Readying for the future of insurance broking in Tokyo
Readying for the future of insurance broking in Tokyo | Insurance Business Australia
Insurance News
Readying for the future of insurance broking in Tokyo
PSC Network’s annual conference blends tradition and technology in Japan’s capital
Insurance News
By
Bennett Richardson
This article was produced in partnership with PSC Network
Quick – how do you spell ‘the future of insurance broking’ in Japanese? For three days in mid-August, perhaps it was spelled ‘PSC’.
In the heat of the Tokyo summer, insurance brokers from across Australia and New Zealand helped the mercury rise a little further at the PSC Network 2024 National Conference, catching a glimpse of their industry’s future in the process.
With a “Future Fusion” theme, the confab set out a vision for bridging the gap between cutting-edge technology and time-honoured broking traditions.
From Sumo to Mario and more
The Grand Hyatt Tokyo played host to over 250 delegates, including authorised representatives (ARs), PSC staff, and sponsors. Supported by 38 key insurers, agency and supplier partners, attendees found themselves participating in networking events as well as attending sessions on artificial intelligence or Japanese cultural experiences.
The conference schedule reflected this duality, featuring everything from sumo wrestling demonstrations to Mario cart street racing circuits or discussions about robotics. This juxtaposition perfectly encapsulated the theme of merging tech and tradition for broking success.
And there could hardly be a more inspiring backdrop to grab the future with both hands than the Grand Hyatt Tokyo, also the venue for the gala dinner. Made famous as the setting for the film Lost in Translation, PSC’s message of finding the harmony between traditional broking and powerful tech was, on the contrary, understood loud and clear.
Enhancing broking through AI
At the core of the conference was a focus on how AI and robotics can enhance rather than replace the human element of insurance broking.
PSC Network is doubling down on its investment in Apex, a robotics-powered multi-quote platform. The goal of Apex is to free ARs to focus on what really matters – their clients. This approach doesn’t aim to replace the broker but rather to provide them with a highly intelligent assistant.
This push towards AI extends beyond quoting. PSC is exploring ways to create efficiencies across AR businesses, from automated customer service to predictive analytics for risk assessment.
Data is the new currency
In an industry built on assessing risk, data is king. PSC Network is leveraging its vast trove of industry data to negotiate bespoke products with insurer partners.
The company’s approach harnesses data to shape products tailored specifically for AR’s clients. This proactive strategy marks a shift from traditional reactive models. To this end, PSC is renewing its commitment to educating ARs in both technical and business skills to drive innovation.
“The tech future is looking very exciting for our network,” said chief executive Tony Walker.
The welcome dinner at Gonpachi Restaurant, famous for its appearance in Kill Bill, added another layer to the conference’s theme. One could say the attendees were inspired to embrace cutting-edge tech tools to slice inefficiency as skillfully as Uma Thurman’s character wielded her katana.
Honouring excellence
Alongside the forward-looking discussions and cultural smorgasbord, the conference also took time to recognise those who are excelling in the present. Leonie Milonas of Lync Insurance Brokers took home the prestigious AR of the Year award, while Patrick Rafferty of Insurance Union was named Rising Star of the Year.
AR of the Year, Leonie Milonas with Tony Walker (PSC Network CEO) & Janine Shipton (Regional Manager – Western)
Rising Star, Patrick Rafferty with David Hosking PSC Insurance APAC CEO, David Hosking
The High Achiever Award, recognising PSC staff who have gone above and beyond, went to Nat Barrs (PSC Head of IT) and Peter Haritos (Technical Services Manager) for their work building and delivering the Apex platform.
High Achievers, Nat Barrs & Peter Haritos with PSC Insurance APAC CEO, David Hosking
The Chairman’s award in 2024 for Region of the Year went to the Western Region, headed up by Regional Manager Janine Shipton for their collective excellence from a financial, compliance and cultural perspective.
Region of the Year, Western Region
As the conference wrapped up, a key takeaway was that PSC Network’s strategy isn’t aimed at turning ARs into tech companies. Rather, it’s about providing them with tools to enhance what they already do best – giving personalised, expert advice to their clients.
PSC Network Insurance Partners is a division of PSC Insurance Group Limited. As a Group, PSC aims to be the trusted insurance and risk management partner for its diverse range of Small to Medium Enterprise (SME) clients. PSC Network Insurance Partners Pty Ltd is an Australian Financial Services Licensee, responsible for a large network of Insurance Advisors across Australia and New Zealand.
Keep up with the latest news and events
Join our mailing list, it’s free!
