Founding member fills 'market void' with Broker Co-op

Gow-Gates stated, “It is a group of brokers who come together to purchase core services. So there is nothing that links equity ownership in their companies, and they do not operate under a common brand or license. The actual unit that the cluster group will be is a cooperative. So when you join as a member, you become a shareholder in the cooperative.

“And the way cooperatives work is that each member has a stake - one member, one vote and one stake. It gives everyone a voice; It doesn't matter if your business is ten times bigger than the other broker's. Everyone can have a say in which services are important. "

To date, more than 20 independent brokers have expressed interest by completing the application form on the Broker Co-op website. Gow-Gates said the response was very positive.

So how did Broker Co-op come about, touted as Australia's first cooperative broker cluster?

"I have spoken to other independent brokers to see if they are interested or not, and if they think there is room in the market for this and what kind of services should be provided." noted Gow-Gates.

“And everyone is saying the same thing - that it is something that is missing from the market and that they are interested in. In fact, there is only one other option. We just haven't seen a cluster that matches our values, so we decided to create one. "

Independent insurance brokers in Australia wishing to become charter members have until July 31st to apply through www.broker.coop. It was highlighted that members who have free access to a full suite of major brokerage business services also do not pay membership or annual membership fees.

At the heart of Broker Co-op is what is known as "Power by Numbers".

Gow-Gates told the insurance business, “We're going to team up and the idea is that we can do better as a group than we can individually. That improves the way we deliver our services and improves our bottom line. "

The priority now is to respond to any brokers who have shown interest.

The founding member stated, “I want to have conversations with members and understand what is important to them. Once the filings and interest slow down, we will begin a more formal process of working with all of these members, adopting the cooperative principles from day one so that each member has a voice.

“We want members to participate in how the cooperative will be set up and what services it will provide. So at the moment I just deal with them, get as much feedback from them as possible, and then start actually deciding on the services and some of the more structural elements of how the cooperative works. "

After the decisive first step (start), Gow-Gates is optimistic about the future of the cluster.

"I firmly believe I can get started and it will grow," he said. “I am confident that there is enough support that this is a good idea and that there is demand for it. I'm sure challenges will come, but we are independent brokers - we face challenges every day. We are competent and I know we can overcome these things. "

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https://businessservicesnews.ca/2021/04/26/founding-member-fills-market-void-with-broker-co-op/