2022 YOUNG BROKER OF THE YEAR AWARD STATE WINNERS

The Young Broker of the Year Awards are proudly sponsored by Vero

Future leaders of the broking industry

What lies ahead for the future of the insurance broking industry?

Perhaps it’s new technologies, changing markets or innovative products. Amongst the many answers that come to mind, one remains an unchanging certainty – the ambitious, inspiring young talent poised to reshape the broking profession and rewrite the standards for professionalism.

As the 2022 NIBA Summit approaches, we recognise broker excellence and industry challenges with words from the state winners of the 2022 Young Broker of the Year Award.

Each state winner weighs in on what has propelled them forward on their rising career trajectories, and the problems they’re driven to solve for the future of the industry.

INTERVIEWS BY AMY CAI

Greg Shallard on driving positive impact

WINNER OF THE VIC/TAS YOUNG BROKER OF THE YEAR AWARD

Client Manager, Aon/Affinity Insurance Brokers

HAVING A POSITIVE IMPACT ON AN INDUSTRY I LOVE

Growing up on the outskirts of Melbourne on my grandparents’ dairy farm, I’ve always had a passion for the outdoors.

As I got older, I started going to Mill Valley Ranch, which is a horse-riding camp in Gippsland. After a few years attending as a camper, at the young age of 15, I started working as a volunteer in the horse-riding program. The foundation of my risk management skills began there. When working with horses and teaching lessons, risk management wasn’t just something I did, it was ingrained in every task.

After finishing university, I went looking for adventure and started rodeoing. Unfortunately, things didn’t go to plan and I broke my leg, which put me on the sidelines. I knew Affinity’s Risk Manager Paul Davenport growing up, and while recovering, he asked me to help the Affinity’s Equine Insurance team at a few horse events. Things must have gone well because a few months later, an opportunity came up when a broker in the office went on maternity leave.

I realised that I had an opportunity to invest and shape the outdoor and horse industries from the insurance side, to make people safer and help businesses ensure they have a sustainable industry. In insurance, I could drive safety initiatives and meaningful change, so I decided to pursue broking full time. Twelve years later, I’m still here.

Rural events and the outdoor experiences are ingrained in Australian culture, the things we all remember doing growing up, and I am passionate that our society and future generations can continue having these experiences.

A SEAT AT THE TABLE

Having come from the industry into broking, I’ve had opportunities with clients and industry bodies that I wouldn’t have been able to have otherwise., We have been able to work closely with industry bodies on issues and opportunities to bring advancement to the industry.

As brokers, we are often in a privileged position, and we get to see the inner workings of businesses as their trusted advisers.

In return, we provide value not just to the one transaction but also to that client and their industry.

We can advise businesses on what’s working and what’s not, but we can also inform the government and industry bodies on the emerging risks we’re identifying, and the initiatives needed.

This is how I believe we can really help our clients.

SAFETY FIRST

I believe that the insurance industry needs to work with the outdoors and quine industries to identify good and bad risks.

Accreditation models need to be developed in conjunction with all key stakeholders including government, education departments, land holders and insurers to address the real operational risks.

Often the focus is on business or workplace risks, but not whether people are being kept safe. It’s the participant’s safety and ability to make informed decisions about risk that drives claims and sustainability for public liability in the high-risk space. It’s important that all stakeholders be educated on this distinction, so we can make the outdoor and equine industries safer space and more sustainable for insurers.

This applies to all industries. Whether it’s construction, health or entertainment, we as brokers have a role to play in knowing our industries and their people, their goals and outcomes, and how we can partner with them to find sustainable solutions.

I believe brokers need to be a part of their industries, on the inside, to drive meaningful change.

IT STARTS WITH ARTICULATING THE VALUE WE BRING TO CLIENTS AND THE INDUSTRY

Insurance is a tripartite relationship between clients, brokers and insurers. Each party needs to be economically viable for the relationship to work. If price is the only focus, it temporarily gives clients relief, but in the long run, continually doing this will only encourage insurers to exit the market and make it harder for insurance to be sustainable.

As brokers, we need to work with clients to help them create solutions to review and remediate risk exposures in their business.

We need to take a long-term approach to finding a sustainable solution between clients and insurers that’s economically viable for both sides and find integrated solutions that work for the wider eco-system.

PLAYING THE TEAM GAME

The key factor in my success is having a supportive team of mentors around me from inside the insurance industry, who taught me the inner workings of insurance, as well as mentors from outside who have invested in me personally and have given me the tools to succeed in work and in life.

