TV

Danny Wood [00:00:07] Hello, I'm Danny Wood, News Editor at Insurance Business, and welcome to Insurance Business TV. And the first of our New Zealand Power Panels where we're looking at the opportunities and challenges facing brokers. In this panel we're taking a look at Broker Best Practices to Grow Business. We brought together senior industry professionals. Jivan Gill is Client Manager, Professional and Financial Risks for Lockton New Zealand. Jivan is in Auckland, Mikaela Watts is Senior Broker for Business Insurance Limited. Mikaela is in Christchurch, and Cedric Suifua is Client Director for the Pacific Practice at Willis Towers Watson. Cedric is also in Auckland. Welcome to all of you. And Mikaela, let's start with you. If you were to boil it right down, how would you summarize your best practice or philosophy, if you like, as an insurance broker? 

Mikaela Watts [00:00:58] I like that one of the best things you can actually do is it's just keep it as simple as possible and not get caught up in insurance jargon. Listen to what the clients want, what they're asking or what their goals are, their expectations from you as a broker? And can you actually deliver on it? Follow through if you tell them you're going to do something actually follow through and do it. ring them back when they ask you to I actually don't think it's rocket science, I think you just have to do what you say you're gonna do. And be honest about it. 

Danny Wood [00:01:34] Yeah, it's good, good, practical advice, not rocket science. Cedric, what do you think of that philosophy? what's your what's your philosophy? 

Cedric Suifua [00:01:41] Although there are a number of important keys to here, but I'd say for us, listening is paramount. Every client is why their needs are different. And it's important that we understand their business, and their and their was profiles. So that we can come up with a solution they suitable for them. We had a couple of clients with very similar risk profiles. And when we asked him a question, you know, they they had different? What were their different answers. We asked them what kept them up at night. And, and one of them there was see whether the creditors would be able to pay for them in so they've got an interest in trade credit. And for the other, be there they're protected by the terms of sale, so wasn't an issue. So you know, for us, it's, you know, we needed, you know, properly sit down and listen so that we can assist in needs. 

Danny Wood [00:02:34] And Jivan, the advice based approach that you adopt? I mean, I guess that implies a lot of listening as well. 

Jivan Gill [00:02:42] Yes, Sir does like Cedric says, it's all comes down to an advice layered approach. And with that comes the ability to sit down and listen to what the client or prospect has to say with regards to their concerns or issues that they face, and then sort of formulate a plan going forward. And it really comes down to not going down the path of transactional insurance by which you're seeing a lot of the market go down. And that's generally just through a computer and emails rather than a face to face approach, like Mikaela and Cedric alluded to. 

Danny Wood [00:03:21] Let's have a look at that initial meeting, because that first face to face meeting with a client or potential clients very important. Jivan, can you take us through your steps and how you try and win over a client in that first meeting? 

Jivan Gill [00:03:36] I think you can get started off by listening, you started off by listening, understanding what they have to say about their business, what they do, and the key issues that they are facing, not only from an insurance lens, but also from a business lens, whether it's the current economic climate, and how that might even impact on paying the insurance bill later on. And then you, as a broker, provide some feedback with regards to how you can look at solving some of these issues. It doesn't always have to be an insurance related solution or through the means of purchasing insurance, and then formulating a plan that's, that coincides with the expectation, and then delivering what you're going to say you're going to deliver on comes down to it and I think it really comes to a leap of faith with with new prospects and clients. And at this stage, you're really going to have an idea with that prospect with regards to whether or not they're comfortable with the strategy going forward. 

Danny Wood [00:04:43] Cedric, what about you? What are your first steps in that initial meeting? 

Cedric Suifua [00:04:49] Very similar to Jivan I mean, again, it's just about understanding the client's business and listening and giving them the right advice and tools to properly address the I can't manage by your balance sheet. You know, we've got some incredible resources. So it's, it's great to be able to draw on that expertise. And importantly not to make assumptions. And after we hear that having different conversations based on board knowledge and collaboration across our organization, and I often like to say, we are a truly global business. And like, we like to share this with our clients. And rather than, you know, as opposed to us just being in New Zealand, part of will this global. 

Danny Wood [00:05:33] And Mikaela, I sense it's variations on a theme here to some degree, but for you building a relationship is the most important thing of that first meeting.  

Mikaela Watts [00:05:42] Oh, for sure, yeah, I can play that I just one of my favorite things, people love it, it asked them about them and about their business. And because you're not there to talk about you get them started now away, people love to talk about themselves. You know, and those people that, you know, you get to be a part of the business starting from the ground up and you build, you know, obviously, everything grows around it. And I think that's actually like quite an honor to be a part of that with people. And I think is our industry is growing, especially here in New Zealand with regulations and all that coming in, I think it's finally becoming a thing. We the on the broker side, especially we're much more respected than we were even four or five years ago, especially more than we were 20 years ago, that's for sure. And I think that that's quite strengthened to the industry. But yeah, I think reinsurance really is all about relationship, you can talk the talk as much as you want, but all they're looking for is that they can actually trust you as my belief. 

Danny Wood [00:06:44] It's certainly important that as a journalist, I will as you were saying, I rely on people being willing to talk about themselves a bit. So I hear there, you're all pretty experienced brokers. And I'm just wondering if you've tweaked or changed something over the years compared to what you did when you started. Cedric, can we start with you? Would it be would it be changed in how you approach things, 

Cedric Suifua [00:07:05] Oh I've tweaked a lot. Having a clear plan and sharing them with our clients is vital to achieving successful outcomes. Never take a client for granted, and appreciate that they're often looking at it differently. So we need to understand what the true drivers up historically, or was very, very transaction. You know, client, you'll just give the client what they what they asking for supposed to really sitting down and assessing their needs. But you know, I guess that's one of the benefits of my time here are Bullis then more about collaboration, sharing ideas and concepts from the experience across the broader business. But yeah, I mean, it's been, I've learned a lot over the years. 

