, from seeing a clients business survive a loss event and continue to thrive right through to rectifying damage or loss to a prized possession or asset. Delivering positive experiences at these times for clients always leaves me with a sense of pride.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
Being recognised as a finalist for the 2024 Broker of the Year award is quite humbling. As someone who prides themselves on being client focused, these sorts of awards have always been outside my focus, but to be nominated and reach the finalist stage gives me a sense of pride and affirmation that my hard work and dedication to clients and the industry more broadly has been recognised by my peers.
The Broker of the Year awards are proudly partnered by CGU
Kieran Volpe
Account Executive and Area Manager North Queensland Insurance Brokers
How did you get started in the insurance broking profession?
I landed in the insurance industry quite by chance. I had previously managed a telco dealership for about 4 years, and one of my longterm customers happened to be the branch manager for the soon to be opened NQIB office in Ingham. They were in the process of merging with another local brokerage and required additional staff. He approached me and asked if I would be interested in applying for the job of a Broker Assistant.
Having absolutely no idea what an insurance broker was, I did some research and became quite interested in the profession, and thought I’d give it a crack – I had nothing to lose and if anything, I needed to brush up on my interviewing skills. After the interview stage, I was offered the job and as they say, the rest is history.
What inspires you the most about the insurance broking profession?
One thing I really get a kick out is seeing startup businesses thrive. In an increasingly difficult economic climate, this is becoming harder and harder. Seeing a young sole trader tradie startup with a liability and general property policy, turning over $40,000, grow into a business that employs 15 people, 17 vehicles, assets of over $2,000,000 and turning over $3,000,000 – to be able to be part of that journey and share it with a client is amazing.
From a claims perspective, being able to help people when they’re at their lowest after suffering a loss up until the point when they can see the light at the end of the tunnel is also rewarding. A few years ago, a client of mine lost their home in a fire – generations of memories gone. Guiding them through the process of sorting out temporary accommodation, and then seeing them rebuild and get back into their home was a feel-good moment.
I also get a kick out of telling people what I do – most think it’s an easy job, but once you explain the detail – risk management, business interruption calculations, claims handling – they give a surprised look as if to say, ‘I didn’t realise you do all of that!’
Finally, a big part of my role is being out in the community. It’s my favourite part: being on the Chamber of Commerce, on the board of the local community housing organisation, on the committee of the local festival, volunteering for meals on wheels –this was all made possible because of NQIB’s community focus.
What does becoming a finalist of the 2024 Broker of the Year mean to you?
I’m not one who likes taking credit for the work of my team – I have a team of 15 behind me, not to mention the support from above from our management team helping me achieve my goals - and this nomination really is a reflection on the wider NQIB team. It would be great if I could somehow add them all to the nomination! Having said that, recognition for doing the hard yards over the years is a proud moment. Never in a million years did I think I’d make the shortlist for this type of prestigious award. I also think having a regional broker in the mix is a win for the regions – sometimes we feel a little forgotten.
WHEN WORLDS COLLIDE
Insurtech’s nothing new; however, technological advances and customer demand mean brokers are realising the time is now. And, rather than dilute the value proposition, smart tech use creates more time to spend with clients.
By MARTIN WANLESS
Insurtech has been a hot topic of conversation in the industry for the best part of a decade, and understandably so. The insurance sector deals with vast amounts of people, data and money; many processes are repetitive, and many rely on the interpretation of data to arrive at an outcome.
For brokers, however, the challenge of technology has been nuanced. Brokers’ key point of difference is that personalised service – relationships are key – and technology must enhance that.
As a consequence, tech adoption among brokers has been somewhat cautious, often being guided by cluster groups or international brokerages.
“Speaking generally, I’d say brokers are using technology to about 30% of its potential at the moment,” says Amar Roomi, Chief Technology Officer at Blue Zebra Insurance (BZI).
“I’d say we’re into the middle-to-lagging point of the adoption cycle.”
David Hampton, CEO of BAIS Insurance Technology, believes while the adoption isn’t as high as in other industries, it is growing.
“I’d categorise brokers in two main camps – those who are looking at, and implementing, various different tools, including AI, to try and improve their business efficiencies, and then those who focus their energies on client servicing and are not keen to spend additional time and resources researching new solutions.”
Irene Kendall, Founder of OfficeTech, says that general take-up of technology in the sector has been slower than expected – but tech-savvy brokers are leading the way.
“Insurance is in the early stages in terms of the tech adoption cycle, however, the more advanced brokers are seeking tech gains from providers and are reaping the benefits. But overall, the take-up is slower than expected.
