Looking back – the top brokerages in Australia for 2023
Looking back – the top brokerages in Australia for 2023 | Insurance Business Australia
Insurance News
Looking back – the top brokerages in Australia for 2023
Expert outlines most common challenges brokerage firms grappled with last year
Insurance News
By
Roxanne Libatique
In reflecting upon the dynamic landscape of the Australian insurance market, the winners of Insurance Business Australia’s 2023 Top Brokerages stand out as exemplars of resilience and adaptability.
These brokerages had not only weathered the challenging circumstances but had excelled in the face of adversity, consistently delivering for their clients.
Methodology
IB’s 11th annual Top Brokerages list showcased the industry’s resilience. The process involved inviting brokerages across the country to submit nominations, emphasising eligibility for those with three or more brokers headquartered in Australia. The nominees were ranked based on:
number of clients
client growth
policies written
revenue metrics
Brokerages supplied their details for the 2022/23 financial year, and rankings were determined based on cumulative scores across specified criteria.
The ranking system, focusing on business per broker rather than critical mass, ensures that excellence is acknowledged regardless of size. The top overall ranking was awarded to the brokerage with the lowest cumulative total.
Challenges facing brokerages in 2023
In last year’s interview with IB, Tremayne West, the managing director of Australian Broker Network, highlighted the formidable obstacles brokerages were grappling with:
insurer appetite changes and pricing increases
increased client cover and claim payment expectations
insurers denying claims where previously they paid
compliance requirement increases
increased costs of business
remuneration disclosure to retail clients
cyberattacks
See the list of the best brokerages in Australia for 2023 and what made them stand out by checking out the Top Brokerages 2023 special report.
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