2011 ALUCA TurksLegal Scholarship
Application form
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s the winner of the 2010 ALUCA TurksLegal Scholarship I had the opportunity to attend the Eastern Claims Conference at the Waldorf Astoria in New York. This was a once in a lifetime opportunity for me to compare and contrast claims management internationally. Attended by people from all over the US and Canada, one of the most prominent themes was their focus on investigation strategies with a number of key speakers having worked for national intelligence units. They delivered sessions on decoding handwriting, the power words and how to interpret what a person is really saying. The standout session for me was on the effective use of social networking sites in claims investigation, which has become a vital part of our assessment process. The session provided information on Google searches with the effective use of search engine settings, symbols and locating deleted information. We were also introduced to sites that collate and piece together information on a particular individual, locating financial information for charities and company information marked confidential. It also looked at seeking out online social network profiles and connecting the associations between users of LinkedIn and Facebook.
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Vanessa Back CommInsure 2010 ALUCA TurksLegal scholarship winner
I encourage everyone who is eligible to enter the competition. There are excellent questions to choose from and you don’t need to be an expert on the topic or write a complex research paper to win. The experience overall and the benefit to my career has been extremely rewarding and positive
About the Scholarship
The ALUCA TurksLegal Scholarship is designed to support the professional growth of ALUCA and its members by providing a significant career development opportunity for professionals working in Australia’s life insurance industry.
Prizes
Winner: The winner of the Scholarship receives a package valued up to $8,000 including return travel, accommodation, $1,000 cash and registration to one of the following overseas conferences of their choice: 2012 Eastern Claims Conference | 26 – 28 February 2012 LOMA Life Insurance Conference | 23 – 25 April 2012 DI & LTC Insurers Forum | 12-14 September (TBC)
| New York City, New York | Orlando ,Florida | Las Vegas, Nevada (TBC)
2nd Prize: Winner of 2nd prize will receive a $1,000 Red Balloon Day gift certificate valid for 12 months 3rd Prize: Winner of 3rd prize will receive a $250 restaurant voucher.
2011 Judging panel
The judging panel for the ALUCA TurksLegal Scholarship comprises senior industry professionals who have a broad wealth of knowledge and industry experience. This year’s judges are: • • • • • • • • • •
Alph Edwards Phil Hay Joan Fitzpatrick Mick Jones Jim Minto John Myatt Lisa Norris Tracey Peters Simon Swanson Linda Winterbottom
Partner, TurksLegal Head of Life Insurance, BT Financial Group CEO, ANZIIF ALUCA Committee Member Managing Director, TOWER Australia Partner, TurksLegal Partner, TurksLegal President, ALUCA Managing Director, ClearView ALUCA Committee Member
Entry criteria
Your submission will be assessed on: • • • • •
Understanding and insight of the chosen topic Research foundation and conclusions supported by sound evidence Clarity of thought Commercial insight Presentation
Length – submissions have a word limit of 2,500 words
Who can enter
The Scholarship is open to all Australian resident members of ALUCA. Each entrant must be a current financial member of ALUCA and work in the life insurance industry. Lawyers, accountants or medico-legal consultants who meet the above criteria are eligible to enter provided they are direct employees of life insurance companies, life reinsurance companies, superannuation trustees or superannuation administrators.
Announcement of winners
Applications close on 26 August 2011. Winners will be announced at NSW Miniluca on 15 September in Sydney.
Questions Answer one of the following six questions. The content of your submission must be no more than 2,500 words.
1
Getting ready for tomorrow accelerating the claims process
In an age of instant rewards, customers are increasingly looking for speedy resolution of their claim. From the perspective of the group or retail claims department, what systems and procedures could be overhauled or streamlined to produce faster turnaround times to enable companies to pay genuine claims more quickly? How do you separate genuine claims from more questionable claims in this process and how do they need to be handled? Your answer should be illustrated with practical examples of where you consider the current log-jams and bottlenecks to be. You should also identify what can be done to remove them while maintaining the quality of outcomes for the customer and the company.
2
Maximising the benefits of the re-insurance relationship
3
Managing group disability income claims
International reinsurers still shoulder a significant proportion of the financial risk in the Australian market today. They may also have access to data, experience and expertise that local direct companies sometimes do not have. Reinsurers ought to be a valuable source of independent claims advice or underwriting expertise. From your perspective (either as a reinsurer or working in a direct company) are both parties making the most out of that relationship? What is the most effective role reinsurers can play in either claims or in underwriting? How would you structure your interaction with the direct company/ reinsurer differently to maximise the value of that relationship to the benefit of all parties including the customer?
Growing and expanding market share in the Group Insurance space is currently a priority for many Insurers. Despite strong interest in this area, traditionally these claims have been a little more difficult to manage when compared to the management of Individual Disability Income claims. Comment on whether you agree/disagree with this statement and explore the factors which hinder and/or help the claims management process with this product. Provide your opinion as to how to effectively manage group claims to achieve a positive outcome for all parties concerned including: the member; employer; fund; insurer and the reinsurer.
