At Suncorp, our Brand Promise is On-time, Credible and Professional. We built our reputation on consistently delivering this Brand Promise.

At least until COVID arrived. During the initial COVID recovery phase (2020-2021) there was a significant increase in demand for insurance appraisals which overwhelmed the global appraisal industry. In fact, many industries other than appraisal services were overwhelmed by the new realities as the world emerged from the first few COVID years.

Demand for appraisal services increased so quickly that appraisal firms struggled to adjust. This sharply increased demand changed the dynamic of the “triple constraints” which all businesses face: “Quality, Speed, Price; You can have two, but not all three.”

Appraisal firms faced a very difficult choice. Either cut back on quality to deliver appraisals on time. Or maintain quality levels, but at the cost of missing some deadlines.

The apparent solution to all this was to hire. However, in our industry it takes years for an individual to complete the proper training and gain adequate experience to become an appraiser with the skills needed to produce services at the quality levels that Suncorp is known as a top-tier firm. Exacerbating this problem is that during the 2021-2023 period there was a global skilled labour shortage in all industries including appraisal, which made recruitment very difficult.

Many appraisal firms chose the fast and cheap route to capture additional market share. And those firms grew. Of course, that approach comes at a cost, mostly to their clients. Those firms chose to cut corners on data acquisition and research, and to cut costs such as no longer purchasing E&O insurance. The result is appraisal services delivered on time, but predictably those appraisals are of much lower reliability, and often have no back-up E&O insurance to protect clients in the case of errors.

At Suncorp we chose a different path, albeit more difficult and challenging. We chose to take the high road and maintain quality. We chose to not cut corners or take shortcuts. This is true to the “…credible and professional…” elements of our Brand Promise. However, we struggled to deliver on time.

How did we implement this strategy? We initiated a three-point plan:

1) Maintain and enhance research, analysis, and quality

An appraisal estimate is only as good as the quality of the data and analysis it is based on. During recent years the professional team at Suncorp continued to employ tried-and-true data acquisition, verification, and analysis methodology. During the 2021-2023 period, we observed very dysfunctional markets including deflationary and inflationary periods, increasing our research efforts. All this resulted in appraisal estimates that were and are accurate, credible, and reliable.

2) Aggressively recruit and train

During the 2021-2023 period Suncorp’s HR team implemented an aggressive strategy to recruit, screen and onboard professional staff at all levels. Although there was significant labour market competition, Suncorp’s reputation in the industry as an employer-of-choice meant that we had the upper hand. We successfully attracted many high-quality individuals to our team and virtually doubled our staff count within our Professional Services divisions. We also successfully increased our roster of qualified and experienced subcontractors who are located across the globe.

3) Implement meaningful internal process improvements

Although process improvement is an ongoing endeavor, we completed a deep dive into all internal procedures and processes to eliminate redundancies and red tape. We have also made a significant investment in IT equipment, software, and training. Suncorp continues with these significant investments during the 2024-2025 period to increase efficiency and throughput.

As an additional example, in 2022 Suncorp opened an office in Hyderabad India which his staffed by a team of skilled and experienced appraisers. Many of our appraisal files now never “sleep” in that someone is always working on the file 24 hours/day. This model also increases efficiency and throughput, helping us to better deliver on time.

During the past few years Suncorp admittedly struggled with On-Time delivery as we adjusted to the new business realities. However, we take comfort in knowing that the services we delivered during that period are of high quality and reliability.

Due to our successful three-point strategy, Suncorp’s on-time delivery improved greatly during 2023. Suncorp is now back to consistently delivering on our full Brand Promise.

This article was written by our Senior Managing Director – Bharat Kanodia, ASA and published on ASA Newsroom.

(Reprinted with permission from the American Society of Appraisers).

The machinery and equipment market is undergoing rapid transformation fueled by technological advancements, changing consumer preferences, and global economic shifts. As industries strive to stay competitive and embrace innovation, the need for accurate and reliable machinery and equipment appraisal has never been more crucial. This growing demand has created a unique opportunity for qualified appraisers to play a pivotal role in assessing the value of these assets. In this article, I will explore the trends driving this demand and where aspiring appraisers can find exciting job opportunities.

Technological Advancements

The machinery and equipment market is witnessing a surge in technological innovations. From smart manufacturing tools to advanced robotics, companies are investing heavily in cutting-edge equipment to improve efficiency and productivity. As these technologies become more sophisticated, the need for appraisers who understand their value and functionality becomes paramount. Appraisers must possess the knowledge and expertise to accurately assess the worth of these advanced assets.

Globalization and Market Dynamics

Globalization has led to increased cross-border transactions and collaborations, impacting the machinery and equipment market. As businesses expand internationally, the demand for qualified appraisers with a deep understanding of global market dynamics has risen. Appraisers must be adept at assessing the value of machinery and equipment in different economic contexts, taking into account regional variations and market trends.

Sustainability and Environmental Considerations

With a growing emphasis on sustainability and environmental responsibility, industries are increasingly investing in eco-friendly machinery and equipment. Appraisers must be well-versed in evaluating the environmental impact of assets, including their energy efficiency, carbon footprint, and compliance with regulatory standards. This trend highlights the need for appraisers who can provide comprehensive assessments that go beyond traditional valuation metrics.

Data Analytics and Artificial Intelligence

The integration of data analytics and artificial intelligence (AI) in the machinery and equipment sector is reshaping the appraisal process. Appraisers must leverage these technologies to analyze vast amounts of data and derive valuable insights. The ability to interpret data trends and understand how AI impacts the valuation of assets is becoming a critical skill for appraisers in this evolving landscape.

Industry-Specific Expertise

As machinery and equipment become more specialized across various industries, appraisers with niche expertise are in high demand. Whether it’s healthcare, manufacturing, agriculture, or logistics, appraisers need to understand the unique challenges and opportunities within specific sectors. Industry-specific knowledge ensures a more accurate and tailored appraisal, contributing to better decision-making for businesses.

Where to Find Jobs?

For those seeking a career as a qualified machinery and equipment appraiser, various avenues offer promising job opportunities:

1. Professional Appraisal Organizations: Organizations such as the ASA provide resources and job listings for aspiring appraisers.
2. Online Job Platforms: Websites like LinkedIn, Indeed, and Glassdoor feature job postings for machinery and equipment appraisers. Regularly checking these platforms can help applicants stay updated on the latest opportunities.
3. Appraisal Firms: Specialized appraisal firms like Suncorp Valuations often have openings for qualified professionals. Research and reach out to firms that focus on machinery and equipment valuation.
4. Networking Events and Conferences: Attending industry-specific events and conferences like ASA’s International Conference or Equipment Valuation Conference provides an excellent opportunity to network with professionals in the field and discover potential job openings.
5. Government Agencies: Government agencies involved in economic development, trade, and taxation may also hire machinery and equipment appraisers to assess assets for regulatory compliance.

Conclusion

The machinery and equipment market’s evolution is creating a surge in demand for qualified appraisers who can navigate the complexities of this dynamic landscape. Aspiring appraisers should focus on acquiring industry-specific knowledge, technological skills, and a global perspective to thrive in this burgeoning field. Job opportunities can be found through professional organizations, online platforms, specialized firms, and networking events, offering a multitude of paths for individuals looking to embark on a rewarding career in machinery and equipment appraisal. Already a qualified professional and exploring job opportunities? We’d love to touch base with you about new openings at our firm.