NIBA convention: What did we learn?

The NIBA Convention is over for another year, after a rousing performance by electro-house band the Potbelleez – kept secret all this time – at last night’s QBE-sponsored Gala Dinner.

But on a more serious note, the Convention might have been about reinvention but as NIBA CEO Dallas Booth said in his closing, other themes did emerge.

In terms of broking, a key take-home came from Mark Searles, CEO AUB Group, Booth noted. “We are not insurance brokers. We are risk advisers. We do more than join buyers to sellers,” he said. “You are professionals delivering trusted advice. You are the trusted adviser of your client – that’s an incredibly important role.”

Indeed, Searles in his session had questioned whether the term ‘insurance broker’ needed to be changed. “Should it be risk consultant? Because if you break down that phrase, insurance broker says two things: its just insurance and broking so by definition [it says] ‘we are going to get you the best price’, it is not about the value proposition … Should we continue to use that very name itself?”

And if it is about being a trusted adviser, then: “Regardless of the challenge of technology and other threats, broking will survive because of the role of brokers as trusted advisers and the fundamental importance of advice in relation to risk.”

A second theme that emerged at the conference was “the fundamental and importance of the role of the client, the client relationship and the client experience”, Booth said.

“Businesses have been disrupted because somebody found a better way to give clients a better experience – it is as simple as that,” he pointed out. “You know your clients, you understand your clients, they have confidence in you, they trust you and if you deliver a client experience that they want, you are going to survive and thrive in the world of 2021.”

Finally, Booth added that a clear message from the opening and closing sessions by Layne Beachley AO and Michelle Payne was “the incredible power of the positive spirit – the absolute dedication to do what has to be done to achieve what has to be achieved”.

NIBA would like to thank our principal sponsors Allianz, CGU, Vero and QBE, as well as all the sponsors and exhibitors for making the 2016 NIBA Convention possible and the success that it was.

Photos of the event will be up on the events page shortly.