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As technology and wider industry changes take hold of the industry, what does the future hold for brokers?
James Baum, Aon Australia’s new CEO, said that the role may change but brokers will only become more important to their clients.
“I think while there may be differences, the things that make us brokers and the things that are important about being a broker will only become more important,” Baum told Insurance Business.
“If we think about the way our clients interact with us through digital platforms, that is an obvious change that is already coming and we are all working very hard to make sure that the way our clients interact with us is easy and in a way they want to do it. Really, I would point to that at the heart of our job – being the trusted risk adviser to our clients. That has never been more important.”
Baum noted that the risk landscape continues to shift which brings brokers into clearer focus for those that depend upon them. With new products and services, alongside new risks that emerge, Baum said there may be more “grey areas” that need to be addressed. Brokers are in a position to help clients throughout the lifecycle of their insurance policy – including at the time of claim.
“I would suggest that our clients have never been more reliant on having someone in their corner and being a trusted risk adviser,” Baum said. “As an extension of that, ultimately, is someone acting as their advocate so ensuring that the products that are being developed to deal with emerging risk are the very best they can be and represent their interest in the best possible way.”
He added that advocating on behalf of clients during a claim will “never be more important” as brokers try to build on their footing as advisors.
“Ultimately, as an industry, we have got to make sure that the value that we bring to our clients is clear, transparent and well understood for us as an industry to keep having, without being too silly about it, the honour of serving our clients,” he said.
