23 minute read
Defining Broker Excellence with the 2022 Broker of the Year Award state winners
Interviews by Amy Cai
The Broker of the Year Awards are proudly sponsored by QBE
What makes a great insurance broker?
Resilience, leadership and professionalism are qualities that often spring to mind when we consider the timeless traits that make an excellent insurance broker.
In the lead-up to the 2022 NIBA Summit, where we celebrate the best of broking, the 2022 Broker of the Year award winners each share their stories on the moments that have shaped their careers and the challenges they think will redefine broking in the years to come.
Daniel Quintin on providing quality service, advice and recommendations
Winner of the Vic/Tas Broker of the Year Award
Senior Account Executive, Gallagher
FIVE THINGS DEFINING MY BROKING CAREER
1. I like to provide solutions. Colleagues, other broking firms, associations, business networks, and even the occasional contact from the United Kingdom often call to discuss ideas with me. Nine times out of 10, I have a thought or an idea or a contact who can help.
Over the years, I have built up a reputation out of helping my network and delivering on ideas, people and solutions.
2. I like to keep it simple. I like to communicate simply with bullet points, simple paragraphs and tables. I’ve found that this resonates really well with most of my clients. As brokers, we’re dealing with legally binding contracts, and hundreds of different policy wordings. They are complex legal mechanisms that clients don’t always understand.
I go out of my way to make things simple for people to understand. It takes years to craft that skillset, and I’ve thoroughly enjoyed refining it over time. I’m always learning and improving. If I can’t simplify something down, it means I don’t understand it enough myself.
3. I like to learn. I am curious about everything.
When meeting clients with prospects, I always have my eyes wide open and ask questions like, “What is that?” “Why is this there?” “What happens if that catches fire?” “Why do you use this specific supplier?” “Why don’t you have a CFO?”
It doesn’t matter what industry it is – building that business knowledge lends itself well to many different industries.
4. I like to be responsive. Responding quickly provides the other party with a time frame and sets their expectations. Even if it’s just an acknowledgement that you have received their message, a short reply creates a window of opportunity for you to work on a longer, more composed response.
A few years ago, I had a new lead come through at 9:50am. Unfortunately, I held off responding straight away as I had a meeting at 10:00 am. My 43-minute delay in response ended up costing me my lead.
Now, I drop everything. I actually make it a point to respond to every business opportunity within three minutes of them reaching out to me, whether it’s a call, an email or a text.
5. I like to address problems. One of the tenets of the ‘Gallagher way’ is that we run towards problems, not away from them. This is something that resonates with me.
If I see a call coming that I know will be challenging, such as a claim getting denied or a mistake that has been made, I take the call.
I don’t hide away, and I prefer to have difficult conversations in person. It’s easy to hide behind a text or email, but in person, most issues can be resolved.
Over the years, I’ve developed a clam and composed persona. Staying level-headed and make informed decisions, is often wise. Never send an impulsive email – it’s best to draft it, and then sleep on it.
ARE WE READY FOR AN ‘ASBESTOS 2.0’ EVENT?
We all know the story of asbestos – sold around the world as a quality product, until we realised the significant harm it caused to society and its impact on insurance.
There has been some talk since then about the possibility of another man-made event and whether we are prepared for it. Perhaps it will involve our mobile phones or even the global pandemic.
COULD AN ASBESTOS T.0 EVENT BE DRIVERLESS CARS?
Society is not quite prepared to answer questions such as – who is legally liable for a fatality in a crash? Is it the factory who created the car? The factory who created the microchip in the car? Or the car brand?
There may come a time when we will be forced to accept certain fatalities arising from driverless cars, while we flesh out all of the legalities concerned.
I think young brokers need to pause every now and then and think about the what else and the what-ifs that could arise in the future of insurance.
PREPARING OUR INDUSTRY FOR DISRUPTION
Another challenge we all need to consider is whether our profession is ready for digital disruption.
Big tech companies such as Google or Amazon would very much enjoy tapping into the global gross written premium in the market.
