NIBA Insurance Adviser Magazine Feb-Mar 2026

NIBA's Insurance Adviser magazine is a bimonthly (once every two months) publication, released by the National Insurance Brokers Association, the peak body of the intermediated general insurance broking profession.

Magazine for the General Intermediated Insurance Profession

FEBRUARY/MARCH 2026

INSIGHT LED, FUTURE READY

Features

GARY OKELY ON ADVOCATING FOR THE PROFESSION HOW CYBER IS REDEFINING INSURANCE RESEARCH REVEALS WHAT CLIENTS VALUE THE NEED FOR STRATEGIC BROKER ADVICE

NIBA UNVEILS SECTOR DEFINING CONSUMER RESEARCH

WE ARE YOUR VOICE

CONTENTS February/March 2026

ACN 006 093 849 ABN 94 006 093 849

20 GARY OKELY ON NIBA, ADVOCATING FOR THE PROFESSION AND BEING FUTURE READY Gary reflects on his time on the NIBA Board as he wraps up his tenure

Insurance Adviser magazine is the bimonthly (once every two months) magazine of the National Insurance Brokers Association (NIBA). Insurance Adviser magazine is published by NIBA Publisher Richard Klipin, CEO, NIBA E: rklipin@niba.com.au W: niba.com.au NIBA Editor Virat Nehru Editorial enquiries E: editor@niba.com.au National Partnerships Manager Wayne Egelton E: wegelton@niba.com.au Design Clutch Digital www.clutchdigital.com.au NIBA gives no warranty and makes no representation that the information contained in this magazine is, and will remain, suitable for any purpose or free from error. To the extent permitted by law, NIBA excludes responsibility and liability in respect of any loss arising in any way (including by way of negligence) from reliance on the information contained in this magazine or otherwise in connection with it. The contents of Insurance Adviser are protected by copyright and NIBA reserves its rights in this regard.

25 RAISING THE BAR: WHAT RECOGNITION REALLY MEANS FOR OUR AWARD WINNERS For our 2025 CGU-partnered Broker of the Year and Vero-partnered Young Broker of the Year, recognition is an opportunity to amplify client advocacy and lift professional standards

28 NIBA UNVEILS

The cover photo is provided by Good Thanks Media.

COMPLEXITY TO CLARITY REPORT, DELIVERING A MANDATE FOR THE BROKING PROFESSION

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CONTENTS February/March 2026

SPECIAL FEATURES

30 RESEARCH REVEALS WHAT YOUR CLIENTS VALUE Clients value brokers more than ever in a complex risk environment

38 RECENT EVENTS SHOW THE NEED FOR STRATEGIC BROKER ADVICE Why the ‘tobacco wars’ are the perfect case study for brokers as risk advisers

IN EVERY ISSUE NIBA CEO Welcome��6 REFERENCE Community Hub��54 Ratings��58

46 CYBER IS REDEFINING INSURANCE Cyber is one of the most rapidly evolving threats for businesses

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CEO / Welcome

Leading Through Uncertainty As 2026 gets underway, it is a timely moment to take stock of the forces shaping the environment in which our profession operates. We are living through a period of The risk environment is rapidly evolving. 76% of respondents believe brokers will need to expand into new risk domains to remain relevant, but only 64% feel prepared to navigate that changing Strengthening Consumer Outcomes

We recently launched our next piece of groundbreaking research: Complexity to Clarity: The Broker Advantage . This report is a client-led view of the measurable impact brokers have when risk is complex and uncertainty is constant. If Ready or Reacting set the profession’s agenda, Complexity to Clarity delivers the profession’s mandate. It provides evidence, from the people who matter most, that brokers are trusted advisers who remove friction, create confidence and improve business outcomes. For the profession, this research delivers something incredibly powerful: clarity about why clients and consumers choose brokers, what drives trust, and where our value is most tangible. The year ahead will bring challenges, but it also brings an opportunity to lead with confidence, adapt with intent, and keep proving, every day, why trusted advice matters.

landscape. From cyber and supply chain disruption to climate-driven volatility and emerging liability exposures, brokers will increasingly be asked to connect risk dots earlier and advise with confidence. Your Voice, Your Code The Insurance Brokers Code of Practice sets out the standards and values that guide brokers across Australia in serving their clients. It plays a central role in promoting trust, professionalism and ethical conduct within our profession. It ensures what clients experience in practice aligns with what they should expect in principle. Member consultation for the Code review is currently open, alongside our member engagement campaign, Your Voice, Your Code , designed to encourage members to help shape the future direction of the Code. You can find more information on the Code of Practice Review page, and I encourage you to read the Code Member NIBA held its AGM in Sydney recently. Kirsten Mills from Marsh replaces Gary Okely as a Board Director, whose tenure on the NIBA Board has come to an end. Garyʼs contribution to NIBA and the wider profession has been invaluable. On behalf of NIBA and our members, I am grateful for the time, counsel, and energy he has invested in giving back to the profession. I also welcome Kirsten to the Consultation Paper in this issue. Farewell Gary Okely

