Steadfast emphasises importance of brokers ‘evolving together’

Steadfast emphasises importance of brokers ‘evolving together’ | Insurance Business New Zealand

Steadfast emphasises importance of brokers ‘evolving together’

Broker group Steadfast NZ recently held its annual conference in Christchurch, the theme of which was ‘Evolving Together’. The event was attended by 90 brokers and business partners, and the topics included the latest developments in Steadfast’s online ‘quote and bind’ technology, as well as the incoming legislative changes.

Allan Reynolds, Steadfast executive general manager, Asia and New Zealand, said that one of the key things that stood out to him during the conference was the importance of the relationship between brokers and the broker group – something which was conveyed strongly in the feedback received from attendees.

“The theme of the conference was ‘Evolving Together’, and what stood out was the importance our brokers and strategic partners placed on cementing the relationship we have developed,” Reynolds explained.

“With 140 brokers and 90 business partners attending, the comradeship displayed not only at the social events but during the two-day conference sessions was pleasing to see.”

“Steadfast is a choice model, so brokers don’t have to use our services – they are completely independent businesses with their own culture and DNA,” he continued. “What is gratifying is that even though they have that choice, the brokers conveyed that when the services are quality, why wouldn’t they want to use them?”

Reynolds says the conference also discussed possibly the most pressing topic currently faced by brokers – the beginning of the new financial services regime, and how each broker is going to ensure that their processes are in compliance with the new requirements.

“Obviously, the new legislative regime coming into effect in June 2020 is a key topic,” Reynolds said.

“Our Steadfast NZ CEO, Bruce Oughton, outlined in his opening address where Steadfast were on developing documentation for the brokers to ensure they are compliant, our plans for educating the network and likely timeframes for doing this. Tracey Cross of DLA Piper also gave an overview of the legislation, the code and proposed regulations and what the impact will be to our brokers and customers.

Gary Young from IBANZ also provided guidance on qualification requirements under the new regime,” he added.

“Natural disaster capacity, EPS, hard to place risks, are all issues affecting the industry, and these were discussed along with Steadfast’s ability to assist our brokers through our Australian company.”