NIBA Insurance Adviser Magazine Aug-Sep 2025

NIBA's Insurance Adviser magazine is a publication designed to provide readers with an overview of the opportunities available to them to enhance their professionalism and become more involved in the intermediated insurance community.

Magazine for the General Intermediated Insurance Profession

AUGUST/SEPTEMBER 2025

LEADING WITH PURPOSE

Features

THE INSURANCE E-VOLUTION INSURTECHS TRANFORMING THE SECTOR TACKLING INSURANCE AFFORDABILITY

NEW BRAND UNVEILED

WE ARE YOUR VOICE

A winning choice to help set you apart

We understand that you’re looking for quality insurance solutions for your clients. That’s why at Vero, we listen to market feedback to enhance our offering. We’re proud to see those efforts reflected in our NIBA Large General Insurer of the Year 2024 award win. Our recent recognition only emphasises the importance of working closely together to deliver solutions for your clients’ needs. We look forward to partnering with you, so more of your clients can benefit from Vero’s insight-led insurance solutions.

Speak to your clients about Vero Insurance.

Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance. Photo Credit: 2024 NIBA Convention Gala Dinner.

CONTENTS AUGUST/SEPTEMBER 2025

12 NIBA UNVEILS NEW BRAND

ACN 006 093 849 ABN 94 006 093 849

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.

14 EXPLORE THE 2025 NIBA CONVENTION PROGRAM

24 RECAPPING THE 2025 NIBA GALA LUNCH SERIES Over 2,500 professionals from the NIBA community came together across 5 states

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CONTENTS AUGUST/SEPTEMBER 2025

SPECIAL FEATURES

36 THE INSURANCE E-VOLUTION Tech has become essential to the insurance proposition

44 CREATING TOMORROW

Australian-born Insurtechs are transforming the sector

52 TAKING A LONG-TERM VIEW Meaningfully tackling insurance affordability issues

IN EVERY ISSUE NIBA CEO Welcome��6 EVENTS Upcoming State Events��11 Hear From 2025 Big Meet Winners��19 REFERENCE Community Hub��58 Ratings��62

DISPLAY ADVERTISING INDEX – AUGUST/SEPTEMBER 2025 Vero�� IFC Allianz��5 QBE��7 CGU�� 21

Javln�� 39 Chubb�� 41 Chubb�� 43 Liberty�� 47

BMIA�� 49 Macquarie Group��51 NTI�� 57 CGU��OBC

If you’d like to advertise your products and services through NIBA, please contact Wayne Egelton today on 0481 196 820

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Care you can count on

Allianz Australia Insurance Limited ABN 15 000 122 850

CEO / Welcome

Leading with Purpose

The past few months have marked an important new chapter for NIBA. From the unveiling of our new brand at Gala Lunches nationwide to the conversations we’re driving at the highest levels of government, our focus is to honour NIBA’s continued four decades of leadership while ensuring brokers are supported, represented, and equipped for the future. The NIBA Board has taken the time to reflect on what brokers need from us in a rapidly changing environment. We’ve listened closely to our members and looked ahead to ensure we continue to lead with clarity, confidence and care in an evolving landscape. NIBA’s leadership team has been actively engaging with politicians across the House at a national level. The agenda included discussions with the Minister for Financial Services, Dr Daniel Mulino MP, Shadow Minister Pat Conaghan MP, and the office of Senator David Sharma. The meetings focused on strengthening the role of insurance brokers in supporting households, small businesses, and communities. Conversations with Dr Mulino focused on the Government’s response to the Parliamentary inquiry into insurers’ handling of 2022 flood claims, as well as broader challenges facing the insurance sector, including availability, accessibility, and affordability. One of the key issues emerging from the sector currently is a push for regulatory simplification, ensuring that brokers continue to serve clients effectively. ASIC recently released a report and opened consultation on regulatory simplification, acknowledging industry concerns about duplication, inefficiency, and the compliance costs imposed on financial services professionals. NIBA has welcomed this initiative and is actively contributing to the consultation, engaging with ASIC across multiple consultations to ensure that reforms are practical, proportionate, and genuinely support brokers in delivering positive outcomes for their clients. NIBA has been listening to voices from across the profession and the wider community. Through nationwide engagement and new research, we are building a clear picture of the opportunities and disruptions that will shape broking to 2035.

