Sponsored content

Shaping the Future for Insurance Brokers

Today, digital-led innovation is an essential component of any solution that promises to keep the industry competitive and meet the complex demands of modern clients.

Longevity depends on forward-thinking, future-proof invention and technology, and CBN is leading this transformative wave with groundbreaking tools and services that are reshaping insurance broking for the better.

CBN’s iNeedCover is a perfect illustration of how personalised service can enhance the insurance customer experience. iNeedCover is positioned in the crucial pre-consultation stage.

The process begins with a detailed needs analysis, ensuring that all potential vulnerabilities are identified before crafting a custom insurance plan that precisely addresses each risk.

iNeedCover helps clients understand their options, empowering them to make better-informed insurance decisions.

Through iNeedCover’s Risk Averse Universe blog, clients gain access to a wealth of insurance insights and tips. The blog covers topics such as management liability, property risk management, cyber insurance, professional indemnity insurance, and weather events.

This resource helps clients stay informed about various insurance issues, further empowering them to make educated decisions regarding their coverage.

For Authorised Brokers, the qualification component of iNeedCover allows for a deeper understanding of the specific risks and needs associated with each business.

It lays the groundwork for tailored advice from brokers who then craft insurance plans that address these risks efficiently.

By combining education with expert advice, iNeedCover offers more effective and cost-efficient coverage without unnecessary extras, ultimately enhancing customer outcomes.

As a subsidiary of CBN, Australia’s largest General Insurance Authorised Broker network, iNeedCover provides clients with access to exclusive broker-only underwriting markets.

This grants competitive premiums, superior policy conditions and deductibles that are typically unavailable through direct insurance channels.

CBN’s broker workshops are a cornerstone of their innovative approach, employing Human-Centred Design (HCD) principles to address the real-world challenges brokers face. HCD is a methodology that focuses on understanding users’ needs, experiences, and pain points to create effective and user-friendly solutions.

At the core of HCD is a deep empathy for the end-users—in this case, the brokers. CBN begins by engaging brokers in detailed discussions and feedback sessions to uncover the specific issues they encounter in their daily operations. This participatory approach ensures that the workshops are directly aligned with the brokers’ actual needs rather than hypothetical scenarios.

By placing brokers at the heart of the solution design process, CBN ensures that their workshops are not just educational but transformative.

This commitment to understanding and addressing the specific pains of brokers enables CBN to devise solutions that are both impactful and practical, enhancing the day-to-day experiences of brokers and empowering them to thrive in a competitive industry.

“At CBN, we believe the cornerstone of innovation is listening. Our priority is to put our brokers at the centre of every decision we make. By embracing a Human-Centred Design approach, we ensure that every solution is informed by and crafted around the real needs of the people we serve.

This commitment to understanding and addressing the specific pains of our brokers enables us to devise solutions that are both impactful and practical, enhancing the day-to-day experiences of our brokers, thereby empowering them to thrive.” says Nese Yasa Akay, Executive Manager Strategy & Innovation at CBN.

Transitioning from enhancing individual broker skills to upgrading their operational tools, CBN introduced a new broker portal: Hub.

This advanced knowledge management platform empowers brokers with the tools and resources they need for successful business management.

The Hub features a modern and intuitive user interface that simplifies navigation and provides quick access to important information, making the broker’s experience as seamless and efficient as possible.

It also includes a self-service portal where Authorised Brokers can manage common queries and track support tickets at their convenience, along with collaboration tools that foster a supportive community through robust communication channels and shared document libraries.

“We are really impressed as an Authorised Representative with CBN; they really do care about building a sustainable business and it’s about re-investing into Insurtech for continuous improvements. An example would include their freshly painted HUB. It’s user-friendly, has a fast response time, and is always being updated.

It encapsulates the overarching theme of ‘how can we help our Broker do business more seamlessly to succeed? The Where to Place Innovation tab has been really helpful for our ARs looking to share their posts with others on a national scale. This means that they can work together to find a quick solution for their clients in a time-pressured environment. I love this!” says Ricky Quach, Managing Partner and Authorised Representative of MY Insurance Specialists.

Another significant digital solution from CBN is the Industry Placement Tracker. This tool offers a dynamic visualisation of policy leaders within specific risk classes, allowing brokers to easily identify which insurers hold the highest number of policies for each class.

The interactive dashboard enables brokers to manipulate data displays by selecting different columns, thereby tailoring the information to their specific needs.

This not only enhances their understanding of the market dynamics but also assists in making informed decisions about risk placement.

All these innovations reflect CBN’s understanding that the future of insurance lies not only in adapting to technological advancements but also in ensuring these advancements are accessible, user-friendly, and genuinely beneficial to both the Authorised Brokers and their clients.

By integrating technology with personalised services, CBN is meeting the market’s current needs and anticipating future challenges and opportunities.

Through its progressive initiatives like iNeedCover, Broker Workshops, the new Hub, and the Industry Placement Tracker, CBN is setting new standards in the industry and establishing a blueprint for others to follow.

These tools and services are not merely enhancements to existing solutions; they are essential components of a strategy designed to equip brokers and their clients with the necessary resources to traverse the complexities of the insurance world confidently.

CBN is not just a participant in the insurance industry; they are pioneers, shaping the future of insurance broking with a balanced approach that values tech-progress and the human element of brokerage service.

This commitment ensures that CBN will remain at the forefront of the industry, continuing to offer solutions that are ahead of their time and right on time for the needs of today’s market.