CEO on "perfect opportunity" for insurance brokers

“Insurance brokers face daily challenges, not least of which include regulation and compliance; winning new business; building and increasing revenue and profit; omni-channel trading platforms; competition from direct insurers; increasing or rebuilding customers’ trust; renewing existing business; and customer centricity,” said the Marsh and Donaldson Brown alumnus, who came onboard Howden last September ahead of the company’s unveiling of its NZ operations.     

“For me, this is business as usual, and I think my personal biggest challenge is not having enough hours in the day – there is so much that I want to do, and I constantly have to remind myself that this is a marathon and not a sprint. Howden is truly a fantastic company to work for, and my biggest challenge is to contain my excitement.”

In 2021, Howden expanded in the Pacific region with the birth of the group’s Australian broking unit in March, followed by its foray into Auckland, Wellington, and Christchurch in November. As part of the New Zealand move, Hattingh was introduced as Howden Broking NZ chief while Cliff McCord was tapped to lead employee health and claims management business Howden Care in the country.

Read more: Howden expands into New Zealand market

For Hattingh, though, it doesn’t seem as if she’s only been at the helm for half a year.

The CEO shared: “Any new role comes with a lot of excitement, change, and some trepidation. I have found, in my first six months at Howden, that time certainly flies when you are having fun; the past six months have flown by.

“It has been really busy – induction into the Howden way, getting to know our Pacific and global colleagues, getting to understand the Howden capabilities, building networks and relationships, going through the FMA (Financial Markets Authority) licensing process, entering into numerous insurer agreements, hiring staff, setting up offices, creating policies and procedures, building pipeline, creating meaningful marketing material, etc. It has been very exciting and rewarding.”

“The support received from colleagues and management at Howden and the market and clients, in general, have been extraordinary,” she added. “I must admit it does not feel like I have been at Howden for only six months; in certain ways it feels longer – I am completely at home.”

Howden’s entry into New Zealand comes at a time of market changes, which Hattingh believes should be embraced.

“There is nothing as constant as change,” asserted the broking boss, “and the market was overdue for a good overhaul. This relates to not only the new regulatory regime, but also the new skill, knowledge, and competency requirements for advisers and the new competition in the market. 

“The new compliance regime is welcomed – it will result in improved customer-centric cultures, which are essential for our industry and clients. The increased competition in the market was long overdue. Brokers cannot afford to be complacent or transactional anymore. Clients now have more choice.”

Read more: FMA sets out full licensing target dates for advisers

Hattingh declared: “The current market changes provide a perfect opportunity for brokers that want to be trusted and valued professional advisors.”

In her view, the key to professional services is knowing how to price the service, in that remuneration is proper and fair with respect to the value of what is delivered.

“That value,” she explained, “is in the eye of the customer, not what the broker or insurer might perceive it to be; and that is where the broking profession could usefully re-assess the way forward, post-COVID-19, to attract, reassure, and retain its customer base for the next 25 years.”

The NZ leader went on to tell Insurance Business: “I am excited about challenging the status quo – building strong, meaningful relationships and truly delivering to our clients. We are here to be different. We are here to provide choice. We are here to challenge incumbency and complacency.

“We put people at the heart of everything we do. Top of the agenda is to support our staff on this incredible journey, building strong relationships with our colleagues, the market, and delivering to our clients, and last but not least adhering to FMA compliance requirements.”