Meet a broker: Jess Dametto
Jess Dametto is a multi-award winning Account Broker at Webber Insurance Group in Adelaide. Jess has won not one but TWO awards in 2019 - NIBA Young Broker of The Year for SA/NT and Steadfast-ANZIIF Outstanding Insurance Professional Award.
Jess started her journey with Webber Insurance in 2016 in her first Insurance role as an Administration Assistant. She quickly progressed and enrolled to complete her Diploma of Insurance Broking (ANZIIF). Jess thoroughly enjoys her Insurance Broking career and continues to learn from those around her in her ability to provide quality advice to clients.
Advisr spoke to Jess to find out how she goes above and beyond as a star young broker.
How can business owners benefit from working with an insurance broker?
Absolutely all businesses can benefit from engaging the services of a qualified and experienced Insurance broker. I think the most common misconception is that it is easier and cheaper to purchase an insurance product for your business online. This is most often not the case, and business owners are left with a substandard policy that is not tailored to their individual requirements and exposures - which essentially could leave them out of pocket significantly in the event of a Claim.
There are countless benefits available to businesses that elect to engage the services of an insurance broker which can include;
1. Ensuring Appropriate Cover
Insurance brokers have access to numerous markets that in some cases are exclusive to the broking market. This gives us the opportunity to source the most appropriate policy for a business, after discussing and determining their primary exposures and concerns. Having relationships with Insurers and Underwriters also gives us the leverage to tailor an insurance policy and negotiate on pricing, to ultimately create the most suitable solution for a business.
2. Claims Assistance
Understandably, the most stressful time for a business owner is following an unforeseen incident that has affected their business and disrupted their lives. An insurance broker is there to make this period as uncomplicated as possible and will use their experience and knowledge to speak with the Insurers and negotiate the most desirable outcome.
3. Protecting Your Business & Assets
The role of an insurance broker is not merely to sell a product, but rather to ensure that a business and its assets are properly protected. This can often extend further than placing insurance policies and can delve into other risk management advice and solutions.
Who makes an ideal insurance client and why?
All clients are unique and interesting in their own way. However, an ideal client is one that truly cares about their risks and how best to manage them. Those are the types of clients that really listen to the advice provided and make our role as their Insurance Broker that much more rewarding. Ultimately, we are here to help clients help themselves.
What do you love about being an insurance broker?
From my first day working in the insurance industry, I have loved listening to people and business owners talk about their successes, their passions and their goals. It is what truly drives me to find the most suitable outcomes for my clients, as I understand that I am fundamentally protecting not only a business, but someone's livelihood.
I appreciate the insurance industry as a whole as it is continually changing and evolving and there is always something new to learn. There are constantly new challenges to overcome but I believe this is what helps develop resilience and determination, which are extremely important qualities in a successful insurance broker in today's market.
How do you go above and beyond as a broker?
I am extremely committed to education and continuing my personal development as an insurance broker. I am acutely aware that I have been in the industry for only a short period, so I consistently strive to not only meet, but exceed the recommended industry requirements so that I am in the best position possible to confidently and accurately advise my clients.
My passionate about the insurance industry means I love to produce online content to engage with clients and industry peers in a diverse manner. This can be from content shared on our company website, to my own personal social media platforms.
I also strongly believe that we are heading further away from the traditional 9-5 business day. I like to be as available to my clients as possible so that they are able to contact me when it best suits them. Whether this be via phone, email, SMS messaging or even connecting on social media, I believe that clients that are able to contact their broker when they need them are more likely to remain reassured and satisfied with their service.
What has been your experience of marketing your services online?
I have grown up in the age of the online world, so technology certainly plays a significant role in both my professional and personal life. From a commercial perspective, social media and other online platforms are vital in creating and maintaining thriving businesses today.