4
Changeover pains
5
How will the industry adjust for generational change?
Moving from one group risk provider to another is a major undertaking for a superannuation trustee. Ensuring that the transition of cover for existing members is seamless is one of the most crucial parts of this exercise. Who are the members most at risk, where are the possible gaps in cover and how should they be addressed? What are the most important issues that need to be recognised in any industry code dealing with takeover issues? How can insurers themselves work together to better protect members and guarantee a seamless transfer of cover?
Australia is about to undergo major generational change with the “baby boomer� generation beginning to retire and new generations taking their place as customers and potential customers of the life industry. Each generation is recognised by demographers as having certain well developed preferences and particular needs. Written from your perspective as a product specialist, underwriter or claims professional, what are the perceived needs of the next generation of risk insurance customers? How will the products and/or services that the industry (or your part of it) offers going to have to adapt to be relevant to and attract this next generation of customers?
6
Closing the underinsurance gap
Some statistics from the recent bushfires in Victoria revealed that only 17% of victims had life cover, graphically illustrating the extent to which Australians are underinsured in the event of loss of life or an injury or illness that impacts their capacity to earn. Underinsurance is clearly widespread, and represents a serious risk to individuals and the community at large. What are the reasons Australians are underinsured and what does this cost the Australian community? Your response should include a detailed analysis of the nature, extent and causes of underinsurance in the context of life risk products, and make reference to studies of relevant ABS statistics and the social security costs arising from underinsurance. As an industry, how can we combat this problem and ensure that when tough times hit, our fellow Australians will have enough cover?
Terms and conditions Definitions A. TurksLegal: means the legal practice partnership operating under that registered business name. B. ALUCA: means Australian Life Underwriters and Claims Association. C. Major Prize: means an overseas package valued up to $8 000AU (inclusive of GST). It includes registration to one of the following overseas conferences: 2012 Eastern Claims Conference, 26-28 February, 2012 New York City, New York; 2012 LOMA Life Insurance Conference, 23-25 April, 2012, Orlando, Florida; DI & LTC Insurers Forum, Date and Venue to be confirmed; return economy airfares for one person to one of the above locations valued up to $3 000; four nights accommodation valued up to $2 000 for one person at a hotel to be confirmed by the organisers; and $1 000 spending money. The package does not include: transfers to and from the airport, any insurances, taxes, additional spending money, charges, levies, hotel incidentals, tours and activities or meals not included in conference registration (except where specified). D. 1st Runner-up Prize: means the Scholarship 1st runner-up will be awarded a Red Balloon Day gift certificate valid for 12 months to the value of $1 000AU (inclusive of GST). E. 2nd Runner-up Prize: means the Scholarship 2nd runner-up will be awarded a $250AU (inclusive of GST) restaurant voucher. F. Term: means the entire period of the Scholarship commencing on 21 June 2011 and concluding on 26 August 2011 at 5pm. G. Judging Panel: means the Judging Panel constituted to judge the 2011 ALUCA TurksLegal Scholarship. H. Scholarship: means the ALUCA TurksLegal Scholarship. Rules 1. This Scholarship is open to all Australian resident members of ALUCA. Each entrant must be a current financial member of ALUCA. Entrants must work in the life insurance industry. Lawyers, accountants or medico-legal consultants who meet the above criteria are eligible to enter provided they are direct employees of life insurance companies, life reinsurance companies, superannuation trustees or superannuation administrators. Entry is not open to members of the ALUCA National Committee. 2. As a condition of entry, an entrant accepts these terms and conditions and any rules, policies or procedures that may be adopted by TurksLegal or ALUCA from time to time. TurksLegal or ALUCA may change, amend or vary these terms and conditions and may extend the period of, or cancel, the Scholarship without notice. 3. Entry forms for the Scholarship can be found on the TurksLegal website. Australian resident members of ALUCA who wish to participate in the Scholarship must complete the official entry form and send it with a copy of their paper by post to Meredith Casbier, Marketing & Business Development Manager, TurksLegal, GPO Box 2554, SYDNEY NSW 2001 or by email to: meredith.casbier@ turkslegal.com.au by 26 August 2011 at 5pm. Only entries accompanied by an official application form will be accepted. Only one entry per Australian resident ALUCA member will be accepted. 4. Entrants in the Scholarship must submit a written paper (not exceeding 2,500 words in length) on one of six questions selected by the Judging Panel and notified to entrants. 5. The entrant must certify that they meet the conditions and that their employer has no objection to their paper being entered. 6. At the conclusion of the Term all entries will have personal information removed so that entrants’ papers are considered anonymously by the Judging Panel; the winner and the 1st and 2nd runners-up will be officially announced at NSW Miniluca on 15 September 7. The entrant whose paper is determined by the Judging Panel to be the best response (“the winner”) will be awarded the Major Prize. The entrant whose paper is determined by the Judging Panel to be the next best (“the 1st runner-up”) will receive the 1st runner-up Prize. The entrant whose paper is determined by the Judging Panel to be the next best (“the 2nd runner-up”) will receive the 2nd runner-