What excites me is bringing on the next generation of brokers and providing them with new opportunities. We have an amazing team of young people around me who are truly going to be the future. They come from a diverse background with diverse skillsets. We have riding instructors, a veterinary nurse, a pilot and others still studying at university. To solve our issue with labour, rather than shuffle people around in our industry, we should find new people from other professions who can bring in new skillsets and knowledge, and are invested and invigorated to make a difference.

Insurance is a team game, and I want to surround myself with people who motivate and inspire me.

Selena Piggott on creating meaningful work cultures

WINNER OF THE WA YOUNG BROKER OF THE YEAR AWARD

Managing Principal, Marsh

PERSEVERANCE THROUGH HARD TIMES

Looking back throughout my career, what I am proudest of is the work I have put in for my clients – helping them secure a placement or navigate a claim. Whether it’s problematic placements, challenging risks or internal difficulties, I’ve made it my personal motto to persevere through the hard times and weather those storms. It has been so rewarding to come out the other side, to give our clients a successful claim settlement or get a hard placement completed.

My perseverance has no doubt played a pivotal role in enabling me to be promoted to Managing Principal at Marsh. I am one of the youngest Managing Principals in the Marsh Perth Office and I see this as a recognition of all the hard work I’ve put in for my clients.

I’ve also really enjoyed watching my clients’ businesses grow over the years, having worked for some clients for as long as 10 years.

One of the best things about being an insurance broker is clients invite you into their business and you learn all about the structure of their business, what their forward projections are and what their biggest risks are. I find it so interesting to work with all different types of clients, to learn from them, then to take that information away and find an insurance or risk solution for them.

To see these clients grow, refer businesses and provide me with development opportunities has made my career so rewarding.

BRINGING PEOPLE TOGETHER IN THE WORKPLACE

I’m also dedicated to creating a positive work culture. I have been on the Social Club Committee at Marsh for nine years. I initially joined the Social Club Committee for fun, but two pivotal moments made me see the impact I had in creating a positive culture at work.

The first was when Marsh acquired JLT, and two separate businesses were effectively brought together in Perth. Our social events helped to break the ice, take away the formality of being in the office and encouraged people get to know one another in a more relaxed setting.

The second was during COVID-19, when working from home meant people couldn’t connect with others outside of their direct teams as much as they used to. Coming back to the office and running events again, I realised just how much everyone had craved interaction and what our events meant to them. It was a really good reminder, after being on the Committee for so long, that it wasn’t just about organising drinks or a movie night. We were able to bring people at work together.

ADVOCATING FOR MENTAL HEALTH

Mental health is a subject that I am hugely passionate about. It’s an issue which can impact all of us, whether directly or indirectly through a family member or friend.

At Marsh, I am the WA Mental Health First Aider, where I have rolled out mental health initiatives in the workplace. With how much time we all spend at work, I wanted to be on the ground to roll out national initiatives into our market, and to also be able to assist if anybody had an issue.

It’s so great to be equipped with the right tools, so I can tell people that I’m here if they need me. In addition, I also volunteer at the Mary Chester Centre for Alzheimer’s WA. With the life expectancy of people changing, Alzheimer’s is becoming more frequent, and the Mary Chester Centre provides much needed respite for family members who care for people with Alzheimer’s.

The team there are just amazing. Aside from helping out around the property and fundraising, my favourite activity is helping with food preparation and cooking for social events. The families come in for dinner, there’s usually a band playing and dancing, and it’s a really relaxed, lovely environment.

The Mary Chester Centre have made me feel like I’m part of the team and I always come away from the experience feeling so warm and happy.

I am very passionate about encouraging brokers to volunteer with Alzheimer’s associations across Australia. It’s a deeply rewarding experience to be able to help families dealing with Alzheimer’s.

It all links back to supporting mental health. We all need a break sometimes and to take care of ourselves and volunteering is how we can contribute to this.

CLIMATE CHANGE

Our industry faces a lot of challenges around natural catastrophes. The changing environment has brought about challenges to our clients, as well as to insurers in their ability to continue to provide cover.

We are being forced to rethink the way we navigate risks with our clients. Reform is coming with the recently launched Northern Australia Cyclone Reinsurance Pool, and we will need to be conscious of how this will impact the insurance market.

I think we all need to be informed about what’s happening and understand those challenges from both our client and the insurer’s perspectives.

In addition, we need to support our clients with a risk-led approach. We can no longer think of an insurance policy as the be all and end all when it comes to transferring risk.

