Brokers face numerous industry challenges in 2024. Across many insurance lines premiums are still rising sharply, capacity is limited and coverages for major threats like flood and fire can be unavailable or unaffordable.
According to three industry leaders, demonstrating the broker difference, teamwork and savvy use of technology are three ways insurance brokers can stay ahead in 2024.
“Sometimes people put us with car salesmen and we’re not,” said Mandy Cooper (pictured above), director of CPR Insurance Services. “We’re actually there, not just when they are buying the cover, but also when there’s a claim which is really important for the clients.”
Brisbane-based Cooper said it’s important for brokers to explain and demonstrate their worth to clients.
“I think it’s important to show that you can support clients and also keep your name out there to help prove that broking is a good industry and that we are looking after people,” she said.
One way a firm can keep its name out there, she said, is by participating in the Insurance Business Australia Awards. Cooper’s firm has won numerous broker awards at this event. 2024’s awards are taking place on May 3 at The Fullerton Hotel in Sydney. Nominations are now open.
Tate Harris (pictured immediately below) was the winner of last year’s Young Gun of Year award for brokers at independent firms with less than 20 staff. The Canberra-based partner at allinsure credited working with an able and supportive team as an essential reason for his success.
“It’s teamwork, it’s not just me, it’s the people you have around you,” he told Insurance Business. “When the whole group comes together, that helps me do what I do and helps me really enjoy it.”
Drew Schnehage (pictured below) is managing director of Innovation Group in Australia. Her firm specialises in third party claims administration and is also a big supporter of the Insurance Business Awards.
Schnehage, who has three decades of industry experience, encouraged brokers to take as much control of their insurance offerings as possible. One way to do this, she said, is by leveraging technology.
“Brokers rely on insurance companies to provide them with solutions - so if you can take control of your own journey and provide a digital journey for your customers I think you are going to be at the forefront,” she said.
Building on these tips from Cooper, Harris and Schnehage, according to some industry reports and online sources, brokers can face down 2024’s challenges by adopting 10 strategies:
What’s missing from this list? Please tell us your broker success strategies below
