The NEXT Generation of Ausure Insurance Brokers
Business Profile: Mick O’Bree, Suncover Insurance
45 minutes with Mick O’Bree
Brisbane-based Insurance Broker Mick O’Bree is Director of Suncover Insurance, trading as Vantage Financial and an Authorised Representative of Ausure Insurance Brokers. He’s been involved in insurance for seven years.
Business journalist Gillian Lilley caught up with Mick O’Bree in his Felix Street offices to find out more about his General Insurance business.
Tell us how your business evolved? Mick says: “After working for three years at Suncover Insurance Pty Ltd, I bought the business in 2007. At that time I wrote both Life Insurance and General insurance, with a focus on Commercial.
With the onset of transitioning from a corporate agent with Suncorp to a broker with Ausure Insurance Brokers, I felt I was being spread too thin with the workload, so opted to sell my Life Insurance back to Suncorp and focus solely on General insurance. Even though I wrote good figures for Life insurance, I actually enjoyed Commercial insurance a lot more. And, it gave me the opportunity to merge with a finance and financial planning company in the city.”
“As at July 2010, I merged with Vantage Financial. We offer a raft of products to our existing clients, while also receiving considerably more new business referrals. With five directors now (between Suncover & Vantage) and 14 employees we have economies of scale to assist with marketing, admin and generally more customer service assistance. The merge has worked very well to date and we’re confident about our future.”
How did you get into insurance? “I grew up in Gladstone, a small industrial town south of Rockhampton. In 2004, I was offered a position in a Suncorp Corporate Agency in Brisbane by my two sisters, Sally and Amanda, who were running the business.”
“From that first day through to now, it was something I felt comfortable in doing. My parents owned several small retail business over their life and I saw many times how they were affected by good and bad insurance policies, or at least the setting up of them. So I felt I had a good understanding of risk management and how it can affect a small business. Working in a family environment as an employee has also given me a greater understanding of how to treat employees in the future.”
Did anyone inspire you along the way? Mick says: “The only people to inspire me to get involved in the industry were my two older sisters. Sally and Amanda are both very down to earth people and they’ve instilled in me a strong sense of looking after the customer. They taught me the easiest way to do this was to get as much information up front, spend quality time reviewing it, and recognising when you can and can’t help them. After meeting other colleagues, I was motivated and inspired by their honesty and loyalty, both to the client and other colleagues.”
Who else works for Suncover? “In 2007, when I bought over the business, I employed my girlfriend, Nikki Bruce, now my wife, after seeing other colleagues who successfully worked with their partner/boss of all things important! It was the best decision I’ve made. We work great with each other and it’s made us focus on getting the most out of social events and weekends.”
PLANS FOR THE FUTURE:
What are your plans for the next 5, 10-15years? “In five years, I would like to grow our General Insurance company in Brisbane, stat-wide and interstate, both organically or through acquisitions. For organic growth we have set up referrals (nil commission splits) with well regarded professionals, as well as the inflow from the Vantage group. For acquisitions, we have set ourselves up to be financially ready when businesses become available. My goal is to have the scale to set up departments within the insurance company, for Commercial, ISR/Schemes, Claims and Car/Home & Contents.”
“In ten to fifteen years I would like to be in the position of consulting/managing the managers for each department, while giving them autonomous management of the staff working under them. I also envisage setting up schemes with insurers (through Ausure) so we actively and successfully compete with the larger brokers.”
“We have employed a marketing consultant to help set up our brand over the next 5 years. While it’s a work in progress, having a qualified professional advise on this will help us align our long term goals to how our clients (our asset!) see us.”
Do you predict any changes in the insurance industry in the near future? “I can see the insurance industry changing by having more insurers using us as the main underwriter of their business, much like QBE’s model. As such, I believe it will expose those brokers who are not proficient in underwriting all occupations they write. But conversely will reward those brokers who service their clients not just adequately, but above the market average. Whether this is more regular fact finds or longer, more in depth annual reviews will be dependent on that broker’s model. But the model has to be the driver for change, not just what the industry outlines as the minimum required. Higher Profit & Loss ratio’s, lower exposure to PI claims and more efficiency in terms of labour will mean a better quality of life while running the business but also a higher multiple for sale when selling the business.”
What are your long-term goals? “I haven’t set a retirement date as yet, because Nikki will want me to work until I’m 90! My goal in 15-20 years is to have the opportunity to work less and travel as much as I want to. But still keep my hand in the industry, by setting up a training department within our company.”
Contact: Mick O'Bree – Director
Suncover Insurance Pty Ltd t/a Vantage Financial
B: 07 3229 5750
F: 07 3229 5765
M: 0412 823 539
Postal: GPO BOX 204, Brisbane QLD 4001
Level 6, 10 Felix Street, Brisbane QLD 4000Hi Mick