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

After 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.

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

“Dallas and the Board have done an excellent job in the planning and preparation of the NIBA Strategy which we have started to share with our members. My role is to further implement that strategy, in conjunction with all key stakeholders. I am confident that together we will forge a strong future for insurance brokers.”

– PHILIP KEWIN

to help change the narrative, so people see the good experiences and not the fewer bad ones that tend to get more publicity.”

“More people seeking insurance, particularly through a broker, is better for individuals, businesses, the community and the government. TheEconomic Value of Insurance Broking Report absolutely backs up the phenomenal benefits that insurance intermediaries bring to the table. Now is the time to create public awareness of the value of a broker and this report is going to help us do that.”

ONE VOICE FOR BROKERS

Kewin observes that NIBA’s biggest strength right now is that generally all stakeholders are working together and NIBA is a credible and trusted representative for the insurance broker community. “Right now, we have a great opportunity to set minimum education standards, introduce an updated Code of Practice and establish ourselves as a true profession,” he says. Booth adds that he has massive confidence in insurance brokers and their commitment to their clients. This had made him proud to serve the membership for the last decade. Kewin expresses the same sentiment and adds that his immediate plans are to continue to strengthen NIBA’s mission of being the one voice for representing insurance brokers and the value they provide to Australian consumers. He says, “I aim to build on the goals and objectives of representation, professionalism and community. Right now, we have the opportunity to future proof broking by establishing intermediaries as the trusted advisers to clients, government and regulators.”

The only blip on the horizon that Booth is concerned about is the policy processes over the past five years which have placed an incredible legislative and regulatory burden on the broking and insurance professions. He says, “This overwhelming burden will have very little benefit for the clients. I hope that the current Australian Law Reform Commission project will find ways to simplify the law, particularly chapter seven of the Corporations Act, which is beneficial to financial services clients.”

Kewin adds that he wants to try and be ahead of any other regulatory

“I have offered to the Board and Phil my support as required to help NIBA continue to meet its challenges. There are some big projects that will go into 2022. There are other things that will happen beyond 2022, especially the ongoing implementation of the new Code of Practice. Phil is the new Chief Executive Officer of NIBA, he sits in the hot seat, but I will give him every support I can.”

– DALLAS BOOTH

and legislative curveballs coming in the general direction of brokers, “and the way to do that is by implementing the Code of Practice and preparing for the upcoming remuneration review. Minimum education standards are also a good way to ensure that insurance brokers remain future proof.”

WORKING IN CONJUNCTION

Even after he steps away from the dayto-day responsibilities of leading the association, Booth will continue his involvement with NIBA and consult on regulatory and legislative matters.

He says, “I have offered to the Board and Phil my support, as required to help NIBA continue to meet its challenges. There are some big projects that will go into 2022. We’re doing a lot of work to prepare for those projects. There are other things that will happen beyond 2022, especially the ongoing implementation of the new Code of Practice. Phil is the new Chief Executive Officer of NIBA, he sits in the hot seat, but I will give him every support I can.”

Kewin believes that the current transition is more of a continuation of what NIBA has stood for, not a radical shift towards a major change. “Dallas and the Board have done an excellent job in the planning and preparation of the NIBA strategy, The Future of Broking 2025, which we have started to share with members. My role is to further implement that strategy, in conjunction with all key stakeholders. I am confident that together we will forge a strong future for insurance brokers,” he says. “We are uniquely placed to provide true market intelligence directly from clients to the insurers, so that they can adapt to changing market needs. If we implement the Code, minimum education standards, retain commissions and provide certainty, we can also define a clear career path and attract more talent to the broking profession.”

“Importantly, rather than waiting to see if the further change is forced upon us, the NIBA strategy is about getting on the front foot and proactively shaping the future for the insurance broking profession,” Kewin concludes.