The leader of a multi-award winning brokerage has revealed some top tips for brokers as they look to stabilise their place in the insurance market and thrive over the coming years.
Michael Gottlieb, founder and managing director of BizCover
, has spoken exclusively to Insurance Business
about the future of the insurance industry and how brokers can solidify their place in the market.
When asked if brokers will have a place in the future of the insurance industry in Australia, Gottlieb was adamant.
“Absolutely,” he said.
However, he admitted that brokers need to grapple with changing consumers if they want to thrive in an ever-changing market.
“Brokers need to determine their value proposition in a world where consumers’ requirements are changing.
“If their proposition is around providing a transactional or information service they are likely to struggle into the future. However, if brokers provide quality advice and advocacy and have a deep specialist knowledge, they are not only likely to survive but to thrive."
Gottlieb stressed that with almost every business facing technological changes or changing business needs, brokers may have to adapt their services to include more value-add propositions such as risk management and claims services.
“The rapidly changing environment means that businesses face new and different exposures. Risk management today and into the future will be more complex and clients will be willing to pay for advice and advocacy.
“If brokers are simply providing a transactional or information service they are likely to be replaced over time by technology.
“However, if they are providing advice, advocacy and have a deep specialisation they are likely to remain relevant and thrive as the risks facing corporations continue to evolve and become more complex such as cyber exposures.”