NIBA / Special Feature
THE IMPORTANCE OF AI IN THE TECH STACK
Is All Growth Good Growth?
It can be tempting to only see business growth as a positive. And, handled well, in the right environment, it can be. But the key thing here is knowing why you are growing, and what your strategy for growth actually is. If it’s growth for vanity’s sake – to get some satisfaction from increased revenue in the short term – then you’re setting off on the wrong foot. Knowles says, “Growth can be a great opportunity, but only if it’s managed well. If it’s rushed or not aligned with your strategy, it can stretch your team, impact culture, and ultimately the quality of service you provide to your clients. Growth is not always measured in revenue, and profit can be a lagging metric of growth. “Our research highlights that rapid expansion without adequate planning can strain resources and impact profitability. And when growth comes from acquisition, the real challenge often starts post- execution as you bring people, systems, and ways of working together. Without clear communication and a robust change management process, you risk losing staff and focus. Growth should support the creation of a better business, not just a bigger one. The key is doing it on your terms, at the right time, with strong foundations.” Holster says it’s important to focus on ‘sustainable growth’ as opposed to growth per se. “Sustainable growth provides better outcomes for your clients, a skilled workforce who love turning up every day, and love getting better at their craft.” And, in an environment where client service is top priority, having a united team that’s focused on delivering excellence is a recipe for growth itself.
AI IS AN INCREASINGLY FUNDAMENTAL PART OF THE DAY-TO-DAY IN INSURANCE, AND ADAM HOLSTER SAYS BROKERS PLANNING TO GROW THEIR BUSINESS FACE A PRIME OPPORTUNITY TO EMBED AI INTO THEIR PROCESSES. “AI presents significant opportunities for brokers to enhance productivity and improve client outcomes,” he says. “From document categorisation and identifying any gaps to summarising notes and even communicating with clients, AI solutions help brokers save time on administrative tasks, allowing them to spend more time supporting clients and growing their business. Some brokers have already commenced piloting Microsoft Copilot and are saving over five hours per week in insurance advisor roles. ”Taking full advantage of the opportunities AI presents seems key to growing a true 21st-century business today.
60 / INSURANCE ADVISER JUNE/JULY 2025
Made with FlippingBook Digital Publishing Software