Building on existing knowledge and uncovering fresh perspectives, this research will empower us to lead informed, data-driven conversations and ensure NIBA can continue to lead as the ‘one voice’ of our profession in an evolving landscape. This landmark thought leadership publication will be unveiled at the upcoming NIBA Convention at the RACV Royal Pines in October. I am excited to share full insights from this report with the wider sector at our flagship event next month. The strength of our community is also evident in the record response to the 2025 Broker Market Survey, with more than 1,000 brokers contributing. This milestone reflects the passion and commitment of brokers to benchmark excellence, shape recognition through the NIBA Insurer Awards, and have their voices heard in shaping the future of our industry. As we look ahead to the Convention in October, the message that stands out is that brokers remain central to the resilience of households, businesses, and communities. Our flagship event next month will be a chance to come together, share insights, and shape a stronger, smarter, and more sustainable future for insurance broking.

RICHARD KLIPIN Chief Executive Officer, NIBA

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At the heart of

unlocking your potential.

Q Academy is a learning and development program for insurance brokers and partners. We get to the heart of topics such as leadership, professional indemnity, and contract negotiations so that you can enjoy a shortcut to career success. Scan to see upcoming webinars.

See qbe.com.au for product eligibility, the PDS and TMD (if applicable) to decide if a product is right for you. The product issuer is QBE Insurance Australia Ltd (ABN 78 003 191 035, AFSL 239545).

NIBA / Representation

Shaping the Agenda NIBA continues to play a central role in influencing public policy and advocating for the interests of the broking profession. In this edition of Shaping the Agenda, we provide an update on NIBA’s latest submissions and engagements with government, regulators, and key stakeholders.

NIBA Takes Its Voice to Canberra NIBA’s leadership team has been actively engaging at the national level, with President Nick Cook and CEO Richard Klipin visiting Canberra during the second week of the 48th Parliament to meet with politicians across the House. Their agenda included discussions with the Minister for Financial Services, Dr Daniel Mulino MP, Shadow Minister Pat Conaghan MP, and the office of Senator David Sharma. The meetings focused on strengthening the role of insurance brokers in supporting households, small businesses, and communities. Conversations with Dr Mulino focused on the Government’s response to the Parliamentary inquiry into insurers’ handling of 2022 flood claims, as well as broader challenges facing the insurance sector, including availability, accessibility, and affordability. The discussions also emphasised the need for simpler and more streamlined regulation, ensuring brokers are empowered to deliver the best outcomes for their clients. These engagements reflect NIBA’s ongoing commitment to advocating for practical, evidence-based solutions that support both consumers and the broking profession.

From L-R: NIBA CEO Richard Klipin, Minister for Financial Services, Dr Daniel Mulino MP, and NIBA President Nick Cook.

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NIBA / Representation

Victorian Owners Corporation Act 2006 Review

NIBA has contributed to the statutory review of reforms made to the Victorian Owners Corporation Act 2006. As part of this review, the independent reviewer is considering whether managers’ commissions on insurance or other financial benefits should be prohibited. remuneration structures that do not create conflicts of interest and emphasised the critical role brokers play in ensuring owners corporations receive appropriate coverage at competitive terms. NIBA cautioned that reforms should not inadvertently restrict access to professional broking services, which provide essential value to owners corporations and their members. ASIC Regulatory NIBA highlighted the importance of maintaining transparent and fair Guide 181: Managing Conflicts of Interest ASIC has released proposed updates to Regulatory Guide 181, which provides guidance on managing conflicts of interest under the Corporations Act. The updates include additional clarity on how the conflicts management obligation interacts with other legal requirements, examples of conflicts that licensees should consider, and expanded guidance on what constitutes “adequate arrangements.” In its submission, NIBA supported the objective of enhancing clarity and consistency but urged ASIC to ensure its guidance remains practical, proportionate, and aligned with the realities of providing general insurance advice. NIBA reiterated that the existing framework, when properly applied, already provides strong consumer protections.

Engaging with WorkCover WA NIBA has been engaging with WorkCover WA throughout the year regarding issues surrounding workers compensation.

