Supporting broker ambitions through aligned broker relationships

Imagine engaging with an insurer who anticipates your needs, enables decision-making and empowers relationships. One who has deliberately and carefully built a structure that supports the achievement of both yours and your clients’ business ambitions.

And what if this bold vision could result in win-win-win outcomes for brokers, insurers, and customers, delivering sustainable results and a strong culture of innovation?

According to CGU Insurance Executive Manager Broker Relationships, Peg Vaghaye, it is not only possible, but it is well underway.

IAG’s announcement to return CGU Insurance to a fully intermediated brand in early 2021 was the catalyst to re-design its Broker Relationships operating model to one that is aligned to brokers, moving it away from the traditional state-based model.

“We know that to deliver the best possible service to brokers, our Relationship Teams must align to them. This alignment fosters relationships and builds ownership and accountability. When everyone is committed to the same goal, execution of strategies and working together naturally becomes easier,” Peg said.

Having already successfully deployed staff to remote work during the COVID-19 pandemic, adopting digital ways of working proved broker engagement could be successful and effective regardless of geography.  Digital became an enabler for relationship managers and underwriters to better engage with regional and remote brokers and Authorised Representatives in any location.  Adaptation to a changing world was non-negotiable but this new, agile way of working also proved that innovative outcomes and cost-efficiency could be delivered without compromising service.

Peg observes, “If we look outside of the insurance industry, customer engagement and communication is supported by different channels. From direct mail to social media, we as consumers have come to expect this from those that we do business with. This was a key piece that we needed to get right.”

This idea of modernising broker engagement led to many other innovations, such as the launch of the quarterly email newsletter, CGU Edge, important notices, and a very active presence of our people on LinkedIn

As maturity of the model sets in, Peg is encouraged to see promising signs that the vision to take CGU Insurance’s service and account management proposition from good to great is gaining traction.

“Our long-term vision is to remove as many of the friction points that brokers experience when dealing with us. This includes looking at our set ways and questioning whether this is really the best way to do business. While we are still in the early days, support from brokers has been incredible.”

In addition to benefits for brokers, creating locally based and nationally aligned teams also broke down silos internally and exposed employees to new people and experiences from all over the country. Overnight, their networks grew as they learned nuances of transacting business in different states. Along with development and career benefits, this has given CGU Insurance employees greater clarity on how their roles play a key part in delivering business outcomes through supporting brokers.

Another innovation is the creation of the BrokerPoint. “We want to support all brokers regardless of the size of their business. But we still want them to be aligned to their broker group and have a CGU Insurance person through whom they can develop relationships,” said Peg.

“With over 2,500 broker accounts and 12,000 national contacts – it was a challenge. That’s why BrokerPoint is a game changer.”

On face value, the BrokerPoint team might have been thought of as generic service centre, but it is anything but.  The Broker Advocates perform the same role as Relationship Managers in a centralised, virtual team environment where broker relationships are still developed and nurtured. Where once there was confusion about how to find the right people, there now exists prompt and streamlined support no matter where the broker is located. It’s an important differentiator that ensures tailored service is delivered where the relationship demands, rather than a one size fits all approach.

Every successful market-facing team needs an ‘engine room’ behind it. CGU Insurance’s Performance and Delivery team provides the essential upskilling, events, communication, data, risk, and reporting support that a high-performance relationship management team needs to be best in market.  This means CGU Insurance’s market-facing teams can focus on growing strategic partnerships and consistently deliver the service excellence that brokers expect.

According to Peg, there is still much work ahead, but the team knows exactly what they need to do to get there.  Insights gleaned from over 2,300 broker responses in the annual Broker Pulse Survey are key to navigating the way forward.

“For all of us at CGU Broker Relationships, it has been amazing going through this transformation. Our people are fully on-board and dedicated to the task at hand – making brokers’ lives easier and encouraging mutual growth. It’s in our DNA.”

“Brokers want to understand what CGU stands for, and experience products and service that support their business and those of their customers.  They want efficient systems that deliver fast solutions, with open communication and a partnership approach that holds true in both good times and bad,” Peg said.

As with any building, if the foundations are not sound the structure won’t hold.  Without logic and purpose a vision is simply an idea.  But when backed with customer-centric intention at its heart it becomes a blueprint for something special that can evolve with the market and the customers it serves.