COVER STORY / 2024 Industry Outlook
Looking ahead
to 2024
As we count down to the final few days of 2023, it’s a welcome opportunity to reflect on the year that’s been and what are some of the key areas of focus that brokers and the industry-at-large must keep in mind to position itself for success in the time ahead.
I
nsurance Adviser caught up with Nick Cook, NIBA Vice-President and the Executive General Manager – Partner, Broker Services and Agencies for Steadfast, to get his thoughts on what trends stood out for him this year as well as his outlook on the challenges and possibilities that lie ahead in 2024.
A challenging year for insurers
Reflecting on how this year has fared for insurers, Mr Cook acknowledged that it has been a challenging year for them, as they’ve had to adapt to a changing and evolving landscape. “Insurers continued to be challenged on a number of fronts,” said Mr Cook. “Some of these challenges have been around compliance, remediation, and regulation. There have also been challenges around technology that hasn’t allowed insurers to be as nimble in capitalising on new opportunities, and around managing a hybrid workforce.”
The evolving role of the broker
In this evolving industry landscape, brokers have taken an important step in beginning to be seen as trusted advisers for their clients. “The updated NIBA Code of Practice was released [this year], with improvements across the Code including around vulnerable customers, the terms of engagement, acting ethically, and remuneration disclosure,” said Mr Cook. “There is much to be proud of with the updated Code, ensuring brokers move towards being seen as a trusted professional for their clients.”
22 / INSURANCE ADVISER DECEMBER 2023 / JANUARY 2024
