“The term ‘broker’ needs to die”

“The term ‘broker’ needs to die” | Insurance Business

“The term ‘broker’ needs to die”
An industry veteran has said brokers need to ditch the title ‘broker’ to ensure their future success.

Anthony Moorhouse, founder and director of strategy at global emergency management company Dynamiq, said that brokers need to go beyond their job title to ensure their survival.

“The term broker really needs to die,” Moorhouse told Insurance Business.

“They need to be risk advisers. Certainly risk transfer is always going to be the biggest part of their advice and portfolio but they are not going to be able to establish that trusted client adviser status if they are a one trick pony in that regard.”

Moorhouse is not the first to suggest that the title of insurance broker should be ditched. Mark Searles, CEO and managing director of AUB Group, told a conference in Australia last year that the industry will face similar changes over the coming years.

“In five years’ time, the name insurance broker - should it be insurance broker or risk consultant?” he queried.

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“If you actually break down that very phrase, insurance broker says two things: first, insurance; and broking, by definition, means I am going to get you the best price.

“It is not about the value proposition that we are proposing for the future about being a true risk consultant and being a true trusted adviser.”

Ditching a job title will not be enough on its own: Moorhouse noted that brokers also need to become a holistic risk adviser for their clients businesses.

Brokers should look to partner with other expert industries linked to the insurance industry so they can become the first port of call when a risk issue arises, he continued.
“The broker needs to have the tools to be able to help that client recover,” Moorhouse said.

“A big part of recovery is filing a claim and getting reimbursed for the direct financial loss, but it goes to so much more. It is about their reputation, their stakeholders, their people, their customers, their supply chain – and no-one is better placed than the insurance broker to fulfil that trusted role.”

Many brokers would argue that they already fill this role as trusted adviser - but could a change in title enhance broker business? Only time will tell.

What do you think? Do brokers need to change their titles to reflect the nature of their work? Let us know in the comments below.

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