Dual Asia-Pacific CEO Damien Coates talks about uninsured risks, donating to charity and moving back home.
How would you sum up insurance brokers in three words?
A necessary evil!
How would you change the industry?
How we promote ourselves. We work in an industry that provides such an important function for society yet we tend to mention we work in the industry in an embarrassing way. It is a great industry and I would recommend it to anyone.
What’s the most important thing a broker can do to develop their business?
Consider the uninsured risks of management liability, crime, statutory liability or cyber. All of which incidentally they can talk to Dual on!
If you were Prime Minister for one day, what would you do?
Focus on education and ensuring every young child has a support network plus passing a law that all companies have to donate 10% of their profits each year to charity!
What’s the biggest challenge facing the industry today?
Large insurers and brokers continue to apply leverage to drive margins which ultimately results in a more homogeneous approach. I believe clients may not be getting the best outcome.
What’s the strangest thing you’ve ever arranged cover for?
Professional indemnity for a funeral director!
What has been the highlight of your career?
I arrived back in Australia in 2004 to start a business for the first time. We were also moving from one side of the world to the other side of the world and I was becoming a dad for the first time. While the last 10 years had plenty of ups and downs, to think we have built a business of close to $150m in four countries throughout Asia PAC, employing close to 100 people has been an amazing journey, and there is plenty more to come.
What’s your favoured style of coffee?
NRL, AFL, soccer or other?
I would watch marbles – any sport is great.
Complete this sentence: If I wasn’t in insurance, I would be… a sports commentator.