Following the restructure of Coverforce into three separate businesses, Insurance Business takes a closer look at the strategy behind this move from the perspective of one of the firms undertaking this integration: Community Broker Network (CBN).
The aim, said a CBN media release, is designed to reinforce this company's position in the Australian insurance landscape and extend its presence across the Tasman.
The integration is part of CBN’s ongoing strategy to expand its service offerings and network capabilities. By bringing Coverforce Partners into its fold, CBN aims to leverage combined resources and expertise to support its broker partners more effectively.
Richard Crawford, CEO of CBN, said the addition of Coverforce Partners aligns with both organisations’ focus on putting clients first and maintaining independence. “We believe this next chapter will bring tremendous opportunities for our people, brokers, and clients alike, and we look forward to building on the legacy of Coverforce together,” he said.
CBN has indicated that the integration will allow for greater operational efficiency and improved client outcomes. The network plans to utilise shared technology and best practices to assist brokers in delivering tailored advice and solutions.
The realignment is also expected to enhance the sustainability of CBN’s broker community, providing a platform for long-term growth.
The transaction is scheduled for completion in the coming months. CBN maintains that this development will reinforce its standing as a leading network of insurance advisers in Australasia, with a focus on supporting broker success and adapting to changing market conditions.
The integration comes after CBN entered the New Zealand market by acquiring the broking network business of Folio.
This marked CBN’s first major step outside Australia and reflects its intention to support Authorised Representatives (ARs) in new regions.
Under the agreement, Folio will continue to operate its technology and platform services independently, while the broking network will be rebranded as CBN NZ. This new division will focus on providing support and resources to ARs throughout New Zealand.
The arrangement enables both organisations to concentrate on their core strengths – CBN on network support and Folio on platform innovation.
Crawford commented: “Folio has built a strong network of brokers, supported by innovative technology. With this partnership, CBN can focus on growing and supporting that broker network, while Folio accelerates its platform development. The timing is right – the market needs it, and we’re ready.”
Leadership of the New Zealand operations will remain local, with Alistair Monk overseeing the transition.