heightened uncertainty. Around the world, geopolitical instability, economic volatility and supply chain disruption are reshaping the global risk landscape in real time. Here in Australia, those global pressures are intersecting with local challenges in consequential ways. Extreme weather is no longer an occasional shock to the system; it is a persistent headwind. Bushfires and flooding across Queensland and Victoria have again tested the resilience of households, businesses and communities. In the thick of it, brokers have been on the frontline helping clients navigate uncertainty, rebuild, and make sense of what comes next. That frontline role has never mattered more. At NIBA, we see these as long-term structural issues, not short-term disruptions. And as the peak body for the insurance broking profession, we know meaningful progress demands a clear strategic roadmap that positions the profession to respond to complexity, lead through change, and remain future-ready. Setting the Profession’s At the end of last year, NIBA released our landmark thought-leadership report, Ready or Reacting? Shaping the Future of the Insurance Broking Profession . Its purpose was simple: to set a decisive agenda for the decade ahead, and to challenge all of us to embrace adaptability as a profession. The report paints a clear picture of what future-ready looks like by 2035. Brokers who thrive will deepen their role as strategic trusted advisers, become digital innovators, and help lead Australia’s resilience conversation, as technology, regulation and emerging risks reshape what clients need from us. Agenda for the Coming Decade

RICHARD KLIPIN Chief Executive Officer, NIBA

Board and look forward to working closely with her as we advance NIBAʼs priorities and continue advocating for the profession.

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NIBA / Professionalism

Insurance Brokers Code of Practice

Your Voice, Your Code Elevating professional standards together.

Member Consultation 16 February – 2 April 2026

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NIBA / Professionalism

Introduction and Background

“The Code is how our profession collectively demonstrates its ongoing commitment to self- regulation. That’s why our next chapter should be shaped by you, our members and Code Subscribers, who live it every day. On behalf of NIBA, I invite all members to have their say in the consultation process. Your insight will help ensure the Code continues to reflect the highest professional standards and stays fit-for-purpose in an evolving landscape.”

“A future-ready Code is one of the clearest signals of consumer trust and confidence in our profession. It demonstrates to key stakeholders across government, regulators and the wider community that brokers are strongly committed towards professionalism, accountability and putting clients first. As we go through this review, I encourage every member to contribute and help shape what comes next.”

— Richard Klipin, Chief Executive Officer, NIBA

— Nicholas Cook, President, NIBA

What is the Insurance Brokers Code of Practice? The Insurance Brokers Code of Practice (the Code) is the broking profession’s commitment to the highest standards of professional conduct and consumer protection. It sets out what Australian businesses, families, and communities can expect when they work with an insurance broker — and what brokers commit to delivering. The Code applies to all NIBA member firms and their staff, covering everything from how brokers handle conflicts of interest, to how they support clients experiencing vulnerability, to how they communicate about their services and remuneration. It is independently monitored and enforced by the Insurance Brokers Code Compliance Committee (IBCCC). Why is the Code being revised? In December 2025, Independent Reviewer Phil Khoury and the team at cameron. ralph. khoury (crk) delivered the final report of the Independent Review of the Code. The review examined how the Code is working, whether it meets community expectations, and where it could be strengthened. The report contains 14 recommendations. On 21 January 2026, NIBA released its formal Response to the Independent Review. That Response sets out the NIBA Board’s considered position on each of the 14 recommendations— specifically, which recommendations we support, where we take an alternative approach, and our reasoning in each case. This consultation paper is the next step. NIBA has made clear commitments about how we intend to respond to each recommendation. This consultation is not about whether to proceed — those decisions have been made. This consultation is about how to implement the changes effectively. We want to get the details right, and that requires input from those of you who work with the Code every day.

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Your Voice, Your Code The Code sets the professional standards for insurance broking in Australia. It is your Code. For it to work, it must reflect both the needs of the consumers you serve and the practical realities of professional broking practice. This is your opportunity to help shape the revised Code. Whether you’ve been in the profession for decades or are early in your career, your practical experience matters. We want to hear what works, what doesn’t, and how the Code can be strengthened while remaining workable.

What Guides This Revision The following five guiding principles will ensure this revision delivers meaningful outcomes:

The revision process embraces openness and considers stakeholder feedback at every step.

Transparency

Modernisation The Code is made fit for purpose and evolves to meet changing client needs.

Simplifying and improving the Code’s clarity, while adhering to relevant regulatory frameworks. The revised Code will be written in plain English that clients can understand and brokers can confidently apply. The Code balances the needs of all clients, including sophisticated wholesale and retail clients, and encourages best practices without over-prescription.

Accessibility

Flexibility

We ensure the Code strengthens client outcomes while minimising operational complexity.

