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.
20 / INSURANCE ADVISER AUGUST/SEPTEMBER 2025
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