Top 10 broker tips for 2024
Top 10 broker tips for 2024 | Insurance Business Australia
Insurance News
Top 10 broker tips for 2024
You’re not a car salesman…
Insurance News
By
Daniel Wood
Brokers face numerous industry challenges in 2024. Across many insurance lines premiums are still rising sharply, capacity is limited and coverages for major threats like flood and fire can be unavailable or unaffordable.
According to three industry leaders, demonstrating the broker difference, teamwork and savvy use of technology are three ways insurance brokers can stay ahead in 2024.
Demonstrate your worth
“Sometimes people put us with car salesmen and we’re not,” said Mandy Cooper (pictured above), director of CPR Insurance Services. “We’re actually there, not just when they are buying the cover, but also when there’s a claim which is really important for the clients.”
Brisbane-based Cooper said it’s important for brokers to explain and demonstrate their worth to clients.
“I think it’s important to show that you can support clients and also keep your name out there to help prove that broking is a good industry and that we are looking after people,” she said.
Surround yourself with good people
Tate Harris (pictured immediately below) was the winner of last year’s Young Gun of Year award for brokers at independent firms with less than 20 staff. The Canberra-based partner at allinsure credited working with an able and supportive team as an essential reason for his success.
“It’s teamwork, it’s not just me, it’s the people you have around you,” he told Insurance Business. “When the whole group comes together, that helps me do what I do and helps me really enjoy it.”
Leverage technology
Drew Schnehage (pictured below) is managing director of Innovation Group in Australia. Her firm specialises in third party claims administration and is also a big supporter of the Insurance Business Awards.
Schnehage, who has three decades of industry experience, encouraged brokers to take as much control of their insurance offerings as possible. One way to do this, she said, is by leveraging technology.
“Brokers rely on insurance companies to provide them with solutions – so if you can take control of your own journey and provide a digital journey for your customers I think you are going to be at the forefront,” she said.
Top ten broker tips for 2024
Building on these tips from Cooper, Harris and Schnehage, according to some industry reports and online sources, brokers can face down 2024’s challenges by adopting 10 strategies:
Stay informed and adaptive
regularly monitor industry trends, technological advancements and regulatory changes.
embrace a culture of continuous learning and encourage your team to upgrade their skills
Invest in technology
leverage advanced technologies including artificial intelligence (AI), data analytics and automation to enhance efficiency in underwriting, claims processing and customer service
explore insurtech partnerships that can provide innovative solutions to streamline operations and improve customer experiences
Enhance cybersecurity measures
prioritize cybersecurity to protect sensitive customer data and maintain trust
regularly update security protocols and invest in the latest cybersecurity technologies to mitigate the risk of data breaches
Focus on customer experience
understand and adapt to changing customer expectations by providing personalized and seamless experiences
invest in user-friendly digital platforms and consider implementing chatbots or virtual assistants to enhance customer interactions
Diversify offerings
diversify product offerings to cater to emerging risks and changing customer needs
consider specialized or alternative coverages for newer risks like cyber threats and climate challenges
Compliance and ethics
stay vigilant about regulatory changes and ensure compliance with evolving laws and industry standards
maintain high ethical standards in data usage, privacy and customer interactions to build and retain trust
Build resilience against natural disasters
develop expertise in assessing and underwriting risks associated with climate change and natural disasters
collaborate with experts in risk modelling and consider offering specialized coverages to address these challenges
Emphasize education and communication
educate clients about emerging risks, the importance of certain coverages and the benefits of risk management strategies
enhance communication strategies to keep clients informed about policy updates, industry changes and risk mitigation strategies
Strategic talent management
attract and retain skilled professionals by offering competitive compensation, professional development opportunities and a positive work environment
foster a culture of collaboration and innovation to encourage employees to contribute to the company’s growth and success
Network and collaborate
strengthen relationships with insurtech companies, industry associations and other stakeholders
collaborate with technology providers to enhance your service offerings and improve operational efficiency
What’s missing from this list? Please tell us your broker success strategies below
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