Efficiency

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The Code and You Before we get into the details of the proposed changes, we’d like to hear from you about how the Code fits into your professional practice today. Your responses to these questions will help us understand how brokers across the profession engage with the Code, and will inform how we frame and implement the revised obligations.

YOUR EXPERIENCE WITH THE CODE We’d like to start by hearing about your relationship with the Code. There are no right or wrong answers — we want your honest perspective. 1. How does the Code help you as an insurance broker? What role does it play in your professional practice? 2. How do you use the Code in your business? For example, in staff training, client communications, complaint handling, or compliance processes? 3. What are the two or three most important parts of the Code for you and your clients? 4. Are there particular areas of the current Code that you find unclear or difficult to apply in practice? 5. Is there anything the Code doesn’t currently cover that you think it should?

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What’s Changing: NIBA’s Response at a Glance The Independent Review made 14 recommendations. The NIBA Board has carefully considered each recommendation and determined our approach. A full summary of all 14 recommendations, including NIBA’s position and planned approach for each, is provided in the Appendix to this paper. For detailed reasoning on each position, please refer to NIBA’s complete Response to the Independent Review, available at niba.com.au/code-of-practice-review.

NIBA’S RESPONSE SUMMARY Support (6 recommendations): Recommendations 3, 6, 8, 11, 12, and 14 — NIBA will implement these recommendations. Alternative approach (4 recommendations): Recommendations 1, 5, 9, and an alternative approach where we address the intent differently. Address in IBCCC Charter (4 recommendations): Recommendations 4, 7, 10, and 13 — addressed through compliance governance arrangements. Not adopting (1 recommendation): Recommendation 2 (contractual enforceability) — Making the Code contractually enforceable for clients would establish a standard that does not exist for professional advice codes in Australia.

NIBA welcomes feedback on how to implement any of the recommendations we are supporting. Your practical insights will help ensure that the revised Code works effectively for consumers and is applied consistently across the profession. General Implementation Feedback For all recommendations NIBA is implementing, we invite your views on: • How the obligation should be framed in the Code to ensure clarity • Practical considerations for implementation across different business models • Appropriate transition timeframes • Guidance materials that would assist with compliance We also invite feedback on the following cross-cutting issues that apply across multiple Code obligations: Engagement with Authorised Third Parties Clients may authorise third parties — such as family members, financial counsellors, accountants, lawyers, or other advisers — to act on their behalf or support them in their dealings with their broker. How should the Code address broker engagement with authorised third parties, and are there current practices that create barriers to effective third-party involvement? Training and Professional Development Effective implementation of Code obligations requires appropriately trained staff. The Code currently requires annual Code training, training for competence, and training on vulnerability. Should these obligations be strengthened or expanded? If so, what additional areas should training cover?

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NIBA / Professionalism

Have Your Say: Targeted Implementation Feedback NIBA is seeking more detailed input on the implementation of three recommendations in particular. For each, we have set out NIBA’s position and specific questions to guide your response. These are the areas where your practical experience is most needed to get the implementation details right.

4.1 Recommendation 3: Extended Remuneration Disclosure THE RECOMMENDATION Support (6 recommendations): Recommendations 3, 6, 8, 11, 12, and 14 — Section 6.1 of the Code should oblige signatories to provide all individual and small business clients with remuneration disclosure regardless of the type of insurance product. NIBA’s Position: NIBA supports the principle of extending remuneration disclosure. Transparent remuneration disclosure helps clients understand the costs of their broking services and make informed decisions. Questions: 6. What specific information should the extended disclosure contain? 7. Where should this disclosure appear in client documentation, and at what point in the client relationship? 8. What timeframe would be needed to implement extended disclosure requirements? 9. Are there current practices that work well and could inform implementation? 10. Extending remuneration disclosure requires determining which clients should receive it. Various definitions exist across the regulatory landscape — the Corporations Act ‘retail client’ definition and wholesale tests, AFCA’s small business definition rules, and the Code’s existing scope of ‘individuals and small businesses.’ Each has different practical implications. What definition or approach should the Code use to determine which clients receive extended remuneration disclosure, and why? 11. NIBA has published guidance on disclosure practices in strata insurance, which will be incorporated into the revised Code. Are there other market segments or business structures where tailored guidance on remuneration disclosure or conflict management would help brokers meet client expectations?

