Having been in the insurance industry since 2005, Insurance & Risk Account Director, John Kay has experience in both the underwriting and broking side of the industry. As a result, this allows him a unique insight into the whole process of how insurance works from A to Z and puts him in the best position to get the most favourable outcome for clients. 

As a nominee for NSW Insurance Broker of the Year, John was recognised as one of the top three brokers across NSW in 2023 and we’re thrilled to have his expertise here at Quantaco.

Speaking on the nomination, John shared, “It was very humbling for me to be recognised, and it confirmed to me that I am on the right path. I was pipped to the post by a 30-year veteran, who if I’m honest, was very worthy of the award. But it was tremendous to make it so far and be recognised by a very distinguished board that my years of service to the industry and work ethic are up there with the best.” 

Using his knowledge and experience, John is sharing some of the biggest needs hospitality businesses are looking for when it comes to insurance and risk right now, as well as what the industry can expect from this segment in the near future.

The 2 Biggest Insurance & Risk Needs for Hospitality Venues

Reviewing Current Coverage

With much of the team’s day-to-day spent reviewing client policies, their sum insureds and coverages John has noticed that as pricing has continued to increase over the years, the natural knock-on effect is clients are looking for ways to reduce premiums. Unfortunately, part of this is that cover and declared values have not been reviewed for many years which can lead to clients being underinsured. 

“If a claim occurs and you are underinsured there are big financial penalties for this, and most clients are not aware. I think it is important to ensure clients are educated on the insurance they are paying for, so I spend as much time as I can working with clients, so they understand the product they are purchasing,” says John.  

Risk Management Advisory 

Insurance is one way to offset your risk, another is to regularly review your internal risk management strategies. John and the team have seen an increase in risk management advisory, because they understand exactly what insurers are looking for so clients can receive the best available terms in the market. 

“As Quantaco insurance specialises in hospitality we can often provide industry insights to clients. We also hold extremely strong relationships with the insurers which allows Quantaco to negotiate the best possible terms for a venue while ensuring we maintain the best cover for the risk.” shared John.

What Does the Future Hold for Publicans?

Insurers are becoming a lot more aware of client’s risk management appetite. There is much more focus now than there used to be on procedures like general cleaning, record keeping, staff training, and around the kitchen. While price is one thing, the reducing capacity in the insurance market means insurers are becoming more stringent on offering cover.

As a result, it’s more important than ever for publicans and hospitality owners to have the right coverage and risk management strategies in place.

Managing Insurance & Risk the Right Way, with Quantaco

Quantaco is more than just another insurance broker, it’s an advisor to clients with deep specialisation in the hospitality industry.

When asked the number one reason clients are coming to Quantaco for insurance and risk services, John said; “The fact we specialise. We understand the hospitality industry and the operations of a hospitality venue deeply so we can provide specialised advice and match the insurance specific to their needs. While all venues can be thrown into the same bucket as they serve food, pour drinks, etc. When you peel back a layer you start to notice the uniqueness of each venue. And that’s something that our specialty allows us to identify according to unique risk profiles.”

What Does Working with Quantaco Look Like?

Quantaco works in a tripartite relationship with the client, the broker and the underwriter, all working towards the common goal of the best possible outcome.

“The key is for everyone to walk away from every transaction with a win. While the renewal and placement of new business is important, the whole purpose of insurance is to make sure that if a claim occurs that the cover is there, and the insurer we have partnered with is adequate and can ultimately settle the claim.” says John. 

A big thank you to John Kay for sharing his insights. To learn more about Insurance & Risk at Quantaco, visit: https://www.quantaco.co/insurance-and-risk/