Award winning brokerage’s director on 2024’s insurance challenges
Award winning brokerage’s director on 2024’s insurance challenges | Insurance Business Australia
Insurance News
Award winning brokerage’s director on 2024’s insurance challenges
Nominations for the 2024 Insurance Business Australia awards are open
Insurance News
By
Daniel Wood
“Being a broker is not about simply being an order taker,” said Helen Stephens (pictured above). “It is about building relationships, building rapport and at all times continuing to provide clients with a professional approach to managing their risks.”
Stephens is director of Simplex Insurance Solutions, headquartered in Ballarat, Victoria. Her brokerage has won awards and top billings in Insurance Business Australia’s frequent analysis and rankings of insurance companies.
One of those awards: 2023 Broker of the Year for firms with under 20 staff – was won by her fellow director, Kay Jackson.
Challenges: hard market and differentiating offering
“The continually hardening market and challenges in particular surrounding quality products for the retail market will continue to be issues in 2024,” said Stephens. “Ensuring that we as professional insurance brokers continue to differentiate our offering from that of the direct market – in particular in light of recent announcements that the direct insurers will likely be permitted to provide some personal advice, will be interesting.”
Stephens was referring to the implications of the government’s Quality of Advice Review (QAR). Early in December, Treasury released “a final response” to the QAR report before further consultations and drafting legislation. The government’s stated intentions included creating a “modernised and flexible best interests duty” and “a new class of financial adviser.” Industry stakeholders expect that to allow insurance customers to get more advice about the products they buy.
Stephens also said insurance market capacity, an issue for several years, will continue to present brokers with challenges in 2024, particularly for harder to place risks.
“However, this is where we, as professional brokers, can often also shine – utilising our professional networks and contacts to determine alternative solutions,” she said.
A good brokerage structure can help
The brokerage director also discussed how her firm deals with these challenges and tries to keep customers happy.
“Our structure ensures that all clients have a dedicated account management team to provide them with assistance,” said Stephens. “All clients are contacted prior to each renewal and we work with them throughout the year to ensure cover remains correct and suits their needs.”
The firm, she said, also has a claims management team.
“Our retention remains consistently high as our service levels are built in to our procedures – they are simply how we run our business,” said Stephens.
Ongoing education
Her insurance company also focuses on ongoing education for its employees.
“Every team member has a customised training plan that is tailored to suit both their own learning needs as well as ensuring that the knowledge and skill levels across the wider team remain high,” said Stephens.
She said “a skills matrix”” helps ensure the firm’s across the board skills and knowledge are up to scratch.
“All of our team members – with the exception of our receptionist – hold a minimum of a Tier 2 RG146 and many hold qualifications that are higher than this,” said Stephens.
Account managers at the firm, she said, all hold or are in the process of completing a diploma and a number of employees also hold undergraduate and post graduate qualifications.
Community engagement: sports, charities and business groups
Community engagement is also important, said Stephens.
“We encourage all our team members to be an active part of our communities – many have connections with various social and sporting clubs, some are members of various charitable organisations and in this day and age it is also important to remember the online communities we each have,” she said.
Stephens said the firm is an active member of BNI, Commerce Ballarat and Business Kyneton. The brokerage also contributes to local publications including Midland Express and the Red Gum Courier.
“We seek to share information regarding insurance with the communities in which we are involved so that the wider audience are more informed,” she said.
The Insurance Business Australia Awards is taking place earlier than previous years. 2024’s event is May 3 at The Fullerton Hotel in Sydney. You can register and nominate via this link and find all the information on last year’s winners.
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