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4.2 Recommendation 8: Enhanced Vulnerability Provisions THE RECOMMENDATION The Code’s vulnerability factors should be updated to include persons affected by catastrophic events and otherwise align with the General Insurance Code of Practice. There should be a stronger commitment to identifying and helping those experiencing vulnerability. NIBA’s Position: NIBA supports updating the Code’s vulnerability framework. Clients facing their most difficult moments — including those affected by catastrophic events — deserve appropriate support and guidance from their broker. Questions: 12. What additional support obligations should the revised Code include? 13. Beyond catastrophic events, what client circumstances should trigger enhanced vulnerability provisions? 14. How should brokers identify when a client may be experiencing vulnerability? 15. Should obligations around support persons be strengthened? If so, how? 4.3 Recommendation 12: Explicit Record-Keeping Obligations THE RECOMMENDATION NIBA should amend the Code to include a new obligation to keep complete and accurate client records. NIBA’s Position: NIBA supports elevating record-keeping from guidance to an explicit Code obligation. Accurate, complete records are essential to ensuring that clients receive consistent, high-quality advice over time and to protecting both clients and brokers. Questions:

16. What records should brokers be required to maintain under the Code? 17. Should the Code specify requirements about record format or storage? 18. How long should brokers be required to retain client records? 19. Under what circumstances should clients be able to access their records?

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NIBA / Professionalism

Any Other Feedback

NIBA welcomes feedback on any aspect of the Code revision not covered by the questions above. In particular, we invite you to share your views on: • NIBA’s approach to any of the 14 recommendations (see the Appendix for the full summary) • The plain English rewrite and what would make the Code clearer and more useful • Issues not addressed in the Independent Review that you believe should be considered in the revised Code • What guidance materials would help your business implement new or revised Code obligations • What lead time does your business need to prepare for new obligations • How the Code could better support brokers in delivering good client outcomes • Any other matters relevant to the Code or its operation Where you are suggesting a different approach to a matter addressed in NIBA’s Response to the Independent Review, we encourage you to explain your reasoning and, where possible, propose alternatives for consideration.

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How to Respond

CONSULTATION TIMELINE Consultation opens: Monday 16 February 2026

Member workshops: During March 2026 Consultation closes: Thursday 2 April 2026 All submissions must be received by 5:00 PM AEDT on 2 April 2026.

Member Workshops NIBA will be running a series of online member workshops during March 2026. These interactive sessions are designed for you to discuss the consultation topics directly with NIBA’s policy team and fellow members. This is an opportunity to have your say in a more conversational format — you don’t need to prepare a formal submission.

MEMBER WORKSHOP DATES Thursday, 12 March - 11:00 AM AEDT Wednesday, 18 March - 1:00 PM AEDT

Friday, 27 March - 10:00 AM AEDT Tuesday, 31 March - 12 PM AEDT Details about how to register for these workshops will be shared in NIBA’s weekly newsletter Broker Buzz. Keep an eye out on your inbox.

Submission Methods You can provide your feedback by: 1. Online form: Complete the consultation response form at niba.com.au/code-of-practice-review 2. Email: Send your submission to code@niba.com.au 3. Workshop: Attend a member workshop during March 2026 and provide your feedback in person You do not need to respond to every question. Please focus on the areas most relevant to your experience and expertise.

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Confidentiality Submissions will be treated as confidential unless you indicate otherwise. If you consent to your submission being made public (with identifying information removed if preferred), please indicate this in your submission. NIBA will prepare a summary of consultation feedback for publication following the close of submissions. This summary will not identify individual respondents unless consent is given. What Happens Next Following this consultation, NIBA will: • Analyse all submissions and publish a summary of the feedback received • Develop a comprehensive draft of the revised Code informed by NIBA’s implementation plan and consultation input • Release the draft revised Code for public consultation • Finalise the Code and develop implementation timelines and guidance materials NIBA is committed to keeping you informed throughout this process. Updates will be provided via NIBA communications and at niba.com.au/code-of-practice-review.

Contact For questions about this consultation or the Code revision process: Email : code@niba.com.au Phone : (02) 9459 4300 Website : niba.com.au/code-of-practice-review

Your Voice, Your Code. Thank you for contributing to the future of professional standards in insurance broking.

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NIBA Welcomes New Board Director, Farewells Gary Okely

NIBA held its Annual General Meeting (AGM) in Sydney recently. Kirsten Mills from Marsh replaces Gary Okely as a Board Director, whose tenure on the NIBA Board has come to an end.

Kirsten brings extensive experience from insurance as well as sports management industries to the NIBA Board, having worked across many sectors including underwriting and leading the largest dedicated sports insurance broking team in Australia. She has broad leadership experience within various insurance industry roles, and has worked both locally in Australia and overseas in London. Gary reflected on his tenure as NIBA Board Director, stating, “Itʼs been an honour and a privilege to have served on the NIBA Board for over a decade. Looking back, I am extremely proud of the culture that continues to flourish at NIBA, bringing the entire profession together. This culture is a testament to the shared pride and the high level of passion that brokers have in serving clients.”

decade. She joins the Board at an exciting time, and I wish her the very best in the role, knowing that her contribution to the future of NIBA will be highly valued,” added Gary. NIBA President Nick Cook thanked departing Board Director Gary Okely for his long service and leadership and welcomed incoming Board Director Kirsten Mills to the Board. “Gary has given an extraordinary amount to NIBA and to the profession over more than a decade on the Board. His steady leadership, deep commitment to members, and clear focus on raising professional standards have strengthened NIBA and the value we deliver. On behalf of the Board, I sincerely thank Gary for his service, and Iʼm pleased to welcome Kirsten to the Board. Her extensive experience will be a real asset as we continue to support brokers and advocate for the profession to be future-ready.” NIBA CEO Richard Klipin also acknowledged Garyʼs contribution and welcomed Kirsten.

