Corey Rule (pictured above) has less than three years’ experience as an insurance broker. As a shortage of talent continues to impact the Australian economy, including the insurance industry, stakeholders interested in turning the talent situation around could learn from this youngster’s experience.
Rule is an account manager with Simplex Insurance Solutions, a brokerage based in the Victorian town of Ballarat. Could the reasons he enjoys what he does help inform future attempts to attract more young people to the industry?
“There’s never a boring moment in the broking industry,” said Rule. The Victorian professional is clearly very engaged by the variety of learning experiences the industry offers.
“Honestly, I find that the most interesting thing about my job is dealing with a variety of people,” he told Insurance Business. “No two people are the same and it shows in the products that we deal with.”
One moment, Rule said, he might be speaking to an office bound white-collar engineer.
“The next minute, I could be dealing with a farmer who owns over 1,000 hectares of land and wants advice on what insurances to select,” he said.
Rule acknowledged that coverage issues are growing as insurers consider more risks hard to place. However, he was inspired rather than deterred by this challenge.
“The industry is becoming more difficult with more risks being considered hard-to-place but that is where the relationship component of our work shines through,” he said.
Rule suggested that in these situations, the broker’s relationships with both the client and the underwriter play a very important and constructive role.
“Either by having relationships with underwriters to assist placement of risk, or the relationships that we build with our clients - both show that we’re not sitting idle while insurance premiums are increasing,” he said. “We are trying to keep coverages accurate for current situations and explaining the differences between products with more competitive premiums.”
Rule credits his broking role with helping him develop strong communication and interpersonal skills.
“I have also honed my analytical abilities, assessing risks and tailoring insurance packages to meet clients’ specific requirements,” he said. “While still early in my career, I have a passion for the industry and a commitment to continuous professional development.”
Despite Rule’s apparent suitability for his broking role, like many others, he fell into an insurance career.
“I stumbled across an administration assistant job at an insurance brokerage,” he said. “Honestly at that point in my life, I wasn’t sure what I was in for, or if I’d stay in the industry for long, however three years in, I’m going strong and loving every second!”
When friends and family asked him what his new job involved, Rule admitted that he struggled to provide an adequate explanation.
“A lot of the reactions I received were questions about what I’d be doing, and honestly, I didn’t know either!” he said. “Once I spent my first few months in a broking role, I found that my explanation still didn’t get any easier!”
He said part of the issue is simply the many different daily broking tasks. However, Rule’s response could also suggest that insurance industry recruitment drives could start by articulating more clearly what a broker actually does.
“I don’t think there’s enough knowledge in the general public of what brokers are great for,” he said.
Rule suggested part of educating the public is the responsibility of brokers. He said it’s up to them to demonstrate their worth, not just in price but in risk advice and placement services.
“We can’t just be stagnant and hope that clients still come our way,” he said. “We need to prove that we’re worth the extra costs associated with a broker - we will never win on price alone.”
Across the insurance industry, some leaders are very conscious of the talent crunch.
In March, Steadfast CEO Robert Kelly spoke to IB from the Steadfast Convention in Perth. Kelly said “the questions that were the most salient” during his discussions there concerned how to nurture new talent.
“How can we get more talent into the insurance sector and how can we have a pathway for people to see this as a real profession and want to get into it?” Kelly said.
Are you an insurance broker? In a couple of sentences, how would you describe what you do to young potential industry talent at a recruitment fare? Please tell us below
