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Meet a Broker: Cameron McKerchar, Tudor Insurance
An Interview with Cameron McKerchar, Managing Director, Tudor Insurance
Advisr sat down with Cameron McKerchar of Tudor Insurance Australia about his journey as an insurance broker, the businesses he has helped, and what he sees as the future of insurance broking and insurance risk.
Q: Tell us about you
A: I grew up in a small town in New Zealand called Alexandra. The town had a population of 5000 and was a rural hub. I spent my time fishing, hunting, playing lots of sport - Rugby, Cricket, Basketball, Tennis, Squash, Golf, hockey. I moved to Australia in 2001 and this has been home ever since. I met my wife, Donna here and we have 2 young kids, Ivy 9 and Thomas 7. When I'm not working I am assisting coach and chauffer for Ivy's basketball team, watching Tom play soccer and generally being with the family. I love going to the AFL (go Blues) with the kids as well as family trips to the basketball. We recent bought a caravan to have family holidays while the kids still want to hang out with us! I also love firing up the Weber Kettle for some low and slow BBQ!
Q: How did you become an insurance broker?
A: I started working as a broker in 2004, at Tudor, when I became disillusioned as a BDM for a major insurer, I spent more time doing business with myself than helping my customers (Brokers) and I decided I needed a change. Luckily for me Tudor had an opening for an Account Executive and the rest is history!
Q: What do you love about being an insurance broker?
A: Helping - be it our clients or our staff. I get immense satisfaction from helping others. Helping new clients save money and improve their insurance programs. Helping existing clients in their time of need when a claim arrives by delivering on our promise to be there for them when the worst happens. Helping educate clients on risk they may not necessarily be aware of and how to transfer that risk to an insurance program. I love helping our staff to grow and be better humans. Improving their skills in both their personal and professional lives.
Q: Do you have a particular area of expertise? What led you there?
A: Tudor is truly a generalist broker however over the years we have developed particular areas of expertise in Tree Contractors and Arborist, Demolition Contractors and Asbestos Removalists, Yacht Clubs and Marine Hull - Private and Commercial.
One area I now have a particular passion for is Manufacturing. This is borne out of helping clients in this sector and slowly growing this part of my book, focusing on the client needs in industry, educating myself on the sector and having great success in developing insurance programs for these businesses. I also put a strong focus on assisting with the risk management needs of the manufacturing sector to improve client's business, from both a safety and efficiency perspective utilising a tech referral partner.
Q: Tell us about a business that you were able to help.
A: I have recently onboarded a dairy manufacturing business. This business was dealing with a broker that didn't offer face to face service, with all business being done by phone and e-mail.
We love to get out and meet our clients, get to know them and their business, how they operate. This also enables us to see the coal face and be able to point out easily rectified issues for some quick easy wins. We managed to save this client a substantial amount by doing this and providing the insurer a much clearer view of the operations. We were also able to explain to them why these areas made a difference and then deliver premiums savings based on same. These savings allow the client to implement further insurances into their program, providing them better protection at a similar insurance spend.
Q: What is one question you get asked a lot?
A: "How do we save money on our insurances?" The current economic environment is putting a lot of pressure on business. Through education, insurance program reviews and implementing robust risk management we are usually able to do this for clients.
Q: What is the biggest challenge you're facing as an insurance broker?
A: Underinsurance. Educating clients of the implications of underinsurance is one thing but the bigger challenge now is educating clients on the escalating costs associated with rebuilding as well as cost associated with insuring their assets adequately.
Q: What has been your best source of new business?
A: In the past this was from existing clients however during COVID we took the view that if our existing clients are so happy with our services, why not reach out to more new clients directly via online channels to see can make more people happy and now our online presence is our best source of New Business.
We use Google and Advisr reviews to build trust with an online audience. We educate clients and prospects via our social media channels, Facebook, LinkedIn and Instagram, by providing relevant content to clients.
Q: What areas of insurance should people be aware of over the next 12 months?
A: Cyber Liability. Many people underestimate the huge and growing threat of Cyber Liability. It is a mistake to assume that only large businesses are vulnerable to cyber attacks. IT security alone is not enough to protect businesses and individuals from cyber risks. We try to inform our clients that Cyber Liability and Cyber Security are not just technical issues, but human issues. The ultimate source of cyber risk is the end user, regardless of how advanced their IT security is. Therefore, education is essential.
Q: What is one goal you're working towards in the next year?
A: My goal for the next 12 months is to enhance the skills of our staff through training and expand our online reach to attract more customers and deliver excellent guidance, support and value.
Thanks to Cameron McKerchar for taking the time to speak with us at Advisr.
All information above has been provided by the author.
Annemarie Jamieson | ADVISR