What are the trends in the Australian insurance broking industry in 2023?

Insurance Business Australia (IB) recently revealed the winners of its Fast Brokerages 2023 special report, which recognises brokerages across Australia that have excelled during unpredictable times.

As part of the report, IB talked to industry experts to learn more about the Australian insurance brokerage market, including challenges, trends, and what lies ahead.

Commenting on the overall landscape for Fast Brokerages, Kaise Stephan, partner with Deloitte Australia, said the current trends include:

• increasing prices related to inflationary pressures impacting attritional and larger claims, the prevalence of natural catastrophes, and reinsurance rate hardening;
• greater trust in brokers from the SME market due to the COVID-19 pandemic;
• growth in interest in purchasing additional insurance due to COVID-19;
• further digitisation of customer acquisition, renewals, and claims management processes;
• more interest in cyber insurance due to recent cyberattacks; and
• revenue.

How to become one of the best brokerages

The Fast Brokerages special report represents the level of success that can be achieved in insurance, whether by a young professional starting out or by an entrepreneur entering the industry.

Stephan said brokerages who cater for the current trends and meet their customers’ needs proactively across all areas will make a strong impact on their customers’ organisations.

“There’s a range of opportunities and threats emerging [from these] broker industry trends,” Stephan said.

Levi Thurston – director of NLT Insurance Brokers (NLT), a 2023 IB Fast Brokerages award winner based in Bathurst – added that being detail-oriented and being there for your clients will become your strategic advantage.

“The business will come to you,” he said. “Your reputation will precede you when people understand that they can rely on you as a trusted advisor to their business.”

See the rest of this year’s winners and their tips on becoming successful by reading the IB Fast Brokerages 2023 special report.