Agencies ‘moving into traditional insurer territory’: UAC CEO
Agencies moving into traditional insurer territory: UAC CEO
28 March 2023
Underwriting agencies are no longer just about hard-to-place risks, but are moving into territory traditionally occupied by the mainstream insurers, the Steadfast Convention has heard.
Speaking on an industry panel yesterday, Underwriting Agencies Council (UAC) CEO Jenny Bax told delegates that the role of agencies continues to evolve.
“When you think about it, when agencies were first created, it was for hard-to-place risks,” she said.
“Risks that didn’t have a home in the mainstream, insurers couldn’t find a market for them, so we developed a niche. We filled the gap and we continue to do so.
“The interesting thing that I’m finding in our space is that we are moving away from that hard-to-place business and getting into the mid-market and SME area, that was traditionally covered off by the mainstream insurers.”
Ms Bax, who became UAC’s inaugural CEO in January following the departure of long-serving GM William Legge, says the role has so far been “amazing”.
“I think the best thing for me is the market is constantly changing but our guys are so innovative. There is always going to be a need for us and we will definitely be part of the future moving forward.
“They are so passionate about what they do. They love their business, there’s a lot of talent in there.”
Panel moderator and Steadfast CEO Robert Kelly said agencies have moved from being an “also ran” to a crucial part of the distribution of insurance in Australia, and UAC is now a key ally for the National Insurance Brokers Association.
The Steadfast Convention, which opened on Sunday, is expected to be attended by about 2000 delegates, and finishes with a gala dinner tonight.