These types of companies are unlikely to disrupt the market too much in the short-term, as societies and communities rely on the work that claims staff and adjusters carry out when a major weather event causes significant harm across such a vast area.
They have yet to develop an app that can dry out carpet, replace plasterboard walls, or tow a prime mover from a river that has burst its bank. For the next 20 years or so, we will be safe.
However, brokers need to learn, embrace change and be curious. Transparency and professionalism will help ensure the services we provide are more widely known and respected.
For the emerging talent entering the industry over the next few decades, the good ones that are able to harness all of the technology and innovation advances, whilst still being able to look a client in the eyes and offer a firm handshake, are the ones that will do well.
Derek Ford on leadership in motion
Winner of the WA Broker of the Year Award
Director, FordSure Pty Ltd*
* Derek Ford is an Authorised Representative (AR No 1265515) of Insurance Advisernet AFSL No: 240549
THE MANY FACES OF LEADERSHIP
Leadership is an ongoing journey that I have constantly thought about and worked at throughout my career. A few years ago, my career took a 90-degree turn when my then employer suddenly moved me to a back-office support role and away from broking.
I ultimately ended up with an employee satisfaction rating of one of the highest in the country, and this stands as one of my proudest achievements throughout my career.
It was a hugely rewarding result – I had turned around from managing a depleted and somewhat demoralised group in the newly restructured broking support area to leading a fabulous and dynamic team of 34, many of whom I am proud to say I am still in touch with today.
Today, I lead a team of about four people. With a much smaller team, I’ve learnt I can be much more agile in the way I lead.
As brokers, I believe that we also have a responsibility to lead our clients. One of the most rewarding parts of this job is when you’ve spent several months struggling to find cover for a client, and finally find the one insurer who will write the risk.
I have a client who, without insurance cover, may be out of business and forced to return to his home country. If we can find him someone willing to underwrite his risk, then we’ve thrown him a lifeline.
Securing insurance for our clients takes a certain amount of leadership, as it means navigating them through various challenges. When we succeed, we are opening their business up to further opportunities.
I believe that we as an industry still have a way to go in leading our clients. Clients come to us either due to fear of loss or the need to have insurance imposed upon them due to a contractual or statutory requirement.
We’ll easily say, “I understand, leave it with me”, put the phone down and a few hours later present a solution. I find that sometimes, we forget to clearly express our craft.
Our expertise needs to be shared, so we can extend our clients’ knowledge cycle better. My next task is to work on how we show a newer side to insurance broking for our clients and those in power who still have a skewed understanding of our roles, and clearly demonstrate our knowledge and value.
Brokers also need to step up and lead our industry forward. We all have a job to do, in giving our community the right perception on the role and the value of an insurance broker.
Winning the 2022 WA Broker of the Year Award was fantastic for me, and as a next step, I think there is an opportunity to lobby to our politicians about the value of insurance broking.
At the WA Gala lunch in July where I collected my award, I met an industry colleague who said he would help me with speaking to my local MP. He has kindly arranged a tentative date for a catch-up in early November.
Having the recognition from NIBA helps to give some me added weight when speaking to my MP, who is new to Parliament. It’s very important that she has the right perception from the outset on brokers and the industry as a whole.
This is where I think leadership in the broking world needs to go.
FACING THE HEAT
Climate is undoubtedly one of the biggest societal issues on which we as brokers are caught in “no man’s land”. I believe that if we don’t start practising what we preach, we will soon lose credibility and the insurance industry as a whole will suffer too.
Starting now, we need to understand that certain risks won’t be socially acceptable in five or ten years’ time and our grandchildren will wonder what we were doing supporting such practices.
I appreciate that we can’t pull the plug immediately. I’m in no position yet to pick up a new electric vehicle or recycle my grey water and yet I am very aware that we need to start doing things differently.
Even the smallest of steps can create a momentum that is, eventually, unstoppable.
We can all contribute in our own ways by merely examining and challenging our day-to-day actions. We can move to being paperless. We can work smarter and send out less emails to reduce our energy consumption.
When running work events or conferences, we can put in more effort to ensure that the materials produced for the events are sustainable or environmentally friendly.
