The broking sector is in need of new blood right now. The old guard is quickly retiring, which leaves the door open to a new generation with the desire to succeed.
In the past, the industry has faced challenges attracting young people into the industry, and most people I’ve spoken to over the years have fallen into the sector by accident.
It doesn’t have to be this way. There are so many great things about the industry, we should be shouting from the rooftops about them. The more we can sell our industry to young people, the healthier our profession will be in the future.
So why should a young person consider broking? There are numerous aspects to being a broker that makes the role truly dynamic.
Insurance is often seen by outsiders as dull and boring, but in my 45-plus years in the business, I can assure you that it certainly is not.
You can work your way up in a broking house to handle some of New Zealand’s largest corporations. Alternatively, you can work with smaller New Zealand companies if you want to.
You can choose what type of company or organisation you’d like to work with as your client base. You will provide your clients with good honest advice in order to provide them with protection from financial loss. You’ll be liaising with your clients directly, by phone, email or with face-to-face meetings (which, incidentally, clients still really like).
Your clients trust you and rely on your advice. It’s an industry built on friendships and personal relationships. The people are fantastic.
While there are recognised and required formal qualifications for you to achieve, most of what you learn about being a successful broker will be experiential.
You’ll work alongside other experienced brokers in your organisation who will provide guidance and mentoring.
Broking businesses range from smaller operations of, say, three to five staff, through to medium-sized broking houses and ultimately large international companies employing hundreds of staff within New Zealand and thousands internationally.
You’ll also have the opportunity to specialise in certain niche aspects of client bases - for example: aviation; marine; “high risk”; heavy transport; professional indemnity; liability; offshore markets (e.g. Lloyd’s of London); complex claims; policy wordings; new business — the list is extensive.
The financial rewards can be significant for those prepared to work hard, to learn and absorb all aspects of the complex insurance business.
So, being a broker provides some of the best negotiating skills, technical skills, challenges, satisfaction and enjoyment that could be achieved in any profession.
Is insurance broking the best job ever? In my opinion, yes!
If you know a young person who would suit the profession or a bright student unsure about their career path, tell them about the broking industry.
Young people — if you think this profession might be for you, cast your eyes around, have a think about what would suit your aspirations, and go for it! You won’t regret it.
Nick Cressey is a former underwriter, broker & IBANZ Life Member
For further information about becoming a broker, contact Mel Gorham at IBANZ.
