Broker on beginnings, “real opportunity,” and biggest pain point

Broker on beginnings, “real opportunity,” and biggest pain point | Insurance Business New Zealand

Diversity & Inclusion

Broker on beginnings, “real opportunity,” and biggest pain point

Young industry executive talks about the job she loves

Diversity & Inclusion

By
Terry Gangcuangco

Rebekah Beer (pictured), in a short span of under four years, can already say she loves being an insurance broker. Here the Aon New Zealand account manager talks about how it all started, what she sees as a “real opportunity” for brokers, and the current pain point in broker-insurer relations that she thinks needs addressing.

From teaching to broking

Prior to joining Aon NZ in late 2019, Beer had no insurance experience or background whatsoever. In fact, her plan was to become an educator.

“Like most in the industry, I sort of fell into it,” Beer told Insurance Business. “I studied geography at university, with the view of becoming a secondary school teacher. I thought I’d work for a couple of years before beginning my teacher training, and I ended up interviewing at Aon. My interview didn’t get off to the best start, with the hiring manager dropping a glass of water right at my feet. I accepted the job anyway. 

“At the time, I knew nothing about broking or insurance prior to starting at Aon. But thanks to some excellent mentors and managers who gave me plenty of opportunities to learn and progress, I quickly realised that I really enjoyed broking and that I wanted to make a career out of it, so the rest is history.”

Best part about being a broker

When asked what she loves about her work, Beer pointed to her clients as “the best part” of the job.

“I have some really great clients who I love working with, and who are doing some really exciting things in their respective industries,” she said. “I get a real buzz being a part of that. Helping clients with claim outcomes is also very rewarding. Also – it sounds clichéd but – I do like that no two days are the same. Although it can be stressful at times, it’s always good to walk in the door each morning not knowing what is going to come across my desk.

“Having such a varied client base means that my job takes me to some very cool and interesting places. One day I could be standing at the bottom of a quarry, the next in a boardroom, a manufacturing plant, or in a laboratory. There aren’t many jobs I can think of that can offer that, so I do feel very privileged that I get to do this each day.”

Aside from the privilege, Beer believes there is an opportunity to really showcase what a crucial role insurance brokers play.

“Given the current market and economic conditions, brokers have a real opportunity, especially this year, to show value as trusted risk advisers,” Beer told Insurance Business. “If we really take the time to understand a client’s business, we can better understand their risk. By understanding their risk, we can advise the best ways to treat that risk, which may not always necessitate the purchase of insurance.

“The market is changing all the time, especially with the increased frequency and severity of climate-related events. Brokers have an opportunity, and a responsibility, to be helping clients navigate the market, as well as advising on emerging risks, to future-proof not only their insurance programme but their businesses in general.”

Challenges and pain points

Not everything is a breeze, however, particularly amid a hard insurance market.

“Insurer capacity is becoming a real issue, and when that is combined with inflation, increases in property valuations, and a rise in claims costs, renewals can get tricky very fast,” Beer said. “When you have solid relationships with clients and know that they’re already struggling with increased costs across the board, it is really challenging to have to deliver the news that their premiums are also increasing.

“Claims have also been challenging. Having such a large volume of claims eventuate from multiple weather disasters this year has put a huge amount of pressure on the whole industry. Brokers are doing their best to advocate for their clients, but we all need to be mindful of insurer claims capacity, manage expectations with clients in regard to timeframes, and just remember to be kind.”

Beer is also of the view that there is an aspect of the broker-insurer relations that can be improved.

“I think the main pain point at the moment is the turnaround time to get terms back from insurers,” she told Insurance Business. “I know the reasons for this are multi-faceted, and that resourcing is a real challenge across the board, so everybody is stretched. We can do our part by ensuring submissions to insurers are sent off as early as possible, and insurers in turn need to be upfront early about any time delays so that brokers can then in turn set appropriate expectations with clients.

“Communication is so important. There is no simple fix, and the real challenge is keeping brokers and insurers appropriately resourced. That starts with attracting new people into the industry who might not have considered it as an option before – just like me.”

What do you think about this broker story? Share your thoughts in the comments below.

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