Incoming Board Director Kirsten Mills.

“Garyʼs contribution to NIBA and the wider profession has been invaluable. On behalf of NIBA and our members, I am grateful for the time, counsel, and energy he has invested in giving back to the profession. I am deeply thankful to Gary for the significant impact he has made and wish him all the very best,” Richard said. “I also welcome Kirsten to the Board and look forward to working closely with her as we advance NIBAʼs priorities and continue advocating for the profession,” Richard concluded. The full list of NIBA Board Directors is below: • James Baum – Representing Willis • Ben Bessell – Representing AUB Group • Nick Cook – Representing Steadfast Group • Steven Hill – Representing Queensland • Kirsten Mills – Representing Marsh • Greg Mullins – Representing Envest Group • Di Phelan – Representing South Australia/ Northern Territory • Brett Piggott – Representing Western Australia • Stella Pruscino – Representing Victoria/Tasmania • Mark Saunderson – Representing Gallagher • Lynette Walsh – Representing Aon • Rebecca Wilson – Representing New South Wales/Australian Capital Territory

Gary also expressed his best wishes to Kirsten for joining the NIBA Board.

“I'm sure Kirsten will be a fantastic addition to the NIBA Board and contribute to the profession as it continues to evolve over this

Your NIBA Board (from L-R): Steven Hill, Stella Pruscino, Rebecca Wilson, Mark Saunderson, Nick Cook, Ben Bessell, Richard Klipin (CEO), Brett Piggott, Di Phelan, Kirsten Mills, James Baum.

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NIBA / Special Feature

Beyond the Board Table: Gary Okely on NIBA, Advocating for the Profession and Being Future Ready

After more than a decade of service on the NIBA Board, Gary Okely wraps up his tenure when the insurance broking profession is on the cusp of evolution, and with a clear sense of what matters most. Across his years of contribution, Gary has helped steer NIBA through some of the sector’s most defining moments: the Royal Commission era, the upheaval of COVID-19, and a more recent focus on leveraging advocacy that has strengthened the broker voice in Canberra. He speaks with pride about what has been achieved, but also with urgency about what comes next, be it the ongoing commitment to self-regulation and the Code Review, or the role of research and thought leadership in shaping the profession’s future. In this exclusive chat with Insurance Adviser editor Virat Nehru, Gary reflects on the milestones, the positive culture, and the lessons of his NIBA journey — and why, in a decade of disruption, the broking profession is strongly placed to take advantage of what comes next. Over a Decade at the Table When Gary looks back on his time with the NIBA Board, he does so with a sense of gratitude and genuine affection for the experience. His first instinct is not to list achievements, but to describe the journey itself.

Communicating the Broker Value Proposition Of the major accomplishments during his Board tenure, Okely speaks with particular pride about NIBA’s work around the Royal Commission. “The work that NIBA did to ensure that insurance broking as a profession achieved a positive outcome from the Royal Commission into financial services was incredibly important. That included a significant amount of work with the government prior to the Royal Commission, as well as during the process.” The significance of this period was not simply the scrutiny that came with it, but the risk that the value of broking could potentially not be fully understood if the profession didn’t speak clearly and early about its role.

“My NIBA journey has been really enjoyable. A lot has transpired across my tenure on the Board,” he says. For Gary, serving on the Board has never been just about governance. It has been a place where relationships, shared purpose and service to the profession come together. When asked to identify the accomplishments that stand out most, he points to three moments that reveal the breadth of NIBA’s role in the profession: communicating the broker value proposition during the Royal Commission into financial services, supporting the broking community through the COVID-19 years, and helping elevate NIBA’s advocacy efforts in Canberra. Taken together, these three key accomplishments form a clear throughline in Gary’s thinking. The best outcomes for brokers and their clients come when the profession acts early, speaks with confidence and stays anchored to the real value that brokers provide every day.

With the Minister for Financial Services, the Hon Dr Daniel Mulino MP.

