These past few years have been challenging for the Australian insurance industry due to the impact of the COVID-19 pandemic and other emerging risks.
In a recent video interview with Insurance Business Australia, Stephen McCarthy, an industry veteran who founded Bellrock Broking (Bellrock) in 2007, shared the current challenges facing insurance brokers in Australia.
As the market continues to change due to emerging risks, McCarthy discussed the need to combine new products, such as cyber coverages, with more traditional offerings.
“New insurance products coming into the market [is challenging because we need to combine] them with existing old-school products available, for example, [tying] cyber [coverage] with professional indemnity policy. It's quite a legal process now, and a lot of skill is required in evolving with those changes and understanding how to give full cover and full protection without overlapping and an expedient pricing,” he said in an IB TV episode.
As an insurance leader who has been in the industry for around 40 years, McCarthy has faced numerous challenges.
Learn more about McCarthy's insurance journey and the current challenges facing the Australian insurance industry by watching the IB TV episode “Negotiation models and today's broker challenges.”
