The Best Things about Broking | COVER STORY
Why do you think you are successful? I like people. Even the most difficult client has a story to tell. I enjoy the challenge of finding common ground so my clients feel comfortable working with me. I maintain a level of professionalism to ensure my clients get what they need, when they need it. I focus on the basics and do what I promise. The value of providing good service can’t be overstated. I have a great support team and they are integral to the delivery of our high-service standards. It’s also essential to maintain a level of technical skill and knowledge. Regulation and compliance mean the onus of responsibility rests with the broker. What are your four most demanding job challenges? • Educating clients to accept that the new normal of higher. premiums, excesses and changes to the basis of settlement are here to stay. • Working with my team to find the best pathways for them to continue their own individual training and development and remain motivated. • Reduced markets for hard-to-place risks. • Hardening insurer attitudes at claim time. How well does your private life fit with your broking profession? At the moment the term work/ life blend as opposed to work/ life balance is an accurate assessment of my life and that of most of my colleagues. Today’s technology means we’re never away from the coal face and people now expect a response 24/7. The work load can put a strain on your private life so it’s important to take stock now and then to ensure we’re still effective in all aspects of our life. To me this means occasionally taking time away (really away, no phone, no emails) and keeping physically fit. Is training and development important and why? It’s absolutely critical. While there is some resistance to our regulated environment, we need to embrace the changes as an opportunity to raise the level of professionalism within the broking industry. This can only be achieved with on-going development, training and monitoring. Our industry is changing at such a rapid pace it’s no longer sufficient to rely on the qualifications attained a decade or two ago. Do you have a mentor? I have been fortunate to work with some extremely skilled and professional people. I have learned from each of them in some way and they have shaped the way I approach my career. Some had the title of mentor, others probably didn’t realise how influential they were. What’s next for you? The completion of my Level 5 certification and encouraging the covernote rest of my team to do the same. ...for insurance professionals
education. “We’ve been going down this track for some time,” says Abel. “The changes to regulations have, quite frankly, made it easier for us to insist that our people commit to ongoing development programmes. The smart ones have always understood the value of continuous learning.” Brokers need a “good” but not necessarily “deep” understanding of industry regulations and compliance rules, according to Milne. As a global enterprise, Marsh has its own compliance resource on tap with which to support its brokers. The company uses case study or scenario analysis techniques to illustrate the implications of getting things wrong. “The process is designed to protect both the broker and the business,” he says. Some of the most valuable lessons no doubt come from post mortems of unfortunate incidents. “The best learning happens on the job,” says Milne. Consequently, Marsh takes a mentor/mentee-style approach to broker development. “I expect my senior management team to impart their knowledge and life skills to the younger brokers. Brokers are expected to understand both the local and the global context of the insurance industry.” Abel also believes in mentors. “A mentor programme doesn’t need to be formalised. It can simply be someone a broker looks up to, observes and incrementally learns from. Finding a mentor can be a very smart thing to do,” he adds. Marsh funds its brokers’ professional study programmes to ensure brokers commit to personal development and gain industry qualifications. “Brokers should get into the qualification process as early as possible in their careers. The longer they leave it the harder it is to get back into study,” he says. “All the professional qualifications, including the NZQAs, offer useful fundamental learnings that can help aspiring brokers. Having qualifications enhances a broker’s personal credibility both within the industry and with clients.” Dodunski’s small, third-generation family broking business is committed to continuous education and building team knowledge. “Insurance is a malleable industry and it’s difficult to keep abreast of it. The volume of information is sometimes overwhelming but brokers must attend courses. Only by keeping up with education can they pass the minimum standards required. We do what we can to keep our people well informed and well educated.” Brokers who want to succeed must commit to the knowledge industry, says Dodunski. “Qualifications are important. Gaining those qualifications is part of the development process. But there’s really no such thing as a great broker. You’re always learning and improving. Once you start thinking you’re great, you’re dead in the water,” he adds. Brokers bent on success will, in O’Shea’s opinion, assume an important level of self respect which gives them the ability to become real advisers. “They need to be well-enough educated to be fully confident that they know what they are talking about,” he adds. “People’s attitudes toward insurance have changed markedly after the Christchurch quakes,” says O’Shea. “Clients now demand more information. They realise that things can happen that have significant consequences for them. At the same time, more people are becoming aware of the interesting career opportunities the sector offers. Hundreds have been recruited to deal with the increased workload.” Brokers now need to know more about the role of insurance in society and not just what specific products can deliver. “Insurance is March 2013 | covernote
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