David Squire, National Insurance Brokers Association board member and the National Regulatory Policy Manager of the Wealth Management Division of the National Australia Bank, says brokers should look beyond the “general” in general insurance.

A keen advocate of brokers expanding their role in the market, Mr Squire told Sunrise Exchange News: “It might be ideal if brokers rebranded themselves as holistic risk managers. The word ‘general’ in general insurance broker is a mind-step, and something brokers find hard to look beyond.”

Mr Squire said changing the mindset of general insurance brokers is extremely difficult, but changing their businesses to incorporate super, financial planning and life services “would not be a quantum leap”.

Any broker who is to survive the transition into the Financial Services Reform Act will have to provide something other than general insurance, he says. Their strong client base would grant them access to a plethora of clients and their financial needs. “They could offer a niche general insurance product, but they’d have to be damned good at what they do.”