Lyndon Broad, Australian Operations Manager FM Global, talks about raising the GST, attracting young talent, and breeding cattle.
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Why insurance?
With a degree in mechanical engineering in my back pocket, the opportunity to travel as a loss prevention engineering was too good to refuse. As is often the case with FM Global, what started out as an engineering focus soon merged into the insurance business.
How would you change the industry?
The insurance industry today is made up of people such as myself; we fall into it through tangential industries or family and friends. To attract the best and brightest in future, we need to position the industry so is appeals to young people and evolves to keep pace with social changes. This means being conscious of our reputation within the wider community and developing strategies to change perceptions.
Best advice you’ve ever been given?
Work hard, and look after your mother.
What’s the most important thing a broker can do to develop their business?
Develop a thorough understanding of their client’s needs, match needs to the coverage and provide excellent service. We often see sub-limits that may be too low for the exposures, and conversely, sub-limits which are way above those that are ever likely to be needed. Commoditizing commercial insurance is often not in the clients’ best interest.
If you were Prime Minister for one day, what would you do?
Raise the GST to 12.5%
What’s the biggest challenge facing the industry today?
Attracting the best people to the industry and providing quality training. The industry suffers a poor reputation; ask a young person if they want to work for Google or an insurance company and what do you think they will say?
What’s the strangest thing you’ve ever arranged cover for?
Installation coverage for weapons guidance systems in military aircraft.
What has been the highlight of your career?
The opportunity to work all over the world. My career to-date includes roles in three states in Australia, two states in the US, Singapore and the UK. It’s never been dull.
NRL, AFL, soccer or other?
What’s NRL and soccer? AFL is the game of athletes.
Complete this sentence: If I wasn’t in insurance, I would be… On the family farm, breeding black angus cattle.
