Five Minutes With…Phillip Smith, Central Insurance Brokers

Five Minutes With…Phillip Smith, Central Insurance Brokers | Insurance Business

Five Minutes With…Phillip Smith, Central Insurance Brokers

Why did you get into insurance?
By good luck! My father gave me a chance to work in a finance broker business back in the 80s. When he linked up with an insurance broker it became obvious to me the insurance Industry was my preference. The difference between the two is one is a roller-coaster and the other is steady and reliable.

How would you sum up insurance brokers in three words?
Concierge, carers and fortune tellers.

How would you change the industry?
Education and transparency - an example would be encouraging work experience to school leavers in an area of the claims assessment to see the extent of claims, risk prevention and fraud.

Lobby to shift the imbalance of responsibility and accountability, there’s far too much compliance regulations for General insurance; today the Biz clients don’t have time for it and Consumer clients (those the FSR is to protect) have shifted from ignorant to confused.

Best advice you’ve ever been given?
Be curious, be passionate and persist.

If you were Prime Minister for one day, what would you do?
Deregulate! Let all the pubs, restaurants, shops etc., open whenever they want (with some common sense); give people scope but not let them outsource blame of consequences.

If you could invite three people to dinner, dead or alive, and excluding family and friends, who would they be and why?
Elvis Presley – the king
Margaret Thatcher – the Iron Lady – no excuses
Dalai Lama – endless wisdom

Complete this sentence: If I wasn’t in insurance, I would be…
Hosting food, golf and spa tours Bangkok.