COVER STORY / Interview
A continuation, not a shift On 16 August 2021, Philip Kewin began his journey as NIBA’s new Chief Executive Officer working alongside the outgoing Chief Excutive Officer, Dallas Booth. They discuss the legacy of NIBA and the regulatory groundwork they plan to continue building on. INTERVIEW BY TANAYA DAS
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fter 10 years leading the team at the National Insurance Brokers Association (NIBA) in the role of Chief Executive Officer, Dallas Booth is now ready to hand over the reins to his successor, Philip Kewin. Insurance Adviser caught up with them to discuss their plans for NIBA going forward. Booth and Kewin’s visions for the future of NIBA are remarkably similar. They both believe that in a world defined by multiple challenges faced by insurance brokers, an industry body like NIBA exists to equip members with the tools for the future and to ensure that their interests are well represented. They both view the vital role that insurance brokers play as absolutely crucial to the health of the economy.
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THE ROLE AND VALUE OF INSURANCE BROKERS
Booth believes the key accomplishment that he is most proud of during his long tenure is The Economic Value of Insurance Broking Report, developed by Deloitte Access Economics about the role and value of insurance brokers. It is a report that is the first of its kind in the world, and has been received enthusiastically by equivalent associations in Europe and North America. He says, “In some ways, we have struggled for a long time to find ways to communicate the real value of brokers and the immense benefit that they provide to their clients and the community. Then Deloitte Access Economics came in and did a thorough analysis of what brokers
do, how they work, how they interrelate with their clients and insurers, and how that process benefits individuals, businesses, communities, and the economy. I think it is a really important report that provides a foundation statement of the true value of intermediaries and insurance broking in Australia. “Most of the literature about insurance is either technical, with a focus on underwriting or actuarial insights, or it is legal or insurance law analysis. But there’s very little, if any literature on the value brokers bring from an economist’s perspective.” In absolute sync with Booth, Kewin adds, “Even though insurance generally has a poor public perception, there is an opportunity
