The National Insurance Brokers Association has backed federal government plans to ease the regulatory burden on businesses under a broader push to lift productivity.

NIBA says red tape is one of the biggest challenges for the profession – particularly in the several years since the Hayne royal commission’s recommendations became law.

“We are seeing the impacts first-hand: growing complexity and rising compliance costs are creating confusion, which ultimately results in poorer outcomes for clients and their advisers as they try to navigate an increasingly maze-like system,” association CEO Richard Klipin said.

“Insurance brokers want to spend their time helping clients understand risk, navigate complex policies and secure the right cover.”

The association plans to release a report on regulatory demands at its convention next month.

The paper – called Ready or Reacting – will also examine the future of broking, including trends and opportunities that will shape the profession over the next decade.

“Drawing on extensive feedback from brokers across the country, it underscores the cumulative burden of overlapping and prescriptive regulation as one of the most pressing challenges for the profession,” NIBA said.

Mr Klipin says the report “points to the benefits that could flow from a more streamlined regulatory environment, enabling brokers to better focus on delivering for their clients. The alignment of regulatory, political and industry attention on this issue creates a unique window of opportunity.”