Why Renasa, Roger?
BECAUSE THEY EMPOWER
GOOD UMA’S AND
BROKERS TO BE GREAT UMA’S
AND BROKERS, ARCHIE!
LONG LIVE ADVICE!
If we can successfully position the role that advice plays in the overall value-chain, we can be certain that this valuable segment thrives in tough times, as it has done so many times before.
Unlocking the value of advice
In late 2022 COVER surveyed over 300 independent brokers to determine their sentiment regarding some of the levers to their sustainability.
Although brokers were not overly positive about the future of the segment and growth of their businesses, their does seem to be positivity in taking advantage of a shift towards risk management services and the opportunities from increased use of technology.
Brokers play a critical role in helping businesses realize their goals for growth, helping them to stay on top of risk mitigation, ensuring that their needs are met when it comes to personal service and claims.
Some key highlights from the survey:
- Brokers lifted out diversification, skills development and collaboration as levers for growth
- There is an intentional focus on risk management services
- Increased use of technology seen as crucial
- Main need from underwriters is personal service with claims
- Overwhelming feeling that independent broker numbers will decrease, especially small brokers
As the importance of risk management becomes increasingly evident, paired with the value that is derived from advice, to accurately assess personal and business risk and walk the journey with clients, it is my hope that this line of business expands in South Africa.
There is an old saying that says value mustn’t just be added, it must be seen to be added, and as an industry, it is our role to articulate this value for the end-client in a way that resonates.
If we can successfully position the role that advice plays in the overall value-chain, we can be certain that this valuable segment thrives in tough times, as it has done so many times before.
Long live advice! Long live the broker!
PS: Keep an eye out for our Broker Survey E-Book coming soon.
To infinity and beyond. Tony
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