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Small steps ‘key to broking revolution’

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Continual small advances through “perpetual action” can deliver big results for brokers as competition increases and the industry changes, Austbrokers & IBNA Member Services (AIMS) GM Glenn Schultz says.

“Too often we convince ourselves that massive success requires massive action,” Mr Schultz says in a speech to the group’s conference in Los Angeles today.

“We put pressure on ourselves to make some earth-shattering improvement that everyone will talk about. In reality, the difference a tiny improvement can make over time is astounding.”

Mr Schultz says brokers can’t afford to stand still in a competitive environment and as the pace of change accelerates.

“Action needs to start now. For some, this is just increasing existing actions. For others, the decision to start something different is upon them.”

“Perpetual action” is the theme of this year’s AIMS conference, which alternates annually between international and Australian locations. The event opens today at the Langham Huntington in Pasadena and will wrap up on Wednesday.

Mr Schultz says the insurance industry has been predicated on looking backwards, with past activities used to predict the future and products provided accordingly. But the focus is shifting.

“By 2025 the revolution will have occurred – the 180-degree change.

“Insurance will be based on projections, data and technology; providing the ability to look forward. History will be a small part of the equation.”

He says competition pressures are seen with insurers changing their approaches, client needs shifting and “mega-mergers” in broking.

“Evolution is being overtaken by revolution and the competition is increasing dramatically,” he says.