Brokers flock to Facebook group for help placing tough risks
A Facebook group that was set up to give brokers a forum to discuss hard-to-place risks as underwriters pull back is growing fast.
Hunter Broking Group MD Josh Ryan, who launched the Insurance Support Network, says it’s going from strength to strength.
“Many brokers are finding things extremely difficult at the moment as insurers are coming off risks regularly and it can be hard to find new markets,” he told insuranceNEWS.com.au.
“It makes sense to have an open forum for brokers to help with risk placement and claims support. If you share what you are going through, often other brokers have been there before and it leads to a better outcome for clients.
“People can see what’s being recommended and why, and you can search the history.
“It’s growing and growing. I didn’t realise how regularly it would be used and how appreciative people would be. There are four or five posts a day and 10 to 15 people joining each week. It’s already got more than 90 members.”
Mr Ryan has to approve new members, and says the group is only for brokers, not underwriters.
“We don’t talk clients or name names, so what’s the harm in helping someone else?” he says.
“The market is the hardest it’s ever been and there’s not a lot of capacity out there. I personally believe it is going to get harder and the next two years are going to be really difficult.”
Mr Ryan says it’s increasingly common for clients in high risk industries to forego cover.
“There’s rarely no solution, but sometimes the only solutions are unaffordable. I do feel for some industries.”
But he says he understands the approach of underwriters.
“The market is flooded with opportunities and if I were an underwriter in the current environment I would want to cherry-pick the best risks.
“Broking has changed, it’s not just about sending a risk to an underwriter any more. We do PowerPoint presentations and you have to go over and above to show how diligent the business is in terms of risk management, procedures and protocols.
“We are presenting a risk, not just sending a risk. It’s about how we make an insurer feel comfortable and want to read on and understand.”
Brisbane-based Hunter Broking Group is an authorised representative of Aviso Select.
