by Ksenia Stepanova 05 Dec 2018
The role of the broker group is growing swiftly as the insurance
environment changes and more and more brokers decide to go solo - and they are
becoming the primary source of support for many independent advisers. New
Zealand’s largest cluster groups include the likes of NZbrokers, Steadfast and PSC Connect, and they will undoubtedly play an
instrumental role in supporting brokers in the coming months and years.
Steadfast is currently the largest insurance broker network
operating across Australasia, with a member network of over 360 insurance
brokerages and significant operations in the New Zealand market. According
to Allan Reynolds, Steadfast executive general
manager – Asia, New Zealand & direct, the group’s focus in the coming year
will be on helping brokers sort out strengths and weaknesses in their business,
and offer tools to help improve and grow their business.
“The key role of Steadfast NZ is to ensure network brokers receive
superior market access, exclusive product and services backed by the strength
of the Steadfast Group,” Reynolds told Insurance Business.
“We have a range of products and services that are exclusive to
the Group and considered best-in-class, and we support our brokers by allowing
them to focus on their clients’ insurance and risk management needs.”
Reynolds says the group’s model is unique, as it offers brokers
the ability to remain independently owned and operated, or choose for Steadfast
to take an equity stake in their business. It also offers an ‘offer and
acceptance’ model, where products and services provided aren’t compulsory, but
the broker network chooses what is best for their business and their clients.
“We have also developed the Steadfast Sales & Marketing Broker
Playbook which is a tool that enables our brokers to find, win, grow and keep
business,” Reynolds said.
“The Playbook contains sales tools, online training, NPS, and also
a broker health checklist. From this checklist brokers receive a report that
identifies strengths and weaknesses with their business, and benchmarks them
against over 377 brokerages throughout Australasia.
“Steadfast has a saying ‘none of us is as good as all of us.’ The
Steadfast New Zealand network has 43 brokers throughout New Zealand, and places
over $400 million of business with insurers and underwriting agencies. This
provides strength with our strategic partners when negotiating wordings, obtaining
adequate brokerage and importantly giving support and taking up issues with
partners on underwriting and claims matters.”
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