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26 February 2017
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.
22 February 2017
Your positive attitude, commitment to providing quality customer service and high energy will ensure your success in this position.
22 February 2017
Sales training and relationship management is your passion? Want to drive business results first hand? Grab this exciting opportunity now!
21 February 2017
You are responsible for developing change strategies, plans and deliverables that improve the employee experience and increase the adoption, utilisation and proficiency of use of our HR and collaboration digital technologies and processes.