The ancient Greek myths posit that the world was born out of a state of primordial chaos; a formless void which birthed everything we behold today. And while it might be a stretch to propose that 2020 mimics that antediluvian timeframe specifically, there’s no question that its primeval echoes can be felt in the chaos which now envelops the world – and by extension the insurance industry.
It’s fair to say that the year has brought its share of uncertainty, with many brokers needing to reassess their priorities, their client base and their existing business model. In some cases, it’s been all three. And though brokers are often entrepreneurial and looking to do things “their” way, there’s often something to be said for having the help of others in times of uncertainty.
The good news, of course, is that strong things are often born under extreme pressure. To this end, in September 2020, PSC Insurance Group integrated two of its existing businesses – PSC Connect and PSC Reliance Partners – to create a new entity, PSC Network Partners. The new entity is clearly aimed at providing Authorised Representatives with enhanced support and services, PSC Network Partners currently services more than 500 brokers and support staff, who in turn service 70,000+ clients.
Tony Walker – formerly CEO of PSC Connect – has taken up the position of CEO with the new joint venture.
“I don’t think there’s any question that it’s interesting timing,” say’s Walker. “But realistically, we needed to streamline services so that we could provide better outcomes to our brokers, and in turn their clients. We’d been operating as separate entities for more than a decade, and by its nature that’s going to breed its own set of inefficiencies.”
PSC Reliance Partners CEO Shane Upton agrees.
“Far too many redundant processes and duplicated procedures under the old model,” says Upton. “We want to be able to help our brokers build their businesses, and it’s far more difficult to do that if you’re not operating on the same page.”
PSC Network Partners will be offering a variety of benefits for members, both current and new.
“We want to be able to provide our brokers with an end-to-end means of fully participating in the insurance space,” says Walker. “Now in practical terms, that means we need to provide support from our end. There’s no question it’s been a tough year for the industry.”
Upton points to regional managers, training programs, finance, in-house IT, claims, compliance and marketing as a few examples of the provisions that PSC Network Partners offers.
“We also offer a client trading platform, exclusive wordings and legal support as necessary,” says Upton. “These are all features we see as crucial for operating in the modern insurance environment. There’s no question it’s a competitive place to be, but that’s exactly what we’re looking for in our people.”
As 2020 draws to a close and – at least some of – the chaos begins to subside, both men agree that AR’s will have a strong presence into the future of the Australian insurance landscape.
“We want to make sure that we’re not just propping people up in the here and now,” says Walker.
“We want to make sure we’re supporting them through the other side too – now that we’re a bit more streamlined, we think we can do that better than ever before.”
To find out more about how to join the PSC AR Network, click here