NSW Workers’ Compensation Legislation Amendment Bill NIBA made a submission to the NSW Public Accountability and Works Committee in response to its inquiry into the Workers Compensation Legislation Amendment Bill 2025. NIBA’s submission highlighted persistent concerns with the performance of Claims Service Providers, the acceptance of non-employment related claims, and inadequate oversight by both iCare and the State Insurance Regulatory Authority (SIRA). NIBA cautioned that these systemic issues, rather than the scope of worker entitlements, are the primary drivers of the scheme’s deteriorating financial position. NIBA reiterated its call for reforms that strengthen governance, accountability, and claims management performance to restore scheme sustainability and ensure fair treatment for injured workers. Compensation Scheme of Last Resort - Exceeding Subsector Levies NIBA has prepared a submission to Treasury’s consultation on funding arrangements for the Compensation Scheme of Last Resort (CSLR). Treasury is consulting on options to address a $47 million shortfall in the scheme’s 2025–26 budget, including exceeding sub-sector levy caps and reallocating the shortfall across other industry sectors. NIBA strongly opposed any option that would impose costs on unrelated sectors, arguing that such an approach would be

inconsistent with the principle of targeted and proportionate cost recovery. NIBA maintained that responsibility for the shortfall should be met within the relevant subsector, rather than through broader cross-subsidisation. AFCA Approach to General Insurance Complaints

The Australian Financial Complaints Authority (AFCA) has released an updated draft of its approach to handling general insurance complaints, focusing on issues such as claim delays, cash settlements in home insurance, and the reliance on expert evidence to deny claims. In its submission, NIBA emphasised the critical role brokers play in assisting clients through the complaints process and highlighted areas where insurer practices create significant consumer detriment. NIBA welcomed AFCA’s efforts to provide greater clarity and consistency and encouraged further refinement to ensure timely, fair, and transparent resolution of disputes. Looking Ahead The breadth of current consultations reflects the significant level of regulatory activity affecting the broking profession. NIBA will continue to work closely with government, regulators, and stakeholders to ensure that reforms are practical, balanced, and consistent with the interests of brokers and their clients.

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NIBA / Community

The Journey So Far: A 2025 Snapshot of Events

As we enter the final stretch of 2025, it’s clear that education and professional development remain at the core of NIBA’s mission—and our members continue to rise to the occasion. So far this year, we've delivered 13 dynamic events across 7 states, thoughtfully curated to equip brokers and insurance professionals with practical tools, fresh thinking, and real-world insights. From headline forums like AI and the Future of Insurance and the Strata Insurance Forum, to targeted sessions such as the Accident & Health Seminar, Presentation Skills Program, and Business Interruption Masterclasses, our programming supports every career stage with meaningful, relevant learning. Networking events like Wine & Cheese Night and regional events in Canberra, Newcastle, Wollongong and Geelong have further fostered collaboration, connection, and a collective drive for progress. At the heart of every event is a shared commitment to growth—our members are eager to connect, learn, and lead the way forward. And with even more to come, the momentum is only building. Together, we’ll keep learning, growing, and evolving—because at NIBA, education isn’t just a priority, it’s our promise to the future of insurance.

EVENT HIGHLIGHTS

13 State Events 4 x of them regional

Registrations 1000+ Supporting Partners 30+ Different States ACT, NSW, Qld, SA, Tas, Vic, WA 7

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NIBA / Community

2025 State Events - What’s Coming Up?

Scan the QR code to read more about these upcoming events.

VIC LET’S TALK SEMINAR WED 10 SEP 2025

NSW WOLLONGONG MEMBER UPDATE THURS 11 SEP 2025 NIBA is heading back to Wollongong - and this year’s Member Update is set to be bigger, bolder, and packed with insight. We’re bringing together leading voices from across the industry to explore the key challenges, changes, and opportunities reshaping broking in 2025. QLD INSURANCE TRIVIA NIGHT THURS 25 SEP 2025 Join us for an exciting Insurance Trivia Night, where friendly competition meets professional development. This engaging evening blends education with entertainment, offering insurance professionals the chance to challenge their expertise, sharpen their knowledge, and connect with peers - all in a lively, interactive setting.

TAS WOMEN IN INSURANCE LUNCHEON THURS 18 SEP 2025

In honour of R U OK? Day, the NIBA Victorian Committee proudly presents this annual event—a powerful opportunity to reflect, connect, and have real conversations about mental health. Join us for a powerful and moving seminar with Brad McEwan—former sports broadcaster, mental health advocate, and Ambassador for Beyond Blue. WA WORKERS’ COMPENSATION SEMINAR THURS 25 SEP 2025 This session explores the latest trends, common coverage gaps, and how brokers can provide proactive solutions to protect strata clients in a changing market. Gain valuable insights from industry experts, including a national update from NIBA, to help you navigate the complexities of strata insurance.

