Navigating challenges: the AR broker’s journey
Navigating challenges: the AR broker’s journey | Insurance Business Australia
Technology
Navigating challenges: the AR broker’s journey
In a shifting insurer landscape and economy, authorised representatives find strength in PSC Network
Technology
By
Bennett Richardson
This article was produced in partnership with PSC Network
The life of an authorised representative (AR) broker is fraught with challenges, from justifying their value to clients to navigating an ever-changing insurance market. However, with the right support network, these hurdles can be overcome, allowing ARs to focus on what truly matters – their clients.
“Dealing with competition from direct insurers and other brokers, while meeting increasing client expectations for personalised service, transparent pricing, and quick response times on queries and claim resolutions,” is how Megan Spiniello of SSAA Insurance Brokers, a PSC Network AR, describes the current broking landscape.
These demands all feed into the most precious and limited resource: time. Paul Flannery of RP Quayside, another PSC Network AR, said, “Time is the biggest challenge. There are not enough hours in a normal day or week to get everything done, and people are burning out as 50-hour weeks are becoming the new normal.”
For ARs, this time crunch is further exacerbated by the need to balance running their own business, managing staff, and driving growth.
The power of a supportive network
In this challenging environment, a supportive AR network can be an invaluable partner. Kate Fairley of Macedon Ranges Insurance, a PSC Network AR, attests to this: “Having the support of PSC has been crucial to the success of my business. Their investment in technology and insurer relationships has really made a difference in delivering positive outcomes for my clients.”
PSC Network prides itself on fostering a collaborative and supportive culture.
“PSC Network has great people, both in leadership and other ARs – we talk, we share, and try to support each other,” said Patrick Rafferty of Insurance Union, another PSC Network AR.
Leveraging technology for success
Technology-driven efficiencies are consistently flagged as a crucial support service for ARs. Flannery emphasises the importance of “systems that streamline quoting and processing of documentation, as it is a time-intensive process that needs to be done right.”
Responding to this need, Tony Walker CEO says “PSC Network Partners is investing heavily in the groups multi-quote platform, Apex, which in the past 12 months now boasts connectivity to over 16 insurers across domestic, commercial and residential strata products and has facilitated placement of over $200m GPW across 97,000 policies, in addition PSC APEX is now trialling direct API connectivity to insurance partners that will facilitate faster turnaround times, greater accuracy and improved products for our partners and clients”.
Ultimately, with the support of a strong network, ARs can focus on what really matters. As Rafferty puts it, success comes from “getting to know your clients, their businesses, and having relationships with the right insurers, as well as understanding the differences in cover and being able to explain them in layman’s terms.”
In an industry where time is at a premium and challenges abound, the value of a supportive network cannot be overstated. It’s clear that for many ARs, such partnerships are not just beneficial – they are essential for long-term success and growth.
Reach out to PSC Network if you’d like to understand how we can support you to continue to grow your AR business or set you up for success as a new AR.
PSC Network Insurance Partners is a division of publicly listed PSC Insurance Group Limited. As a Group, PSC aims to be the trusted insurance and risk management partner for its diverse range of Small to Medium Enterprise (SME) clients. PSC Network Insurance Partners Pty Ltd is an Australian Financial Services Licensee, responsible for a large network of Insurance Advisors across Australia.
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