010: The Challenges for Small Brokers - with Sara Fardon

<p>On today's episode, Sara talks with us about her vast and varied experience in the insurance industry and how she believes the future of insurance will be shaped. Sara has been instrumental in the growth of Willis Tower Watson Network and will share with us with some advice and tips on the challenges that small brokers do and will continue to face along with why she believes it’s important to build strong relationships with likeminded industry professionals.</p> <p>LEARNING OBJECTIVES:</p> <ul><li>Building close relationships as a network both professionally and personally is an integral part of growing your business – not every network is focused on competing.</li> <li>Keeping up to date in adapting to the marketplace and adhering to the regulatory landscape within the relevant framework.</li> <li>Foreseeing the changes to ongoing regulation is an important part of business upkeep for insurance brokers over the coming years.</li> <li>Technology has massively changed the way in which insurance brokers do business, but the world is still both analogue and digital – success in the market is a blend of both.</li> <li>Creating an open culture on mental health has to happen in order for us to still maintain a healthy work/life balance within the industry.</li> </ul> <p>BEST MOMENTS:</p> <p>‘’Being able to network with likeminded individuals in the same industry completely outweighs that of thinking that they should be competing against each other in that particular market segment.’’</p> <p>‘’Brokers are always facing challenges because the market changes all the time. The one thing brokers are good at is that they are entrepreneurial, and they will evolve, adapt and thrive.’’</p> <p>‘’The insurer markets will continue to change because insurers want to make sure they’re as efficient as they possibly can be and will always focus where they get the best return.’’</p> <p>‘’I call us the Digital Broker Network… we use digital tools for our members such as online portals and CRM systems, but we shouldn’t forg