#NIBA2020: Forecasting a Brave New World

The 2020 National Insurance Brokers Association (NIBA) Convention is a virtual event designed specifically  to address the dilemmas faced by insurance brokers due to the current pandemic as well as other factors.

Australia’s leading demographer and social commentator, Bernard Salt will be one of the headlining speakers at the event with his analysis of trends that will help us better handle the situation facing us all.

According to him the current collective experience we are going through will have a tremendous impact, “I think this experience will create winners and losers in business to the extent that some businesses will not survive.”

“Survivor businesses will have scope for further expansion. They may well to gear up well to take up the slack created by other businesses closing.  n this respect, insurance brokers who can ‘weather the storm’  should be well positioned to prosper during the recovery phase.”

Salt believes that this can be a transformative learning experience for us all, “The takeaway for business and also for employees is to be adaptable, to remain confident, to shift to digital platforms, and to look for new markets and opportunities.”

“Businesses and individuals who think they just need to wait this out will be wrong footed by the recovery which will deliver a different business landscape.”

Right now is the time when insurance brokers can truly come into their own by fostering a culture of trust and accountability with clients even while we are forced to isolate from each other.

Salt said, “Brokers need to be in constant contact with clients using social media and other methods, for example: website development in order to deliver value, inform, help educate, and otherwise assist clients in surviving and then managing the recovery phase.”

“Brokers need to be part of the daily conversation in helping business recover from these times. Daily conversation builds trust.”

Above all we must all expect long-term social and moral changes in Australia as a result of this pandemic which can be beneficial to agile businesses. Salt added, “I think Australia will become far more self-sufficient as a consequence of the pandemic.”

“We will move closer to the US and we will be more focussed in building and expanding local manufacturing and supply chains. All of this will require new and expended businesses that will need insurance.”

You can hear more from Bernard Salt at the 2020 NIBA Virtual Convention. This online event will be held from Monday, 26 October to Friday, 30 October, providing plenty of opportunity for brokers to learn from and interact with one another.

Whether you’re an account manager, principal or young professional, you’ll get to maximise your CPD points and walk away from the 2020 NIBA Virtual Convention equipped with practical tools. Register now to get the early bird rates for the insurance broking event of the year.

More information on the event available here. For sponsorship and exhibition opportunities please contact NIBA’s National Sales Manager, Tony May at: tmay@niba.com.au.