“Many insurance brokers are using outdated technology and are looking for more integrated and automated options – solutions to processes that are repetitive and can be automated are now more in demand in the industry.”
Interestingly, however, Andrew Barbara, Managing Director at FocusNet, says he’s seeing proactive brokers make the first move.
“It has been a long time coming but most brokers we are working with are not just embracing but actively seeking out digital tools to streamline their processes, improve customer service, and stay competitive,” he says.
MAINTAINING THE POINT OF DIFFERENCE
Consumer sentiment and expectation around technology is changing, however. Research shows that when it comes to what’s important in our perceptions of customer experience, an efficient service, up-to-date technology, convenience and easy payments are all important. So, too, is personalisation, human interaction, and a friendly and knowledgeable service – demonstrating
that the sweet spot for brokers is a combination of both worlds, certainly not one or the other.
Shaun Quincey, Co-founder and CEO of Simfuni, says, “Most brokers deliver exceptional advice and look after their clients’ interests. They also acknowledge that the digital experience they extend to their customers is either non-existent or very unremarkable.
“The modern customer expects a Netflix experience and due to incumbent technology brokers keep sending clients to the video shop. In a world where clients can get what they need faster and more streamlined with a great digital and simple experience, how long will they keep walking to the video store?”
Barbara, however, believes that technology can be key to help reinforce and further deepen the client relationship.
“Those who are apprehensive are generally so because they want to focus on the client relationship, but often the case is they are stuck behind their desk doing mundane tasks and don’t have time of day to fully focus on what attracted them to be a broker in the first place.
“EFFICIENCY COMES ABOUT WHEN YOU HAVE ALL INFORMATION REQUIRED READILY AVAILABLE, UP TO DATE AND MANAGEABLE.”
– IRENE KENDALL, FOUNDER OF OFFICETECH
Work Harder Smarter
“MOST BROKERS DELIVER EXCEPTIONAL ADVICE AND LOOK AFTER THEIR CLIENTS’ INTERESTS. THEY ALSO ACKNOWLEDGE THAT THE DIGITAL EXPERIENCE THEY EXTEND TO THEIR CUSTOMERS IS EITHER NON-EXISTENT OR VERY UNREMARKABLE.”
– SHAUN QUINCEY, CO-FOUNDER AND CEO OF SIMFUNI
“The real benefit of the new tech coming out is it gives time back to the broker so they can spend more of their time with the clients.”
UNDERSTANDING THE TECH BENEFIT
Understandably, implementing and embedding technology into a business isn’t an easy task. There are many options and platforms available for brokers to use, so how do you choose one to work with? Then, of course, there’s the legacy issue – many brokers are using some technology in their businesses, but what about integration?
Next is the implementation – a process that requires an investment of time as well as money – and the changing business processes and ways of working often needed to achieve those efficiencies. However, for those brokers that haven’t explored technology to any great extent, or are still operating on legacy systems, the time to act is now.
Hampton says, “Many brokers are still double-entering client data into different systems – there is no excuse for this in today’s digital environment.
“Taking this further with the power of AI, brokers can, for example, have emails automatically scanned, routed to the correct team with data standardised and entered into quoting systems. Missing data can even be automatically sourced from third-party sites and added into quotes, all significantly streamlining processes.”
Kendall says achieving true efficiency is the key here.
“Efficiency comes about when you have all information required readily available, up to date and manageable.
“When you need client data, a one-stop shop is the answer for efficiency. Key it once, see it in multiple screens, have it available through integration in multiple products. This provides efficiency to a broker, so they are not scrambling for information to service the client.”
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And then, of course, are the data security concerns that come hand in hand with technology – particularly when updates to the Privacy Act, coming into force next month, are taken into account.
“Data security is incredibly important, and half of the battle in the security of a system is all of the communication components,” says Roomi.
“If you have a multi-solution system, there’s lots of communications happening at different spots, which means your security controls are more complicated, and the more surfaces you need to protect.”
Quincey says that, when choosing a platform to work with, security must be top of mind.
“The insurance industry is built on trust, and we take trust and security extremely seriously. You need to find a robust and highly scalable platform that meets industry-leading compliance and security standards.
“When speaking to a provider, ask them how often they conduct external third-party
pen tests to try and expose vulnerabilities – it should be at least every six months – and other security measures, such as multifactor authentication (MFA), one-time passwords (OTP) and single sign-on (SSO) technology should be standard, too.”
Ultimately, for brokers, the smart use of tech is quickly moving from optional to mandatory to meet customer expectations and achieve business efficiencies – as well as position themselves to take advantage of what’s to come.