SA INSPIRING CHANGE SEMINAR THURS 24 SEP 2025 Join us for an engaging and energising seminar designed to inspire, empower, and equip insurance professionals with the skills to excel in an ever-evolving industry. Following the seminar, connect with industry peers and share key takeaways from the session. Join us for an inspiring afternoon as we celebrate the official launch of the Women in Insurance Tasmania committee. To mark the launch, this event will bring together professionals from across the state to hear real stories of leadership from women who have carved their own path in the industry.

PARTNER WITH US Want to partner with us to support local events? Scan the QR code to receive tailored partnership opportunities

NIBA’s State Events are a great way to align your brand with the insurance profession and connect with engaged industry professionals across the country.

NIBA .COM.AU / 11

NIBA / Member Update

NIBA is Proud to Unveil its Modern and Future-Focused Brand Identity.

This evolution of the brand identity is part of a broader, exciting journey to ensure NIBA continues to be the trusted and unifying voice of the insurance broking profession, by honouring over four decades of leadership, and equipping brokers to thrive now and into the future. “The transformation we are witnessing, from technological advancements and generational change, through to regulatory changes, demands strong, cohesive representation to ensure that brokers’ interests are safeguarded,” said NIBA President Nick Cook.

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NIBA / Member Update

"For over 40 years, NIBA has been the trusted voice of the insurance broking profession. We must embrace innovation to remain relevant and impactful, amplifying the ‘one voice’ of brokers today, as well as facing the challenges as we head towards 2035,” said NIBA CEO Richard Klipin. We are looking forward to sharing more of its journey in the months ahead, with all eyes on the annual flagship event of the broking sector, the NIBA Convention, taking place from 19-21 October at the RACV Royal Pines on the Gold Coast. We are looking forward to sharing more of its journey in the months ahead, with all eyes on the annual flagship event of the broking sector, the NIBA Convention, taking place from 19-21 October at the RACV Royal Pines on the Gold Coast. This journey is about honouring and building on those four decades of success, to ensure that NIBA remains a forward-thinking brand and voice, aligned with our long- term strategy to serve members better. Informed by NIBAʼs strategic pillars of Advocacy, Representation and Community, and shaped by feedback from members, the brand identity embraces innovation with the aim of securing a strong future for the insurance broking profession. For 40+ years, NIBA members have led the broking profession through uncertainty and change. It’s a legacy of resilience and making a real difference to Australian families, businesses, and communities.

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NIBA / Community

Full Program of the 2025 NIBA Convention Available With the flagship event of the insurance broking profession just around the corner, there is immense excitement as the whole sector will come together to gain invaluable insights, engage, and celebrate the best of the best over three packed days at the RACV Royal Pines on the Gold Coast from 19-21 October. There’s something for everyone in this year’s program. Discover what excites you and don’t miss out on securing your spot!

Panel Discussion: Shaping Change - Global Forces Reshaping Insurance

This session opens the morning masterclass series with a deep dive into the most pressing policy and regulatory issues facing the broking profession. From legislative reform and shifting regulatory priorities to evolving community expectations, the discussion will explore the forces shaping the sector’s future.

Alexandra Hordern General Manager, Regulatory and Consumer Policy, Insurance Council of Australia

Mick Veitch Director, Counsel House

Sophie Devitt Partner, DLA Piper

Tetiana George CEO and Co-Founder, Curium

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NIBA / Community

Panel Discussion: Shaping Change - Global Forces Reshaping Insurance

This session brings together industry leaders to explore what shaping change means in practice: for the insurance industry, the consumers it serves, and the communities it supports. Panellists will share insights on how businesses are responding to current challenges, where leadership is most needed, and what it means to stay relevant and resilient in a world defined by constant change.

Brooke Hanson Convention MC

Dominic Thurbon Co-Founder and Director, Alchemy Labs Australia

Chris MacKinnon Regional Director, Asia Pacific Middle East & Africa, Lloyd's

Sue Houghton Chief Executive Officer, Australia Pacific, QBE Insurance Group

Greg Mullins Founder and CEO, The Envest Group

Panel Discussion: Shaping Change - Geopolitics, Economic Insights and Policy Responses Against the backdrop of shifting power dynamics, protectionist trade policies, inflation, and intensified global competition, panellists will examine how the global economy is being reshaped in real time. The discussion will explore how government policy is adapting to this disruption, where strategic positioning is most effective, and how business leaders can manage risk while maintaining consumer trust.

