NIBA / Special Feature
The need for strategic advice Go back 25 years and more, and insurance broking was a far more transactional service than it is today. It stands to reason, too. Whether the potentially rose-tinted glasses view that the world was simpler and slower, and there was less change and fewer uncertainties is true or not, the fact is the internet changed access to insurance. For more than a couple of decades, businesses have been able to access pricing online, compare costs and purchase policies. And the risk landscape has, by common acknowledgement, become significantly more complex. Brokers, therefore, have had to evolve. Knowledge, insights and advice are now the value proposition and primary service offering; and in an increasingly volatile, unpredictable and changing world, that strategic advice is going to be ever more valuable. Of course, that shift to ‘adviser’ has been happening gradually in the background for a number of years. Good brokers have
help clients better mitigate and manage their risks.”
positioned themselves as trusted experts, working hand in hand with clients to understand their business, their risks and ensure they’re protected. In our Ready or Reacting research, 77% of brokers said that brokers stepping into more of an advisory role would impact the broking profession – yet 35% felt either unprepared, or neither prepared or unprepared. “Businesses are facing broader risks today than ever before,” says Richard Klipin, NIBA CEO. “The risks are greater, and businesses are busier than ever, and increasingly they need professional advice about the risks their businesses are facing. “From cyber threats to operational and reputational risks, the risk landscape is broader than ever; being nimble and agile is encouraged and prioritised, however when introducing new products and services, new risks can be introduced, too. “The broker as a strategic adviser isn’t an annual renewal conversation any longer – it’s ongoing check-ins, it’s bringing advice and guidance, and introducing new thinking and knowledge to ultimately
Clients are increasingly demanding these insights, personalised guidance and a deeper, more nuanced understanding of their risk profile. To meet these demands, brokers need to be proactive, and upskill in areas such as risk analysis, financial skills, and consultative communication. It’s also essential to keep up with the latest news, events and trends, in order to provide clients the insights they need that will genuinely make a difference. A live example of the need for strategic advice – the ‘tobacco wars’ An example of the need to provide strategic advice is underlined with the current ‘tobacco wars’ across the country, particularly in Melbourne but now creeping into South Australia and New South Wales in both metro and regional areas.
40 / INSURANCE ADVISER FEBRUARY/MARCH 2026
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