2026-11-09 · Source: Insurance Business Australia
Summary in 3 Points • Matt O'Sullivan emphasises the need for brokers to adopt a long-term approach rather than chasing short-term price incentives. • Zurich is leveraging AI to streamline underwriting and enhance natural peril models, improving data ingestion processes. • The soft market presents challenges, particularly with reinsurance pricing pressures affecting brokers' strategies. --- In a recent interview, Matt O'Sullivan, Chief Underwriting Officer at Zurich Australia and New Zealand, discussed the challenges brokers face in a soft market. He stressed the importance of a long-term approach to client relationships, urging brokers to focus on sustainable solutions rather than short-term price incentives, especially as many have not navigated such market cycles before. O'Sullivan highlighted Zurich's commitment to evaluating claims payment, capital strength, and relationships alongside pricing, aiming to provide comprehensive risk management support to brokers. O'Sullivan also addressed the role of technology in underwriting, particularly the use of AI to enhance data ingestion and streamline processes. By developing natural peril models more efficiently, Zurich aims to improve service delivery to customers through brokers. This focus on innovation and long-term value could reshape how brokers operate in the current soft market, where reinsurance pricing pressures are significant. The industry's adaptation to these challenges will be crucial for maintaining client trust and ensuring sustainable growth. Brokers must adopt a long-term approach to client relationships amidst soft market pressures, focusing on sustainable solutions over short-term gains.
Brokers must adopt a long-term approach to client relationships amidst soft market pressures, focusing on sustainable solutions over short-term gains.