For Matt Schinck, national placement leader – commercial at Aon, the key challenge facing the Australian insurance market these days is clear: the rate of change.
“We’ve faced a hardening of the market as insurers sought a return to profitability, we had significant weather events throughout 2019 and early 2020 which resulted in huge claims activity, and immediately following the end of the bushfire season, we moved straight into the pandemic, which brought about significant policy change,” Schinck told Insurance Business.
“Put it all together, and you’ve got a compounded effect of increased cost of capacity alongside more restrictive coverage than clients have been able to purchase in the past.”
Since joining Aon in 2003 with admittedly “little to no knowledge of the industry, or Aon’s place within it,” Schinck has taken on a number of role changes that have allowed him to gain experience and appreciate different facets of insurance broking.
“I really didn’t know what I wanted to do with myself back then at the age of 23,” he said. “What I did know was that I wanted to wear a suit and work in the city, and I’ve come a long way since then.
“I’m now leading a group of people that I have great affection for, serving a client base during a very difficult period in our industry. Personally, I take a great deal of pride in our ability to assist our clients in a rapidly changing market.”
Given his longevity working with Aon, it’s unsurprising to hear that Schinck greatly values the company culture that has enabled him to prosper.
“Loyalty is one of my strongest character traits, and that’s something that works both ways at Aon, something that has been reciprocated,” he noted. “We have a culture of seeking new business in the right way here and that’s incredibly important to me, as is the fact that we strongly believe in advocating for our clients in a respectful manner.”
When it comes to client advocacy, Schinck is adamant that keeping them abreast of shifts in the rapidly changing Australian insurance environment is key to ensuring their continued success and, in turn, their loyalty. Based in Melbourne, he’s had to turn to videoconferencing measures to achieve this in recent months given the city’s extended lockdown, which has been a “vital aspect for maintaining connections and relationships with clients” – even outside of the regular 9 to 5 work hours.
“During this time, it’s been important to be available and present when clients have needed us, as the traditional workday has truly dropped by the wayside,” he added.
