The 2021 Warren Tickle Memorial Award finalists believe that now is the time to let specialised advice and client servicing come to the fore
A host of new regulations, a global pandemic and the increased scrutiny facing financial services, all of these have resulted in a unique landscape for the insurance broking profession.
As higher insurance premiums, reduced capacity and more rigorous underwriting criteria ensue in a hardening market, the 2021 Warren Tickle Memorial Award finalists believe that now is the time to let specialised advice and client servicing come to the fore.
The 2021 Qld Young Professional Broker of the Year, Alishia Oliver said, “We are continuing to analyse the way we do business and are constantly evaluating our processes to ensure efficiency so that we can concentrate on being trusted advisers for our clients.”
“The past year and a half has been challenging for most businesses and insurance brokers have been at the forefront of efforts to mitigate the effects of border closures, lockdowns and natural catastrophes. Oliver added, “Through the COVID-19 related challenges we were supporting our clients to ensure cover was being provided for evolving business activities, arranging extended credit terms and negotiating deferred monthly payment options. We have been leaning on insurer’s to really dig down and see what options were available to keep costs down for those struggling whilst also maintaining the coverage they require to ensure their businesses were still protected.”
The 2021 Vic/Tas Young Professional Broker of the Year, Mitchell Wright agreed with Oliver and said, “Whether it is has been adapting their insurance program to evolve with the various changes that they are forced to make, or being there to support them personally during their time of need, the importance of being totally invested in helping and guiding broking clients through such unprecedented times has never been clearer.”
It hasn’t been just about supporting clients, insurance broking businesses have also had to deal with the challenges that most organisations are facing while we navigate our way out of the pandemic. Wright added, “We too have had to adapt and become more resilient during these difficult times, finding ways to engage with our clients through technology, working from home, maintaining our strong team culture, and ensuring that we increased the assistance to our clients when they needed it most.”
The 2021 WA Young Professional Broker of the Year, Luke Cameron said, “The market will continue to be hard for some time yet but as the economy is recovering, the role of a broker is only going to become more technical and our responsibility will only increase as navigate the risk management process for our clients amidst the limitations of the market”.
The 2021 NSW/ACT Young Professional Broker of the Year, Megan Farmer stressed that right now the relationships brokers have with their clients are of utmost importance, “I am engaging with my clients more than ever, listening to them intently to understand their changing risks and exposures during these difficult times and service them the way they want while I assist them in finding an insurance program that fits their purpose.”
With processes becoming automated a more holistic approach to risk advisory is emerging. The 2021 SA/NT Young Professional Broker of the Year, Patrick McCole said, “We are already seeing that some aspects of our everyday broking duties are more transactional on online portals. It is impacting the relationships between broker and underwriter which is, in turn, hindering the best results for our clients. Clients’ businesses will stop being reviewed on their own merits and rather fitting a certain category with no negotiations.”
“As much as we need to embrace technology, we also need to ensure that we’re continually pushing to create awareness of the competency and professionalism that brokers bring to businesses.”
The Vero-sponsored Warren Tickle Memorial Award winner will be announced at the 2021 NIBA Awards to be held on 28 October 2021. This year’s ceremony will be hosted virtually via Zoom and you can register here to join in the celebrations.