The risk insurance sector is no stranger to challenges. As we navigate the intricate world of risk advice, we need to constantly adapt and evolve. To better understand the pain points and priorities of our community, we have kicked off a survey with advisers. With a number of responses already in, we wanted to share some interim insights that are helping us redefine our approach and support strategy, which includes content as well as opportunities around innovation.
A Broad Spectrum of Practice Types
One of the standout features of the survey has been the wide variety of practice types that have participated. From those that specialise in risk, through to those who steer clear of it. We were keen to gather broad insights, so we’re very pleased with this mix. The feedback has been as diverse as it has been enlightening. This varied representation ensures that the insights drawn are balanced and reflective of the industry at large.
Shared Challenges: Process & Compliance
Despite the diversity of respondents, certain themes have emerged consistently. Process inefficiencies and compliance roadblocks rank high among the challenges faced by advisers. These shared pain points underline the need for help to improve risk advice processes and the delivery of advice overall.
A Forward-Thinking Community
In the face of these challenges, it’s heartening to see that many advisers are not only resilient but are also eager to expand their focus on risk advice. This positive outlook is a testament to the commitment and passion of our industry’s professionals. Almost half of our respondents have indicated an interest in growing their focus on risk advice – despite the many and varied obstacles.
Shaping Risk Hub’s Next Steps
The feedback from the survey is already influencing the way we’re thinking about Risk Hub’s future. Our primary goal is to align our content, education sources, and new developments with the needs and challenges highlighted by the survey. One such initiative, supported by the feedback, is an initiative aimed at streamlining preassessments, making the process more intuitive and efficient. We’ll be speaking more about this soon.
Stay Tuned for More
While these preliminary insights are promising, our journey doesn’t end here. As more responses come in, a richer picture will emerge. We’re committed to diving deep into this data, extracting valuable insights, and sharing a comprehensive report with our community in the coming months, which will include activities that we’re undertaking to help make a difference.
We are also pleased with the engagements across the industry – with the FAAA and a number of proactive Licensees keen to help understand and address the challenges around the delivery of risk advice.
To all those who’ve taken the time to share their perspectives, thank you. Your input is the driving force behind Risk Hub’s evolution. If you haven’t yet participated, I urge you to join the conversation. Together, we can shape the future of risk advice.
<Link to the Risk Advice survey>