These insignificantly small actions today may, in time, lead to us achieving a higher level of credibility and ultimately the longevity of this industry, by showing we are becoming better custodians of the planet.
Sally Coulton on partnership and service: redefining client relationships
Winner of the Qld Broker of the Year Award
Account Director - Property and Casualty, WTW
FORMING A CLIENT PARTNERSHIP
When I look back at my career of over 20 years, I have been very fortunate to develop long standing relationships with clients across a big range of industries. I’ve always loved engaging with them, learning about their businesses and developing true partnerships.
I’m based in Brisbane, but some of my most memorable experiences have been with a client in Papua New Guinea. For my entire career, I’ve worked with a complex civil engineering client there. I started as an Account Executive on the account and I’m now the Account Director, co-ordinating their risk and broking services. It exposed me to risks that helped me develop my knowledge and grow as an insurance professional.
I’ve visited Port Moresby to learn more about the client’s risk exposures; we’ve even travelled to London together to present the client’s more complex risks to the insurance market there.
This reflects the goal I strive for as a broker – I like to see myself as a partner to my clients. It’s all about taking the time to understand their business and their risks to become an extension of their internal insurance team.
I think that my ability to deliver quality service and provide clients with technical advice has set me apart as a broker. We need knowledge, not only of insurance but our clients’ businesses to be a true adviser.
Brokers can no longer be transactional; clients are increasingly looking for someone to guide them through the range of risk transfer solutions, especially in challenging insurance markets.
Certain covers have become restricted and, for some risk exposures, are no longer available. If we’re not on top of this and helping clients build a strategy towards a plan B, then we’re not able to meet our clients’ needs.
CHANGING INSURANCE LANDSCAPE
We’ve seen significant natural catastrophe losses, especially in Queensland where we have to deal with cyclones and flooding.
Clients based in areas exposed to these risks may face not being able to attract cover at all in the coming years. As brokers we need to be aware of contracting markets and work with our clients on alternatives.
COVID-19 has also changed the world; we’re seeing clients deal with new ways of working and where a business still has people working remotely, there is an impact on its risk profile.
We can’t just assume client risk exposures always stay the same. We need to remain close to them, evaluating any changes to ensure they are covered in their approach to risk transfer.
Many businesses have evolved throughout the pandemic, and this will continue to happen. We will probably see the emergence of new types of businesses or sectors that currently don’t exist as well.
As brokers, we’ll have to learn about how this changes the risk landscape and advise our clients accordingly.
FINDING AND SUPPORTING TALENT
A big issue is the shortage of young talent coming into our industry and we need to think about the development of staff.
We also need to do a better job of communicating that the insurance industry is very exciting and full of opportunities.
You can travel. You can learn from and be exposed to so many diverse businesses. No day is the same. I work with clients in construction, childcare and marine, just to name a few, and have learnt so much over the years about their industries.
That’s why I wanted to share my story, if other people know what a great career this is, I’m sure we can attract, retain and develop them.
I also believe in the importance of diversity. Being passionate about supporting females into more senior broking roles, I’m part of the WTW Gender Equity Network Committee, where we focus on developing female talent.
A few years ago, we developed an internal mentoring program across Australasia specifically for female colleagues. We wanted to help them develop confidence in their professional ability and encourage reaching for growth opportunities.
I’ve been fortunate in having worked with very supportive colleagues and getting involved with complex clients from very early in my career, but I was guided by experienced senior brokers which was integral to my development.
In the current climate, brokers don’t always get the exposure to more experienced people in their organisation, especially if we’re not together in the office all the time. You really need to take the initiative to network and engage with them.
My advice to young brokers is: Don’t wait for someone to tap you on the shoulder, look for opportunities to develop and have a go – even if it’s just the process of applying for the next step, that’s a learning curve.
It doesn’t matter if you’re not successful the first time around – you’ll learn skills simply by going through the interview process and listening to the criteria you’re required to meet.
In a supportive environment, you should also be able to talk to your manager to help you develop.
But ultimately, you need to develop yourself. Be proactive and motivated and take charge of your destiny.
