How to become one of the best insurance brokerages in Australia

How to become one of the best insurance brokerages in Australia | Insurance Business Australia

Insurance News

How to become one of the best insurance brokerages in Australia

Tips from Insurance Business Australia Fast Brokerages 2023 winners

Insurance News

By
Roxanne Libatique

Insurance Business Australia (IB) released this year’s Fast Brokerages winners, insurance brokerages across Australia that exceled during unpredictable times.

A total of 24 brokerages made the final list of Fast Brokerages 2023 special report. Additionally, IB highlighted 11 Fast Starters, insurance brokerages that have been operating for three years or less and are already making their mark on the insurance landscape.

How to become one of the best brokerages in Australia

One of this year’s Fast Brokerages is NLT Insurance Brokers, which has been providing exceptional personal service and competitive premiums for over 15 years.

Levi Thurston, director of NLT Insurance Brokers, said being detail-oriented and being there for clients help when starting a brokerage and making it successful.

“That personalised service is going to be the strategic advantage. The business will come to you,” Thurston said. “Your reputation will precede you when people understand that they can rely on you as a trusted advisor to their business.”

Lachlan Lee, an account manager at 2023 Fast Brokerage and Fast Starter Stonewell Insurance Brokers, emphasised the significance of knowing the firm’s niche.

“Be prepared to become an expert in your target market. It’s good to be able to do everything, but it’s important to have one or two products that you know everything about – back to front. If you can build that space, you’re going to get all the other stuff along the way as well,” Lee told IB.

Sarah Gardiner-Smith, principal and director of 2023 Fast Brokerage and Starter Smith & Lane Insurance (Smith & Lane), added: “Be prepared for the first couple of years to be tough financially. The safety of your weekly salary is no longer there, and you need to have a stockpile to get you through the tough times. You want to maximise your chance of succeeding, and the less financial stress you have, the better position you will be in to push forward.

“In our experience, there is a fine line between the planning phase and taking the leap. It is important that you have a certain framework in place before starting your brokerage, but at some point, you need to put one foot in front of the other and get started. The first year can be scary, but it was also one of the most rewarding times of my career.”