The pandemic has added pain to injury for the insurance and broking industry, arriving just weeks after the catastrophic Black Summer bushfires, floods and drought.
According to Casey Caswell (pictured), broker at Shielded Insurance Brokers in Queensland, the present environment is difficult for the industry but by having the right attitude brokers can prevail.
“We overcome market changes with more of a ‘can do’ approach,” he said. “Market changes are frustrating, but we don’t dwell on it – we find solutions and advise our clients in the way that we think is the most effective.
“In saying that, market changes create more business for us due to our proactive approach. People that are unsettled, unhappy with their current situation are looking elsewhere and we’re able to assist them in a positive way.”
Recent market changes Caswell has observed through the pandemic are centred on the fact that now, more than ever, consumers are looking for flexibility with their insurance and pricing.
As an example, Caswell cites the case of truck drivers and transport workers seeking changes to their coverage due to being on the road less.
“We do a lot of transport operation in the transport industry. So, truck fleets in the COVID-19 situation getting in contact because their vehicles are not on the road, layout covers and things like this,” he explained. “So, just by being a bit dynamic to ensure that we can deliver value - customers appreciate the extra effort.”
But amid market changes, winning new business, retaining existing clients and building a positive reputation in the industry can be tough. Caswell says brokers should never underestimate the value of “being quick.”
“Traditionally some brokers like to take a hell of a lot of time getting back to people – but we try and do it on a call resolution within 24 to 48 hours at the most, depending on what the policies are, of course,” he continued.
“If we’re managing tricky policies, it’s a bit out of our hands and takes a bit longer but, generally speaking, same day turnaround, making it fast and making it easy for them. Insurance can be quite complex, but for the consumer it doesn’t need to be like that.”
Read next: What brokers want – and fear
That’s where Shielded Insurance Brokers comes in, according to Caswell. By removing the jargon thrown at customers “left, right and centre,” his company makes it as “easy as possible” for them to navigate the complex insurance world with ease.
“We focus heavily on improving processes and implementing a lot of technology into the business to give all the brokers the support they need to focus purely on getting their clients the cover they need,” he added. “There’s a lot of technology going into our business which has made it very easy to navigate through these unchartered waters at the moment.
“It’s not the most fascinating thing for some people - while we all enjoy it, others just want a good service, a good price and want to know that we’re there for them in a time of need. That’s what they get from us.”
