Insurance Journey: Pablo Narvaez

A YOUNG BROKER’S JOURNEY INTO A NEW MARKET

How did you get started in the insurance industry?

My career in insurance started in Spain. After working for a financial advisory company for three years, I aspired to move to a bigger company. I really wanted to work for CAF, which is the biggest train manufacturing company in Spain and one of the biggest in Europe. This company had excellent working conditions and offered many great perks for its workers. It was a company where the employees never left. Unfortunately, the company was also extremely competitive to get into – some of the job positions attracted thousands of applicants.

An acquaintance who worked there suggested I apply for an insurance role. Unlike the more popular roles, there was an opening they were struggling to fill and he suggested that I would be a good fit. I saw an opportunity to join a great company and that’s how I ended up in the insurance industry.

The team was very small. Between my boss and I, there was always a lot of work to do. Over the years, we built the company’s insurance program from scratch. We worked very closely with our broker, who trained me in everything to do with insurance. When I first started, the company was only in a few countries. By the time I left, we were in over 50 countries.

After seven years with the company, I decided to follow my partner and move to Australia. My move was quite smooth as an opportunity became available with a global insurance brokerage in Perth. Before then, I had been working in insurance for seven years but only on the client side. My knowledge of broking was zero to none, so there was a lot to learn.

Broking was a very different job, and what’s more, I was starting it in a very different country. In Spain, while I had enjoyed my role and the company, my role wasn’t so technical. In Australia, I found every day so interesting in my broking role. There were many different insurance products, a variety of clients, and a lot of technical skills to master. That was the first time where I felt like this was a job I wanted to do for the rest of my life.

How did you find your feet in the Australian broking market?

I faced several challenges in leaving Spain and settling into Australia.

Firstly, having a strong Spanish accent, and with English not being my first language, I was less confident when talking on the phone. I have been actively working at this by joining groups to practice speaking in public.

Secondly, I needed to learn how the Perth market worked, who the key stakeholders were, and start building connections from scratch. What really helped me was attending NIBA events and signing up for the NIBA Mentoring Program. These initiatives offered great opportunities for me to develop good relationships with insurers. One thing I have learnt is that it’s so important to build strong relationships with insurers, to work with them and understand what their needs are.

Three years ago, I decided to join the NIBA WA Committee. By working on various projects like the NIBA Mentoring Program, where I am one of the organisers, I hope to give back to the industry what it has given me.

What is your advice for young brokers entering the industry?

Be humble and try to learn from everyone. You will always learn something new from someone, whether it’s from the CEO or administration staff.

Don’t compare yourself with anyone else. You have your own career path. Don’t pressure yourself about where you have to be in five, 10 years’ time. Learn, get the best out of it, and take your time with figuring out what you want to do and developing your own skillset and niche.

Also take the time to find the right work environment and the right people for you. I’m currently working at KBI Insurance Brokers, a specialist insurance brokerage. KBI started around seven years ago with just two or three people, and now there are about 15 of us. The business grew by focusing on specific, niche areas of insurance such as property, mining, financial lines, cyber and technology risks.

Coming from a commercial broking background, I really wanted to work with people who share the same values and vision for the Australian insurance market. Normally when someone excels at a certain area, they’re passionate about sharing it with others. For a generalist broker, this was my opportunity to not only learn from them, but also add to what we’ve already built by making a difference to the industry.

I’m not sure what the future holds, and whether I’ll one day specialise in an area, but right now I just want to work hard at improving myself every day and becoming a better broker.  

FOUR QUICK QUESTIONS

What is your favourite film?

The Italian film Life is Beautiful, or La Vita è Bella. A great story about how to approach things in life, even in the worst of times.

What is your favourite book?

The Pillars of the Earth by Ken Follett.

What’s your favourite pastime?

Organising a gathering with friends and family and cooking for them. I love to experiment in the kitchen!

What’s your favourite food?

My favourite is a type of Spanish tapas called croquetas.

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