Kevin Eales, managing executive of Guardrisk Allied Products and Services, Guardrisk's specialist short-term insurance underwriting manager and product supplier, says: "In our world, the broker is a catalyst to business growth. If the broker was not there to match the client's specific risk needs with available product we wouldn't have a business."
He says brokers have a variety of skills and client bases where they use common experience in similar industry segments to match products. Direct insurance provides solutions for commercial clients who do not necessarily have complex risks. However, the more complex the risk, the more important the broker's role is in terms of matching the client to the right insurer.
Eales says brokers help to shape the market in terms of driving innovation by bringing new ideas to insurers. "Brokers are at the coal face, they deal with clients every day and understand their particular needs. Insurers with an appetite for creativity will embrace this and work with brokers to develop (or enhance) products to suit a particular risk and market segment," Eales says.
Edwyn O'Neill, CEO of Zurich SA, points out that, increasingly, multinationals are exploring additional territories, especially across the African continent. With more hotel chains looking to establish their brands in East Africa, engineering firms capitalising on infrastructure projects in Nigeria and renewable energy service providers focusing on wind, solar and hydro opportunities in the Democratic Republic of Congo, Kenya and Mozambique, accurate risk assessments and in-country cover become a non-negotiable.
"The role of an expert broker could mean the difference between the business collapsing or sustaining itself in the face of any adverse risk. An inherent knowledge of the social, political, environmental and regulatory landscapes and proper advice on how to navigate these often complex structures, is essential," O'Neill says.
"The right advice at the right time with the right action could be the most helpful combination needed to navigate the ups and downs of a business' cycle."
Source: Business Day
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