There’s a reason so many people who join insurance never leave – it’s a great career.
Nicholas Bedggood on resilience and persistence through stormy seas
Winner of the NSW/ACT Broker of the Year Award
Director, Citadel Insurance Services
LAUNCHING AN AUSTRALIA-FIRST INSURANCE POLICY
Given my background in the marine industry prior to coming into the insurance industry, the idea to launch was borne out of old colleagues asking me what protections were available for skippers.
At that stage, there was not a stand-alone marine skippers’ product available in Australia. That meant that if there was an incident on hull and hull insurers sought to recover damages from the skipper, the skipper would be completely unprotected.
It has happened twice in Australia, where the insurer subrogated to the skipper for damages and the skipper had to pay up or be sued. Without a second line defence, skippers had no protections once a hull insurer found them negligent.
At that time, you could buy this type of policy off the shelf in Europe and the United States, but not Australia. So, the journey started there.
It was really difficult bringing this product to market. No one in Australia really understood it and those that did, were not prepared to support my new product idea.
Given my unique experience as a commercial skipper, I was in a position where I succinctly understood how it worked from both the skipper and the insurer’s perspectives. This type of insurance takes a unique skillset and involves claims that you really need to understand.
COVID-19 also made this a really hard road, as it prevented me from meeting underwriters in London and getting them to sign on the dotted line.
Just as I was starting to run out of steam at the start of the pandemic, I met up with Dean Bowen, who I had known for years, and spoke to him about the product.
Dean saw the gap in the market and it really piqued his interest. He jumped in as a partner and added skillsets that I didn’t have. He was very motivated and pushed me hard.
Four and a half years later, we’ve finally launched this product together.
At the date of this interview, we have sold our first policy, and today or tomorrow, we’ll be selling our second, third and fourth.
I went to a boat show recently where I caught up with everyone in the industry. It’s been really rewarding to hear that this product is currently the talk of the town.
While the years leading up to this have been challenging, the hard work really starts now. There is a long road ahead for us. We need to start promoting our product and drive more sales across the skipper market. But for now, it’s definitely worth celebrating. Our product went live three or four days before the NSW Gala Lunch last month.
Dean and I reflected on it afterwards – it was so surreal that both of us got up and won broker awards that day. I won the NSW/ACT Broker of the Year award, while Dean won the NSW/ACT Young Broker of the Year award.
Serendipitously, everything came together and winning was just the cherry on top.
RESILIENCE IN THE FACE OF DIFFICULTY
Resilience and persistence are principles that I have worked hard at, and they have gotten me to where I am as a broker.
When I first opened my own brokerage, I had to resolve difficult scenarios, simply because I needed the business. I was conditioned to think that there is always a solution somewhere. Not being able to say no trained in me an ethic where I couldn’t give up. Being resilient is also a win for clients when we find the right solution for them. My hard work is paying off for me now through the referrals I receive from my network.
I have probably won a fifth of my portfolio through other brokers’ laziness. Sometimes it has been easy, and I have been astonished that other brokers haven’t persisted a bit more.
I DON’T USUALLY TAKE NO FOR AN ANSWER
There have been two or three risks in last three months where we’ve run out of answers, but we’ve well and truly exhausted the market here and everywhere else. At that stage, I can wave the white flag – but only after we have done all the hard work.
NAVIGATING THE INDUSTRY FORWARD
Building strong relationships with clients and underwriters will be more important than ever before in our challenging market. Brokers need to advocate their worth to clients and not allow themselves to be used as a pricing comparison tool.
It happens every now and then where a new client will push back from signing a letter of appointment and say, “No, I’m getting a few quotes first.” Brokers need to build the confidence and relationship maturity to say, “That’s fine, but I will only work if I get a return.” It may surprise you, but three quarters of the time, people will come back to me and say, “Where do I sign?” That’s the response you get by being confident about the service and value that you provide.
To customers who shop around, be firm that it’s your job as the broker to find them the cheapest policy. If they don’t trust you, then it’s a waste of everyone’s time. We’re not doctors and lawyers, but we are just as professional as they are, and just like them, we earn every cent we make.