up Prize. 8. The Judging Panel will determine the winner, 1st and 2nd runner-up by simple majority. Where there is no clear majority in favour of any one entrant, the person elected by the Judging Panel as its Chairman must exercise a casting vote which will determine the winner and runner-up. In determining the winner and 1st and 2nd runner-up the Judging Panel will utilise the marking criteria that it has agreed to apply to all entries. 9. Notification will be given to the winner, 1st and 2nd runner-up as soon as practicable after the conclusion of the judging. Notice may be given by ordinary post, electronic mail, courier or personally. 10. The winning entry and 1st and 2nd runner-up papers will be published on the TurksLegal and ALUCA websites, in the ALUCA e-newsletter, RiskeBusiness and other potential media sources. By signing the application form the entrant accepts these conditions and gives permission for publishing of the name and/or photos. Under the conditions of entry the copyright in all entries will vest in TurksLegal and ALUCA. 11. Entrants are responsible to ensure that their contact details with TurksLegal and ALUCA are up to date. 12. Prizes are not transferable or exchangeable and no prize can be taken solely in cash. 13. If for any reason the winner, 1st and 2nd runner-up are unable to utilise their prize once booked (including flights, accommodation, conference, restaurant and Red Balloon Day voucher bookings) and the date cannot be changed without penalty (of any kind, including financial charges) the winner, 1st or 2nd runner-up will not receive an alternative prize. 14. All entries are expected to be original work of the entrant, based on their own research. Reference to supplementary material must be clearly acknowledged in the paper. TurksLegal and ALUCA reserve the right to make whatever enquiries each consider necessary to ensure the work attributed to an entrant is that person’s own work. All claims for prizes are subject to TurksLegal’s and ALUCA’s verification procedures as determined by TurksLegal and ALUCA in their absolute discretion. 15. TurksLegal’s and ALUCA’s decision in relation to all aspects of the Scholarship, including but not limited to any dispute as to the identity of an entrant, eligibility to participate in the Scholarship and determination of an entrant’s eligibility to receive a prize, is final and binding and no correspondence will be entered into. These terms and conditions may be changed, amended or varied at any time by TurksLegal or ALUCA in their absolute discretion without notice and without assigning any reason therefore. TurksLegal and ALUCA reserve the right to cancel or vary the Scholarship in whole or in part in their absolute discretion at any time without prior notice. Any such cancellation shall not effect any entrant’s entitlement to any prize that has accrued at the time of the cancellation. 16. Entrants accept these terms and conditions as amended from time to time and agree to be bound by them. Entry in the Scholarship is subject to these terms and conditions. In the case of any inconsistency between these terms and conditions and any promotional material, these terms and conditions prevail. TurksLegal and ALUCA reserve the right to cancel an entrant’s participation in the Scholarship without assigning any reason therefore where TurksLegal and/or ALUCA, in their absolute discretion, consider that the entrant has not acted honestly, fairly, in good faith or in the spirit of the Scholarship. 17. Liability for any tax on any benefits provided to entrants pursuant to the Scholarship is the sole responsibility of the entrant. It is recommended that entrants contact their own accountant or taxation advisor in this regard. 18. TurksLegal and ALUCA accept no liability for late, lost or misdirected entries. 19. To the extent permitted by law, TurksLegal and ALUCA are not liable for and shall be kept harmless from any loss or damage to property or person including but not limited to direct or consequential loss and including loss from personal injury as a result of any person participating in the Scholarship or making use of a prize. 20. TurksLegal and ALUCA collect entrants’ personal information in order to conduct the Scholarship. If the information requested is not provided, the entrant may not be permitted to participate in the Scholarship. By entering the Scholarship, unless otherwise advised, each participant agrees that TurksLegal and/or ALUCA may use this information in any media for future promotional, marketing and publicity purposes without any further reference, payment or other compensation to the entrant, including sending the entrant electronic messages. A request to access, update or correct any promotion should be directed to TurksLegal and/or ALUCA.
How to enter Entrants must submit this application form together with a paper (word limit of 2,500 words), answering one of the six questions listed. Please also read the terms and conditions in this application form before submitting an entry. Entrants must submit by email or post a copy of their paper and a completed application form by 5.00pm on 26 August 2011 to: meredith.casbier@turkslegal.com.au OR Meredith Casbier Marketing & Business Development Manager Turks Legal GPO Box 2554 SYDNEY NSW 2001
Full Name: Position: Organisation: Email : Address: Direct Phone: Mobile: Question Answered: Word Count (max 2,500 words):
By signing this application form and submitting your entry you confirm that you have read and understood the terms and conditions of the Scholarship, you agree to be bound by these terms and conditions, and the organisation you work for has no objection to your entry being submitted: Signed:
Further information about the scholarship is available at www.turkslegal.com.au
Applications close at 5.00pm on 26 August 2011