Insurance brokers are fortunate to have a recurring revenue business – it gives them a natural hedge against major disruptions.
“I think Australia’s small businesses have proven remarkably creative in finding ways to keep trading. And our primary role as brokers is to help clients through this,” says Edgewise Insurance Broker’s CEO Richard Coloretti. His own business is “fairly resilient” because it is diversified.
“We have an online business, Express Insurance, as well as our traditional client engagement business. And we’re not really exposed to any one client or sector. We already had robust, secure technology, and we now know just how important those systems are, along with the flexibility to adapt quickly.”
His team and clients had to quickly adopt video conferencing, and he expects that change to be permanent. “Now everyone, across all generations, is comfortable using that technology as an alternative to physical meetings.”
“I’ve always maintained that there’s opportunity in an environment of chaos,” says Coloretti.