The economic value of insurance broking
National Insurance Brokers Association
Box 1: Survey data used in this report As part of the primary research undertaken in this report, Deloitte Access Economics fielded two surveys of NIBA’s membership base. A survey of individual brokers asked brokers to: • Describe their professional profile, including the area they work, their level of experience and their professional qualifications, and • Reflect on their interactions with clients, and their clients’ risk profiles and coverage. The total number of responses to this survey was 421, a response rate of 11% of 3,914 NIBA members. A more extensive survey of brokerage business which asked a representative of each business about: • The business profile, including the location they operate and the areas they service • The type and value of gross written premium they arrange • The role of a broker in supporting a client in the insurance market • Their role in working with insurers to distribute products, and • Ways their business engages with the local community. This survey was sent to a representative of each ‘principal member’ of NIBA. Principal members of NIBA are companies, trusts, partnerships or sole traders working in insurance brokerage. The total number of responses to this survey was 78, reflecting a response rate of 25% of the 321 NIBA principals who were asked to participate (some brokerages have multiple principal members who were excluded to avoid duplication).
Box 2: Consultations with broker clients As part of the primary research undertaken in this report, Deloitte Access Economics consulted with two small business clients who use a broker to arrange some or all of their insurance. The clients were referred by insurance brokers associated with NIBA. Consultations intended to specifically target clients who: • Operated businesses in regional area or outside of capital cities • Had recent experience in making a claim against their policy, and • Had a portfolio of insurance products for a range of risks. Findings from these consultations may not represent the views of all broker clients, and are intended to provide examples of clients’ experiences with brokers across the client journey.
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