“If insurance brokers don’t move away from those legacy systems, they’re not going to be able to unlock the next raft of technology, which is going to be very transformative,” says Roomi.
“We’ve heard kind of hype around AI for a long time, but there’s a fundamental difference between what generative AI can do versus what some of those other tools did in the past – and that’s all predicated on your data being in a certain structure and readily available – and that’s not possible with some of the legacy platforms.”
CHANGES TO THE PRIVACY ACT
Due to come into force next month (August 2024), changes to the Privacy Act bring Australia much more in line with regulation such as the European GDPR legislation – meaning businesses that hold customer data have far more responsibilities with regard to holding personal data.
This is certainly a topic to get further guidance on, but to summarise, robust and more specific data security, retention and destruction obligations are coming into force, as well as disclosure requirements related to automated decision-making technologies.
All of this means that it’s even more imperative to manage data strictly and securely, and work with a tech partner that’s ahead of these challenges.
“SPEAKING GENERALLY, I’D SAY BROKERS ARE USING TECHNOLOGY TO ABOUT 30% OF ITS POTENTIAL AT THE MOMENT.”
–
AMAR ROOMI, CHIEF TECHNOLOGY OFFICER AT BLUE ZEBRA INSURANCE
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SMOOTHING THE UPS AND DOWNS
Managing cash flow is an essential part of running a business, and premium funding is an increasingly important part of that conversation.
By MARTIN WANLESS
While there have been some exceptions in certain areas of insurance, over recent years, premiums have generally been on an upward trajectory.
The frequency of natural disasters, reinsurance costs and the rising costs of goods and services impacting the cost of claims have led to premiums rising. Figures from the Australian Bureau of Statistics (ABS) show a 6.1% year-on-year increase in the first quarter of 2024 for insurance and financial services costs for employed people – the biggest percentage contributor to the cost of living crisis.
Shaun Quincey, CEO and Co-founder of insurance payments software platform Simfuni, says, “Across the market, from personal lines to commercial, there have been increases in premiums for various reasons. In addition to higher premiums, the overall costs of living and running a business have increased; consequently, cash flow is being restricted, and a focus on where to tighten the belt has become a priority of many households and businesses.”
The impact of the tough economic environment we’re experiencing naturally extends to businesses, too. When times are tough, businesses look to cut costs – and insurance, the unseen safety net, is often one that comes under consideration. This, of course, creates a number of challenges, including cash flow and underinsurance.
Bradley Bartlem, CEO at Hunter Premium Funding, says, “Compromising on insurance can often be a false saving for businesses. Underinsurance can be much more costly than paying for the appropriate cover.
“When cash flow is tight, premium funding can help with insurance costs by spreading the payments over the coverage period. It’s a way to manage insurance bills without wiping out savings or diverting money from vital operations.”
And it’s cash flow that’s probably the greatest ‘in’ with regards to premium funding in the current climate.
The latest figures show that 52% of Australian businesses went to the wall in 2022-23 because of cash flow-related reasons, meaning that any tactic that can
“PREMIUM FUNDING CAN BE A POWERFUL TOOL FOR OUR [BROKER] CLIENTS TO DEMONSTRATE POSITIVE OUTCOMES FOR THEIR CUSTOMERS AND THEIR OWN BUSINESS.”
– WAYNE TOWER, CEO AT IQUMULATE
help smooth those cash flow peaks and troughs is increasingly valuable.
“The current environment – with slowing demand, continued cost pressures, including higher interest expenses – is continuing to put pressure on cash flow for business and households,” says Rachael Lavars, CEO at Elantis.
“These conditions require good cash flow management to ensure you always have enough cash in hand. Premium funding is an ideal tool to better manage and smooth the cash outlay of insurance costs, a key expense item for businesses, helping to keep more cash set aside for other purposes.”
Bartlem says business owners are seeking products that provide cash flow certainty and business normalisation.
“Current trading conditions are playing havoc with forecasting and cash flow management, forcing businesses to increasingly turn to credit or dip into their savings.
“The typical Australian small business now operates for a third of the year in negative cash flow – these are businesses that need to manage their cash flow carefully. An unforeseen increase in their insurance payments, typically one of their biggest annual expenses, can really disrupt their cash flow management.
“It’s why a premium funding solution can be a very attractive proposition for clients who understand the importance of maintaining their insurance cover.”
Wayne Tower, CEO at IQumulate, says premium funding is becoming an increasingly popular option for businesses to source finance for insurance.
“You tend to see banks become a bit more hesitant during periods of interest rate rises and where some uncertainty exists in the economic outlook.
“Premium funding is increasingly important for business owners as an alternative source of debt funding to manage a critical business expense.”
