Broker eyes up acquisitions in NSW and WA

Broker eyes up acquisitions in NSW and WA

Broker eyes up acquisitions in NSW and WA

BJS Insurance Group may have just celebrated 15 years in the insurance industry, but that hasn’t slowed down ambitious growth plans.

The 90-strong brokerage, which generates premium income of more than $100m, is planning to expand its business through acquisitions in the coming months.
 

“We want to grow the business in WA and NSW,” said managing director Bill de Vos,. “We will talk to a few people about that in the near future. A few brokers have said they want to sell to BJS but we have not thought they are a good fit. Some people sell because they need the money but they don’t have a succession plan.”

Vos added that a key part of the Aussie-owned brokerage’s growth strategy is recruiting graduates – a challenge in itself.

“The challenge is to attract new people. I am not always certain people know what good a career in broking is,” he said. “Young people want to do things but not insurance broking. Most people just fall into it.

”It is a real challenge to attract young people to the industry. We have a responsibility to make sure people know how valuable a career in insurance broking can be. At times we undervalue it. We talk about attracting people but we don’t always come up with solutions. We have taken it upon ourselves by hiring graduates. We have 10 so far."

Reflecting on the past 15 years, de Vos said the biggest industry changes had come in the form of the growth of authorised representatives and cluster groups.

“Ten or 15 years ago there weren’t Austbrokers and Steadfast,” he added. “The rise of the cluster group and those groups buying brokers is the biggest change.”

BJS is not the only industry player raising concerns about the future of the industry industry, with insurer Zurich also raising concerns about attracting talent into the industry.

2 Comments
  • Barry Cross 29/05/2013 11:01:35 AM
    My business has been servicing the branding and marketing needs of insurance brokers for over 13 years. It became clear to me in the early days of our client relationships that insurance is a dynamic, high-finance business and that in this world, very little in human endeavour happens without it.

    There are not many professions that offer involvement and diverse experiences in such a broad spectrum of industries that insurance does. One day insuring oil tankers on the high seas, the next, high rise building projects and the one after that, cover for the local festival against the risk of a rain washout.

    It's about time the industry representative bodies were louder and clearer in their message to the labour market about the marvellous opportunities in the insurance industry at many levels.
    Post a reply
  • Bill de Vos 29/05/2013 6:18:20 PM
    Thanks Barry,

    Once you are referred to as an Industry Veteran, it is time to put something back.

    Younger people are always looking for mentors and more knowledge, let's offer less criticism and provide more encouragement, as well as more opportunties.

    No business will grow and be successful without enthousiastic younger staff, who often just want a chance.

    We have a duty to talk our industry up.
    Post a reply