Brokers need to gain the confidence of regulators for the sector be allowed to manage its own issues as financial services scrutiny increases, Willis Towers Watson Australasia CEO Simon Weaver told last week’s National Insurance Brokers Association (NIBA) virtual convention.

He says greater financial regulatory activity is a worldwide trend and Australia is no exception, with transparency of remuneration and managing conflicts of interest among issues attracting attention.

“We are clearly going to have to work with the regulator and make sure our views are heard, but we have got to gain their confidence that we have the ability to manage these issues, if there are some of concern.”

The industry should engage openly, not be defensive and look beyond data that suggests complaints typically don’t result from services provided by brokers, Mr Weaver says.

“We can’t rely on that; we have got to be a lot more bold.”

Mr Weaver says he hopes the industry will be allowed to regulate itself as much as possible, and having a strong code of practice supported by all the broking community will be critical.

Leading broker CEOs last week provided perspectives to the virtual convention on a range of issues, including the impact of the coronavirus on staffing and operations and the outlook for the current hard market.

Gallagher CEO Sarah Lyons says clients who have invested in mitigation and who have a positive claims history are being challenged on price, and brokers need to educate clients on the market situation and how they can assist.

“The hard market is likely to have at least 18-24 months further to run,” she said.

CEOs also noted that transitioning back to offices and adapting to a new COVID-normal may be as great a challenge as the pivot to home working.

“I think everybody understands that we are not going to go back to the way we were,” Aon Australia CEO James Baum said, while highlighting the potential for leaders to look for the opportunities and advantages that may emerge from current circumstances.

The convention, with the theme Brave New World – Navigating the Winds of Change, was held as afternoon online sessions throughout last week after it was initially planned for the Melbourne Convention and Exhibition Centre.

Next year’s convention is scheduled for the Gold Coast from October 11-12.