Speaking at the 1st Asia Insurance Brokers’ Summit in Singapore, José Fonseca, Chairman of BrokersLink and CEO of the MDS Group, told delegates that independent brokers can become the powerhouses of the global insurance industry if they treat their clients as true partners, invest in the future and join forces with their peers from around the world.
He explained that despite the current challenging environment, smaller specialist or territory focused brokers unencumbered by stifling corporate inflexibility are well positioned for growth.
“All brokers are trading in a fast changing and increasingly complex market,” Fonseca said, “but entrepreneurial spirit, a strong work ethic and agile decision making capabilities are making independent brokers look very attractive to client businesses facing similar trading issues.”
He told the brokers, insurers and reinsurers in attendance that being a specialist broker based in a single country was no longer a barrier to handling global accounts. “10 years ago trading internationally without a network of offices was very difficult,” he said, “but advances in internet based communications and trading platforms have created an entirely new ball game.
“By joining forces with their peers across the world, embracing new technology and adopting a global co-operation mind-set, many groups of brokers handle accounts as large as the established international brands.
“It’s all about having the right attitude and long-term outlook,” he concluded. “Clients are looking for their brokers to become true partners and, if you can instill this in your team, global expansion will become a viable strategy for growth.”