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28 July 2016
Red-hot competition seems to agree with the insurance broking industry.
Most brokers surveyed for the Macquarie Insurance Broking Pulse Check achieved increased profits last year and are optimistic about prospects for further growth this year.
The survey shows that despite “tightening market conditions” last year, 69% of surveyed businesses reported revenue growth, while more than half recorded profit margins above 20% and about one-third topped 30%.
Macquarie Business Banking National Head of Insurance Broking Eoghan Trehy says most respondents are “continuing to thrive” amid a “highly competitive market”.
Back-office technology played a significant role in growth.
The survey shows 63% of high-performing companies expect improved efficiencies and economic conditions to spur profit growth in the year ahead.
“Business efficiency is a key factor that sets outperformers apart,” Mr Trehy said.
Staff recruitment, retention and development are also identified as key contributors to strong performance.
High-performing businesses use a range of strategies to attract and retain talented staff – 79% offer training and development opportunities, 71% use non-salary benefits such as flexible working arrangements and 56% offer bonuses.
Most broking companies are optimistic about their prospects, with 86% forecasting a profit increase, mainly driven by new client growth.
“We believe those companies that are ready to embrace technology to support their business operations and customer experience will outperform in the year ahead,” Mr Trehy said.
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