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profession for years to come: the evolution of NIBA’s advocacy work in Canberra. “While NIBA’s presence has always been strong with Australian government representatives, the engagement of advocacy support through our government relations partners Counsel House has elevated the voice of insurance broking,” Gary says. That shift is significant because it has amplified the strength and the reach of NIBA’s advocacy. “This has seen us escalate our voice on behalf of our clients across Australia,” he says. “And that’s the key point. it’s not just an industry voice for its own sake. It’s a client-led voice,” Gary adds. He points to the issue of affordability and availability of insurance as a clear example of where the advocacy efforts have made a difference. “One key area is how brokers are now part of discussions to find solutions to the affordability and availability of insurance,” Gary says. “While the resilience message has been led by the Insurance Council of Australia, NIBA’s advocacy work has delivered a different client-led voice in Canberra on this very important issue for all Australians,” he adds. That distinction is central to how he sees the profession’s role in public policy. Brokers don’t just understand insurance settings at a market level; they understand how those settings affect real clients in real communities. “We hear directly from clients every day, be it households, small or large businesses,” he says. “We hear where the pressure points are, what’s working, what’s not, and what support people need,” he says. In Gary’s view, that makes brokers uniquely placed to contribute to policy conversations in a practical, evidence-informed way. “The broker voice is grounded in lived client experience,” he says. “It’s based on what people are telling us and what we are helping them navigate.” He believes the profession now has an opportunity and a responsibility to build on this momentum.

One of the turning points was the engagement of Deloitte Access Economics. Okely describes that decision as pivotal. “The engagement of Deloitte Access Economics was also pivotal in creating a very positive view of how insurance brokers add real value to their clients and the communities we operate within,” Gary says. “The research gave us a stronger, evidence- based way to talk about what brokers do every day. It helped ensure the profession was seen for what it is: a professional risk advice sector that delivers positive outcomes for so many Australians.” For members, he believes the practical impact was significant. It helped preserve confidence during a period of uncertainty, while also strengthening the profession’s position in policy and regulatory discussions. The COVID-19 Years and a Profession That Emerged Stronger If the Royal Commission tested the profession’s positioning, COVID-19 tested its resilience. Gary speaks about that period with deep admiration for how the broking community responded. “The amazing work NIBA did to support and engage the insurance broking community during the COVID-19 era is something I reflect on very positively. And what was just as impressive was how the profession bounced back even stronger after the country opened up.” He credits NIBA’s role in helping maintain that sense of connection during a fragmented time. “Support and engagement really mattered during COVID-19,” he says. “NIBA helped keep the profession connected, and that was incredibly important.” A Stronger Voice in Canberra The third major accomplishment Okely highlights is one he believes will shape the

“NIBA’s advocacy efforts have picked up pace. I’m a firm believer that we need to continue this momentum so that insurance brokers continue to have a leading voice at the table when critical issues relating to insurance are negotiated and decided.” Why Self-Regulation Matters On the Code Review and self-regulation, Gary is direct and unequivocal. “The importance of self-regulation to the insurance broking profession should never be underestimated,” he says. Gary makes the underlying point that a sector achieves better outcomes when it acts early and leads from within. “Having worked with many different public sector entities and enterprises, one of my key observations from government engagement is that the best outcomes are achieved when action occurs well ahead of future discussions,” he says. In the context of broking, that means not waiting for government to define the profession’s standards or direction. “When dealing with government on regulatory change in insurance broking, we must not wait, so we don’t end up reacting to what governments think. We must be proactively leading to achieve positive outcomes for the profession and our clients.” That phrase, “proactively leading”, captures his philosophy on self-regulation. It is about demonstrating leadership, maturity and accountability. “To ensure that we lead on the right issues, it is critical that NIBA and the broking community work together to continually identify emerging trends,” he says. “By listening to our clients and to broader community expectations, we can ensure the Code continues to evolve over time in the areas that support our clients.”

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The Code needs to remain fit-for-purpose, both now and into the future. It needs to respond to the changing needs of clients and communities. “Change presents both opportunities and challenges,” he says. “But facing the challenges yourself is far better than being provided with solutions from other spheres of government.” Gary sees self-regulation as a professional responsibility. It is a mechanism that allows the profession to remain credible, relevant and trusted, while retaining the ability to shape standards that fit the realities of broking. Why Member Consultation Is Critical to the Code Review If self-regulation is the principle, Okely sees member consultation as the mechanism that makes it meaningful. “Input from NIBA members to the Code Review is critical,” he says, “so the NIBA Board can ensure that the professional standards our Code embodies represent the broad reach of insurance brokers throughout Australia.” Gary is conscious of the profession’s diversity — not just in geography, but in firm structures, client types and day-to-day operating realities. He believes the Code must reflect that diversity if it is to be both credible and practical. “It’s important for members to reflect on both historic information and practices, along with current trends of

