Canopy Group insurance broker Rosie O’Sullivan has been in the financial services industry for nearly 10 years but is fairly new to insurance.
Prior to working with Canopy, O’Sullivan previously held several positions at two different companies in Australia and later in London for BRUIN Financial, where she held a vice-president managerial role.
For her, the under-insurance issue in New Zealand is brought about by Kiwi’s “she’ll-be-right-mate” attitude. This, she says, presents a big opportunity for brokers to get in front of people and explain the real risks.
Insurance Business had a quick chat with O’Sullivan to talk about her insurance journey and her insights about the industry.
Insurance Business: Who or what has inspired you to become an insurance broker? What led you to this industry?
Rosie O’Sullivan: To be honest, it was my dad. He has been a broker for more than 25 years and I have always admired how much he has loved his career in the industry. As a kid, I remember how animated he would be when he came home from a great day in the office – whether it was helping a client with a challenging situation, getting them to understand the importance of life insurance etc., or having a great claims story. I loved how excited he was about it all!
On a more personal level, I have always enjoyed client relationship roles. The fact that I could combine this with helping people to make their lives easier in the most difficult of circumstances, really appealed to me.
IB: You previously worked with BRUIN Financial for a number of years and even held a VP role. What have you learned from that experience and how do these lessons help you now?
RO: There are lots of similarities between my time at BRUIN and my current role. They are both about relationships and building trust. Essentially, people have to buy into you before they will consider the product and it’s so important to get that right. No-one wants to be dealing with a pushy salesperson so you really have to read someone well and get to know them before you can help them. It sounds fairly contrived but the resilience that I learnt at BRUIN has been hugely beneficial when moving into insurance. The London recruitment market is over-saturated and competitive, so you really do have to be prepared for the challenges of the industry and work really hard to succeed. It sounds simple but it’s not for everyone!
IB: BRUIN is in London, and prior to that you held several roles with two different companies in Australia – do you have particular stories to tell about moving to New Zealand?
RO: Yes, I loved moving back! After uni, I went straight to Melbourne and then went on to London, so hadn’t worked in New Zealand in a professional capacity. I wouldn’t say I have any stories but I’m enjoying the genuine nature of Kiwis and their openness to at least having a catch-up. It’s refreshing and has made my transition home and in to the industry a really enjoyable one.
IB: What has been your most memorable client experience?
RO: Definitely when I helped a lady get some life insurance – she had been told she wouldn’t be able to get a policy. Sadly, she had had a complicated history with cancer in her late 20s and had amazingly managed to recover. She was still young and had a mortgage with her husband. I never made any promises but worked hard with various insurers on this case and managed to get some cover in place for her. It was so rewarding being able to at least get her something and the look on her face when I told her the news was so worth it. I probably went home to my husband that night and had a similar look of animation that I remember from my dad’s early days!
IB: What’s the hardest, most challenging part of being a broker?
RO: Having no shame, putting yourself out there and having the confidence to approach people – even if they are your friends. Sometimes you just don’t feel like it and don’t have the energy to deal with the rejection. Usually the feeling doesn’t last long but it definitely does have its challenges at times!
IB: Tell us briefly about your company and its role in the industry. What makes it different from other companies in the same space?
RO: Canopy is a group of eight advisers who represent several different insurance companies in the industry. We meet clients, get an idea of their situation, produce bespoke recommendations, assist with applications and manage claims. We only work with clients who we can genuinely help and always make sure we understand their interests and work with them collaboratively. It’s not about over-insuring someone but it is so important to understand their needs. Every recommendation we make for our clients is specific to their needs, which means they get the right level of cover with the right provider.
IB: What do you see as the biggest opportunity for brokers this new year?
RO: As a whole, New Zealanders are mostly under-insured as we have a real “she’ll-be-right-mate” attitude. This is our biggest opportunity to get in front of people, explain the risks but, more importantly, offer solutions that don’t cost the earth.
IB: What can you say about the robo-advice (digital advice) exemption under the FMA that comes into effect in May. Will you be applying for a licence?
RO: Yes, it will change the industry but would mostly mean that more people will be aware of insurance and how beneficial it can be. I don’t believe that robo-advice will completely remove the need for an adviser as insurance products are complicated and require explanations. It will be interesting to see the uptake of robo-advice within the insurance industry
IB: Outside the broking business, what do you enjoy doing? Do you have stories to tell about how you relax on weekends?
RO: Well, I’ve just become a first-time mum so still trying to navigate my way through that minefield! The weekends are usually spent either exploring Auckland or the North Island, or walking and enjoying having a helping hand at home!
IB: Complete this sentence: If I wasn’t in insurance broking…
RO: I would own a really cute café in some rural part of New Zealand that makes epic food and people travel from everywhere to come to it!
