This week we talk to
Rothbury Central Otago branch manager Phil Thompson for our
Insurance Business profile series. Rothbury is part of the largest broker network in New Zealand and Australia – the
Steadfast Group.
What is the best part of being a broker?
Meeting people and getting to know them and their businesses, and providing them with the best business solutions to manage and meet their risk.
What’s the hardest, most challenging part of being a broker?
Making clients realise the depth of their exposure to risk, and what the consequences of that exposure could be. This means keeping on top of all new emerging risks and up to speed with everything that’s going on in the marketplace. There’s a lot on the horizon.
What do you think of the FMA’s robo-advice announcement?
For the type of service we offer, I don’t think there will be any impact for brokers. Complex advice will always be needed. No two businesses are alike and one size does not fit all.
Does the industry need more regulation?
The regulation for general insurance is pretty good. Rothbury is a member of the Steadfast Group, which gives us economy of scale, robust systems and access to the latest resources, good training and quality staff.
If you could improve one thing about the industry what would it be?
Policies are not always as tailored as they should be, this is something we often debate on behalf of our clients.
Do you think brokers will remain relevant (and if yes, why?)
Absolutely! There’s always a demand for quality advice in an increasingly complex world.
Is there an advice gap in New Zealand?
I don’t believe there is one as far as insurance goes. As insurance brokers, we’re able to advise not just on insurance but on a wider risk management basis.
Do you think New Zealanders are underinsured?
Yes. Kiwis underestimate risk and the impact a major loss might have on them, their business and their families. We need to keep providing examples to clients to make insurance real for them.
What would your advice be for a young person wanting to enter the industry?
Do it. The insurance sector is interesting, challenging and can provide you with a very rewarding career across a range of different business divisions.
Do you think commissions are too high?
No. The professional advice and benefit you gain from good advice is invaluable for a client.
What makes a broker good?
Passion and wanting the best for your clients. An interest in who your clients are, what they do and how they can best protect their financial success.
What makes a broker great?
Being approachable. Being able to get your message across in plain English. Ultimately, being able to take the worry of risk away from your clients.
What behaviours would you like to see leave the industry?
The one size fits all approach. No two risks are ever the same so don’t treat them that way.
Related stories:
Most Kiwis are underinsured – expert
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