Brokers doing business like they were five years ago need to rethink their plans, says one association president, and that providing value to clients is what will ensure they ‘own the future.’
Kicking off the National Insurance Brokers Association conference in Adelaide, Australia, that country’s insurance association CEO Dallas Booth said the key message that will emerge from the conference sessions will be for brokers to provide real value for their clients and customers.
“Brokers who are providing value we know from market research are respected and appreciated,” said Booth, “and for brokers who are doing that well, their clients are almost rusted on for quite long periods.”
Booth said providing real value across the risk management and insurance spectrum – quite difficult and technical areas for clients – will ensure that brokers have a viable role in the future.
Those brokers who are still doing business like they were five years ago may have to have another look at their business models, with Booth saying we live in a ‘world of disruption.’
“The way commerce is being undertaken, the way business happens, the way people are relating to each other for business and other reasons, this is all changing dramatically,” Booth told Insurance Business. “In fact, it has changed dramatically in the last three years, and that is one of the reasons why we have such a forward looking focus at the Convention; it is to say if you are still running your business like you did five years ago, well you might have to ask yourself just what really are your plans.”
However, those brokers who are working very closely with their clients and communicating with them effectively are the ones that will continue to deliver true value and thrive in the years ahead, he said.
“The way they do that will no doubt change,” said Booth, “and probably is changing and will continue to change, but the value proposition I am sure is still there.”
NIBA’s Annual Convention is themed ‘Own The Future.’
