An Australian insurance broker has taken aim at insurers and their Business Development Managers (BDMs) who are “not qualified to understand the risk profiles we present”.
Bill de Vos, managing director of brokerage BJS Insurance Group offers what he describes as a “frank, if not brutal” evaluation of what could improve in the insurance broking industry in Australia.
“On a daily basis, insurers seek the opportunity to underwrite more business, however their distribution channels just don’t always work,” de Vos told Insurance Business.
“Insurers rely on distribution channels such as Sunrise Exchange, but BJS are the insurance broker to a number of significant insurance buyers, whose risk profiles demand that we must negotiate on a face-to-face basis with insurers in order to convince them to support our underwriting submissions.
“Insurers provide access to Business Development Managers who are not qualified to understand the risk profiles we present and, mostly, have no authority to provide solutions,” he said.
Vos added that insurance broking is based on relationships, yet “insurers don’t seem to empower their staff to engage in such relationships.”
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