I am currently involved in creating and professionally filming a multitude of product information videos to feature on the Webber Insurance website and other social media outlets. These videos aim to provide simple and concise information to clients on specific insurance products, certain occupations and current industry issues. This not only allows me to provide quality advice to clients, but also actively promotes the insurance broking industry.
In addition, I have a strong online presence through LinkedIn as this platform allows me to engage not only with my industry peers, but also to share insights and important information with my clients.
Do you have a certain area of expertise?
My expertise is within small to medium sized enterprises across a variety of industries. I primarily focus on financial lines products such as Professional Indemnity, IT Liability & Cyber Insurance. These are rarely 'off the shelf' products, so really provide an opportunity to tailor and customise insurance programs based upon a client's unique requirements. This makes these products a little more intimidating, but it also means that two policies are rarely the same and always has me thoroughly revising and questioning.
Which skills are most important for an insurance broker to succeed in today's market?
- Determination: Heading towards a hard market, it is more important than ever for brokers to have a true sense of determination and tact in their role. Placements are becoming more difficult, premiums are on the increase and certain world events are driving unfavourable exclusions - but having determination is a skill that is required to push harder and continue to work for our client's best interests no matter the market conditions.
- Knowledge: I do not think it can be expressed just how important continued professional development is within our industry. As an insurance broker, the best skill to have is knowledge. From policies and policy wordings, market trends and industry updates to current affairs and world events; there is so much to learn and keep abreast of. Having knowledge across an array of industries and occupations only puts you in a more favourable position when managing your clients' risks and exposures.
- Attentiveness: An obvious skill to possess, but nonetheless still something that I believe can often be overlooked. Truly listening to and understanding a client is so imperative to determine what they value the most and what their primary exposures are. It also allows you to form and develop strong relationships which are key in succeeding within the insurance industry.
- Empathy - Even with copious knowledge, experience and determination, I believe that you will never truly connect with a client and understand their needs and expectations without empathising and putting yourself in their shoes. Especially in light of hardening market conditions, it is important to see things from the client's perspective and be as transparent and compassionate as possible. Most importantly at Claims time, I believe it is best to take away the ‚Äòtick box' approach, and really take the time to talk and connect with a client on a personal level to support them through these times.
What areas of insurance should people be aware of over the next 12 months?
- Cladding & Non-Compliant Building Materials: Following recent disasters such as the UK Grenfell Tower and the Lacrosse Apartment building in Victoria, Cladding and Combustible Materials has to be the most prominent issue within the current insurance market. Following the Grenfell Tower incident alone, around two thirds of Lloyd's of London syndicates that underwrite PI insurance made a loss. We have already seen Insurers take measures to mitigate their exposures by imposing exclusions, higher premiums and excesses and some even pulling out of the market altogether. These implications are affecting practically everyone involved in the building and construction industry including Surveyors, Certifiers, Engineers, Building Inspectors, Builders & Developers, Designers, Architects and even Real Estate Agents! Whilst we have seen some recent government involvement in the matter, the issue is so far without resolution and we are likely to continue to see significant changes over the months and years to come.
- Cyber Risks: We have already seen such a significant shift in Cyber Insurance over the past few years, which follows on from events such as Mandatory Data Breach Notification laws and a substantial rise of breaches across the globe. Cyber crime such as phishing, scamming, identity theft and social engineering are not going anywhere anytime soon and are unfortunately only going to become more prominent and severe as we move towards an increasingly digital world. Cyber Insurance is a product that more businesses are considering, and it is vital to be across all Cyber Insurance offerings that are available to ensure we are recommending quality coverage for such an important risk.
To chat about your insurance needs, feel free to contact Jess any time.
General Advice Warning: This advice is general and does not take into account your objectives, financial situation or needs. You should consider whether the advice is suitable for you and your personal circumstances. Before you make any decision about whether to acquire a certain product, you should obtain and read the relevant product disclosure statement.
Advisr does not provide advice and does not hold a financial service license (AFSL). All information above has been provided by Andy Jamieson.