The Insurance Apprentice TIA Talks series features former TIA contestants and industry experts. These episodes delve into critical industry issues and offer valuable insights.
In the third episode of The Insurance Apprentice podcast, Jason Mizen (JVC Insurance Brokers), Darius Wyngaardt (Wyngaardt Insurance Brokers), and Lizelle van der Merwe, CEO of the Financial Intermediaries Association (FIA) of South Africa shared thoughts on what it takes to be a successful broker in today’s fast-paced world.
In this article, Darius builds on that discussion, offering an introspective look at the evolving and vital role of insurance brokers in providing tailored financial and risk management solutions, emphasising the importance of trust, professionalism, and ethical standards in fostering client relationships and navigating the insurance landscape.
The value of a broker
Recently, during an episode of TIA Talks, we explored the evolving role of insurance brokers in a changing industry. The conversation highlighted the value that brokers bring to clients and how the profession is shaping the future of financial services. Having your broker sherpa and support you through the journey offers assurance and peace of mind.
To me, being a broker goes beyond providing insurance policies – it’s about creating tailored financial and risk management solutions that enable business owners to focus on their goals, it is an enabling relationship that gives surety to clients and instils confidence in clients knowing they are in good hands. Fostering trust is essential in our line of work – that trust is built on the principles of integrity, efficiency, and the confidence we give our clients in knowing that we will always act in their best interest no matter the circumstance. These values are the foundation upon which strong, long-lasting and fruitful relationships are built.
A good broker doesn’t just sell a policy – they become a reliable partner, helping businesses manage risk, find the right coverage, and offer support when it’s needed most, all while ensuring the client’s financial continuity. During challenging times, a broker’s guidance ensures that claims are handled swiftly and effectively, protecting clients from unnecessary setbacks. A skilled broker is more than just an intermediary; they offer reassurance, and confidence, and act as a bastion of skills and strength when navigating tough situations.
Trust, professionalism, and ethical standards
However, the actions of unscrupulous brokers have created difficulties within the industry, driving the market towards direct insurers and eroding the trust that is so vital to our work. In response, maintaining professionalism and staying committed to ethical standards has become more crucial than ever. Professionalism is critical to our role, and it requires continuous commitment. Staying compliant with regulatory bodies like the Financial Sector Conduct Authority (FSCA) is just the beginning. Ongoing development and learning are essential to remaining effective in the rapidly evolving, compliance-driven framework of financial services. By embracing innovation and adapting to new regulatory shifts, brokers can not only meet client needs more effectively but also contribute to the broader advancement of our beloved industry.
As brokers, we also have a responsibility to nurture the next generation of professional, ethical and capable intermediaries. Building credibility through strong relationships and positioning ourselves as trusted advisers is key to the sustainability of our profession. Platforms like The Insurance Apprentice provide a space for brokers and other young insurance professionals to collaborate, showcase their expertise, and share valuable insights. It offers a chance to grow, develop skills, and positively increase the awareness of the industry – making insurance a job someone would choose rather than one someone “arrives at”.
The role of brokers remains as essential today as ever—perhaps even more so for clients who seek the expertise of a professional to manage their risk and portfolio with genuine care. I’m excited about the future of insurance broking and look forward to continually raising the bar for what brokers can accomplish on behalf of their clients.