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Brokering Change - What Australian insurance brokers aren’t saying when it comes to the challenges facing them in 2024

The Australian insurance broking industry is at a crucial point in its history. On the one hand, climate disasters are becoming more frequent and severe, with increasing premiums for everyone, while on the other hand, a cost-of-living crisis is making adequate cover even less affordable.

Brokers are caught in the middle of this struggle. They’re forced to pass on increasing premiums to customers while providing the best advice possible to mitigate risks. At the same time, administrative and compliance burdens are bearing down on each and every broker.

So how are brokers feeling about their current situation? What do they see as their biggest challenges, hurdles and opportunities right now? Where do they think the industry can improve to better serve Australian businesses and citizens?

Brokering Change is a new report commissioned by JAVLN and OfficeTech By JAVLN, exploring the mentality of the Australian insurance broker, shining a spotlight on their biggest challenges and opportunities in 2024 — both external and internal.

The results? That customer service is becoming a challenge brokers want to tackle head-on — even more so than finding adequate cover for natural disasters and cyber breaches — and tiresome administrative tasks are sapping up brokers’ time to be able to put towards servicing customers.

  • The top challenges facing brokers in 2024
  • The importance of embracing change
  • The effects of technology on productivity
  • How to address the challenges head-on

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 appropriate 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.

All information above has been provided by the author.


This article originally appeared on JAVLN Website and has been published here with permission.

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