“It was horrific.” How Robert Kelly overcame adversity to build a $6 billion business

By the time most people reach their mid-forties, they are thinking about an exit strategy for their working life. That was not the case for Robert Kelly AM, who, in 1975, after a series of harrowing business experiences, was dusting himself off and preparing to start all over again.

Kelly is the Founder, Managing Director and CEO of Steadfast (ASX: SDF), the ASX-listed insurance broking firm with a market capitalisation of ~$6 billion. Insurance is a harsh industry where the big players compete on price and price alone. Steadfast, under Kelly’s stewardship, has taken a different path choosing to focus on relationships and networks to win the loyalty of their clients.

“It is sold on relationships and advice. If you keep selling on price, you’re a commodity, just like a cup of coffee. We have a relationship, and the relationship will win through” - Robert Kelly AM

The strategy has proven successful, and Steadfast commands more than one third of Australia’s intermediated insurance market. It appears that the job is not done and at age 76 Kelly recently renewed his contract as Steadfast Managing Director and CEO until 2026.

 

In this episode of Success and More Interesting Stuff, Mathew Kidman explores the highs and lows of Kelly’s business career, including the life-changing advice he received from Rugby League legend Jack Gibson.