People risk could help brokers bridge the gap in their business as some SME policies move to direct insurers, an expert has said.
With
Mark Searles, CEO and managing director of
AUB Group, recently noting that his firm will look to invest more in people risk, should other brokers follow suit?
Search and compare insurance product listings for Workers' Compensation from specialty market providers here
Damien Kelly, sales director within the health and benefits practice at
Aon, told
Insurance Business that many businesses don’t know where to look to address people risk - and brokers can fill that gap.
“The opportunity for the insurance industry, and more on the intermediaries, is to be that advisor,” Kelly said. “Do the work for them. In workers’ compensation, we have seen massive changes in the last 18 months in Australia, and the number of providers [changing] in that space.
“People just don’t have the time to get up to speed on that.”
While workers’ compensation may be one of the more common elements of people risk, thanks to national legislation, Kelly said that there are other areas brokers can look at – from health, life or permanent disability cover, to corporate travel or journey cover.
Kelly noted that the idea of people risk is relevant for all businesses, but even more so in the SME space.
“If 10% of their workforce isn’t optimal, that could be five people and that could be an entire team,” Kelly continued. “It is incredibly relevant for them from not only a health perspective… but more importantly it is a well-being conversation as well.”
Kelly believes brokers should look to help clients analyse the needs of their staff from a health and well-being perspective in order to lower their risk profile and benefit the lives of employees, as well as providing insurance coverage that protects the business should injury or loss of work occur.
“From an insurance industry perspective it is making sure you are giving optimal and effective cover, not just selling cover that is a waste,” Kelly said. “That is where we come in from an intermediary perspective, to help them to health check all of their insured benefits.”
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