THE ROLE OF
INSURANCE BROKERS
LICENSED, RISK-MANAGEMENT PROFESSIONALS
Personal Representing Risk Insurance Claims process Benefit local
advice clients, not identification and advice and facilitation communities
Tailored advice insurers management negotiation Helping clients with Donate over $25,000
to clients. Acting in the Identifying, managing Identifying and the claims process per year and more
client’s best and mitigating risks. negotiating and negotiating than 550 staff hours
interest. appropriate settlement with to charities and other
cover. insurer. organisations.
Client journey Insurance brokers facilitate a more competitive
purchase of a more appropriate insurance product
PRE-SALES
SERVICES
Detailed risk Evaluate Policy Assist Advice on
assessment insurance advice with policy insurance
needs wording coverage
Without an insurance broker, the client typically
does not experience the full suite of supports and PURCHASE
services, in particular, post-sales services.
Insurance placement
between client
and insurer
ONGOING
SERVICE AS POST-SALES
A TRUSTED SERVICES
ADVISER Review, Claims process Preparing and Update on
refresh and support managing information
renew policy claims and regulation
Insurance in a diverse range of industries
Liability Property Landlord Marine, Hard to Business
Management Home and and strata transport place risks Industrial special
liability, product contents, car, Landlord and aviation Amusement and risks, worker’s
liability, commercial insurance and Marine cargo and recreational industries, compensation,
professional property, strata liability. hull, marine transit recycling and waste business interruption,
indemnity, builder’s bloodstock and and downtime, management, and corporate travel,
warranty. livestock. aerospace. renewable energy. business practices
protection.
National
Insurance Benefit to
Brokers the economy
Association Insurance brokerages
( NIBA) provide the following
benefits to the economy:
Diverse membership
National peak body large, multinational
NIBA represents the insurance brokers, Market efficiency
intermediated insurance Australian broker networks,
and small to medium- Through acting as the
industry in Australia.
sized businesses. client’s buying agent,
negotiating best terms and
conditions with appropriate
pricing, and facilitating
Strong industry greater competition.
representation
450 member firms and
representing 15,000
individual brokers
across Australia. Risk
management
and economic
stability
Through better
product matching,
The value to clients faster claims, and
broader risk advice.
Using an insurance broker provides clients with the following benefits:
15,000 FTE
workers
Staff employed
by brokerages in
2018-19.
40% of clients Access 11 hours 2.5 hours 41% SMEs
On average are Using a broker, Average time Average time that Agree that the
underinsured or clients can unlock that clients saved clients saved when insurance
not insured at all access to a range when using a using a broker process would Contributed
before engaging of 40 insurance broker in the in the claims be much harder $2.6 billion
a broker. companies. research and process. without using Direct contribution
implementation a broker. to the Australian
phases. economy in 2018-19.
Facilitating a more efficient
insurance market process
Using an
insurance broker
can facilitate a more New market
3.3 hours Increased reach opportunities
efficient insurance
Insurance brokers save 38% of broker premiums 13% of broker’s managed
market process insurers an average of written for clients are policies represent new
by… 3.3 hours per client. outside capital cities. market opportunities.