Andrew Inwood Founder, CoreData Group

James Baum Head of Pacific Region and Head of Corporate Risk & Broking Pacific WTW

Andrew Hall Executive Director and CEO, Insurance Council of Australia

Cherelle Murphy Regional Chief Economist, Oceania, EY

Launch of NIBA's Insight Research

Over the past few months, NIBA has undertaken extensive consultation and research, combining qualitative and quantitative methods to better understand the broking profession and where it is heading. This session will share the findings from the focus area ‘The Broker of 2035’, with insights from NIBA’s CEO and research partner CoreData. Together, they will explore what the data reveals about the broker of the future, the opportunities and challenges ahead, and how the profession can prepare for the next decade and beyond.

Richard Klipin Chief Executive Officer, NIBA

Alana Devitt Research Consultant, CoreData

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NIBA / Community

Panel Discussion: Shaping Change - The Broker of the Future

After unpacking the global forces and economic shifts shaping our world, this session brings the conversation home: to the people at the heart of our profession. In this candid and personal panel, brokers will share their individual journeys entering the industry, the evolution they’re seeing in their own businesses, and how they’re preparing for the future. With change impacting client expectations, compliance, and the risk landscape, brokers are no longer just policy placers, they are becoming key trusted advisors, innovators, and educators.

Craig Anderson Divisional Manager - SME, Schemes and Affinity, Austbrokers ABS

Emily-Rose Srbinovska Senior Account Manager, AEI Insurance Broking Group

Richard Crawford CEO, Community Broker Network

Eric Harris Head of Target Operating Model & Transitions, Asia Pacific, Aon

Shaneika Sutherland Head of National Development, McLardy McShane Group

Panel Discussion: Shaping Change - The Consumer of the Future This panel will examine how shifting demographics, emerging technologies, climate realities, and evolving consumer expectations are reshaping the way brokers serve their clients. Leaders from across the industry will share perspectives on what tomorrow’s consumers will value most, how their behaviours are changing, and the opportunities for brokers to anticipate needs, deliver greater value, and remain indispensable in a fast-changing world.

Lynette Walsh QLD State Director Global Corporate, and National Brisbane, AON

Jason Disborough Enterprise Growth Leader (Asia Pacific), AON

Gary Okely Head of JLT Public Sector – Pacific, JLT

Simon Petie Founder &

Scott Phillips CEO, Northern Beaches Council

Managing Director, Escalate Consulting

EXPLORE THE FULL PROGRAM. SCAN THE QR CODE AND REGISTER FOR THE NIBA CONVENTION TODAY!

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NIBA / Community

Breakout Stream: AI, Cyber Risk and the Insurance Response

Artificial intelligence and cyber threats are reshaping the risk landscape faster than ever before. For insurance professionals, understanding these shifts is essential to protecting clients, managing liability, and staying ahead of regulatory and market expectations. The discussion will cover common myths and misconceptions, the role of AI in underwriting and claims, and practical ways to assess and mitigate client cyber risks. Attendees will leave with actionable insights to strengthen their own defences and confidently guide clients through one of the fastest-evolving challenges in business today.

Dianne Phelan Chief Operating Officer, BJS Insurance Group

Fraser Jack Founder, The Cyber Collective

Sam Weaver General Manager, Australia, Coalition

Mark Luckin Cyber & Technology Sector

Practice Leader, Lockton Australia

Breakout Stream: The Future of Strata in Australia With strata living now the reality for millions of Australians, the sector faces a complex mix of challenges and opportunities. Rising insurance costs, building defects, governance pressures and the push for sustainability are reshaping the landscape at pace. The discussion will examine the challenges facing brokers, strata managers, lot owners, committees and policy makers. From affordability pressures and coverage gaps to regulatory change and shifting risk profiles, the panel will explore what is driving change, where the opportunities lie and how the sector can work together to build a more resilient future.

Kimberley Jonsson Chief Executive Officer, CHU

Mitchell Lipscombe Chief Operating Officer, BAC Insurance Brokers

Mick Veitch Director, Counsel House

Drew MacRae Senior Policy and Advocacy Officer, Financial Rights Legal Centre

EXPLORE THE FULL PROGRAM. SCAN THE QR CODE AND REGISTER FOR THE NIBA CONVENTION TODAY!

