Since the COVID-19 pandemic started, the Australian construction insurance industry has had to face supply chain disruptions, a challenging market, legislative changes, and rising litigation costs. Up to the time when Glenn Ross founded MECON Insurance back in 2003, local suburban brokers had other problems to deal with.
In a recent episode of IB Talk podcast, which you can listen to for free here, Ross (pictured) said he noticed that suburban brokers were left to fend for themselves amid a poorly served market.
“It irked me to see that suburban brokers were being left to fend for themselves. I saw some very extreme examples of them being left dangling without covers that they should have had to not only cover their own PI but to adequately cover their clients,” he told IB Talk.
As a result, Ross took the parts of construction contracts required to be insured - and traditionally the domain of international insurers - and moved them to viable construction products to ensure that suburban brokers' insurance contracts were well received.
“I thought we could do something in that space and make the biggest impact simply by using our knowledge of contracts and risk and the covers. That, of course, proved to be so,” he continued. “It was a multi-pronged approach. We came up with the wording that they needed; we came up with the educational piece that they needed and the brochures.”
Learn more about MECON and how it helped brokers face construction sector challenges by listening to IB Talk's recent episode: “New podcast: how MECON is taking on construction insurance challenges.”