Going further on representation, professionalism and community
Over the past decade, the broking industry has contended with considerable disruption, largely focused on an enhanced regulatory framework. New NIBA President Gary Okely says the work on the Hayne Royal Commission, NIBA’s review of its Insurance Brokers Code of Practice and delivery of the Quality of Advice Review outcomes, underpins his vision for the future of the industry and the value it can continue to drive.
“The three pillars of NIBA’s strategy around representation, professionalism and community have come to the fore over the past few years,” Gary says. “From the representation perspective, the work that NIBA has done with the government has led to a very positive outcome from the Quality of Advice Review. NIBA’s leaders in Di Phelan and, before her, Eric Harris, have created a great foundation with the industry and governments that has been reflected in the very positive outcomes for brokers in Michelle Levy’s report.”
So, where to now? Gary believes there is a logical progression for NIBA. “We do a lot of excellent work in advocacy and the Quality of Advice Review Report reinforces this with better broker and client outcomes,” he says. “The net stage of this that I’d like to see is for NIBA to become a trusted adviser to government from a client perspective. This will see governments reach out to NIBA more to work together to achieve better outcomes for our clients.
“There are plenty of challenges around affordability and availability of insurance that present a real opportunity for the broking industry to work with government and support vulnerable communities. We need to work towards an improved focus on mitigation rather than recovery and helping guide the government on longer term investments will be an important way we can deliver better outcomes for our clients.
“While the Federal Government controls our insurance legislation, state governments also have a key role in decision making and funding of the mitigation requirements that will assist the long-term availability and affordability of insurance for the clients of brokers right across the country.”
Outgoing NIBA President Di Phelan has started conversations in this area and she recently commented that “More innovative thinking is needed to find solutions where the market has shifted”. I believe that there is an opportunity for the NIBA Board to further engage with our state Committees, to support their focus on the local issues impacting brokers in their individual states. Some of these are the NSW Emergency Services Levy, impacts from flood and cyclone events in Queensland, workers’ compensation in Western Australia and flood insurance affordability in Victoria and South Australia. While these are state based issues, they have impacts beyond individual state borders and will impact the accessibility and affordability of insurance for our clients.
“All brokers should look at these issues through a lens of creation and innovation; and a key part of that for NIBA is working with governments to bring a client lens to these discussions so that businesses, homeowners and broader communities have a voice. We need to encourage government to invest in the right way. NIBA has a strong and unique advocacy role that we can crystallise further and I see that there is a real opportunity for NIBA to do this over the next few years.”
Fostering collaboration
Gary believes the community of brokers will gain significant benefits from the return of an in-person NIBA Convention on the Gold Coast in October. “By our very nature, brokers are relationship driven, social people who thrive on continual learning and collaboration.”
The Head of Public Sector – Pacific, for JLT Public Sector, Gary says that as he moves around the country, he sees solid evidence of how the key broker skills of relationship building and engagement are rebounding from the effects of the pandemic.
“Being part of the community is very important. NIBA fosters that with our partners, including insurance partners through such initiatives as the Vero-sponsored Young Broker of the Year award and the QBE-sponsored Broker of the Year award. This is an industry that thrives on networking and personal development and being involved in these industry awards is a great opportunity to expand.
“There is little doubt that the pandemic was tough on those who entered the industry at that time. A number of the young and emerging talent that came into our industry didn’t have opportunities to meet and engage with each other and thankfully this is changing.
“That’s another reason why being able to get back together at the NIBA Convention is so important.
A copy of the full interview will be available in the March issue of Insurance Adviser.