One of the most experienced corporate brokers in Australia has offered advice to both individuals and organisations operating in the market, suggesting constant change – and improvement – is key.
“For individuals, I’d suggest find a mentor – one who has experience and has worked through market cycles and ideally across various segments,” says Andrew Curl, who was recently appointed national manager of corporate for Lockton Australia.
“Listen, ask questions, listen again and challenge the norm,” he continues. “I was lucky in my formative years to align myself with a broking firm who valued training and by working alongside a senior broker who had ‘been there, done that and got the t-shirt’.
Curl, who has worked exclusively in the corporate market for almost 30 years, accredits his early mentor for the significant role he played in equipping him with key skills.
“He spent time training me on all technical aspects of insurance and the ‘softer’ skills needed in terms of effective relationship management, which stood me in great stead for my future career,” says Curl.
As for Curl’s advice to broking firms, it’s simple.
“Adapt or wither on the vine,” warns Curl. “We play such an important role in providing clients with advice, risk transfer solutions and claims support, but we just can’t afford to rest on our laurels and admire the tried and tested methods we’ve used for centuries.”
Instead, Curl says organisations need to pursue constant improvement and adaption, while supporting their staff to do the same.
“We need to embrace change and find ways of continuing to show our true value to clients,” he tells Insurance Business. “That’s a real risk advisory partner.”
Of course, elevating the broker profession so individuals become true advisory partners is no easy task – but Curl says being ready to listen can set brokers apart from their hastier peers.
“Brokers can be guilty of assuming what clients want, based on what we have ‘historically done’, and offering pre-prescribed off-the-shelf insurance policies which may or may not be appropriate for their unique circumstances,” he says.
“The key to becoming an advisory partner is to establish exactly what risks exist in our clients’ businesses, which are of concern and helping to quantify the exposures,” continues Curl.
“Only then can we really discuss meaningful solutions whether they be risk transfer based or simply enabling clients to have an accurate picture of what risks they choose to retain on their balance sheets.”
