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At Honan, we’re big believers in growing an exceptional brand, business, and reputation through exceptional people. People with market-leading expertise, proven results, and a fierce commitment to serving their clients, but also people with creative, considered points of view and a willingness to share them. We sat down with Teighan Carr, Head of Client Services – Strata & Real Estate, to learn more about what brought her into the world of insurance, the key trends for years ahead, and the one piece of advice she repeatedly shares with clients.
I entered the world of insurance fresh out of high school, stepping into the role of receptionist and admin support for a small suburban brokerage. With a team of just six at the time, I was able to immerse myself in all aspects of the business; absorbing as much as I could in order to master the basics of broking. This chapter set me up beautifully, and within two years, I ventured into the city to join Gow-Gates as an Account Broker, soon managing my own portfolio of clients.
In 2018, I joined Honan as a Client Executive within the NSW Strata team. During the interview, Honan’s deep passion for clients and the industry really jumped out - it truly sat at the core of what the business stood for. I accepted the role without hesitation. In this initial position, I worked really closely with clients, and learnt all about the property sector and how Honan’s services were able to set clients (& prospects) up with the protection and confidence they needed to succeed.
After almost two years, I moved into a new Client Manager and Team Leader role within the same (NSW Strata) team. This role soon expanded to include a Team Leader remit across our National Real Estate Solutions division. Accepting that position pushed and challenged me like never before, but in hindsight, has been the most pivotal chapter in my career to date.
Fast forward to the start of 2022, and I’ve proudly just accepted another promotion to Head of Client Services for Honan’s Strata and Real Estate (Strata & RE) division. The journey to get here has been fuelled by a relentless hunger to chase down new opportunities for my own professional development alongside that of my greater team and clients.
The value of a broker, particularly in a marketplace where direct insurer and broker relationship models co-exist.
As specialist brokers and risk advisors, our role is to advocate for our clients at all times, ensuring correct and appropriate coverage is sought and obtained. A high-quality broker will also provide their clients with the necessary risk solutions and recommendations for securing the most competitive terms possible. Ultimately, a broker’s insurer network and grasp of complex policy wordings are far broader than that of a customer attempting to mitigate their unique risks in a direct market.
The Honan Strata and RE division supports businesses operating in the property sector. Our scope is very broad; ranging from tailored business insurance solutions such as professional indemnity, office insurance, and cyber for business owners, to solutions for their clients’ needs such as strata building insurance, landlord cover plus commercial and industrial property insurance programs.
Through this hard market, the key challenges we continue to manage for our clients include:
No matter where you sit in the ecosystem, the strata and real estate industry is one of high volume and pace. Any solution that offers our clients reprieve from this intensity is welcomed by all involved.
Industry-wide, we’ve seen several insurers leading the innovation charge either by way of launching totally new underwriting portals or updating legacy systems. Such moves have supported faster, more convenient transactions between broker and insurers, and subsequently, broker and client. The integration of underwriting guidelines and questions has also enabled more accurate, suitable ratings and premiums overall.
At Honan, we’ve also made significant investments in proprietary technology-driven solutions to support more favourable outcomes for our clients. In 2016, we launched our own CRM and Claims portal to support our Strata business. One of the most transformative features of this CRM has been the ability to feed information directly into insurer portals for the purpose of quoting. This has expedited the admin around quote submissions exponentially.
Furthermore, our claims portal has the capacity to generate detailed reports on open claims and the latest updates. These reports are automatically sent to our Strata Managers twice a week, enabling us to respond to key developments faster than ever.
When it comes to the future of Strata and RE insurance, I believe the biggest tech-driven innovations will come from the elimination of triple-handled information (typically in large volumes), which so often takes place in the quoting process.
Continued reform in the residential building sector to conquer continued defect challenges on new builds. This will require holding professionals included in the build and sign-off process to greater account. New State-based initiatives are designed to offer greater support to the many owners typically left to bear the cost of rectification of defective or faulty work. The financial impacts here can be significant on individual owners, both in terms of legal fees and/or repairs to buildings. Well-publicised recent examples include the Opal and Mascot towers; both of which have expedited important industry reform.
With recent catastrophes, Local and State councils are now feeling the pressure to revise current residential zoning approvals in catastrophe and flood-prone areas. The private insurance sector has taken an almost a billion-dollar hit with recent weather events, and only pushed pricing and availability of cover for individuals located in those areas. In the coming years, we’ll likely see further revision in town planning to ensure properties are built to standards and methods truly appropriate for catastrophe-prone regions. Rezoning from councils will play a key part in this.
Increased litigation against professional management services operating in the residential and commercial real estate and strata sector. Such litigation has seen a larger number of notifications and claims to professional indemnity insurers of late, resulting in premium increases, tightening of insurer appetites, and reduced availability of cover for these professionals. In an effort to mitigate this trend, we’re already witnessing a rise in industry-accredited courses and schemes to increase broader industry standards and awareness.
I’ve never been one for the big sales pitch; instead striving to grow business off the back of exceptional, transparent service. This is something I’m constantly championing throughout my teams, and certainly a message echoed across all levels of Honan. In my eyes, service sells and service wins. Delivering clients what you promise them and having truly solution-driven conversations with them in a manner that demonstrates our keen desire to help (not sell), is what we’re all about.
Challenged by distributors.
No day or week is the same. I’m fortunate to enjoy a great deal of variety in my work, which keeps things fresh and challenging. Not only do I need to stay across the many insurance products available for our clients, but of course our clients’ businesses and industries too - only with that latter understanding can I propose truly ‘purpose-fit’ solutions for their needs.
I also love meeting and working with a wide range of people who bring a unique set of expertise, talents, and backgrounds to what they do. Being surrounded by a passionate, diverse team and broader Honan workforce drives me forward.
Something I’ve previously struggled with is letting go of the responsibilities and work attached to previous roles and trusting in others to carry that work forward. There was a point where this approach left me extremely overwhelmed and struggling to stay across everything. Ultimately, I wasn’t able to deliver to the standard I strived for, and so had to re-evaluate. Rather than trying to juggle everything myself, I took the time to empower those around me with greater responsibility. This is an ongoing requirement of my role, and something I’ve become better at over time.
Following on from the previous point, I lead with a strong focus on professional development and passing on knowledge to others. Being in a role where I manage two teams: one being national, I’m not always physically present with my team. Investing in their ongoing learning and development is key to ensuring they’re equipped to perform their daily tasks with a high level of autonomy and confidence.
I’m also passionate about creating a culture where people enjoy coming to work each day and spending time with their colleagues. So being approachable and fostering a respectful environment between all team members is paramount.
When I’ve been away travelling, I feel a deep sense of pride when, on return, I can see the team has banded together to overcome challenges and problem solve in my absence.
Having landed my first job (part-time) at the age of 15, I’ve always enjoyed work and have done so ever since. My work gives me a sense of purpose and focus. I’m so lucky to be working in an industry I’m passionate about, with amazing role models, clients, and colleagues. Strong relationships give me energy!
