However, it may not be too late to build a resilient tomorrow
An independent intermediary has said that changing market dynamics including increased competition and the demands of clients are behind the launch of a new life insurance offering.
PLUS: An assistance company appoints new CFO, industry leaders table meeting with advisory board on natural disaster funding and insurer scoops HR award.
The CEO of one of Australia’s two largest broking networks has backed up findings in Insurance Business’ Brokers on Insurers Survey 2014 with suggestions the industry could be more "mature" in one particular area.
Brokers who make more use of employee share plans to engage and motivate their employees to think and act more like business owners could improve productivity by 15%.
After enjoying several years of success delivering a niche product line to New Zealand, an insurance agency is now bringing the offering to brokers in the Australian market.
Graham Whitehead, head of advisory at Xchanging Australia, talks about removing points of friction in the value chain, making politics "less flamboyant" and messing around with boats.
The ‘frictional cost’ involved in the insurance distribution chain – of which insurance broker remuneration is a large part – has been tabled by a panel of industry leaders as facing pressure from both customers and competition.
Brokers must provide more than just insurance solutions in future, and need to work with other non-insurance professionals if they are to survive, say top brokers.
An insurance professional dubbed funeral insurance “a waste of money” at NIBA 2014 and is calling for advertising of such products to be stopped.
Allianz broker chief David Hosking claims insurer investments in big data should be designed to improve – not replace – customer service, and that the future of risk pooling is assured.