Brokers also need to build stronger relationships with underwriters. Relationship-building is something we have spoken about for a very long time, but I truly believe it is more relevant today than it has ever been. To find solutions in a market where there is a lack of capacity is something that can only be facilitated through relationships.
I spend a huge amount of time developing relationships with underwriters so that when I do need help, I can pick up the phone and ask people in my network for help.
A lot of brokers will put their hand out to the underwriter, expecting the underwriter to be making the effort. They might see themselves as a customer and wait on underwriters to buy them drinks or take them to lunch, but that’s not how it works in the real world. Relationship-building is a two-way street, and it’s something all of us in this industry need to continually work on.
Heather Blanco on embracing change and broking with integrity
Winner of the SA/NT Broker of the Year Award
Chief Executive Officer, SUREWiSE
DRIVING A NEW DIRECTION
Without a doubt, my greatest career highlight so far has been becoming the Chief Executive Officer of SUREWiSE.
I’ve been part of the business since 2017, and it has been a continual work in progress over the past five years.
I’m proud to say that I’ve implemented some significant changes throughout the business which have brought it to the level it is at today.
Just over five years ago, I was tasked with driving a culture shift at SUREWiSE.
This was something I was very passionate about, as it has always been a personal goal of mine to lead and mentor employees new to the business, young or young at heart, by creating an environment which is diverse and inclusive.
There were various activities that did not align with where I needed to take the business, and it meant that I needed to facilitate a complete business restructure.
Following the restructure, it took three years to rebuild the business. There were various policies and procedures that needed to be implemented, and introducing them have helped to facilitate a culture with strong values throughout the workplace.
I’ve found great fulfilment in creating a work environment where brokers can develop a fruitful and enjoyable career, just as I have done.
When you bring the right people on board together with clear direction, strong compliance and procedures, success will follow.
WORKING WITH INTEGRITY
I believe that having integrity is fundamental to being a good broker.
I place a lot of value on integrity – especially as this is one of the pillars upon which our business was founded.
Trustworthiness and having a sound judgement are valuable traits that I believe need to be upheld by all brokers, even when you’re challenged with a difficult situation.
Sometimes, staying true to acting with integrity will mean having to walk away from a client.
That’s not an easy decision to make but more than anything else, our identity as insurance brokers rests on this industry upholding our professional standards. This is not something that we should ever compromise on.
At the end of the day, your reputation is how people will perceive you. If your client doesn’t share your values, it’s likely to be a short lived relationship – and that’s ok. These are not the clients that we should aspire to work for.
Both in my role in as a broker, and as a CEO, I believe that we attract the type of people we are and aspire to be.
AN EVER-CHANGING LANDSCAPE
Looking back over the past few years, our industry has seen several extreme weather events, which have impacted the level of insurance coverage that brokers have been able to obtain.
As insurers carve out or withdraw from the areas around the country that have been impacted by repeated flooding or bushfires, it has become increasingly difficult to place certain risks.
In other cases, the growing risk of natural disasters has also driven up premium costs for our clients.
We are seeing property insurance becoming increasingly unaffordable, to the point of having a prohibitive effect on many Australians.
These are not the only challenges that our industry has had to face. Coming out the back of the pandemic, businesses are changing the way they work, with many allowing staff to work from home in a hybrid capacity or work flexible hours.
Staff shortages, increased workloads and global supply chain issues are also challenges that businesses are still dealing with today.
These issues complete the puzzle of changing and emerging risks that businesses now must face.
In these new, uncertain times, it’s unquestionable that our industry needs to continually innovate and adapt quickly to cater for the changing needs of today’s consumers.
On the other hand, we also need to consider the clients of tomorrow.
These will be clients who come from a generation that received most of their information through social media platforms such as TikTok and Instagram.
Brokers need to consider the impact this will have on the way we build relationships.
If this industry wants to maintain its relevance, we all need to embrace this change and adapt the way we currently run our businesses. We need to learn to embrace technology and change the way we promote our businesses.
