Many insurance industry leaders see work culture as a driving force behind their operations, from retaining staff to winning business. As the market continues to soften and insurance challenges change again, how can a brokerage improve its work culture? Insurance Business approached three Australian insurance firms - that all place considerable emphasis on culture - to compile this broker guide.
At the Hilton Hotel in Sydney on May 2, industry professionals have the chance to come together and mark achievements of all kinds, including culture, at the Insurance Business Awards. 20 awards categories celebrate the work of, amongst others, claims teams, brokers, women of distinction, top CEOs and excellence in diversity, equity and inclusion. The evening includes a black-tie gala dinner, drinks, music and entertainment.
“Work culture is the heartbeat of a company,” said Stefan Feldmann (pictured left), head of Asia-Pacific and managing director Australia and New Zealand at insurer HDI Global SE.
The office layout is one area to focus on, he suggested. Feldmann said his firm’s office in Martin Place, Sydney, reflects the spirit of its culture.
“It’s a vibrant, open-plan space where I sit right alongside the team—no closed doors, no barriers,” he said. “The kitchen is the heart of the office, with cozy booths where colleagues gather, swap stories, and yes, enjoy a cold drink at our quarterly happy hours.”
He said brokers and clients are always welcome.
“It’s all about fostering real connections,” said Feldmann.
“We have worked hard over the last few years to ensure we can successfully create an environment where every person in the team feels valued, is comfortable speaking up and has a true sense of belonging,” said Andrew Godden (pictured right), BMS Group’s CEO Australia.
Godden said one way of doing this is to develop an action plan. He said his firm focuses on kindness to ensure that concept is “front and centre of each person’s day.”
“Over the last 18 months, we have been working with well-known kindness advocate, motivational speaker and 2025 NSW Australian of The Year winner, Kath Koschel of the Kindness Factory, to develop and implement this plan,” he said.
Godden said his firm expects to be the first in the insurance industry to be ‘kindness accredited’.
IB also reached out to Gallagher Australia. The claims and risk management services provider, according to a Gallagher Australia spokesperson, sees investment in employee development as “one of the most important steps a brokerage can take in fostering a healthy culture.”
The spokesperson said opportunities for continuous learning can include sponsored external training, internal workshops and self-directed learning resources.
“Because brokers move quickly between projects and clients it’s important to recognise and reward achievements, both at the individual and team levels,” said the Gallagher spokesperson.
They said rewards programs can run at all levels, from global to local and be peer or manager nominated.
Feldman said once a month his firm marks “Good News Friday” where staff “celebrate the wins” both big and small from previous weeks.
The HDI CEO also suggested brokerage employees should try and spend some time together outside work.
Godden suggested that one challenge that can unravel a firm’s culture is an acquisition process and what happens after it. For that reason, his firm takes particular care to make culture part of the deal during mergers and acquisitions (M&A).
“In a period of just over 12 months to July 2023, BMS Australia made six acquisitions,” he said. “Sometimes the focus during an M&A is primarily based on operational and financial due diligence issues, whereas we believe the real work starts the day after [Godden’s emphasis] the transaction completes.”
Godden said merging two different companies can lead to many people feeling insecure about what this will mean for them.
“It’s really important how we treat people and each other and this has to be front of mind all the way through the deal and afterwards,” he said.
Feldmann told IB that some of his firm’s most creative culture focused initiatives “were born during the pandemic.”
“We hosted virtual wine tastings, cooking classes, gym sessions—even a magician workshop for the kids,” he said.
He said this wasn’t just about the culture in the workplace.
“It was about keeping our team and their families feeling connected in tough times,” he said.
The origins of HDI’s culture, he said, go back to the firm’s founding in Germany in 1903. This continues through the firm’s parent company, Talanx.
“Our parent company, Talanx, introduced culture meetings to keep the organisation future-ready in an increasingly dynamic world — and, just as importantly, to ensure our people feel engaged and valued for the long haul,” said Feldmann.
One of the big annual culture events for the company is usually held in Berlin.
“The Culture Summit is the big in-person gathering, a high-energy, two-day event where culture champions from across the business come together to exchange ideas, connect and learn from each other,” he said.
Feldmann attended this year’s two-day event in Hamburg. He said one of the standouts was a talk by Nono Konopka, a Berlin-based angel investor who once cycled from Berlin to Beijing, raising money for charity.
“He challenged us to rethink innovation itself—not just as a tool for changing processes but as a force that transforms people,” Feldmann said. “His message was simple yet profound: true greatness comes from the courage to think differently and the boldness to lead with purpose.”
The CEO said it reminded him that while strategy and technology are critical, “it's culture that ultimately drives success.”
How do you foster a positive culture at your brokerage? Please give an example below.
