While the soft market is creating many opportunities for brokers, it’s also heating up competition for business. The upcoming New Zealand Underwriting Agencies Council’s (NZUAC’s) Auckland Expo will build on insights from the Christchurch Expo earlier this year and focus on how brokers and underwriters can navigate the current market to their advantage.
“With rates easing and capacity opening up faster than some expected in a number of classes, brokers are operating in a more competitive environment than they were even a few months ago,” said Paul Uprichard (pictured), executive director of NZUAC. The expo, he said, gives brokers a forum to connect with more market experts and peers, helping them find solutions that work for their clients.
This can make things difficult for brokers. “As a result,” said Uprichard. “We appreciate that brokers in particular are under pressure with more capacity in the market, clients wanting more for less and more competition on price.”
He said that in this situation, agencies, driven by their growth in New Zealand and globally, are in a strong position to help their broker colleagues. “While underwriting agencies still need to maintain rate discipline, they offer more than just alternative capacity, because of their size and structure, they can often move faster and adapt more quickly to broker and client needs,” said Uprichard.
The strong capital partners that back agencies, he said, can also give brokers confidence that they can provide the cover and service. “They can deliver – and not just on niche or specialist risks, but increasingly on more mainstream placements too if opportunities present,” said Uprichard.
The expo will also give brokers a chance to explore these markets, beyond the agencies to the service providers who support or partner with them. For example, specialist claims handlers. “Our hope is that they leave with more options and a clearer picture of what underwriting agencies can offer right now,” he said.
Uprichard said the Auckland event aims to be even more interactive than its predecessors. “Attendees can ask questions throughout the day, with a wrap-up Q&A at the end,” he said.
There is also extended networking time and the Rapid Roundtables are back after their successful launch in Christchurch. “They remain a core part of the format and are short, focused sessions where brokers sit in small groups with subject matter experts,” said Uprichard. “These include underwriters, claims specialists and legal experts from across the market.”
Uprichard also expects Tim Grafton’s keynote on how to navigate a soft market to be another event highlight. “He got great feedback on his presentation in Christchurch and we’d like to explore this topic further in Auckland particularly as the market has continued to evolve,” he said.
There will also be exhibition stands for underwriters and suppliers so they can showcase services and products.
NZUAC’s latest expo comes in the wake of its members approving a new three-year strategy.
“The Expos will remain a key part of how we engage with brokers and capacity providers, but there’s a lot more going on behind the scenes,” said Uprichard. “We’re expanding the member offer and stepping up our external engagement across the market and with other industry bodies locally and internationally.”
There are also training and webinar programs being rolled out, some designed for brokers.
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