“Research provides opportunities to hear independent views on current and emerging trends and perspectives in an unfiltered way,” he says. “That is incredibly valuable.” For him, the power of research lies in its ability to challenge assumptions and sharpen strategic thinking, not just within NIBA, but across policy and regulatory forums. “By taking the research findings and turning them into thought leadership articles and discussion papers, policymakers, regulators and the NIBA Board can get an unfiltered view when considering future strategic directions and decisions,” he says. This is the difference between simply reacting to issues and actually helping shape them. “You can always have an opinion,” he says, “but research-backed thought leadership allows you to set the agenda. It gives you something stronger to take into the room,” Gary says. That agenda-setting role matters because insurance issues are increasingly complex and interlinked. Affordability, risk, regulation, client expectations and emerging technologies don’t sit neatly in separate boxes. Gary believes NIBA’s research- led approach helps turn complexity into clearer narratives and priorities. “Research is also powerful in identifying areas that may not yet be fully explored in a broader sense,” he says. “And that means it can lead policy change, regulatory change and future investments.” Being the One Voice for the Profession “Insurance broking is fortunate that NIBA is the sole voice of brokers in Australia,” he says. “That should not be underestimated, because it gives us the opportunity to amplify our message.” But for him, that message has to be bigger than industry self-interest. “With strong member feedback, industry research and community engagement, NIBA provides the ‘one voice’ that can advocate in a much broader and stronger way on behalf of our clients,” he says. That client-led framing is central to Gary’s thinking. He believes the profession holds

professionalism that exist in financial services across Australia,” he says. That balance between history and forward thinking is important. The Code needs to be shaped in a way that does not overlook the profession’s distinct role. “Insurance broking is part of the financial services advice sector in Australia,” he says, “but it is quite different from banking, life insurance, and even the General Insurance Code, which is designed for insurers who manufacture insurance products,” Gary says. Brokers understand where standards need to be principled and where they need to be practical. They understand how conduct obligations play out in live client environments — in advice conversations, placement work, renewals and claims. “Members bring the real-world perspective,” he says. “They know what works in practice, what is clear, what could be clearer, and where future standards need to go.” He also sees consultation as a way to produce a more balanced outcome. “With broad feedback from members, NIBA will be able to develop a balanced, future-looking position within the Code that drives future professional standards.” Leading with Insight Gary speaks about the importance of NIBA’s thought leadership with the same strategic focus he brings to advocacy and the Code.

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“If we keep listening to clients properly,” he says, “we’ll keep improving how we serve them. And we’ll keep strengthening the profession’s voice at the same time,” Gary adds.

The Moment of Truth: Where Broker Value Becomes Real

Asked to identify the most important value brokers bring to clients, Gary acknowledges the strengths highlighted in NIBA’s research report “ Complexity to Clarity: The Broker Advantage ” — then adds a dimension he believes sits underneath them all. “NIBA’s research has identified some critical values that clients and consumers tell us. But one area that I think really encapsulates their feedback, and is not always specifically called out, is the trust and confidence that quality advice provides to both individuals and businesses.” For Gary, trust is the foundation on which all other broker value rests. “Of course, the research gives us feedback on how we deliver on our promise,” he says. “But the quality of our advice and advocacy is only truly tested when a claim or event arises.” “That’s really when clients see the value an insurance broker provides,” he says. “That is the real moment of truth.” “It’s in those moments that long-lasting relationships are formed,” Gary says. “Clients see what your advice means in practice. They see your advocacy. They see how you help them navigate a complex situation,” Gary adds. The Next Decade: Challenge, Opportunity and the Role of NIBA Gary’s perspective on the future is clear- eyed but optimistic. He frames it through a principle he has carried for years. “Someone I’ve worked with for a number of years has regularly reminded me that every challenge creates an opportunity,” he says. “And I think that’s exactly right for insurance broking.”

At WFII, representing NIBA with Nick Cook and Richard Klipin.

Why the Client Voice Matters “We serve our clients,” Gary says. “We talk with them, represent them, negotiate for them, deliver services to them and advise them each and every day.” For him, that is the whole reason client insight matters so much. It is not a separate exercise from the work brokers do. It is a way of listening more systematically to the people the profession serves. “So regardless of size — whether it’s an individual homeowner, a small business operator, or a large business that services individual consumers — it’s critical that NIBA hears directly from them,” he says. Okely sees that feedback as strategically important in two directions. First, it helps brokers improve. “Their feedback enables all brokers to understand what is being said and consider improved ways to evolve our advice and services,” he says. Second, it helps NIBA communicate broker value more clearly to external audiences. “Being able to identify where current services are most valued by clients enables NIBA’s message to focus on the real value brokers provide,” he says. “It speaks to the advice we give. It provides feedback on value, service, advice and the outcomes we achieve at claims time — as opposed to just the transactional cost of insurance.” “It helps us communicate value beyond price,” he says. “And that’s critical, especially right now.”

a unique position in the policy ecosystem because brokers hear directly from the people affected by insurance decisions. “Parliamentarians and regulators have somewhat underestimated how insurance brokers collect quality independent feedback from businesses of all sizes across Australia every day. We listen to clients, provide advice, create solutions, and then support them He is especially struck by the breadth of the broker perspective. “NIBA brokers also live in a huge variety of communities right across the country,” he says, “so our feedback has one of the broadest reaches of any industry group.” through what are often very complex claims situations.” “At disaster events, brokers are often at the forefront of finding solutions and simplifying complex insurance terms so businesses and communities can recover and respond in the best way possible,” he says. “That perspective needs to be heard more strongly in policy discussions.” He wants decision-makers to better understand that brokers are not just intermediaries. They are advisers, advocates and translators of complexity, especially when clients are under pressure. “My view is that NIBA should push hard to expand its advocacy position in policy conversations across Australia and amplify the voice of our clients and businesses in a way that other industries could only wish for,” Gary adds.

