Meet a Broker: Andrew Terzakis | AR, Marsh Advantage
Andrew Terzakis is a Melbourne-based Authorised Representative (AR) of Marsh Advantage. Advisr chatted with Andrew about his experience as a broker, and how he works to educate and engage with clients.
How can business owners benefit from working with an insurance broker?
When businesses work with an insurance broker, not only do they end up with insurance that adequately covers what they do, but they also get invaluable input into how to make their businesses run more effectively. As an insurance broker I can see the work I do contributing to the growth of a business, making them more money, which I love. Businesses that go it alone will run into two things, having to find the time and energy to research and find the right policy for them, which is time much better spent doing what they do! More importantly, a business needs to be sure that their insurance actually covers the risks they need it to. It is business-critical to have an expert in your corner who can ensure that your business won't fail due to inadequate insurance cover.
Who makes an ideal insurance client and why?
An ideal insurance client is one who is smart about using an operating expense, like insurance, to protect and grow their business. Smart business owners understand that they can purchase cover and potentially write it off as a business expense. This frees me up, as their insurance broker, to find the best cover for the risks in their business, rather than the cheapest. It's really satisfying for me to know that I've designed an awesome solution for them.
What do you love about being an insurance broker?
I love being an insurance broker for the simple reason that I see businesses develop and grow, in both their business success and their commercial confidence. Being covered for risk, is a great platform to step out boldly and take on challenging or bigger projects. It's great to work alongside a business owner and be a part of their journey.
How do you go above and beyond as an insurance broker?
For me, what really motivates is when I can help to teach a business about how insurance can be a part of their journey. I always take the time to explain to clients how they can use insurance to build their business. Not only can strong insurance serve as a promotional tool, giving them the edge in competitive tenders, and strengthening their commercial confidence at the negotiating table, but being smart about your insurance can also reduce costs and overheads. Simply put, good insurance cover can make a business more money!
These benefits can often be a surprise to a business and make them reconsider the role of their insurance coverage and how it is much more than an overhead, it is business critical. It is my passion to educate and to show them how insurance can be used to grow their business.
What has been your experience of marketing your services online?
To be honest I have had little experience with marketing online. Working deeply within an industry, transport operators, earthmoving and civil contractors, has meant that most of my business is referral. I am starting to see, though, how things are changing, people are living more of their lives online, and there are opportunities online that I can't get through my existing network.
Do you have a particular area of expertise?
Yes! I have been working in insurance for 12 years, with most of that time solely focussed on transport operators, earthmoving and civil contractors. You really get to know an industry in that time, and how to service them well.
Why did you choose it?
It's definitely a challenging industry, but also rewarding. Not least for some of the characters I come across. I enjoy the honesty, I'm there to tell them how it is, and they are honest with me too. So there's respect there.
Which skills are most important for an insurance broker to succeed in today's market?
That's an easy one... understanding that every client is different. That is the key to successfully working alongside a business.
What areas of insurance should people be aware of over the next 12 months?
Risks have changed for Transport and Earthmoving over the past 5 years. Risks are not only on the roads, worksites and construction sites, but risks are now evident at business offices, in homes, phones and especially from people. Put simply, even a director's or business owner's words can jeopardise their business. It is time to not be on the back foot with Insurance, but to be on the front foot. Time to capitalise upon the risks and turn them into an opportunity, before the situation puts you “ on the canvas”.
As we've seen in 2020, anything is possible! I think people will be looking more closely at their insurance cover over the next 12 months and looking for risks that they hadn't considered before. I'd encourage any business, at renewal time, to have an insurance broker take a good look at their business risk. If you're a transport operator or work in earthmoving or civil contracting then definitely come and have a chat with me!
You can find me here: Andrew Terzakis on Advisr