The broking business of the future

The broking business of the future

Broking has much to be proud of – as shown by high client advocacy and low client disputes both in New Zealand and Australia.

Our challenge now – which we embrace with optimism and courage – is to sustain that record as we look towards future of our industry.

So how do we do this, and what does that future look like? We believe the general insurance broking business of tomorrow will centre on:

  1. Advice

    General insurance broking is focused on connection, first and foremost with our customer. The broker meets the customer on their terms, providing practical personalised advice. They engage with the customer and orchestrate the analysis of information, reconciling trade-offs, and enabling the customer to get exactly what they need without having to become an expert, or accept poor value and service.

    The business places quality of advice to the customer first. That advice helps them navigate to the ideal mix of products and services for them. Risk management advice, comparison, needs and solutions modelling are all enabled by new technology platforms. Customers will be able to engage with the advice business through their phone – enabling omni-channel access between the consumer and the smaller, more agile, advice businesses that we serve.
  2. Professionalism

    With an enhanced focus on governance and quality, the broker will wrap governance and quality assurance structures around the people and technology in the business. More of the brokers will work ‘on their business’ than merely within it.
  3. Technology

    Technology brings data feeds and workflow management to relieve the broker of many of the administrative and technical burdens of providing excellent advice. Compliance will become assured throughout the process, rather than a complex minefield bolted on to the advice process.
  4. Services

    A mix of broking services may complement product sales as technology enables advice efficiency and easier mechanisms to charge fees for advice.

For a confidential conversation about your insurance programme, contact an Insurance Advisernet Member Broker today.

General Advice Warning

The information provided is to be regarded as general advice. Whilst we may have collected risk information, your personal objectives, needs or financial situations were not taken into account when preparing this information. We recommend that you consider the suitability of this general advice, in respect of your objectives, financial situation and needs before acting on it. You should obtain and consider the relevant product disclosure statement before making any decision to purchase this financial product.

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