NIBA .COM.AU / 17

NIBA / Member Update

Get To Know Your NIBA Divisional Committees

What is the one broking topic or issue you are most passionate about? I am deeply passionate about addressing the talent challenges in our industry, specifically attracting, engaging, and retaining young professionals in insurance broking. Too often, broking is misunderstood or overlooked by early- career individuals. I want to change that. As someone who initially stumbled into broking without a clear plan, I have come to realise how dynamic, rewarding, and impactful this profession can be. Now, nearly a decade in, I am committed to helping others discover its potential. Sometimes, all it takes is a quick chat to dispel myths, reframe the narrative, and show that broking is not a default career, but a purposeful and exciting one. As Committee Chair, what would be the one accomplishment you would be most proud of? As the newly appointed Chair of the WA Committee, following in the footsteps of Ian Maybury from Lockton who has been a dedicated advocate for us for many years, I am proudest of the progress we have made in building genuine, collaborative relationships with key external stakeholders, most notably with WorkCover WA. The implementation of the new Workers Compensation Act marked a major turning point for our state and demanded clarity, unity, and proactive engagement from the broking community. Through consistent dialogue, professional representation, and a commitment to shared outcomes, we have helped foster a stronger understanding between brokers and regulators. The positive feedback from WorkCover regarding the level of professionalism from WA brokers has been a highlight, and I believe it reflects a broader shift toward a more informed and respected broking presence in WA.

NIBA SAYS CONGRATULATIONS

NIBA congratulates the following members for receiving their QPIB designations.

Amy Landers IAA David Bird Ocean Insurance

Nikita Willis Company: Knightcorp Job Title: Commercial Manager & NIBA WA Committee Chair

Rebecca Masters Westside Insurance Specialists

Rui Wang WESURE INSURANCE

Why does NIBA matter to you? NIBA provides the collective voice our industry needs. Insurance brokers sit at the intersection of risk and resilience. We are not just intermediaries, we are advocates, advisers, and problem-solvers for businesses and communities navigating increasingly complex challenges like affordability, climate change, and regulatory pressure. These are not small issues, and NIBA is the medium through which we have a seat at the table where policy is shaped. NIBA ensures that our insights, experience, and concerns are heard by government, regulators, and key stakeholders. It has never been more challenging to be a broker in a regulatory sense than right now, so the value of that engagement cannot be understated.

Chason Gripton Westside Insurance Specialists

Tyrone Skea Tidal Insurance Brokers

Soon Kee Jong Collins Insurance Services

Kunal Monga Arcuri Associates

Angela Pires Grange Insurance Brokers

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NIBA / Professionalism

Meet the 2025 Big Meet Competition Winners

We’d like to extend a big thank you and a special congratulations to the winners of our 2025 Big Meet Competition. We’d like to extend a big thank you and a special congratulations to the winners of our 2025 Big Meet Competition. Big congratulations to Quy Minh Thang Nguyen and Joel Riondato. Although they arrived with limited knowledge of insurance broking, their experience at the Gala Lunches sparked a genuine interest in the profession. The Insure Your Future team in Victoria, along with Cameron Sheild, were thrilled to welcome Quy for an exciting afternoon of networking and an opportunity to share insights into the world of insurance broking. Joel engaged with the Queensland team, including Steven Hill, Emily Booth, Saurabh Adhiya, Jonathan Yogarajah, Matt Wheelahan. A big thank you to the IYF team for making their involvement possible. Through their passion and professionalism, they showcased just how dynamic and rewarding a career in insurance broking can be. We’re proud to support emerging professionals as they explore exciting career pathways in insurance broking. Hear what Quy Minh Thang Nguyen and Joel had to say about their experience.

Quy Minh Trang Nguyen, VIC

"I had an amazing time at the Gala Lunch. It was such a mix of excitement and nerves, but in the best way possible. As a Software Engineering student, I wasn't sure what to expect from an event focused on insurance broking, but I ended up genuinely intrigued by the industry. It was eye-opening to see how dynamic and innovative the field can be, and I left with a real interest in exploring it further."

Joel Riondato, QLD

"As someone with limited prior knowledge of insurance, this event definitely sparked a genuine interest in the vast opportunities the industry offers. A personal highlight for the afternoon was speaking to NIBA representatives about their journeys into insurance. The afternoon was filled with kindness, celebration and a welcoming atmosphere that made learning about the sector genuinely enjoyable."

