Providing value the key to surviving ‘world of disruption’

Providing value the key to surviving ‘world of disruption’

Providing value the key to surviving ‘world of disruption’ NIBA CEO Dallas Booth has told Insurance Business brokers doing business like they were five years ago need to rethink their plans, and that providing value to clients is what will ensure they ‘own the future’.
 
Speaking as NIBA kicks off its annual conference in Adelaide, Booth said the key message that will emerge from sessions this week will be for brokers to provide real value for their clients and customers.
 
“Brokers who are providing value we know from market research are respected and appreciated, and for brokers who are doing that well, their clients are almost rusted on for quite long periods.”
 
Booth said providing real value across the risk management and insurance spectrum – quite difficult and technical areas for clients – will ensure that brokers have a viable role in the future.
 
Those brokers who are still doing business like they were five years ago may have to have another look at their business models, with Booth saying we live in a ‘world of disruption’.
 
“The way commerce is being undertaken, the way business happens, the way people are relating to each other for business and other reasons, this is all changing dramatically,” Booth said.
 
“In fact, it has changed dramatically in the last three years, and that is one of the reasons why we have such a forward looking focus at the Convention; it is to say if you are still running your business like you did five years ago, well you might have to ask yourself just what really are your plans.”
 
However, those brokers who are working very closely with their clients and communicating with them effectively are the ones that will continue to deliver true value and thrive in the years ahead, Booth said.
 
“The way they do that will no doubt change, and probably is changing and will continue to change, but the value proposition I am sure is still there,” he said.
 
NIBA’s Annual Convention is themed ‘Own The Future’, and commenced with a welcome reception at Adelaide Oval last night. It will continue today and tomorrow with a series of future-focused sessions for delegates, and culminate with a Gala Dinner on Wednesday night.