‘The term broker needs to die’

‘The term broker needs to die’

‘The term broker needs to die’ An industry veteran has said brokers need to ditch the title ‘broker’ to ensure their future success.

Anthony Moorhouse, founder and director of strategy at global emergency management company Dynamiq, said that brokers need to go beyond their job title to ensure their survival.

“The term broker really needs to die,” Moorhouse told Insurance Business.

“They need to be risk advisers. Certainly risk transfer is always going to be the biggest part of their advice and portfolio but they are not going to be able to establish that trusted client adviser status if they are a one trick pony in that regard.”

Moorhouse is not the first to suggest that the title of insurance broker should be ditched. Mark Searles, CEO and managing director of AUB Group, and Lambros Lambrou, CEO of Aon Risk Solutions in Australia, both mooted the idea at the 2016 NIBA convention.

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Ditching a job title will not be enough on its own, however: Moorhouse noted that brokers also need to become a holistic risk adviser for their clients’ businesses.

Brokers should look to partner with other expert industries linked to the insurance industry so they can become the first port of call when a risk issue arises, he continued.
“The broker needs to have the tools to be able to help that client recover,” Moorhouse said.

“A big part of recovery is filing a claim and getting reimbursed for the direct financial loss, but it goes to so much more. It is about their reputation, their stakeholders, their people, their customers, their supply chain – and no-one is better placed than the insurance broker to fulfil that trusted role.”

Many brokers would argue that they already fill this role as trusted adviser but could a change in title enhance broker business? Only time will tell.

What do you think? Do brokers need to change their titles to reflect the nature of their work? Let us know in the comments below.

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  • Robert Cooper 10/03/2017 10:55:17 AM
    I understand the idea, but many of us have invested heavily in educating our clients and prospects about the role of an Insurance Broker and you would need to be careful what you changed it to. We are finding Insurance solutions on behalf of a client, hence the term Insurance Broker rather than agent which relates to representing an Insurance company. The terms "Adviser" and "Consultant" can be used by anyone, but does not necessarily mean you have the authority to arrange insurance on behalf of clients. the 1984 Insurance (Agents and Brokers) Act clearly sought to define what an Insurance Broker is and what an Insurance Agent is.
    I have watched Life Insurance Salesman change their titles "Financial Planner" but it has not necessarily improved their reputation.
    While many of us have moved away from the trading name calling themselves "Insurance Brokers" and instead have used the term "Insurance Services" or "Insurance Group", our role still is as an Insurance Broker and we should be proud of that role.
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