Masterclass Reflection: Reflect. Rethink. Renew Your Insurance Approach.
For professionals, reflective learning is a core principle.
Following a Masterclass like the one’s we’ve held over the past week, this practice is essential to building a mindset that helps leaders pause, question, and improve their practice.
The topic – Insurance: Market Conditions and Best Practice. Joining us was Eden Gordon & Justin Morson from Warren Saunders Insurance Brokers and Andrew Giles for Connecting Community.
As premiums rise and resident expectations grow, insurance has become more than a back-office function. Understanding the why behind market trends, the how of managing coverage, and the who in building strong broker relationships is now essential for village professionals.
While that might not sound like the most exciting way to spend your day, participants who did attend were singing praises by the end of the session.
“Thought provoking session for providing sufficient insurance coverage in current climate and moving forward.” – Annette Smith
“Very well presented and took a lot away from this, thank you for your time.” – Kylie Brien
The Masterclasses highlighted three key areas to reflect on and act upon.
Market Conditions: Tightening but Stabilising
Australia’s insurance market has experienced a hardening cycle over recent years, driven by natural disasters and global risk factors.
Eden Gordon of Warren Saunders Insurance Brokers explained, “Insurers paid out an enormous amount of money in claims and exhausted their local capital”. This led to higher reliance on reinsurance and sharp premium hikes across sectors.
There are signs of moderation.
“We are seeing the market ease a little… the market’s eased by about 6%,” Gordon noted, referencing global data from Marsh McLennan.
Best Practice: Transparency, Planning, and Resident Engagement
Beyond compliance, operators must prioritise transparent communication.
DCM Institute’s Executive Director, James Wiltshire, stressed “We do everything we can to bring the residents along the journey… do it in a way that’s transparent and easy to understand”.
Key recommendations include:
- Regular property valuations every three years to prevent underinsurance.
- Clear resident agreements outlining operator vs. resident insurance responsibilities.
- Early and open engagement with residents ahead of budget discussions.
- Transparently communicate market conditions to resident committees
“The more you can reduce your risk, the better effect it’s going to have on lack of claims, and premiums and excesses from your insurer.”
– Justin Morson Manager Claims Advocacy Warren Saunders Insurance Brokers
Eden Gordon reinforced the importance of education: “Talk to your broker. And again, it’s worth talking to your brokers even in the context of competitive quotes and looking at what is happening in insurance markets”.
The Role of the Insurance Broker: More Than a Policy Provider
A recurring theme was the critical role of the insurance broker, not simply as a policy writer, but as a strategic partner.
Eden Gordon expanded on this: “The broker should always be available… The broker’s response should be, ‘I’ll find out and come back to you’”.
Gordon went on to described the broker’s role as gathering detailed information, preparing market submissions, negotiating competitive terms, and translating policy details into clear advice.
“You’ve got to look at your insurance brokers as an extension of your own business. Think of us as your own in-house risk and compliance.”
– Eden Gordon Account Manager Warren Saunders Insurance Brokers
As Andrew Giles put it, “We don’t need to be experts… but if you’re unsure, talk to your broker.”
These Masterclasses are hosted by the DCM Institute as part of their Professional Development Program. For more information click here.
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