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by Tom Goodwin
Since 1994, South Yarra-based IMC Insurance Brokers has been providing broking services to a broad array of clients all over the country. Yet no matter how far its reach expands around Australia, IMC will always place a special focus on the local community. Principal James Skiadas has lived most of his life in the area, and he sees IMC as a way to give back to the community, providing advice and insurance to local businesses and individuals who are trying to get ahead.
After starting his career in 1987 as an agent with Priority Insurance Agency, making the transition to broker was a logical progression for Skiadas. Since its inception, IMC has been a tightly knit family affair. The first recruit was Skiadas’ wife, Mattie, “poached” from her then-role as a legal secretary. In 1995, Skiadas’ brother, George, came on board as the business began to experience rapid growth. He remains with the company today, overseeing the retail business and maintaining the commercial special risks division. The firm has since expanded into a second generation; in 2013, Skiadas’ daughter, Anthea, also joined the company.
Today, Skiadas sees client education as one of the key aspects of IMC’s mission. In an era where many direct insurers are aggressively marketing to customers that might have once been the province of brokers, client education is a feature that sets IMC apart from many of its competitors. Importantly, Skiadas doesn’t necessarily see the direct insurers as a threat; rather, he sees them as providing a service distinct from his own.
“If a prospective client just needs insurance, I'm happy to have a chat with them and give them some direction on where they should be going,” he says. “I’ve always applied a simple strategy – does the client need insurance, or does the client need an insurance broker?”
For those in search of bespoke service, brokerages are often a more appropriate long-term investment. This is particularly true for consumers who need more complex policies for businesses or who are too time-poor to wrestle with the intricacies themselves.
“Customers are too busy these days,” Skiadas says. “They don’t necessarily have the time to become experts on insurance, and they may be looking for support that the direct insurers don’t or can’t necessarily provide.”
With the bulk of IMC’s new business coming via word-of-mouth and referrals, Skiadas’ simple strategy has done much to aid not only short-term customer satisfaction, but also retention. Many of the firm’s clients have been with IMC since its inception.
“Our retention rate is quite high, and it’s really the result of building that relationship with our client,” Skiadas says. “Many brokers opt for a standard renewal, but we always aim to provide our clients with additional options. We're not trying to sell them on an insurance policy – we're trying to help them make a decision.”
Looking to the future, Skiadas is optimistic about the insurance industry as a whole, and sees room to expand into new markets in spite of the encroachment of direct insurers. He believes expansion into sub-brands is an area of key importance; in recent years, IMC has invested in several, all of which cater to specialist markets outside of its usual purview.
“I’m actually quite big on sub-brands,” Skiadas says. “One of our recent successes has been a brand called InGear, which serves as an insurer for prestige cars.”
Both inside and outside the insurance industry, many companies stumble when attempting to launch a new product under an existing brand; the product is often of a high standard, but lacks insight into its wider public perception. Skiadas understands the importance of perception, and aims to leverage sub-brands to maintain IMC’s positive momentum.
“Ultimately, we want customers to be able to say, ‘I'm working with a broker who understands my business, understands the area and understands the market.’”
