The broking dynamo shaking up the insurance sector

As the insurance industry undergoes a period of transformation, with climate change impacting the rising number of claims and ballooning cost pressures, brokers are an increasingly important part of the puzzle.

Recognised as industry problem-solvers, insurance brokers help customers navigate the best policies for their needs as cybercrime becomes part of our everyday lives and the future of work changes how organisations function, changing the risk landscape.

However, brokers operating independently also need better support, prompting insurance industry stalwart Cynthia Yap to grow her broker network nationally to support brokers wanting to build their brand under her license – thus becoming what’s known in the industry as “authorised representatives”.

Built on 25 years of industry experience, Dynamic Insurance Services is one of the few general insurance licensees headed by a female founder. Based in Western Australia, Yap has worked in various roles as she climbed the corporate ladder.

Her experience has helped her build a clear vision to remove the hurdles she experienced as a broker and provide better support as she paves the way for a new generation of brokers to trade independently. At the same time, she handles some of the complexities of the job behind the scenes.

“The insurance industry is in a state of flux. Costs are rising, cybercrime is a growing risk for all Australians, and brokers need to step into an educational role to ensure customers understand what the risks are for their specific situation and how to mitigate them,” she says.

A new path forward

Under the Dynamic umbrella, brokers can build their client list without worrying about regulatory pressures, compliance, software or technology support. “Our brokers are encouraged to specialise in a market niche because it allows them to negotiate an insurance scheme with the underwriters for the most competitive insurance premiums,” Yap says.

“Brokers need to have a versatile skillset covering insurance law, regulation, risk assessment skills and people skills because customers want better service from brokers amid rising costs of doing business, while brokers want greater flexibility in the way they build their independent business – including how and where they work.”

Time for change

Yap is acutely aware that women aren’t getting the same opportunities as men in the insurance sector, so she has built pathways designed to encourage industrious female talent into the industry so they can simply walk in and start building a business of their own.

“I believe that diversity and gender equality are critical in this industry. I’m using the corporate stress and hard hits I experienced to support other brokers who are ready to make a strong contribution to the industry. My business model provides nurturing and empathetic mentorship.”

Women working in financial and insurance services typically have a gender pay gap of 26%. This means that women in financial and insurance services receive a median remuneration of $103,308 annually, while men earn $139,845, resulting in an earnings gap of $36,537.

This is far higher than the national average gender pay gap of 19%. The Workplace Gender Equality Agency urges employers to aim for a gap no larger than 5%.

Yap finds these figures infuriating and wants the insurance industry to do better. It’s her mission to give women every opportunity to earn just as much as their male peers, with diversity and equality critical to her. “I would like to be known as one of the leading general insurance brokers licensees known for quality, honesty and transparency, while really caring for our team of brokers and truly helping them achieve their own goals.”

Career setbacks

Yap has come a long way over the years. When she started two decades ago, there were no university courses or degrees to teach the basics of insurance law or regulation. “Our industry is so much more sophisticated and educated, and we’re very fortunate to have brokers from a range of backgrounds within our network.”

But like many corporate professionals, she’s had her fair share of career setbacks. From a boss telling her she should be at home with her baby as a new mother, to realising that corporate wrongdoing is unequivocally part of the industry she has loved since she set out in insurance in her teens, to working in a corporate cultural desert – it’s been an eye-opener.

“Rising through the industry as an immigrant female was tough. The insurance industry has been dominated by older men with authoritative and commanding leadership styles using it as a way to build their profits, and it’s time for fresh blood to come into the industry and give it a new coat of paint”.

“But now that I’m at the highest level of my career managing authorised representatives, I want to remove the glass ceiling so that people can work however they want, giving authorised representatives the freedom and autonomy to make their own way.”