NIBA Unveils Sector-Defining Consumer Research, Delivering a Mandate for the Broking Profession
Media Release
The National Insurance Brokers Association (NIBA) has released a sector-defining, new thought-leadership report, ‘Complexity to Clarity: The Broker Advantageʼ, presenting a client-led snapshot of the tangible value that brokers deliver in an increasingly complex and rapidly shifting risk landscape.
For the first time, this report provides the broking profession a clear understanding of the needs, expectations, and trust drivers of Australian clients and consumers. It confirms that brokers today are not just intermediaries, but trusted strategic advisers and advocates who create better outcomes for Australians.
This is the second report in a new series of sector insights by NIBA, building on the previous landmark report ‘Ready or Reactingʼ, released last year. If ‘Ready or Reactingʼ set the professionʼs agenda for the decade ahead, ‘Complexity to Clarityʼ delivers the professionʼs mandate: independent evidence, from clients and consumers, that brokers remove friction, create confidence and improve business outcomes.
“This research delivers something incredibly powerful for our profession: clarity about why clients and consumers choose brokers, what drives trust, and where our value is most tangible,” said NIBA CEO Richard Klipin.
Brokers have a significant, measurable impact on client and consumer outcomes
From cyber threats and global political challenges to intensifying natural catastrophes and an evolving regulatory framework, Australian businesses are operating in an increasingly complex landscape. One of the most important findings of this report is outlining the measurable value that brokers create when they take on the complexity of risk management on their clientsʼ behalf.
This is what the report calls ‘the broker advantageʼ. For the first time, there is clear and unequivocal evidence of the pivotal role that brokers play in shifting the dial towards positive client and consumer outcomes.
The ‘broker advantageʼ is evident in 6 key areas:
1. Time saved through strategic advice
An average of ~20 hours saved across the insurance process; time that clients can reinvest back into running and growing their business.
2. Building trust and confidence: advice in the clientʼs best interests
84% trust brokers to act in their best interests, and 88% are confident their cover is right for their business.
3. Claims support: delivering peace of mind when it matters most
95% view brokers as critical to claims resolution, and 98% report their claims have been successfully resolved.
4. Stronger protection and risk management
94% say brokers enhanced their risk management through additional cover or adjustments.
5. Positive client experience: the ‘heavy liftingʼ handled
87% report overall satisfaction with broker services, reflecting a smoother, less stressful insurance experience for busy businesses.
6. Better business outcomes
91% say brokers helped them achieve better business outcomes, highlighting their role as strategic advisers rather than intermediaries.
“Clients want clarity now more than ever in a complex risk landscape. NIBAʼs consumer research confirms that brokers are key in delivering that clarity by removing friction, saving time, strengthening protection and delivering peace of mind. Thatʼs the broker advantage, a foundation our profession can build on as we continue to lift our impact in the decade ahead,” said NIBA President Nick Cook.
This report is produced in partnership with Insurance Advisernet and draws on insights from CoreData as well as independent consumer research based on Australian businesses currently using a broker and ones that have used a broker previously.
“We are proud to partner with NIBA on a report that puts the client and consumer voice front and centre. The message is clear: the broker advantage is real, and it is something we should all be proud to champion with our clients, communities and the future generation of brokers entering the profession,” said Shaun Standfield, Managing Director, Insurance Advisernet, Australia and New Zealand.
As the insurance landscape continues to change, ‘Complexity to Clarityʼ demonstrates that the need for trusted risk advice will be even more essential. Clients anticipate major changes in the decade ahead, including greater use of technology and automation and more emerging risks. But they feel prepared in meeting future challenges, thanks to the continued support and strategic advice of brokers.
“The coming decade will bring challenges, but itʼs also an opportunity to lead with confidence. NIBA is looking forward to using these consumer insights to build capability, lift professional standards, and strengthen the broker value proposition for Australian families, businesses and communities,” added Richard.
