Industry Experts Discuss Key Issues Shaping the Broking Profession

'Beyond the Status Quo: Tackling the Key Challenges Facing the General Insurance Industry' was a popular session at the 2024 NIBA Convention, drawing on a range of experiences, views, and visions

'Beyond the Status Quo: Tackling the Key Challenges Facing the General Insurance Industry' was a popular session at the 2024 NIBA Convention, drawing on a range of experiences, views, and visions. 

The esteemed panel of industry experts included Shane Fitzsimmons, AO AFSM; Jennifer Richards, the CEO of Aon Australia; Andrew Hall, the Executive Director and CEO of the Insurance Council of Australia, and Ben Bessel, the Chief Broking Officer at Austbrokers (AUB Group). Here are some key highlights.  

Future tech  

AI prompted an insightful discussion about its role in improving efficiencies. Still, the clear message was it is about balance and managing its use to support the industry fundamentals of relationships and human communication. 

"The generative AI is becoming more and more interesting," Ben Bessel, the Chief Broking Officer at Austbrokers (AUB Group), said. "There already has been more discussion on regulation, particularly as this notion of high-risk data and analysis comes in and how that affects pricing whether it's health insurance or just general insurance pricing."  

Natural disasters  

The panel discussed natural disasters, and despite their impact and devastation, a positive outcome has been the change in approach by governments at different levels to be more proactive in preparing for these events. 

"It's really pleasing to see the word betterment, the investment, the policy architecture is recognising the need to rebuild wiser and better than what was there before and take the time when it's displaced," Shane Fitzsimmons AO AFSM said.  

In addition, he mentioned the importance of looking after our own people at these critical times. 

"I just can't overstate the value of an organisation like NIBA that provides an industry of peers that you can open up to, talk to, and seek support and assistance from when you're processing all these things," added Shane.  

Watch the session below  

You can watch the full video to learn more about the challenges ahead, including being more relevant and innovating for tomorrow.