It’s going to be a really long journey, and something people coming into insurance now will be grappling with from day one. For our industry to thrive, we need to make sure that we take a risk focus, rather than a reactive approach.

William Thompson on building trust and supporting businesses on the Sunshine Coast

WINNER OF THE QLD YOUNG BROKER OF THE YEAR AWARD

Account Manager, Thompson Insurance

GROWING A FAMILY BUSINESS

I’ve been very fortunate to have my father lead the way for me. He started Thompson Insurance in 2005, when I was just starting Year 8. He took the plunge as an authorised representative under Insurance Advisernet in its very early days, putting everything on the line, and it really paid off for him and our family. I first joined him briefly in 2014, before a stint with Suncorp Group, and together with our team we’ve grown this business into a trusted and well-respected insurance advisory firm.

During the pandemic, our business grew significantly. The Sunshine Coast was not as affected by lockdowns and we realised clients were leaving their corporate brokers based in Sydney and Melbourne, who couldn’t fly out to see them.

We made the most of this opportunity by getting handson with clients and engaging with businesses in our area. In turn, our clients have grown substantially, and we’ve also picked up a lot of new businesses on the Sunshine Coast over the last two years.

We really established ourselves as the trust advisers for our region.

It’s been really rewarding to see a lot of our clients grow and establish their businesses, in some cases expanding from a one-man band to a business with 40-person staff with tens of millions in turnover.

Meeting my clients in quarterly or yearly reviews and hearing them share their future plans, it’s deeply humbling to see them treat us as a key part of their business. They tell me what they’re aspiring to do, and they value my opinion and my help. At Thompson Insurance, we’re intertwined with our client’s business. We don’t want to be the broker who sends out renewals or performs a check-up once a year.

It was quite humbling to read Vero’s SME Insurance Index released earlier this year. So much of the report emphasised the value of brokers getting to know their clients and doing more than just an annual review. It’s something that our team all try to do, and what all brokers should be doing, every single day.

LEADING YOUNG PROFESSIONALS FORWARD

I’m proud to have established, in conjunction with a few friends in 2020, the Sunshine Coast Young Chamber of Commerce, which is an association specifically for professionals on the Sunshine Coast all under the age of 35.

I was motivated after attending a lot of business groups, where I was the youngest by about 30 years. I wanted to start an organisation that could bring together young professionals in the region, where we could encourage and advocate for each other’s businesses.

Starting the association has taught me how to build a team of trusted people. It’s important to have your trusted adviser for various departments such as

marketing, accounting or sales, and for everyone to respect each other’s roles.

I’ve learnt to play to both my strengths and my team’s strengths. For me, it was the connections that I could bring into the group. Being on the Maroochydore Chamber of Commerce, I had connections to a more established group and helped to pitch for their support. If we needed to get into a venue or find a speaker, I knew exactly who to go to for help.

Our first meeting was seven people, meeting up for coffee and breakfast. Since then, we have grown to 140 members. Along the way, I’ve met a lot of people on the Sunshine Coast and a lot of business avenues have also opened up for me.

As I take a step back now, attending the events and seeing the community we’ve created, it’s deeply rewarding to say that I was involved in the creation.

FUTURE-PROOFING THE INDUSTRY

Increasing insurance premiums will have an adverse effect in the years to come. Certain types of insurance is getting progressively more unaffordable for the average person and soon, we will start seeing major uninsured areas where people aren’t able to obtain coverage.

What does that mean for general operations? Brokers need to work with their clients early and find ways to offset the risk. Don’t look at renewals two weeks before. Get engaged with your clients 6 to 8 weeks before so they know what’s coming up and you can manage their expectations.

It’s heartbreaking to have conversations on what can be insured, but it’s about future-proofing our clients’ livelihoods. For simple property risks, we need to advocate for clients to build better and be more weather-proof.

For clients thinking of purchasing a new building, I reach out to ask what their insurance implications are. We will take a look and advise them if the building has asbestos, or if it’s in flood-prone area. We flag with them that these risks will make insurance very costly over the years and advise that they look somewhere else, which may be a better purchase in the long run.

BROKERS ALSO NEED TO CONSIDER THE RISKS THAT WE DON’T YET KNOW ABOUT.

Cyber is an example of a space that we have a little bit of knowledge now, but who knows what the future could hold.

Brokers can’t ever stop learning. Every single insurance company is putting out webinars and training sessions. It may sound mundane, but you’ll always pick something up from these.

