Facilitating transformation via advice: The Young Professional Brokers of the Year

Young Professional of the Year

As we live through one of the most challenging periods in Australia’s history, the 2021 national finalists for the Vero-sponsored Warren Tickle Memorial Award are redefining insurance broking professionalism and excellence.

INTERVIEWS BY TANAYA DAS

LEFT TO RIGHT:

Mitchell Wight, Luke Cameron, Megan Farmer, Patrick McCole, Alishia Oliver

ENSURING PEACE OF MIND

Alishia Oliver, QLD

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Alishia Oliver: COVID-19 very much proved ‘if there is a will there is a way’ to be 100 per cent true.

We saw so many of our clients transform and adapt their businesses, in so many different ways, to allow them to stay afloat during a time of such uncertainty. The strength and innovation of the Australian business community is truly awe-inspiring.

COVID-19 made us think outside the box to find and negotiate differing arrangements for each and everyone of our affected clients.

IA: What do you think the insurance broking profession will look like in the future?

AO: I believe the insurance broking profession will be advice driven, not price driven; or as Steadfast says, ‘Advice not price’. More open conversations and discussions on what is available, what could be of concern for the client, how to tackle any concerns that are present, and risk mitigation options.

IA: What is the most important lesson you have learnt in your career so far?

AO: If you can’t explain it simply, you don’t understand it well enough – ask more questions!

IA: What role has the Young Professional Broker of the Year award played in your development as a risk management professional?

AO: The confidence I’ve started to find during my Warren Tickle Award journey has played a key part in being able to fly past hurdles that I felt my age may have put in front of me in the past.

ADVICE EXCELLENCE TO MANAGE UNCERTAINTY

Mitchell Wight, VIC/TAS

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Mitchell Wight: The incredible way in which our clients have been able to pivot and discover ways to ensure that their businesses survive into the future has been truly inspiring. Through the various financial and emotional challenges they have faced, and their determination to succeed has never wavered. The day-to-day involvement that I have had with our clients has helped me understand the depths of their adversity and has reinforced just how important our role is to the success of their business. Being there to support, problem solve, and to guide our clients through these tough times, is something that will stay with me for the rest of my life.

IA: What are the biggest challenges facing the insurance broking profession today and how do you think these challenges will evolve going forward?

MW: There are a number of challenges we are facing in the current environment as insurance professionals. The world today is full of uncertainty due to the COVID-19 pandemic, and the turbulent nature of the various nations’ economies have forced insurers in the market to shrink capacity/ appetite as a whole. For this reason, the role of an insurance professional has never been more important. Being able to navigate these complexities, sets us apart and gives us the chance to shine and promote our profession to clients.

A broader challenge, that stands out, is the importance of promoting the insurance broking profession to younger members of the community. It is important that we continue to invest in young brokers to ensure that our new and future industry leaders are able to harness and build upon the knowledge passed on from our senior colleagues.

IA: What is the most important lesson you have learnt in your career so far?

MW: The most important lesson I have learnt in my career thus far has been to take every opportunity that is thrown your way. Every opportunity turned down, is an opportunity missed!

IA: What role has the Young Professional Broker of the Year award played in your development as a risk management professional?

MW: Being a finalist in the Young Professional Broker of the Year award has helped foster relationships with peers that will last long into the future. The program has been fantastic at providing insights into my own personal development, while helping to equip young professionals with tools that we can use to further our careers within the industry. Being a finalist has opened doors and access to a range of experienced professionals within the industry who are more than willing to assist and mentor us through an exciting part of our careers.

COMBINING AGILITY AND GENUINE CARE FOR CLIENTS

Luke Cameron, WA

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Luke Cameron: The COVID-19 pandemic has taught me that our role is so important. As a broker, you should always ensure that the product is adequate. If you can support your clients in every way through the tough times, they’ll be there when the tide turns.

IA: What do you think the insurance broking profession will look like in the future?

LC: In the short term, I can see the hard market remaining for some time. Long term, as the economy is moving so quickly, the role of a broker is only going to become more technical. Our responsibility will only increase through risk management and market limitations, but at the same time I hope risk appetite eases among all underwriters. I don’t think anyone can forecast life post COVID-19, so we must be agile and adapt promptly.

IA: What are the biggest challenges facing the insurance broking profession today, and how do you think these challenges will evolve going forward?