THE EVOLUTION OF PREMIUM FUNDING
As with other areas of insurance, premium funding is benefiting from technology helping to make processes ever-more seamless – and is a key competitive edge, too.
“Leading premium funders are looking at the role of technology and data across every part of their business, from onboarding to broker dashboards and how they are managing arrears and customer self-service,” explains Quincey.
“Technology not only helps to improve operational efficiencies, but is also a way to add value and differentiate from each other.”
Bartlem says data is playing an increasingly important role in the service premium funders are able to provide.
“We are increasingly able to utilise data-led insights to drive positive customer outcomes and a better overall product offering,” he says.
“In recent times, for us that has meant a reduction in penalty fees (just in time for the current rising credit risk environment), fewer loan referral triggers to speed up approvals and also an increase in our small debt writeoff value, all enabling us to help even more customers who are doing it tough.”
And it’s that blend of technological innovation and customer experience that Lavars at Elantis is also prioritising.
“Our integrated online systems make it easy for brokers to offer premium funding to their clients, and easy for clients to accept the product offer online,” explains Lavars.
“At a transactional level, the process really is seamless, and we’re also focused on maintaining a strong relationship and service approach that takes the time to understand individual circumstances to respond and match the product terms to the need. It’s important to maintain efficient and automated processes, but it’s equally important to maintain a responsive service model that can deal with the exceptions – especially when a business experiences difficult times.
“ TECHNOLOGY IS NOT ONLY HELPING TO IMPROVE OPERATIONAL EFFICIENCIES, BUT IS ALSO A WAY TO ADD VALUE AND DIFFERENTIATE FROM EACH OTHER .”
– SHAUN QUINCEY, CEO AND CO-FOUNDER OF INSURANCE PAYMENTS SOFTWARE PLATFORM SIMFUNI
“Sadly, the importance of service can be overlooked by some sectors in the modern day and ‘old-fashioned service’ is like an innovation.”
BROACHING THE CONVERSATION
In today’s economic climate, a conversation with clients about premium funding seems like an easy one to have. From the position of a trusted advisor, demonstrating an understanding and appreciation of those cash flow challenges is important, and is valuable for organisations of all sizes.
Bartlem says, “If the last few years have taught us anything, it’s that businesses need to protect themselves against extreme weather events and unforeseen events like supply chain constraints and business interruptions. It’s particularly important for small-to-medium operations that don’t have the capital to prop themselves up in a downturn. In uncertain trading conditions, premium funding shines as a quantified risk management product that supports the needs of brokers and customers alike.
“For clients facing operational hurdles and stricter lending criteria, premium funding is notably different from other working capital products thanks to its
instantaneous approval in comparison to traditional lending instruments, no direct exposure – as premium funding requires no guarantees or collateral – and a fixed but flexible loan facility that can change with the business.”
Another challenge is changing the perception that premium funding is a product only for those who can’t afford upfront costs.
“One of the myths we still sometimes hear is that premium funding only becomes relevant if a business cannot afford to pay upfront,” says Tower.
“This couldn’t be further from the truth and there are several situations where a business might use premium funding regardless of its cash flow status.”
In addition to it being used as a strategic tool, premium funding is often quicker and easier to access – meaning a faster resolution and ultimately, better service.
“In comparison to other lending products, it’s a fast and simple approach from application to approval,” explains Lavars.
“Information requirements are low, no additional collateral security is required, interest charges are fixed and may be tax deductible, and there should be no impact to lending arrangements already in place. Once premium funding becomes part of the cash flow cycle of a business, it makes sense to renew year-on-year.”
It’s an increasingly important product, which can also create a point of difference.
Tower says: “Premium funding can be a powerful tool for our [broker] clients to demonstrate positive outcomes for their customers and their own business.
“In our experience, we have found that our clients who promote and offer a premium funding solution, differentiate themselves from competitors who may not provide such options, and as a result, attract new customers who are seeking flexible payment solutions, thereby expanding their customer base.”
And, ultimately, if clients are adequately protected, then it really is job done.
“DATA IS PLAYING AN INCREASINGLY IMPORTANT ROLE IN THE SERVICE PREMIUM FUNDERS ARE ABLE TO PROVIDE .”
– BRADLEY BARTLEM, CEO AT HUNTER PREMIUM FUNDING
CASE STUDY PREMIUM FUNDING HELPS A HOSPITALITY
BUSINESS NAVIGATE A DIFFICULT PATH
Elantis’s Rachael Lavars shares a scenario that helped a client in the hospitality industry to manage some tough financial times.
