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Three ways insurance broking has evolved

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Insurance Business | 21 Nov 2012, 12:05 AM Agree 0
Australia’s insurance brokers have undergone a rapid evolution in recent years. So what are the three main ways your profession has changed? An insurance broker and NIBA's Dallas Booth discuss...
  • chris caldicott | 21 Nov 2012, 11:18 AM Agree 0
    I agree with all the above comments, however I feel insurance brokers have adopted and advanced technology and their understadning of technology and great deal more than general insurers
  • Robert Cooper | 21 Nov 2012, 11:50 AM Agree 0
    I agree us Insurance Brokers have become more like trusted risk advisers seeking to partner with our clients as an external resource. We are not there anymore to simply "flog" insurance products. This development has evolved mainly out of the differentiation of those that are Corporate Authorised Representatives of Broker Licence holders rather than having a Broker licence yourself. It is not much different to the route most Financial Planners have taken. You do not hear them call themselves Life Insurance Brokers anymore.
    Do not under estimate the power of the AR model. This in itself is the biggest evolution in the Broking industry.
  • Elizabeth Rainford | 21 Nov 2012, 12:01 PM Agree 0
    Every industry goes through a period of change with technology - insurance is in the early stages of a rapid advance. General insurance can not move quickly beacause of the lack of standards and the absence of competition in "closing" technologies. Brokers would love to move with the technology, however having to log into up to 10 or more different insurer systems to quote or process is the current situation. Who will be the leaders that will solve this challenge? It may not come from within the traditional market participants.
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