Jill Comley-Forbes was named as the New Zealand chief executive of global broking powerhouse WTW late last year, taking over the role from Michael Brown.
An IBANZ board member, Jill has worked in the insurance sector for more than three decades, including spells at Aon, Willis New Zealand and ICIB Brokerweb.
She talks to CoverNote about her experiences of working in the industry, what has changed, and where it is going.
You’ve been in the insurance market for over 35 years. How much has it changed over that time?
Technology advancements have allowed us greater access to data and analytics which in turn, can assist our clients not only in the insurance placement, but in the overall management of risk.
35 years ago the reliance was very much on historical risk data. Emerging risks and treatment of risk have become more sophisticated, requiring more sophisticated solutions. Insurance is about protecting future risks and it's important for all participants in the insurance industry to keep abreast of impending changes.
What have been the biggest achievements of your career so far?
Without a doubt, leading a Canterbury-based broking team following the 2011 Canterbury earthquakes. Pastoral care of the team themselves was the priority, so that they, in turn, could assist clients. I was very proud of our team and how we managed 1,000s of claims with business owners and property owners in dire circumstances, whilst we dealt with our own individual circumstances. Witnessing the difference we can make to people's businesses and lives is why I remain in the broking sector today.
You have recently been appointed WTW head of New Zealand. What are the biggest challenges for you in the coming years?
Ensuring I am providing our team with the tools and resources they need to be successful, and in turn provide excellent advice to our clients. This will require keeping up to date with evolving business, industry and risk issues, and ensuring that we are challenging ourselves to continue to be innovative in providing solutions.
Where are the biggest opportunities for brokers?
As capacity becomes scarcer and insurance costs escalate, brokers will need to adapt to look beyond traditional insurance solutions. Those brokers who manage risk, not just insurance programmes, will stand out.
Ensuring that with the advancement of technology, we remember we are there to provide expert advice.
What will the future of broking look like? Give us your prediction.
Technology will have a major impact - connectivity and ease of transactions. Highly transactional interaction may require less intermediary involvement, if any at all. For instance, non-complex common risks with simple solutions may be able to be transacted without bespoke advice. Key will be expanding the skill set of brokers to move away from transactions to risk advice.
What’s your assessment of the market at the moment, and where pricing will go?
We have seen some sharp pricing increases in the past 12 months post Cyclone Gabrielle and Auckland floods. Most of the larger increases have impacted personal lines and SME customers. These prices will continue to increase as insurers look to correct pricing based on performance.
Capacity will continue to be a major issue for the NZ market which will impact on pricing and availability of insurance.
Economic challenges influencing the cost of claims, together with continuing environmental issues, will impact the cost of insurance, regardless of sector.
Do you have any advice for young brokers and people starting out in the industry?
Learn everything you can when you can. Your role is one of a researcher, negotiator and adviser. Think risk, not just insurance.
What would you like to see change in the broking industry?
Emphasis on training and developing new talent to the industry. Broking is a fantastic career and we need to do more to attract new talent.
