The National Insurance Brokers Association (NIBA) in Australia released a major report at its recent 2025 convention setting out the trends likely to reshape insurance broking through to 2035 - and many of the insights will strike a chord with New Zealand brokers too.
Ready or Reacting? Shaping the Future of the Insurance Broking Profession was produced in partnership with the Community Broker Network (CBN) in Australia, drawing on insights from CoreData as well as quantitative and qualitative data from the sector.
It’s the first in a series of sector insights NIBA intends to release over 2025-26. The inaugural report outlines how technology, regulation, and a rapidly changing risk environment will define the next decade for brokers across Australasia.
NIBA CEO Richard Klipin describes Ready or Reacting as a clear call to action, setting a decisive agenda for the decade ahead and calling for adaptability to seize opportunity amid accelerating disruption.
The message is clear: standing still is not an option. Brokers must evolve from product-transactors into strategic advisers, leverage technology intelligently, and build resilience in the face of mounting regulatory, digital and risk-landscape shifts.
Three major shifts identified – and what they mean for New Zealand brokers
1. Technology and data-driven advisory
83% of surveyed Australian brokers expect technology and automation to significantly impact the profession by 2035 - yet only 61% feel prepared.
For New Zealand brokers, this means future competitiveness will depend on embedding data, digital tools and automation into day-to-day practice for the likes of risk intelligence, client engagement, underwriting support and claims insight.
Those who simply automate existing workflows without shifting advisory model risk being overtaken, while those who adopt digital capabilities ahead of the pack can position themselves as a 'trusted adviser' to clients navigating complex risk environments. In order to make technology adoption meaningful, rather than a cost burden, investment in capability, not just systems, will be critical.
2. Regulation, compliance and operating models
86% of respondents expect increased regulation by 2035, but only 62% believe their business is ready.
Like Australia, the New Zealand compliance landscape is becoming more demanding. From changes to disclosure regimes, to growing expectations of brokers as advisers rather than intermediaries, to heightened scrutiny of fair conduct, and consumer outcomes.
Just like our colleagues across the Tasman, New Zealand brokers need to focus on their governance, data management, documentation, continuing education and advice processes. Operating models that rely heavily on manual, legacy processes are vulnerable. Those that invest in simplified, automated workflows and a strong compliance culture will be better placed to absorb future regulatory shocks.
3. Emerging risks, advisory value proposition and consolidation
76% of Australian brokers believe they need to expand into new risk domains to remain relevant, yet only 64% feel prepared.
Emerging exposures such as climate change, cyber, supply chain, ESG-linked liability, and new insured risk domains (e.g., emerging technologies, gig economy, embedded insurance) offer opportunities for those who have the advisory capability and partner ecosystems to match.
At the same time, consolidation is a theme in the report. Scale pressures, technology investment burden and increasing operating costs may leave some smaller brokers feeling squeezed. For some, the choice will be either build scale, specialise, or integrate into a larger group.
Implications and strategic levers for New Zealand broking firms
• Re-frame your value proposition: The 'place the risk, pass the paper' model is under pressure. Brokers need to emphasise their role in helping clients anticipate and mitigate risks, structure cover holistically, and advise dynamically as exposures evolve. That means shifting from transaction to subscription-model thinking with ongoing advisory, embedded risk services, and data-driven reviews.
• Invest smartly in digital enablement: Identify the key tools that unlock capability. It could be data analytics to surface hidden client exposures, automation to free time for advisory tasks, or digital client portals to enhance engagement. Make capability the priority, not change for change’s sake.
• Prioritise talent, skills and culture: With the report showing only a portion of brokers confident in their readiness, the need for capability uplift is clear. Bring in new skill sets, upskill existing teams, and embed a culture of continuous learning.
• Engage in partnerships and ecosystems: As the risk environment diversifies, increasingly, no individual broker can be an expert in everything. Collaborations with managing general agents, specialist advisers, insurtechs and other intermediaries will help. Brokers should explore alliances that expand their reach into cyber, ESG, embedded insurance, parametric risk, and other emerging domains.
• Maintain personal service while scaling: As operations scale or automate, there is a need to preserve trust, personal relationships and local service. New Zealand brokers’ local knowledge and personal advisory strength are the key differentiator which shouldn’t be sacrificed as the business scales.
What brokers in New Zealand can do now
• Conduct a 'future-readiness' gap assessment: Evaluate your firm’s current state vs. the dimensions highlighted in the report (technology readiness, regulatory posture, advisory model, emerging risk capability). Identify the three biggest gaps and develop a roadmap to close them.
• Refresh client conversations: Use insights from the report to lead strategic dialogues with clients - eg, “What are the risks your business may be exposed to in 2030? How ready are you for a cyber-event? What about supply-chain disruption or climate-linked liability?” Reposition as a forward-thinking partner.
• Explore early-stage technology pilots: Start small but meaningful: eg, a data-dashboard to show clients trending exposures; automation of policy-review workflows; self-service portal for clients to surface risk changes. The objective is to build fluency and internal capability.
• Monitor regulatory change and elevate compliance architecture: With regulations changing rapidly, firms should embed governance and control frameworks that can adapt. Leverage your IBANZ membership for regulatory horizon-scanning and best-practice sharing.
• Attract and retain advisory talent: As the broker role shifts, the team you need will look different. Identify the profiles you will need in three to five years and start building those capabilities now.
• Collaborate and specialise: Choose a few emerging risk domains where you believe you can lead, partner or develop specialist expertise. Then set about purposefully building depth in one or two selected areas.
The core message of the Ready or Reacting report is that brokers who prepare will thrive, while those who react may struggle. Like Australia, the opportunities for New Zealand’s broking community are significant, but so are the changes required.
In an era where risk, regulation and technology are shifting rapidly, the question for every broker today is "How will I lead for the decade ahead?" By embracing the themes of the report - digital transformation, regulatory readiness, advisory evolution and emerging risk specialisation - New Zealand brokers can choose not simply to react, but to be ready.
Our thanks to our colleagues at NIBA for sharing the content of their Ready or Reacting report and for enabling our IBANZ CEO, Katherine Wilson to attend the NIBA 2025 Convention.
