Insurance broking is a massive industry where it is difficult to rise above the rest. Insurance Business Australia's (IB) top brokerages for 2022 were able to remain resilient and stand out as leaders in the face of many market challenges.
The IB team found that a challenge confronting the insurance broking industry is the lack of staff to realise its full growth potential. With unemployment at 3.4%, some brokerages have encouraged the Australian government to open more migration channels. However, some are not fond of the idea.
Paul Daniele, director of Prasidium Trade Credit Insurance (Prasidium), one of IB's top brokerages for 2022, said the challenging market conditions have placed a premium on adapting to market changes and proved his firm possesses the technical know-how to maintain excellent customer service.
“There's a lot of shareholder motivations around consolidation. I think one of the drivers around a lot of these consolidations of different brokerages is that people want to make sure they've got the necessary skills and people in their companies to be able to manage these scenarios again. So, the last few years has really exposed some of those brokers who have become more complacent and need to sharpen up,” Daniele told IB.
“Our biggest challenge is bringing new people in,” he added. “It's really hard. The ability to employ even someone who doesn't have experience; it's just really hard to get the right people.”
See how Prasidium and other insurance brokerages address current market challenges by reading the IB Top Brokerages 2022 report.