Crombie Lockwood broker Bob Johnson has been in the industry for more than 13 years. For him, if brokers don’t feel comfortable with a new client, it’s best to just walk away.
In this Q&A, the Queenstown-based broker shares with Insurance Business his most memorable client experience and what he sees as the biggest opportunity for brokers in 2018.
IB: Who or what inspired you to become a broker?
Bob Johnson: Always felt comfortable in the insurance industry having worked for an underwriter, managed a bank insurance department and being a claims adjuster.
IB: How would you sum up insurance brokers in three words?
BJ: Trusted. Advisor. Negotiator.
IB: What do you see as the biggest opportunity for brokers in 2018?
BJ: Using technology at the back-end but going against the trend and engaging face-to-face with clients.
IB: Why do you like being a financial adviser?
BJ: I’m interested in the different businesses and how each owner operates their business. Then fitting an insurance programme to meet their individual needs.
IB: What was your most memorable client experience?
BJ: Was approached by a large client who had been told by his current broker that they were unable to find an underwriter who would insure him. He had previously had a business manager who had caused numerous claims and run the business down. His business had been placed with a last resort insurer who eventually went under leaving the client without cover. Working outside the square we placed his business, looked after and improved his claims issues and, over a period of time, reduced his premiums to normal market rates. The client has been with me for eight years now and his business has grown over the years. It is these small successes that are the most satisfying.
Other experiences include boating over the top of flooded farm fences, assessing flood damage to a house where the water had reached ceiling level, insuring a house previously built by an international drug dealer, with bullet proof glass, etc.
IB: What’s the best advice you’ve ever been given?
BJ: If you don’t feel comfortable about a new client, walk away.
IB: What do you think of the
FMA’s robo-advice announcement?
BJ: I believe that insurance is a relationship industry so I don’t really think our industry should be moving into the advice area in this way.
IB: What’s the most important thing a broker can do to develop their business?
BJ: Become an advisor for your clients. If you see other areas of concern, outside of insurance, discuss these. Become a part of their business.
IB: If you were Prime Minister for one day, what would you do?
BJ: Legalise medical cannabis; and tougher sentences for child abusers. Might take more than a day to get these through however.
IB: If you could have dinner with any three people (dead or alive, excluding family or friends), who would you invite and why?
BJ: Sir Alex Ferguson (leadership/motivation), Lee Harvey Oswald (did he really shoot JFK), Buddah (what really is the meaning of life).
IB: Complete this sentence: If I wasn’t in insurance broking, I would be…
BJ: Sitting on a ride on, mowing lawns around Queenstown in the clean mountain air.
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