The Broker, the Risk, and the Industry That Never Stops Evolving
Insurance is often described as a product, a contract, or a financial safeguard. But to those who have lived inside the industry for decades, it is something far deeper: a system built on trust, judgement, and the constant management of uncertainty. Few people embody this reality better than Razak Shakor, whose career stretches across loss adjusting, broking, risk advisory, and leadership roles in markets ranging from Malaysia to London and the Middle East.
Razak’s journey into insurance did not begin with a grand plan. Like many before him, he entered the industry almost by accident, drawn into an educational programme at a time when insurance was barely understood as a profession. Yet what began as coincidence became a lifelong career. Starting as a loss adjuster, he learned the most fundamental truth of insurance early on: the business of insurance is not selling policies — it is paying claims. A valid contract, a valid incident, and a valid loss amount. When those three exist, the claim should be paid, without hesitation. Everything else in the industry, however complex it becomes, ultimately flows from that simple principle.
This grounding in claims shaped the way he approached broking. When he moved into international broking with Johnson & Higgins — and later into the London market — he saw first-hand how global expertise, networks, and technical depth shaped outcomes for clients. The London market, with its international outlook, contrasted sharply with more insular domestic markets elsewhere. Yet despite regional differences in language, regulation, and market structure, the foundation of insurance remained unmistakably British in origin — rooted in common law, contract wording, and a legal framework that still governs how risk is transferred worldwide.
What stood out through his career was not only how risks changed, but how people changed alongside them. In the early days, knowledge was passed directly from veteran to junior. Learning was slow, deliberate, and often unforgiving. Today, technology compresses that learning curve dramatically. Junior brokers can move from zero to client-facing in weeks rather than years. AI, digital placement platforms, and automated processes accelerate exposure — but they do not automatically build judgement. The danger, as Razak reflects, is not that technology advances too quickly, but that fundamentals are skipped along the way.
This shift has quietly transformed broking into a more transactional business. Where once brokers were defined by advisory depth and long-term client relationships, modern broking risks being reduced to product placement. Yet clients still pay for judgement, not transactions. A broker’s true value lies in understanding why insurance is bought, not just what is bought. Many corporate leaders, even CEOs, cannot say how much insurance costs them annually — despite it being one of their largest indirect expenditures. The result is under-examined protection, misaligned coverage, and missed opportunities to reduce risk before it ever reaches an insurer.
Leadership, too, reveals a different side of the industry. When Razak took over as country manager in Malaysia at just 34, he quickly learned that technical excellence alone does not build a business. People do. Talent selection, expectation-setting, and culture defined whether a brokerage would stagnate or surge. His philosophy was simple: high expectations must match high reward. The teams he built went on to dominate key industries — power, infrastructure, utilities — supported by international technical networks that allowed even the most complex risks to be placed confidently.
Yet perhaps the most powerful message from the episode lies in the distinction between risk mitigation and risk transfer. Insurance is not the first line of defence — culture, maintenance, governance, and operations are. Insurance only exists to absorb what remains after risk has been reduced as far as reasonably possible. That distinction is often lost in boardrooms, where insurance becomes a compliance purchase rather than a strategic risk tool. Brokers, acting as true advisors, are uniquely positioned to bridge that gap — if they choose to.
Looking ahead, Razak’s advice to the next generation is disarmingly simple: start with the end in mind. Insurance remains one of the most under-appreciated industries relative to its scale and influence. It touches every sector, every asset, every life. While competition is fierce in banking and finance, insurance still offers vast room for growth, specialization, and leadership. And for those willing to master both its technical foundations and its human realities, the industry continues to offer something rare — longevity.
Insurance may be built on contracts, but it is sustained by people. Brokers, risk advisors, and claims professionals do not merely sell protection; they translate uncertainty into decision, and decision into resilience. As markets fragment, risks accelerate, and technology reshapes processes, one truth remains unchanged: the value of insurance will always be proven at the moment risk becomes real.
Listen to the full conversation on the Coverage & Coffee Podcast to hear more from Razak Shakor on broking, leadership, risk culture, and the future of the insurance profession.
