Compliance requirements for Australian insurance brokers are numerous, with a complex regulatory framework setting baseline standards for  fiduciary duties, and most importantly, the need to act in the best interests of the client.

However, if these regulations comprise the minimum expectations for insurance brokers, what does broking best practice look like?

That’s a question posed by Richard Crawford, Chief Executive Officer of Community Broker Network (CBN).

Crawford believes that insurance broking best practice goes well beyond legal obligations. He says that while compliance regulations for Australian insurance brokers dictate what must be happening, best practice refers to what should be happening.

What is insurance broking best practice?

From a CBN perspective, Crawford shares that “insurance broking best practice is about learning, progress, and continual improvement”.

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