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NIBA / Professionalism

The NIBA Broker of the Year Award recognises the individual who exemplifies the very best in broking: elevating professionalism, client advocacy, and shaping change. In 2024, that honour went to Matt Bates, whose approach blends negotiation with empathy, leadership with humility, and storytelling with strategy. Creating Value: Lessons from NYU Stern by Matt Bates

Thanks to award partner CGU, he stepped outside his day-to-day role to join a course at NYU Stern, surrounded by leaders from industries as diverse as tech, healthcare, and finance. He was the only broker in the room, and the only Australian. He brought back insights that challenge how brokers think about negotiation, client conversations, and leadership. In an exclusive chat with editor Virat Nehru from Insurance Adviser , Matt shares the lessons that have reshaped his practice and offers a blueprint for how brokers can thrive in an increasingly complex, competitive, and globalised market.

Negotiation as Creation, Not Competition “I realised very quickly that the fundamentals of negotiation are universal.” Matt reflects. “Whether it was tech, finance, healthcare, mining or manufacturing, the best negotiators focused less on ‘winning’ and more on creating & generating value on both sides. For brokers, that’s a powerful reminder: our role isn’t just to place cover, it’s to find solutions that align client needs with insurer capabilities.” Matt’s approach blends technical precision with human understanding, and he is committed to reimagining what broking looks like in a rapidly changing market. The archetype of negotiation often conjures images of hard-nosed dealmaking: two sides locked in a battle of wills. Matt has seen firsthand how limiting that mindset can be.

“Too often we see negotiation as one side giving in for the other to win,” he explains. “In reality, the best outcomes come when both sides feel they’ve gained something meaningful. For brokers, that might mean reframing insurer discussions from ‘here’s what my client needs’ to ‘here’s how we can structure this so it works for all parties.’ That shift fosters stronger, longer- term relationships, and ultimately, better client results.” This philosophy crystallised during a difficult renewal Matt managed after returning from NYU. The client’s claims history was patchy, and the insurer’s appetite for renewal had cooled. “In the past, it would’ve been easy to slip into a defensive posture,” Matt admits. “But this time, I consciously separated the problem from the person. The claims history was the challenge, not the underwriter. By keeping the tone collaborative, we explored alternatives and found a structure that gave my client the coverage they needed while addressing the insurer’s concerns.” It’s a lesson in pragmatism and empathy: negotiation as problem-solving rather than point-scoring.

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NIBA / Professionalism

Importance of Storytelling Beyond negotiation, Bates is also advocates for a skill many brokers undervalue: storytelling. “Storytelling is such an underrated skill in our industry,” he says. “At NYU, I saw first- hand how professionals distilled complex data into compelling, relatable narratives. For brokers, that means framing risk advice not as a list of exposures and policy clauses, but as a story with a beginning, middle, and end.”

“The beginning is the client’s current position. The middle is the potential risks and scenarios. The end is the solution and its impact. When clients can picture the ‘why’ and ‘what if’ in real-world terms, they make more confident, informed decisions. It’s about turning technical language into a clear, human conversation.” By transforming dense insurance advice into a narrative arc, he invites clients to become protagonists in their own risk management story. The result is engagement, clarity, and trust. Seeing Australia Through Global Eyes Immersed among global peers, Matt had the rare vantage point of comparing Australia’s broking industry against other sectors and geographies.

“Being the only Aussie, and the only broker, meant the conversations went well beyond business and insurance,” he recalls. “I got to see how other industries approach negotiation, spot the similarities, and also identify opportunities to borrow and adapt their tactics to broking.” What struck him most was the scale of the global market. “It was humbling to see how relatively small our market is on a global scale, but equally reassuring to realise that in many respects, Australia’s broking market is highly mature. That combination of humility and confidence is a great mindset to bring back home.”

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NIBA / Professionalism

Humility and confidence: two qualities often seen as opposites, yet for Matt they are complementary. Humility to recognise that Australia is part of a bigger global system; confidence to know that local brokers are already competing at an elite level. Leadership Beyond the Technical Matt’s leadership philosophy has also evolved through this experience. “Being removed from the daily pressures gave me space to think about the bigger picture of leadership,” he reflects on his NYU stint. “I came back with a renewed appreciation for fostering an environment where people feel empowered to contribute, challenge ideas, and bring new approaches to the table. In broking, culture is a competitive advantage — when your team feels supported and engaged, it shows in the client experience.” In a profession often associated with individual performance metrics, Matt is determined to champion culture as a differentiator. “The NYU experience reinforced the importance of creating the space for curiosity, learning, and shared success,” he says. It’s a leadership approach that frames people as co-creators of value. Navigating the Soft Market The timing of Matt’s lessons could not be more relevant. Australia has entered a soft market. In such an environment, price tends to dominate discussions, leading to a race to the bottom that can erode trust.