“A client operating a hospitality business was recommended by their insurance broker to consider premium funding.
“Their business, a waterfront venue, faced a range of destabilising impacts following the COVID era as well as operating in an inflationary environment. Fluctuating weather conditions were also affecting visitor traffic and they found themselves in a position where they needed to invest back into the business and expand to remain viable. This involved making a number of operational adjustments such as introducing a new menu and acquiring new kitchen appliances to host larger functions.
“All of these factors put a demand on cash and the ability to use premium funding was a logical way to better manage cash outflows while ensuring they remained protected with the right level of insurance cover.”
Case study shared by Elantis.
NIBA launched the 2022 Insurance Brokers Code of Practice on 1 March 2022, and it came into effect on 1 November 2022. It is important that all members have implemented the necessary policies and procedures to comply with their new Code obligations. A number of resources are available on the NIBA website to assist members in implementing the Code.
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BEST’S FINANCIAL STRENGTH RATINGS
The following is a list of AM Best Financial Strength Ratings (FSRs) assigned to insurance companies in Australia and New Zealand. Ratings as at 24 June 2024
Contact: Mr. Rob Curtis
Co-CEO & Managing Director
A. M. Best Asia-Pacific (Singapore) Pte Ltd. Tel: +65 9633 6118
Email: rob.curtis@ambest.com
AUSTRALIA RATING
ANNUITY AND ACCIDENT General Reinsurance Life Australia Ltd.
Ansvar Insurance Limited
American Title Insurance Company of Australia Pty Limited
Reinsurance Australia Ltd
International Insurance Pty Limited
The New India Assurance Company Limited (Australia Branch)
Rating Disclosure: Use and Limitations: A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AMBRS) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer, or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilised as a recommendation to purchase, hold or terminate any insurance policy, contract, security, or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended, or withdrawn at any time for any reason at the sole discretion of AMBRS. *Denotes FSR is under review with developing implications.
NEW ZEALAND
Income Life Insurance Company (New Zealand Branch)
PROPERTY/CASUALTY
Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch)
S&P GLOBAL INSURER FINANCIAL STRENGTH RATINGS
The following is a list of S&P Global Ratings insurer financial strength ratings assigned to insurance companies in Australia and New Zealand. Ratings as at 25 June 2024
Contact: Craig Bennett, S&P Global Ratings, 03 9631 2197
NEW ZEALAND RATING
NON-LIFE INSURERS
AA Insurance Ltd.
AUSTRALIA RATING
NON-LIFE INSURERS
AAI Ltd.
AA-/STABLE
Achmea Schadeverzekeringen N.V. A/STABLE
AIG Australia Limited
Allianz Australia Insurance Ltd.
Allied World Assurance Co. Ltd.
Berkshire Hathaway Specialty Insurance Company
BHP Marine & General Insurances Pty Ltd.
Chubb Insurance Australia Ltd.
Factory Mutual Insurance Company
Great Lakes Insurance S.E (Australia Branch)
Insurance Australia Ltd.
AA-/STABLE
AIG Insurance New Zealand Ltd. A/POSITIVE
Aioi Nissay Dowa Insurance Co., Ltd
Allianz Australia Insurance Limited
Berkshire Hathaway Specialty Insurance Company
Chubb Insurance New Zealand Ltd.
Factory Mutual Insurance Company
Great Lakes Insurance SE
Hannover Life Re of Australasia Ltd.
IAG New Zealand Ltd.
Medical Insurance Society Ltd.
A+/STABLE
AA-/STABLE
AA+/STABLE
AA-/STABLE
A+/POSITIVE
AA-/POSITIVE
AA-/STABLE
AA/STABLE
A/STABLE
Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch) NR
NorthStandard Ltd.
QBE Insurance (Australia) Ltd.
Society of Lloyd’s
Southern Cross Benefits Ltd.
Southern Cross Pet Insurance Ltd.
Teleco Insurance (NZ) Ltd.
A/STABLE
A+/POSITIVE
AA-/STABLE
A/STABLE
A/STABLE
BBB+/STABLE
Tokio Marine & Nichido Fire Insurance Co. Ltd. (New Zealand Branch) A+/STABLE
Vero Insurance New Zealand Ltd.
Vero Liability Insurance Ltd.
Zurich Australian Insurance Ltd.
HEALTH INSURERS
NIB NZ Ltd.
AA-/STABLE
AA-/STABLE
AA-/STABLE
A/STABLE
Southern Cross Medical Care Society A+/STABLE
LENDERS MORTGAGE INSURERS
Helia Insurance Pty Ltd. (New Zealand Branch) A/STABLE