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He believes that as clients face more complex risks and pressures, brokers are being pushed, in the best sense, to evolve. “As our clients challenge us to address their challenges, insurance brokers are driven to look for new and innovative approaches to support them,” he says. He points first to AI and technology. “If you look at the continually evolving AI and technology environment, brokers are having more conversations with clients about cyber insurance, and the risks and opportunities associated with AI,” he says. “At the same time, brokers are also finding ways to embrace AI to evolve the delivery of services more effectively to clients.” He sees a similar pattern in climate and extreme weather risk. “Similar change is happening with emerging weather events that are impacting communities and clients across Australia,” he says. “While this creates affordability and availability challenges for some clients, it also creates an opportunity for innovation.” He is particularly interested in how brokers help bring new solutions to market. “Specialist advice and new capital are always being developed, with insurance brokers helping lead those solutions,” he says. “That is a far cry from consumers being left on their own to consider an online transaction without any advice.” It’s a pointed comparison, and it reinforces a core theme: in a more complex risk environment, the case for professional risk advice gets stronger. Gary believes brokers are well positioned for the future, but only if the profession keeps investing in capability, talent and standards. That is where he sees NIBA’s role as indispensable. “At an industry-wide level, NIBA plays a critical role in supporting insurance brokers with education, talent acquisition, and importantly, a regulatory framework that allows the professionalism, advice and innovation that brokers provide to stand out and thrive.”

For him, the next decade will demand all three. Education to build capability. Talent to sustain the profession. And a strong framework to ensure trust and professionalism remain visible as the market evolves. “The challenges are real,” he says. “But the opportunities are real too. And I believe brokers are strongly positioned to tackle them, especially if NIBA keeps supporting the profession in the right ways.” What He’ll Cherish Most: Culture, Community and Shared Purpose “Having been involved with the NIBA Board for over a decade, there are many great moments to cherish,” he says. “But my key observation about NIBA’s culture is that everyone involved prioritises relationships, trust, a shared pride in our profession and passion for our clients.” It is a line that captures what he values most about NIBA, not just what it does, but how people show up within it. “This plays out best when people on the Board or a State Committee put their organisational thinking to one side and focus on how they can improve our profession for the betterment of all insurance brokers across the country,” he says. That spirit of collective contribution is, for Gary, one of NIBA’s defining strengths. And it is something he clearly feels has endured through periods of change. He is also proud of how the Board itself has evolved over his tenure. “It’s been great to see how the Board has evolved to reflect the continual change across the sector,” he says. “Today, the Board represents the sector differently than when I started — with international firms, network firms such as Steadfast, Austbrokers/AUB and Envest, and representation across all states and territories. It’s a much better cross-section of our diverse profession.” “The way the insurance broking community rebounded after COVID-19 has also been a pleasure to observe,” he says. “That’s reflected perfectly in the way the NIBA Convention found its mojo post-COVID.”

“People come in record numbers from far and wide, across all different parts of our sector, to attend the only event that truly reflects the diversity of our country and our profession.” For those considering getting more involved in NIBA, he offers a heartfelt encouragement. “For anyone thinking about contributing more to our profession and to NIBA, they will absolutely experience a great degree of personal satisfaction, development, and build amazing relationships on that journey. That’s something I’ve really enjoyed in my time with NIBA.” Welcome Kirsten — A Board Journey Worth Taking Gary welcomes incoming Board member Kirsten Mills with warmth and confidence. “I’m sure Kirsten will be a fantastic addition to the NIBA Board and contribute to the industry as it moves forward,” he says. “Knowing Kirsten, she will throw herself totally into the NIBA Board and openly listen to feedback from brokers across the different parts of our industry,” he says. That emphasis on listening feels especially fitting coming from Gary. Across his reflections, on advocacy, self-regulation, consumer insight and the Code, he consistently returns to the importance of listening well before acting. He is also clear that she is joining at an important time. “Kirsten joins the Board at an exciting time, as the new Code reaches the next phase of development. I’m excited for her, and I know her contribution to the future of NIBA will be highly valued.” After more than a decade on the NIBA Board, Gary leaves with a legacy of steady leadership and a clear purpose: keep leading proactively, keep the client voice at the centre, and keep building a profession that earns trust every day.

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