Danny Wood [00:07:53] And Mikaela, let's talk to you what what have you changed over the years? 

Mikaela Watts [00:07:58] I've actually really only just come back into the sales game after having babies, et cetera, et cetera. And he came back into barking in July last year. I think one of the biggest things we do is deliver on our promises, make sure that you are doing that don't, you know, say what you're doing? The one thing I have learned to tweak as I've gotten older as don't be afraid to tell people that you don't know that you don't know an answer to a question that they want to know. Tell them openly Look, I don't actually know the answer to that but I'll find out and I'll come back to you people appreciate that honesty. We don't know everything nobody does. So you know, I think just the open honest communication with them is one thing that I think is really important, and probably something I'm quite I'm much more okay with now than I probably was 10 15 years ago. 

Danny Wood [00:08:51] What about you Jivan? Are you more more comfortable saying you don't know something? Or what's what's something you've changed over the years? 

Jivan Gill [00:08:58] Or something I've changed over the years was respect to broking as, as adopting a very stringent view on relationship building rather than transactional. The transactional method of broking which, you know, which of which I started off at the start of my career, and then sort of realized the importance of, of building these strong relationships. Because next surprise, I think service and advice is the next most important thing. To some clients and some clients. It's advised first. So with respect to broking, I think it's generally just adopting a relationship based approach and then an advice based approach. 

Danny Wood [00:09:44] Let's talk a bit about client retention. Because beyond pricing in this tough economic climate, it takes more than just a good price to keep a client as you guys have been explaining, and well, no, but I mean, what do you do? During the meeting, beyond pricing to try and keep clients who are renewing, Mikaela, let's start with you on that one. 

Mikaela Watts [00:10:07] Obviously price, it's a massive effect in there, especially after the Auckland and Hawke's Bay storms, etc, it's become quite a thing. And obviously, the tail end of the Canterbury quakes are still around. And you know, we're almost this week, but So 13 years on from that, and that's still a thing. But I think it's actually about being honest about what we do, being honest about that income that we do in that we do actually earn something for it. Don't be afraid to talk about that. But he talks about what you bring, as a broker over a direct insurer that year, we actually probably are more expensive, but what you know what the beggar barking has, as well, that the specialized wordings May and what that means for you what you're weird, and as a broker with helping them to handle claims, and all those sorts of things we are and as Javon has talked about, throughout this as it not just been a transactional based job where you know, if you have an issue, give us a call, we'll talk about it, we'll help you sort it out. Something hasn't gone quite how they expect at toe taking their time to go over at what then Then coming to a solution that works for them. And I think that is we, as we go on and time happens those those direct insurers. Sort of people, I don't think it's focused on prices, they don't get an understanding of that I watched a thing the other day, and somebody was talking about how, you know, why do I have to pay for anything to do with the Auckland floods? And I thought, well, you know, actually, if you had a Baraka, you would understand that because people are outside, we talk about it, yes, you're having these increases. But this is why and this is what the markets doing and what we expect from it. And I think that they all brings in their advice side of it, of showing that we bring something a little bit more. 

Danny Wood [00:12:00] And Jivan, what about you? What are you doing to make sure clients stay with you. And when you 

Jivan Gill [00:12:05] I think it comes down to proactiveness, when it went not only during the renewal cycle, but throughout the year, clients, like Mikaela alluded to want to know what's happening out there with respect to the current market, and why why rates are increasing. But they'd also like to know what sort of other solutions are out there with respect to insurance. And there comes maybe in the viewpoint of captors alternate risk transfer. So it doesn't necessarily have to do with price, but a different way of skinning the cat, so to speak. And that's where I generally view clients wanting to talk more about as is the alternative and a new solution to the problem. 

Danny Wood [00:12:56] And Cedric, let's finish this panel with you, you say that the global network is pretty important when it comes to retaining clients. 

Cedric Suifua [00:13:05] Yeah, we're very fortunate to have such an incredible experience across the business. People have been through all types of market conditions. And just having that knowledge to draw upon now of clients that had been through this with us and look, take confidence in the strategies of the implementer and show that they know and trust in how we will be approaching renewals. And also, the follow up that focusing on challenging the status quo, and having different conversations around managing risks to what they might have had, you know, could lead to you know, materially different outcomes. Because we act as a as a team of support from incredible people in New Zealand and around the globe. We're able to share different experiences, strategies and approaches to drive different outcomes. We're seeing wellness, and it's a bit of an The saying is that each one of us here, all of us, and it's, it's it's really true. I'm talking to people in different countries all the time, you know, to support our clients here in New Zealand and of the Pacific and go back to what Giovanna was saying about the different policies and programs to be able to boycott alternative risk captives in all of that, so it's important to draw upon that knowledge from the globe and graphs you can get it for our clients. 

Danny Wood [00:14:26] Cedric, thanks very much for your contribution and thanks to everybody and that wraps up this Insurance Business New Zealand Power Panel looking at Broker Best Practices to Grow Business. Thanks again to our panelists. Jivan Gill is with Lockton New Zealand, Mikaela Watts's with Business Insurance Limited and Cedric Suifua is with Willis Towers Watson, thanks for watching Insurance Business TV, bye for now.