David Duffield, the new NIBA President, is determined to ensure insurance broking is an attractive career option for future generations.
David Duffield admits he, like many of his peers, “stumbled” into insurance broking shortly after completing high school as an 18 year old.
“I remember after finishing my HSC, I was spending my days sitting around and watching TV. Every Wednesday, my mother would dutifully give me newspaper clippings with job ads,” he told Insurance & Risk Professional.
“One of the ads was for an insurance broker firm. I already knew a little bit about insurance, because my father was Chief Executive of Union Insurance, so I decided to call them up. That was back in 1973.”
Now, after more than 37 years in the industry, Duffield, 56, has been elected as President of NIBA.
However, the irony of his entrance into broking is that he now knows the industry cannot simply rely on a mother’s dedication to attract new staff.
Duffield says one of the biggest challenges he faces is the ever-increasing need for generational change right across the industry. He feels more must be done to promote broking as an exciting career option.
“Quite simply, we need to attract younger people into the profession. The workforce is only getting older and older,” he says.
“The young people that have come into the industry generally really like it, because they feel part of a great community. We have to start getting that message out to the next generation of potential brokers.
“The industry hasn’t always enjoyed the best image in the eyes of the public, which is a shame, because of all the good work we do. It could be one of the reasons that insurance broking isn’t on the radar of young school leavers today.
“So given that, I think it is vital that we improve the community’s trust and confidence in the industry. There is no doubt the industry will be damaged by the recent flooding in Queensland. We have to work very closely with the insurers to make sure we emerge from this crisis with the industry's reputation intact.“The last thing we can afford to do is let our clients lose their trust in us.”
A wealth of experience
If there is one quality Duffield will bring to the Presidency it is versatility. He is currently the Head of Marsh’s Construction and Power Infrastructure Practice in the Asia-Pacific Region, and has previously served as the firm’s Australian CEO and COO.
“There aren’t many jobs that I haven’t done. I have always made an effort to try my hand at as many different areas as I could. You really learn how to ask the right questions of clients and how to listen to their needs,” he says.
He has worked with the major banks, established captive insurance companies for large clients and even helped one State Government design medical malpractice programs.
Each firm is only spending an average of $1000 at NIBA College. I would like to see them spend about $1000 on every client-facing broker.
He has also been in charge of Marsh’s oil, gas and mining practice, placement team and business development team. Somewhere in the middle of all that, he was a business interruption specialist.
On top of this, he has also served on the NIBA Board since 1999. In that time he has sat as the Chairman of the Board’s marketing committee and convention planning committee. He was also elected Vice President to former President Steve Lardner in 2009.
“Someone told me recently that I have been the longest-serving member on the NIBA Board. The thing I have enjoyed most is the collaboration with people from other firms,” he says.
“I think the industry is very lucky that NIBA has a strong Board made up of a mixture of large and small brokers. Everyone on the Board is absolutely committed to the broking community.
“I relished the chance to work with Steve, because he’s a very personable man who threw his heart and soul into his Presidency.”
Knowledge is vital
A desire to know “everything about everything” has been one of the driving forces behind Duffield’s career. He has always tried to be well equipped to handle whatever challenges his clients have thrown his way.Furthermore, he believes this is fundamental to broking and, as such, is hoping to lift the educational and professional standards within the industry during his tenure.
“We are fortunate that we have NIBA College, which designs educational courses for brokers, by brokers,” he says.
“But at the moment, each firm is only spending an average of $1000 at NIBA College.”
“I would like to see them spend about $1000 on every client-facing broker. We will be talking with the heads of all the firms and major cluster groups to ensure they have a better understanding of the courses that are available.”
It should be no surprise to those who work with him that this is so high on his to-do list. Mentoring the younger brokers at his firm is one of the main reasons he remains so passionate about working in the industry.
“I really love being able to ‘blood’ the youngsters and pass on a few lessons. It is so important to remind them that they are not simply messengers,” he says.
“Everything we do must be done with the client’s interests at the forefront. That is the role of the broker, and I hope we never lose that art."
There is one young broker who has probably been exposed to more lessons than most. Duffield’s youngest son Sam, 23, has followed in his footsteps to become an Account Executive with Austbrokers in Sydney.
“He could be the third generation of insurance executive in the family. I always tell him to go and do his NIBA course! I think encouraging him to get the qualifications of the industry is the best advice I can give him,” he says.
“That’s a message I would like to get out to all young people.”
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