Forging new network connections

Shaun Standfield of Insurance Advisernet explains how becoming an authorised representative can help brokers deliver better service for their clients

General insurance advisers have a crucial but oft-overlooked role to play in the insurance broking process. By allying themselves with a larger provider, individual brokers can access a wider network of products, training, compliance standards and business opportunities than by simply flying solo. But perhaps most important, they can leverage these tools and relationships to provide clients with a level of service they might not have otherwise been able to deliver.

As managing director of Insurance Advisernet [IA] and an experienced insurance executive, Shaun Standfield is keenly aware of the important roles advisers can play for clients – and the benefits for advisers themselves. During his time leading change projects across programs in both Australia and Asia, he’s seen the benefits of building these relationships firsthand.

“Given the complexity and changing demands of insurers, the role of the adviser has become increasingly important,” Standfield says. “Clients want to deal with someone they know can help them with their particular general insurance needs, whatever they may be.”

Given the increasing pressure on advisers to go above and beyond, it makes sense to have the resources of a wider network. Younger advisers can benefit from the wisdom of longer-tenured members, while senior advisers can engage with new ideas that are coming up through the ranks. The numbers suggest that there are tangible business benefits to joining a network as an adviser, too. During 2018, IA’s GWP grew 17% to close on $500m in Australia. More than 1,000 clients a month are joining across the network, which serves as an indication of the growing importance of brokers and advisers.

It’s also an important signifier of trust. With 2018 heavily overshadowed by the royal commission, trust is one of the most important commodities advisers have available to them.

“Trust sits at the heart of any successful relationship,” Standfield says. “And joining an AR network can help forge better trust between insurer, AR group and client. It’s a trust we never take lightly or for granted.”

The adviser’s role

Within an AR network, the role of the adviser remains much the same as it does for brokers outside. The fundamental skills advisers rely on remain crucial, though they can now draw on the resources of a wider network to supplement their own knowledge.

“Being there for your clients at the time of a claim is probably the most important role you can play,” Standfield says. “As with anywhere else, the claims process can be long and complex, but an AR network can provide you with the relevant tools to make the process as simple and efficient as possible, both for you and the client.”

Standfield also stresses that brokers looking to become advisers must focus on providing professional advice. In IA’s case, Standfield notes that it is not simply a license for hire; it is the outgrowth of a strong internal culture. Despite – or perhaps because of – being an amalgamation of numerous smaller businesses, IA operates as a close-knit team, with a distinct culture that endears itself to clients.

“Advisers can capitalise on our branding to create leads and opportunities for their business,” Standfield says. “They also own their portfolio, so in turn, they’re building an asset for themselves.”

While there are benefits for ARs across the country, Standfield is also quick to point out that becoming an AR can be particularly advantageous for brokers looking to establish themselves in rural or remote locations around Australia. There are still financial needs to be met outside of the major cities, and becoming an adviser can accommodate those looking for a particular lifestyle outside the everyday rush of the city.

“Populations in the area may be too small to sustain an entire office,” Standfield explains, “but the presence of an adviser still enables the community to be serviced by the organisation’s products.”

The making of an AR

Those thinking about becoming an adviser should start by asking other industry professionals about the network they’re thinking of joining. However, Standfield advises approaching the decision with caution, as it is a significant commitment.

“Potential advisers need a willingness to be part of a broader team where everyone works to assist each other be successful,” he says. “No individual is bigger than the organisation, and everyone has a role to play in protecting the larger brand.”

In practical terms, Insurance Advisernet provides its advisers with bespoke software to ensure adherence to strict compliance protocols, which spans apps, training, risk reports and other tools. This model allows advisers to outsource their non-income-producing activities, comply with legislative requirements, reduce their operating costs, and ultimately spend more time providing quality advice, nurturing new business opportunities and servicing their clients.

“We provide all systems, reporting, apps and portals to enable our advisers to concentrate on their customers’ needs,” Standfield says. “Insurance Advisernet manage social media posts, along with search engine optimisation programs, to ensure potential new customers can find their local IA adviser.”

IA also generates business intelligence data, which allows its advisers to manage their portfolios with the provision of timely data and workflow management items. Yet Standfield is quick to point out that the technology is intended to work as an aid, not an outright replacement; the human element provided by the adviser is still crucial.

“Technology isn’t a panacea; it’s an enabler,” he says. “We still need to be able to bring that human touch to the way we interact with new and existing clients.”

The importance of community

Many adviser networks also place significant emphasis on giving back to the communities they are part of – something important no matter where an adviser is based, but particularly crucial in smaller towns and regional areas. Advisers can build trust in the industry by establishing themselves as valuable, contributing members of the community.

Depending on the network, this might take the form of charitable donations, volunteering time or raising wider awareness of the causes the company is involved with. Insurance Advisernet’s IA Foundation supports a broad range of causes, including TopBlokes, Orange Sky, Lifeline, SAHMRI, Pause 4 Parkinson’s, Act For Kids, Leukodystrophy Australia, Love Your Sister, Tour De Cure and many more. The IA Foundation is operated as a registered foundation and has independent board members to ensure its charter as a foundation is adhered to.

It’s a key factor Standfield points to when speaking about the benefits for brokers and clients alike that emerge from becoming an adviser. “I am constantly impressed by the generosity our advisers display,” he says, “not only to new advisers to ensure they are successful, but across their communities to ensure others are successful.”