Peter Greenham is a Brisbane-based insurance broker and Director of Chimera Insurance Brokers. Advisr chatted with Peter about his experience as a broker, his drive to help businesses succeed and his plans for the future.
Tell me a little about yourself
Like many others, I stumbled into the insurance industry by accident. When I realised my band wasn't going to become rich and famous I decided I should get a real job! I started with FAI Insurance in 1998 and moved into the broking space in 2002. I also had a long stint with a premium funder as a BDM, but I never felt like I was on the sidelines - talking to brokers everyday really kept me in touch with the industry.
Outside of work I still play the occasional gig on guitar, enjoy supporting my AFL team (GWS Giants), and love spending time on the golf course with my daughter Chloe.
What do you love about being an insurance broker?
Working for an insurer was a fantastic grounding in insurance, but for my personality, it never seemed like the right fit. I studied Science at university - I like solving problems and finding solutions. I find that broking really lights up that part of my brain.
It's also the constant journey of learning (it never stops) and being able to meet fantastic people along the way, both clients and industry colleagues. Plus the variety - one day you are on site at an export facility, on a walkway 30 metres above the ground - and the next day helping a client to cover their new horse float. It's never the same.
Tell us about a business that you were able to help
A chemical manufacturer was referred to me. Their previous insurer had declined to renew their policy and there was not a lot of time left before expiry. Working with a couple of fantastic underwriters we managed to put together a comprehensive property and liability program, but also with a great price as we were able to really demonstrate to the insurers the quality of the client's business and risk management systems. A bit of overtime that week but a very appreciative client made it worthwhile.
How can business owners benefit from working with an insurance broker?
A good broker can help a business owner truly understand their risks, not just buy insurance. A client that is educated is empowered and able to make much better decisions for their business. It's not just about the cost, although that can be one of the benefits achieved via a thorough assessment and discussion of a client's particular risk exposures.
What has been your experience of connecting with businesses online?
We are working hard to get ourselves up to speed in this area. We are currently rebuilding our website and reviewing our online presence overall. It's an area that demands ongoing attention rather than a 'set and forget' approach. Getting on board with Advisr has also been part of our strategy, they have some fantastic tools and ideas that have gone into the melting pot.
Do you have a particular area of expertise? What led you there?
I have a fondness for interesting liability risks. In one of my previous roles I received a lot of referrals for hard to place liability, I learnt so much in that time about a wide range of industries.
I have worked on large franchise/scheme accounts in the past and have some good insights into that sector. I also have an interest in the fitness industry as I operated a gym for a number of years as a side hustle.
Which skills are most important for an insurance broker to succeed in today's market?
The ability to communicate is probably more important than ever before. To build a deep level of not only rapport but real trust with a client, in this era of email and mobile apps, can be a challenge. If you get that part right you will do well. As part of that, I believe it's crucial for a broker to listen more than they speak!
Apart from that the ability to adapt quickly - to the market, technology, products, and client needs. The pace of change is so rapid, the ability to be nimble and evolve systems, approaches, and mindset is critical.
What areas of insurance should people be aware of over the next 12 months?
It's a great time for insurance buyers to consider working with a good broker if they don't already do so. Supply chain issues, trade credit, business interruption, cyber covers - these are just a few areas that are currently under scrutiny or pressure from a myriad of directions.
What's next for you and your business?
We will be re-launching some online products shortly allowing clients the ability to instantly quote and bind their cover. This will be a key differentiator for us as we grow the Chimera business. We are looking to partner with our clients for the long term and will always seek to find the best ways to achieve that aim.
You can find me here: Peter Greenham on Advisr
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