Suncorp has engaged some of the brightest young minds in insurance broking in the debate on the industry’s future, as intense competition and rapid technological change take effect.

The insurer’s latest Insurance Insights paper outlines views of the five finalists in the Warren Tickle Memorial Award – the National Insurance Brokers Association’s young professional of the year prize.

The report is co-authored by Sam Sanfilippo, National Manager International Intermediaries, and Anthony Pagano, National Manager Commercial Intermediaries with Suncorp Commercial Insurance.

Mr Pagano says the debate helps predict how broking will look in 10 years.

“A widely available university degree will be necessary for insurance broking to be regarded as a fully fledged profession in the same vein as medicine and architecture,” he said.

“Furthermore, brokers’ income will eventually come primarily from service fees. Commissions will be largely relegated to being a supplementary stream, or not used at all.

“The industry will have to continue to grapple with technological change, likely at an increased pace. But this will also lead to positive opportunities.

“These fine young professionals all spoke candidly and thoughtfully about the future and the coming challenges and opportunities. The industry is in safe hands.”

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