“Probably more than anything else, what I’m trying to do is identify where there’s an opportunity to partner with insurers to streamline the process for brokers,” he said.
Sloan said he sees brokers in the same light as other professionals, like doctors or accountants.
Read next: Legacy systems shouldn’t be an excuse for insurers
“The way the industry operates, we’ve got these highly paid, qualified experts doing a lot of unnecessary double entry and administration,” he said. “So what I’m trying to do is identify ways to streamline the process to make sure our experts are doing the job and being out there for the client versus doing double entry admin over and over again.”
Traditionally, many brokers regard themselves as quite different industry professionals to those working at big insurers. IB asked Sloan if the relationship between these two industry professions is more “matey” than it might appear to outside observers?
“It is probably more ‘matey’ with particular insurers, like those who are nimble and eager to work with us,” he said. “But there are still quite a few that are yet to get with the times and haven’t caught up yet – they can be tricky conversations.”
The legacy IT systems still used by some of Australia’s major insurance companies are a particular concern for Sloan.
“Legacy systems are a real bugbear of mine, I’m really not a fan,” he said. “I understand that a lot of insurers have spent millions of dollars developing these systems, but the hard part is eventually they become obsolete.”
Sloan said these old systems can make it challenging for customers to get insurance coverage and for brokers to arrange that coverage.
The Ausure broker said the role of his profession is definitely changing towards being more advice and less transaction focused.