I also encourage brokers to get involved with your community, your clients, your industry. Through the NIBA awards process, I’ve also learnt so much and met so many people, which came from me putting my hand up and taking a chance.

Dean Bowen on filling the gaps in the market

WINNER OF THE NSW/ACT YOUNG BROKER OF THE YEAR AWARD

Managing Director, DLB Insurance Risk

STARTING FROM SCRATCH

My business started five and a half years ago, from the spare bedroom of my apartment. I was just 28 at the time and had decided to leave underwriting as I wanted to be a broker, as well as own business. I had a laptop, a whiteboard, a few ideas, and I started with no clients. But I had a plan, a strong work ethic and a belief that I could make something of myself and this business.

The first 12 to 24 months were really difficult. I had to teach myself the very basics of being a broker, while dealing with the added pressure of learning how to run a business. There were more bad days in the beginning and plenty of sleepless nights where I would stare up at the ceiling questioning if I had made the right decision.

Five and a half years later, I now have three authorised representative businesses employing a total of eight people, all of whom are working every day to service our clients. I’m so proud of having achieved what I have in a relatively short period of time.

GOING FOR THE GAP

After completing some research, I concluded that there weren’t any brokers who specialised in construction and trades in the Sutherland Shire area in Sydney. At the same time, I saw so much property development going on in this area, with houses being built. Whilst builders and traders here all need insurance, no one was the go-to person.

Some of them were using various brokerages, some were going online to find brokers. I knew that these people had a need and would really benefit from having someone from the area, who was local and was able to take the time to sit down with them to discuss their various insurance needs and requirements.

I had an opportunity to put down my roots and service the needs of Sutherland-based businesses, and in particular the construction and trade industry.

A close friend of mine who is a qualified builder also pointed out that home warranty was an area offering a lot of opportunity. Many local builders were likely dealing with brokers they’d never met, outside of their local region. I knew that if I could educate myself on this and take the time to sit people down in my office and explain warranty to them, I could add a lot of value for local businesses. So that’s exactly what I did. Home warranty has always been a challenge for many builders.

An important part of catering to the gaps in the market is also delivering a truly personalised service to my clients. I believe this is what sets one broker apart from another.

This means taking the time to go and see your clients at their office, sitting down with them, calling them back at 6pm, speaking to them on a first-name basis and taking the time to get to know them personally.

Over five years, I’ve developed a name and reputation for providing great service in our area, and that’s also how I aspire to train my staff.

A HAPPY MARRIAGE OF SKILLSETS

In July, I launched marine skippers’ insurance in Australia together with Nicholas Bedggood, who is the 2022 NSW/ACT Broker of the Year award winner.

There were many challenges in bringing a new product to Australia, from conducting the research and development required, to gaining support from London while not being able to speak to people face-to-face. I’ve lost count of the amount of late-night zoom meetings we had with various Lloyds syndicates over the last 18 months.

Our partnership was a happy marriage between our skillsets. Nicholas knows the boating industry, he understood the language they spoke, and had all the important contacts. From my side, my underwriting experience meant that I knew exactly how to pull together a submission that could win the attention and support of underwriters. It was after a lot of persistence working together that we finally got it over the line.

There is still a long journey ahead, but we’ve already sold policies and built up clients on our books. I’m immensely proud of what we accomplished together.

FIGHTING THE WAR ON TALENT

The greatest challenge I see is the skills shortage and the ‘war on talent’ within the industry. History has shown that we as an industry can overcome any other challenge – whether it’s hard market conditions, lack of capacity or regulatory compliance. We’ve had these challenges in the past and we will always overcome them, we’ll pivot, innovate and self-regulate.

However, if we lack the people to do the job, then we cannot solve any of these other challenges. That is by far our biggest concern. Everyone has trouble keeping staff. At the moment, we’re competing with other brokerages for the best staff and offering higher pay to poach people, but this doesn’t lead to a long-term solution.

Ultimately, we need to invest in junior staff. If we can get new blood into the industry and give them a pathway that sets them up for success, then we can be part of the solution and not the problem.

At my business, we’ve invested in training three brokers under registered traineeships. I have two trainees who are 20 and have both landed on their feet. I have another trainee in his thirties who has worked in customer service roles in different industries.

My message to other brokers is there are skill sets outside of insurance that are transferrable. People who have experience working in call centres or in retail, with great customer service skills and know how to problem solve. We can teach them the product knowledge and how to be a broker.

In the long run, we need to attract talent. Everyone likes to say, ‘we fell into the industry’. We need to shift the narrative to make this into a career that’s sought after and well regarded.