“Professional development isn’t just about learning new skills; it’s about stretching yourself, building confidence, and challenging assumptions. For brokers, the market will keep evolving — clients expect more, risks are changing, and technology is reshaping our work. Investing in yourself ensures you’re not just keeping up but staying ahead.” Redefining What It Means to Be a Broker What makes Matt such a compelling figure in Australian broking is not only his technical expertise, but also his willingness to borrow from unexpected places. Negotiation strategies from tech executives. Storytelling techniques from healthcare communicators. Leadership lessons from global peers. Each strand is woven into his practice, creating a broker who sees the profession not just as transactional but as transformative. “Our role isn’t just to place cover,” he reminds. “It’s to find solutions that align client needs with insurer capabilities. By being curious about the other party’s drivers, just as you’d be in any other field, we open up more creative and sustainable outcomes.” As the CGU-partnered 2024 NIBA National Broker of the Year, Matt stands as a champion of the profession’s current strengths and a herald of its future possibilities. His journey is a reminder that broking, at its best, is not about the lowest price or the quickest placement. It is about curiosity, empathy, and the pursuit of shared value. And perhaps most importantly, it is about telling a story: one in which clients, brokers, and insurers all have a meaningful role to play.

“At NYU, I saw how anchoring conversations on the long-term benefits, rather than short-term concessions, produces more sustainable agreements.” For brokers, that means shifting client conversations away from the cheapest premium and towards the best overall outcome. “Coverage breadth, service levels, claims performance — those things matter just as much as cost,” Matt explains. “It’s about protecting relationships and margins without eroding the trust you’ve built.” It’s an approach that requires discipline and courage, but Matt insists it pays dividends in resilience and client loyalty. Investing in Yourself to Stay Ahead Asked about the single greatest reward from his international learning experience, Matt doesn’t point to any one deal or skill. Instead, he speaks of perspective. “The biggest reward has been perspective — the chance to step outside my world and see how others think, work, and solve problems. It’s broadened my toolkit as a broker and as a leader,” Matt says.

“In a softer market cycle, it’s tempting to compete purely on price,” Matt warns.

He is adamant that professional development is not optional in today’s landscape.

“But that’s where value-based negotiation becomes critical.”

NIBA .COM.AU / 23

NIBA / Community

Recap: 2025 NIBA NSW Gala Lunch

NIBA is thrilled to announce the winners of the CGU-partnered 2025 NSW/ACT Broker of the Year and the Vero-partnered 2025 Young Broker of the Year awards. They were announced as part of the 2025 NIBA NSW Gala Lunch, attended by over 500 professionals at The Fullerton Hotel, Sydney, on Wednesday, 09 July. The CGU-partnered 2025 NSW/ACT Broker of the Year was awarded to Caleb Richards from Gallagher. The Broker of the Year celebrates the outstanding contributions of senior brokers to the profession and the wider community. The Vero-partnered 2025 NSW/ ACT Young Broker of the Year was awarded to Derek Turner from Aon. The Young Broker of the Year celebrates the outstanding contributions of brokers under the age of 35. NIBA CEO Richard Klipin offered his congratulations to the NSW/ ACT winners and acknowledged the finalists: “NIBA congratulates Caleb and Derek for this fantastic achievement, wishing them the very best of luck for the national awards in October.”

“NIBA acknowledges the incredible efforts of all the finalists in going above and beyond for their clients and the impact they’ve made in giving back to the community,” Richard added. Michael Frazer, CGU Executive Manager, Underwritten Lines said, “On behalf of CGU, I’d like to congratulate Caleb as this year’s NSW/ACT Broker of the Year state winner. His expertise and integrity as a standout senior broker are why CGU is proud to champion broker ambition.” Yusuf Alexander, Veroʼs State Distribution Manager for NSW/ ACT said, “Derek's passion for the industry and dedication to his clients were evident throughout the selection process. His involvement in professional development is a strong indicator of leadership qualities. We are proud to support brokers like Derek who exemplify the very best of the profession." Caleb and Derek will go on to compete for the national Broker and Young Broker of the Year awards respectively. The national winners will be revealed at the upcoming 2025 NIBA Convention at the Gold Coast in October.