Brokers without borders

Brokers without borders | Insurance Business

Brokers without borders
Partnerships between specialist and general insurance brokerages are going to be key to the success of the industry moving forward, one broker has said.

As business risks continue to evolve and develop into more complex areas such as trade credit, cyber and management liabilities, general insurance brokers should look to team with specialists to help grow their businesses.

Prudence Chang, sales manager of Victoria and Tasmania for National Credit Insurance Brokers, told Insurance Business that partnering between firms will be important over the coming years

“Specialised brokers, they are specialists for a reason,” Chang said.

“I do feel that we need to open up our thought process for brokers without borders. A border isn’t just the business that you are working in. You can become friends with other brokers and use their experience and their businesses to be able to increase your own book.”

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Chang is one of a handful of brokers to appear on Insurance Business’s Elite Broker list and became chairperson of the Victoria/Tasmania branch of NIBA’s Young Professional committee last year.

In her chairperson role, Chang noted that the committee will look to further develop the idea of ‘brokers without borders’ at networking events over the course of 2017.

In the future, brokers will need to understand that they cannot be everything to every client and will need to look towards partnerships as client expectations see an increased desire for a wider range of expertise.

With disruption a watch-word for the insurance industry at the moment, Chang is not the first to stress the importance of broker partnerships.

At the recent Insurtech Conference hosted by ANZIIF, Lambros Lambrou, CEO of Aon Risk Solutions, said that with technology and insurtech on the rise, brokers will need to partner up.

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