Joseph Cuzzocrea on reshaping a family legacy

WINNER OF THE SA/NT YOUNG BROKER OF THE YEAR AWARD

Account Executive, Maxton

PICKING UP THE BATON

I like to tell people I’ve been in insurance since I was born. My father started Maxton, the family business, back in 1986. After previously working as an underwriter, he decided to become a broker and start a business from scratch.

My father Max founded the business with no clients, despite having 10 years industry experience. He worked day and night to sign up new business and create trust with his clients. My mother Rina, having come from a banking background, handled technicalities like quoting, placing business and connecting with underwriters. Shortly after I was born, she was seeing underwriters at home while feeding and nursing me. So, in a way, insurance is in my blood.

Twelve years ago, my father suggested that I give broking a try, so I joined the family business. Coming from a hospitality background, I didn’t think broking was for me. I started in the insurance industry feeling so green and thinking: “Am I ever going to live up to what my family has built over the years?” Since then, I’ve been so proud to develop my book of business, and watch it grow over the years.

Working with my parents has taught me so much. With Max focusing on business development including management and growth, and Rina teaching me the broker technicalities behind the scenes. I’ve evolved into a hybrid of both – I do my own quoting and administration, as well as seeking out new clientele, networking, conducting business face-to-face, and being involved in the management of staff and procedures.

I think what has defined me is the trust I’ve built amongst my clients, based on knowledge, technicality and the service I provide. It’s important for me to gain their trust, through various avenues, including being honest and keeping them informed. This trust has brought in referral business and has enabled me to create solid relationships within a great working environment.

I also like to engage with my clients about their morals and values for their business. It’s important to understand where they see themselves in the future, so I can develop and evolve with them.

The Maxton team has grown over the years, with ten staff and a specialist claims team. All of us work in a corporate space, with just over a thousand clients. We’re evolving and growing the business every day. We’re now in a position where Max can step back and see the business blossom from his advisory role, which he now enjoys. For years, I’ve looked at my father and thought, “Can I do what he’s done?”

It’s an honour and a privilege to have him teach me, as he passes on the baton.

FRESH SKILLSETS AND A NEW DIRECTION

Since I’ve joined the business, I have pressed for us to evolve and adapt to the current broking market. When I first started, our website was so outdated and dysfunctional that it diminished how we were perceived in the marketplace.

We took a big step forward by re-marketing our brand, which I instigated and orchestrated. We also developed the website to include functionalities like online quoting and claim form lodgements using your mobile phone. We’ve noticed the youth of today are more comfortable getting information online. They want to see information and quotes for themselves first. Adding this function opened opportunities to market to the younger generation. Once they’ve linked with Maxton, we could then introduce ourselves, connect face-to-face, and start establishing more personal yet professional relationships. In conjunction, we introduced online claims, which could be lodged any time of day. This allowed the relevant information to be reported directly into our claims inbox. Furthermore, we could reach out to our clients, explain and assist in the claims process, providing an excellent claims experience. If you have an accident on the road, you can jump on the website and generate an instant report. This has been a positive step forward, saving time and adding to our efficiency.

We’ve also evolved by updating systems like online underwriting platforms and insurance calculators.

We are working smarter, identifying what clients need and making sure all information is easily accessible. There’s so much technology out there, and we have been successful in keeping up with these tools of trade. The less time spent on administration, the more time we can spend with our clients to set ourselves up as trusted advisers.

Evolving, and being the best at what you do in the market is so important for longevity.

WHAT HAPPENS NEXT?

As an industry, we need to continuously think about how we develop and keep up with the technology around us.

At a recent industry session, brokers were shown the concept for a driverless car which could calculate your safest routes. In the event of an accident, it could lodge your claim, find nearby repairers, and update details for policy renewal. This may seem far away still, but this car already exists, and this technology is on the horizon.

The pandemic era forced our industry to jump 10 years in technology. It was a big push in the right direction that many of us, who were reluctant to change, acted and pivoted to adapt, which has been all for the better.

Developing young professionals is the key to the evolution of the industry. Being part of the NIBA SA Young Professionals Committee, we are organising sessions that are appealing to young people, to motivate people to get into the industry so they don’t just “fall into insurance”, like so many of us did.

The next generation of talent will bring new and fresh ideas that are different to mine, just like my ideas are different to my father’s. Someone’s fresh idea will create a real difference, and that’s what we all need to embrace. We need to evolve with the times, as time does not stop.