LC: Cyber risk is a big one at the moment – we are going through a period like no other, with attacks more frequent and premiums skyrocketing; it is severely challenging the insurance market. With no end to lockdowns in sight, mental health among insurance staff servicing a struggling economy is also very concerning. I do have faith we will evolve to overcome all issues however; this will take some strategic planning and genuine care.

IA: What are the major technical advancements you have seen in the profession and what current trends do you think will have an impact on insurance brokers?

LC: Underwriting platforms are a big one.

Using clients’ risk information to obtain multiple quotes at once through multiple insurers has been game changing. This trend will only increase with all products being available to quote in this manner. Not only does it reduce an intermediary’s quoting times, but it also ensures product is more adequate through the insurers’ underwriting criteria.

IA: What is the most important lesson you have learnt in your career so far?

LC: Service is everything in this profession. Ensure that the end result is the best for the client and the rest will take care of itself.

HARNESSING TECHNOLOGY TO COMPLEMENT RISK ADVICE

Megan Farmer, NSW/ ACT

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Megan Farmer: I feel right now our relationships with our clients are more important than ever. To engage with them so they understand their changing risks and exposures during these difficult times, and assist them to navigate their insurance program accordingly.

IA: What are the biggest challenges facing the insurance broking profession today, and how do you think these challenges will evolve going forward?

MF: I feel the general public perception of the insurance industry is a sustained challenge, and the Royal Commission outcomes have certainly impacted the industry as a whole. With the continued dedication from the broking industry, as led by NIBA, to adhere to a high level of professionalism, we will continue to strengthen the understanding and importance of the role of a broker and the industry as whole.

IA: What are the major technical advancements you have seen in the profession, and what current trends do you think will have an impact on insurance brokers?

MF: With the development of technology over the years, we have seen a positive impact on the resources available. The COVID-19 pandemic has certainly highlighted the importance of being able to conduct certain aspects of business remotely at times. The capability to remotely conduct detailed surveys and risk management reviews allows us to have the ability to provide our clients with detailed advice and understanding to their risks and exposures, whilst ensuring the appropriate insurance outcome. These technological advancements have the capacity to support us in our role as brokers to ensure the best outcomes for our clients.

IA: What is the most important lesson you have learnt in your career so far?

MF: Delaying a difficult discussion doesn’t make it any less difficult. I think the biggest takeaway from this lesson, is that seemingly tough conversations can also be a great opportunity to understand and manage expectations.

IA: What role has the Young Professional Broker of the Year award played in your development as a risk management professional?

MF: The Young Professional Broker of the Year Award have had a formidable impact on my career as a risk management professional. Both support the continued growth, progression and professionalism of our industry as a whole. These development programs and expectations set ensure we can best represent our clients.

COMMITTED TO PROFESSIONAL DEVELOPMENT

Patrick McCole, SA/NT

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Patrick McCole: The COVID-19 pandemic has demonstrated how vulnerable our clients can be, with closures of their businesses and loss of income, which has resulted in employee termination and loss of livelihood. All of which has taken a large toll on mental health. We have had to learn to adapt to the hybrid working environment with lockdowns, and it has been vital that we have been able to keep the same level of service for our clients, and in some cases, more than ever.

IA: What are the biggest challenges facing the insurance broking profession today, and how do you think these challenges will evolve going forward?

PM: One of the biggest challenges the broking industry is facing is the use of online and direct insurers. As the premiums may be cheaper than what a broker may be able to provide, this is really going to affect the broking industry, as sole traders and SME clients will use these aggregators rather than seeking the advice of brokers. I think we will see quite an uplift in claims that will be denied, and clients subsequently being uninsurable, as they will not have the backing and advice of an insurance professional.

IA: What do you think the insurance broking profession will look like in the future?

PM: I think that there will be a move away from the traditional face-to-face broking that is currently being practiced. Due to the ever-evolving use of online meetings, I feel that client meetings will become more focussed around this. I also feel that brokers will become more specialised in certain areas.

IA: What is the most important lesson you have learnt in your career so far?

PM: You always need to position yourself with great mentors. It can be such a difficult industry at times, and it is always important to have someone seek advice from. Whether it be advice with clients or developing professionally.

IA: What role has the Young Professional Broker of the Year award played in your development as a risk management professional?

PM: For me, being nominated for Young Professional Broker of the Year has ensured that I continue not only with my own personal development as an insurance professional, but to also to be a mentor and to speak to others who are either very early in their careers, or to people considering entering the insurance industry.