NIBA / Special Feature
There’s an old saying, ‘knowledge is power’ – or, in Latin, scientia potentia est – which we’re sure you’ve heard trotted out countless times before. It can be firmly traced back to the 16th-century, and a little more loosely to the Book of Proverbs. Whatever the etymology of the phrase – originally, knowledge itself is power – the sentiment remains as true today as it did when first written by Sir Francis Bacon in 1596.
That’s why at NIBA we’re proud to launch ‘Ready or Reacting? Shaping the Future of the Broking Profession’, the first in what will be a regular series of thought leadership reports designed to help set you up for success over the next decade. These reports will be based on proprietary research conducted by NIBA, and will offer meaningful insights and practical advice about the issues shaping the future of brokers across Australia – because, over the next decade, our industry will be reshaped by global volatility, technological acceleration, cyber threats, and market shifts. NIBA Chief Executive Officer Richard Klipin says, “We stand at a pivotal moment in the insurance broking profession. The years ahead are not something to simply anticipate; they are a future we will build together. Technological disruption will reshape our work, while client expectations will continue to evolve.
and lead with purpose. Regulatory reform, emerging global risks, and the need to attract and retain talent will challenge us to reimagine our role. Yet, within these challenges lie opportunities to elevate our value, reinforce our relevance, and maintain our place in the risk ecosystem.” Our first thought leadership paper will be released at the NIBA Convention in October, and highlights the top eight factors that are key for brokers to focus on in the coming decade. Innovation in insurance products, industry consolidation, new risk landscape, workforce changes, education uplift, and brokers as strategic advisers all featured highly – and are all topics that we will delve into deeply over the coming months. However, two topics – technology and automation – stood out as being highly disruptive to the profession. And a significant percentage of brokers believe that they are not prepared for what lies ahead.
But what is ‘power’ when it comes to business?
A stockpile of cash? It would be nice. However, that’s generally a byproduct. True power in business comes from, as the saying intimates, having a deeper understanding of the market you’re operating in. This means, greater knowledge and awareness of the issues, trends, and the forces at play that are driving the market – not just today, but in the future, too.
“Success will hinge on our ability to anticipate change, embrace innovation,
62 / INSURANCE ADVISER OCTOBER 2025
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