SPOTLIGHT / Meet the state finalists of the 2025 Broker of the Year Awards
NSW/ACT Finalist
NSW/ACT Finalist
What inspires you the most about the insurance broking profession? I love to tell people this is one of the few professions where you get to understand what most occupations do implicitly. Having the skill set to confidently say that I understand a complex profession and the potential risks involved is reassuring for the client and gives assurance that someone understands them. This comes through many years of experience. Meeting so many wonderful people who have become friends in some circumstances makes me get up every day and want to come to work. Broking is also exciting in that it multi-skills us as professionals. Having the ability to drive change with some insurers is also incredibly satisfying as insurers understand that brokers are close to industries that are evolving, and as a result, some policies are no longer adequate to meet an industry’s needs. Advocating on behalf of the disability industry to insurers regarding policy coverage and risk management has been one of the most gratifying points in my career. Few industries are so diverse and working in insurance broking is one of them. “Advocating on behalf of the disability industry to insurers regarding policy coverage and risk management has been one of the most gratifying points in my career.” What does becoming a finalist of the 2025 Broker of the Year mean to you? Being chosen as a finalist is incredibly humbling and an honour that gives me immense pride. I am thrilled to be nominated amongst a truly esteemed cohort of finalists and the recognition of this nomination is an acknowledgment by my peers and industry leaders of the hard work, dedication to service, and advice I have provided diligently over the years to my clients and company. Being a finalist also inspires me to further strive to innovate, ensuring a strong industry for the future and ensuring that brokers understand the importance of our role for their clients and in business. By mentoring colleagues and industry peers I believe that we can raise the broking profile and maintain a sense of integrity and recognition in our profession despite the threat of AI.
CALEB RICHARDS, GALLAGHER
GAIL MURRAY, GALLAGHER
How did you get started in the insurance broking profession?
How did you get started in the insurance broking profession?
Like most of my peers, I fell into insurance while looking for work after completing my studies. I had just returned from overseas and needed a job to support myself when I came across an ad for an administrative role for a small broker in Canberra called Prestige Insurance Brokers. I didn’t get that job, however, they were impressed enough with my interview that they referred me to an insurer CIC, who hired me and gave me my first foray into insurance. This position allowed me to understand the roles that were available in the wider insurance field and after three and a half years of working as a Junior Underwriter, I set my sights on moving into broking as I could see the value the broker was bringing to a client and there a wider ability to grow and learn within the insurance industry. What do you think the insurance broking profession will look like in the future? I think we are at the forefront of the AI revolution. Traditional broking will have no choice but to change, but what that looks like is a matter of opinion. Brokers and insurers will need to review their methodology for collecting data efficiently and correctly, and I see AI and technology playing a major part in this. It is worrying, however, to see more and more clients and brokers interacting via online platforms that offer no human interaction, have limited question sets, and don’t request further information that could tweak a client’s curiosity to ask questions. Quotes are produced electronically and sent directly to the client without any broking advice given. Whilst there is a threat to brokers through AI innovation, “advice over price” should be held in the highest regard for clients to ensure that the integrity of the coverage purchased will respond in the event of a claim.
A conversation with my neighbour providing an overview of what an insurance broker does. The next day, I did an interview, and two weeks later, I was employed as a Claims Manager. What do you think the insurance broking profession will look like in the future? The world is transitioning to being more technology-led. AI and Big Data will change industry benchmarking and communication as we know it. In my view, the complexity of risk management will not be superseded by technology, and for that reason, we must evolve. The sophistication of AI and cyber risk will continue to develop at rates most of us cannot comprehend. That said, these changes can only be adopted relative to the rate local and global supply chains can adopt them. The availability of capital will be critical during this consolidation phase. We will need to bridge the lending gap with peril trigger products, such as parametric, replacing aspects of conventional business interruption. Businesses need to better understand the supply chain risks and the compounding impact of days not trading or not investing because of cash flow restraints. Where this risk cannot be built into their margin or lending, alternate transfer options will be critical. What inspires you the most about the insurance broking profession? There are three key things that inspire me the most. The first is having a growth mindset. There is a lot of diversity and infinite learning opportunities that broking offers. Rarely a day goes by that I don’t learn from my clients, my peers, or the market. I don’t see this trend changing. The second is educating clients and mentoring staff. Insurance products are only part of the risk cycle. The opportunity to educate clients on the need, relevance and application of these products and more importantly, the gaps and limitations that must be self-managed is incredibly important. Mentoring is key to accelerating staff growth and fostering development. The third key aspect is claims.
32 / INSURANCE ADVISER JUNE/JULY 2025
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