Insights from Day 1 of the 2024 NIBA Convention

Here's a recap of some of the highlights from Monday's sessions at the Convention

Here's a recap of some of the highlights from Monday's sessions at the Convention.

The 2024 NIBA Convention Goes Beyond the Status Quo
Richard Kilpin, CEO of NIBA, opened the 2024 NIBA Convention by emphasising the theme of going "Beyond the Status Quo." He noted the collaborative spirit among the nearly 800 delegates, 85+ exhibitors, and 51 speakers. Richard highlighted the vital role of brokers in guiding clients through complex risks, especially during challenging events like the 2022 floods, and emphasised their role in community resilience.

Richard outlined the power of community within the industry, noting, “Communities are strong. Communities are powerful, particularly when they're united and stand together on key issues.”

NIBA President Gary Okley echoed this sentiment, stressing the importance of self-regulation to advance the industry and NIBA's commitment to setting high standards. "We need your support to go Beyond the Status Quo... It’s really important that we make our collective voice loud and clear,” Gary said.

Gary spoke about the importance of the three pillars that shape NIBA, including Advocacy, Community and Representation. He emphasised NIBA’s role as being the ‘one voice’ for brokers, the need to collaborate and partner with experts, and ensuring that client needs are met effectively.

Making a Difference with Backpacks 4 SA Kids

Rachael Zaltron OAM shared the inspiring journey of Backpacks 4 SA Kids, a charity founded by two families determined to support foster children in South Australia.

What began as a small initiative to provide essential items for kids facing trauma has evolved into a robust organisation that assists over 12,000 vulnerable children each year. Zaltron recounted a powerful moment that captures the heart of their work.

“I’d gone from seeing this kid that was just shut down, no emotions, and wasn’t talking at all, to a kid who lit up and was giggling. She hadn’t told the team yet her name... her name was Daria. She started talking... her parents had gone to sleep two days earlier, and they were both drug addicts. They had overdosed, and she was found at 4 o’clock in the morning by police on a roadside looking through bins for food,” Rachael said.

This story illustrates the transformative impact of Backpacks 4 SA Kids, providing not just essentials but hope and a sense of care to children in crisis. With programs like Home Starter Packs and a Christmas Gift Drive, Rachael emphasised the importance of community involvement and the ongoing need for support.

Navigating Financial Complaints

David Locke, CEO of the Australian Financial Complaints Authority (AFCA), provided a comprehensive analysis of the current trends and challenges in handling financial complaints at the 2024 NIBA Convention. He outlined common issues faced by consumers and institutions and offered valuable insights into AFCA's priorities for the upcoming year. David emphasised the critical role that brokers play in supporting clients, especially during claims processes, and stressed the need for maintaining high ethical standards in the industry.

David noted that the most common issue that AFCA deals with when it comes to the broking profession revolves around delays in claims handling.

“The most complained about issue for brokers is also the most complained about issue for general insurers and that is about delays in claim handling. 15% of all complaints about brokers are about it taking far too long for your clients to receive a response to their claims submission,” David said.

David also acknowledged the reputational risk that needs to be managed post some of the issues around strata that have come to light.

“The reputation of your industry is being challenged in a very public way with issues of opaque and conflicted relationships as highlighted in the ABC’s recent Four Corners episode – the Strata Trap,” David said.

In light of this scrutiny, David took the opportunity to reaffirm the value of the Insurance Brokers Code of Practice.

“The value of a strong Code cannot be overestimated. It demonstrates that the sector is customer centric, open to review and strong and confident enough to withstand scrutiny."

“AFCA is looking forward to contributing to the review of your Code,” David said.

Insurtech Disruptors

The Convention featured an engaging panel of Insurtech disruptors showcasing AI-powered solutions designed to transform the brokerage experience. These innovative companies presented technologies aimed at automating processes, enhancing customer interactions, and improving overall efficiency. Attendees gained firsthand insight into tools that could significantly streamline their operations and keep them competitive in a rapidly evolving market.

One of the key takeaways from the session was the potential of AI to revolutionise decision-making within the insurance industry. As noted by moderator Simone Dossetor, CEO of Insurtech Australia,

“I think the difference that AI brings, particularly for insurance, is really around that decision-making process... there's a real opportunity to get better information and better communication, which is often a lot of the challenge between all these different parties in the chain—brokers, insurers, reinsurers, and customers.”

This insight highlights how AI can address common communication challenges, bringing all stakeholders onto the same page and fostering greater transparency.

With AI rapidly evolving, the session underscored the importance of adopting new technologies to remain competitive. It also emphasised the industry's opportunity to leverage AI for more efficient operations and improved client service, positioning brokers and insurers to thrive in the face of ongoing change.

Thank you to the Insurtech companies who participated in this session, including Curium, Evari, Raindrop, Simfuni, and TCG.

Becoming a Profession of Choice

A thought-provoking session addressed the myths surrounding the insurance broking industry. Panellists discussed external perceptions and the factors that can elevate the profession’s appeal. By incorporating feedback from school students and the general public, the session aimed to redefine the image of insurance broking and attract new talent to the field.

The Adaptability Advantage with Andrea Clarke

Journalist and author Andrea Clarke concluded the day with a session on the importance of adaptability in today’s fast-paced environment. She stressed the need for a mindset capable of embracing change and developing an Adaptability Quotient (AQ). Clarke argued that the future of work hinges on our ability to negotiate change and create value within our organisations.

Overall, Monday’s sessions were a dynamic platform for collaboration, learning, and innovation, underscoring the insurance sector's commitment to coming together as a community, highlighting technological advancement, regulatory insights, and debating the evolving landscape of the profession.