Australian businesses are saving time, resolving claims faster and strengthening their risk management when working with insurance brokers, according to new consumer research commissioned by the National Insurance Brokers Association.
The data shows brokers have a measurable impact across the insurance lifecycle. Businesses reported saving around 20 hours across the insurance process when using a broker, compared with managing stages independently. The largest time savings were recorded during claims support (7.2 hours), followed by finding and comparing policies (4.8 hours) and understanding insurance needs (3.2 hours).
Renewals were identified as a key touchpoint. Among those who renewed insurance through a broker, 95% said the broker was either very or somewhat involved in the process. More than four in five respondents said they saved at least three hours during their most recent renewal.
Claims activity is common. 48% of businesses surveyed had made an insurance claim in the past three years. Workers’ compensation was the most frequently cited type (46%), followed by motor or fleet insurance (43%) and property (32%).
Where brokers were involved in claims, 80% of respondents said their main broker was actively involved throughout. Among those whose claims were resolved with broker involvement, 95% said the broker helped speed up the process and 98% reported their claims had been successfully resolved. Overall, 91% believed their broker’s involvement helped achieve a better outcome.
“Clients want clarity now more than ever in a complex risk landscape. NIBA’s consumer research confirms that brokers are key in delivering that clarity by removing friction, saving time, strengthening protection and delivering peace of mind. That’s the broker advantage, a foundation our profession can build on as we continue to lift our impact in the decade ahead,” NIBA president Nick Cook said.
The report also examined how broker advice influences risk management decisions. When brokers identified additional risks, 76% of current clients said they purchased additional insurance cover and 18% made other changes to reduce or manage risk.
Trust and confidence indicators were similarly strong. 84% of current broker users rated their trust in their broker to act in the best interests of their business at 8 or above on a 10-point scale. After their most recent renewal, 88% said they were confident their insurance cover was right for their business.
Overall satisfaction among current broker users stood at 87% for ratings of 8 to 10 out of 10. The same proportion reported satisfaction with broker support during claims.
Looking ahead, respondents expect further change in the insurance landscape. Eighty-three per cent (83%) anticipate increased use of technology and automation by 2035, while 79% expect they will need more strategic advice from brokers. Thirty-one per cent (31%) said their business would most need help understanding and keeping up with new risks, followed by 18% who cited tailored advice specific to their industry.
“The coming decade will bring challenges, but it’s also an opportunity to lead with confidence. NIBA is looking forward to using these consumer insights to build capability, lift professional standards, and strengthen the broker value proposition for Australian families, businesses and communities,” NIBA CEO Richard Klipin said.
