INSURANCEBUSINESSONLINE.COM.AU ISSUE 9.04
THINKING LOCAL
How to take a more personal approach to client service
MUTUAL BENEFIT
The advantages of working with a mutual insurer
COVID-19 LITIGATION Will brokers soon find themselves on the hook?
GROWTH IN A CRISIS Ansvar CEO Warren Hutcheon isn’t letting a pandemic slow his company down
ELITE WOMEN IN INSURANCE 2020 IB names 29 of the industry’s foremost female leaders
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ISSUE 9.04
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CONTENTS
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UPFRONT 02 Editorial
COVID-19 has put ambiguous policy language under a microscope
04 Statistics
Key data that should be on your radar
06 News analysis FEATURES
DRIVING THE MARKET FORWARD
FEATURES
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How NTI is making inroads for female leadership and fleet safety
PEOPLE
GROWTH IN A TIME OF CRISIS
The real estate industry gets a revamped professional indemnity product
10 Insurer update
A global insurer weighs in on Australia’s recovery prospects Which sector is best equipped to bounce back from the pandemic?
17 Opinion
FEATURES
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INSURANCE: A LOCAL CONCERN
Why providing superior client service requires a localised approach
42
Ansvar CEO Warren Hutcheon details how he’s managed to keep the insurer on a path of growth, even during a pandemic
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08 Intelligence
12 Underwriting agencies update
ELITE WOMEN IN INSURANCE Insurance Business shines the spotlight on 29 women who are paving the way for greater equality in Australia’s insurance industry
When businesses find themselves without pandemic-related coverage, will brokers take the blame?
Five key tools for fighting modern insurance fraud
FEATURES 46 How to run successful virtual meetings
Tips for making remote meetings more effective and engaging
PEOPLE 40 Broker insight
David Powell of Elliott Insurance Brokers on what he’s doing to help clients get through the pandemic
48 Other life
A traumatic event led Allinsure director Peter Chamberlain to a higher purpose
FEATURES
A MUTUAL BENEFIT
Can a mutual insurer offer greater stability during the COVID-19 crisis?
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UPFRONT
EDITORIAL
The importance of words
T
he coronavirus pandemic has infected the vocabulary of our daily lives. Terms such as ‘social distancing’, ‘flattening the curve’ and ‘quarantini’ have reached buzzword status, and conversations about remote working and virtual Zoom meetings have become that other overused phrase: the new normal. This pandemic-induced vocab shift has infiltrated the insurance industry. While yesterday’s buzzwords – from ‘hard market’ to ‘social inflation’ – remain as important as ever, today’s top concerns in the industry are all virus-related. How long will the COVID-19 pandemic last? Is the industry sufficiently capitalised to handle the economic fallout? How can catastrophic pandemic risk aggregation be mitigated? Will the federal government support a pandemic insurance program? Will the industry have to fight some costly lawsuits?
The coronavirus has illuminated the importance of clarity in policy language, terms and conditions. For humans in a time of crisis, a solid ‘yes’ or ‘no’ is far more comforting than a ‘maybe’ Unfortunately, for many property & casualty insurers, the answer to that final question is yes. Pandemic-related litigation started coming thick and fast through April and May as many businesses sued their insurance carriers over a perceived lack of coverage. Most of the lawsuits so far have revolved around denied business interruption claims after mandatory closure of non-essential businesses. Most traditional policies do not offer coverage for business interruption or supply chain disruption due to a pandemic such as COVID-19. Generally, business interruption insurance will only trigger if there is a direct physical loss to property, unless there is unique language written into the insurance contract that deems otherwise. Thus, lawyers are coming in hard against P&C insurers over their choice of words. They are pouncing on any ambiguity in the insurance policy language, especially if policies do no not expressly exclude losses caused by viral infections such as COVID-19. What lessons can the industry learn from this? The coronavirus has illuminated the importance of clarity in policy language, terms and conditions. For humans in a time of crisis, a solid ‘yes’ or ‘no’ is far more comforting than a ‘maybe’. Perhaps COVID-19 will ultimately help insurers flatten any curves in potentially ambiguous policy language. The team at Insurance Business
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EDITORIAL Managing Editor Paul Lucas Editor Bethan Moorcraft Journalists Camilla Theakstone, Tom Goodwin, Alicja Grzadkowska, Ryan Smith, Ksenia Stepanova, Mia Wallace News Writers Lyle Adriano, Terry Gangcuangco, Roxanne Libatique, Gabriel Olano Copy Editor Clare Alexander
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UPFRONT
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UPFRONT
STATISTICS ECONOMIC WOES LEAD TO RATINGS DOWNGRADES
0.5%
Global economic growth projected by Euler Hermes for 2020, down from 2.5% in 2019
4.5%
Expected decline in international trade contracts in 2020
COMPOSITE INSURANCE PRICING CHANGE
Global Q1 2018 1% Q2 2018 2% Q3 2018 2% Q4 2018 2% Q1 2019 3% Q2 2019 6% Q3 2019 8% Q4 2019 11% Q1 2020 14%
United States Q1 2018 -1% Q2 2018 0% Q3 2018 0% Q4 2018 0% Q1 2019 1% Q2 2019 5% Q3 2019 6% Q4 2019 10% Q1 2020 14%
COMMERCIAL INSURANCE PRICES RISE WORLDWIDE Globally, commercial insurance prices were up 14% for the first quarter of 2020 – the tenth consecutive quarter of price increases, according to Marsh. The increases were mostly driven by jumps in property insurance and financial and professional lines; in Australia and New Zealand, for instance, financial and professional liability insurance rates increased by 33%. The COVID-19 pandemic had a relatively minor effect on pricing in the first quarter, Marsh said, although it expects to see a more significant impact in the remaining quarters of 2020.
Latin America Q1 2018 1% Q2 2018 0% Q3 2018 1% Q4 2018 1% Q1 2019 2% Q2 2019 1% Q3 2019 5% Q4 2019 7% Q1 2020 6%
PREPARING TO RETURN TO WORK
14%
Projected increase in business bankruptcies for 2020
At least half of financial services firms are developing COVID-19 contingency plans for the next three months or more, according to a recent survey by Deloitte, and most are basing their reopening plans around job function and/or geography.
FINANCIAL SERVICES FIRMS’ TOP STRATEGIES FOR RETURNING TO THE OFFICE 70% 60%
64%
50% 40%
18
Countries that received ratings downgrades from Euler Hermes in the first quarter of 2020 Source: Euler Hermes Country and Sector Risk Ratings, Q1 2020
4
60%
54%
49% 35%
30% 20% 10% 0%
10% Restart based on role or function
Restart based Decrease Enhance cleaning Provide additional Unsure/cannot on geography workplace density protocols employee support discuss
4% Other
Source: COVID-19 Return-to-the-workplace Strategies, Deloitte
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CYBER GWP TO MORE THAN DOUBLE
UK Q1 2018 0% Q2 2018 1% Q3 2018 2% Q4 2018 1% Q1 2019 3% Q2 2019 6% Q3 2019 12% Q4 2019 14% Q1 2020 21%
The pervasiveness of technology means growing exposure to cyber risks – and a greater need for cyber coverage. Munich Re projects that global gross written premiums for cyber will reach US$20.2bn by 2025, more than double the US$7.3bn level expected this year.
Asia Q1 2018 -2% Q2 2018 0% Q3 2018 -1% Q4 2018 0% Q1 2019 0% Q2 2019 4% Q3 2019 5% Q4 2019 6% Q1 2020 6%
GLOBAL CYBER INSURANCE MARKET GWP Actual
$22bn
Projected
$20bn $18bn $16bn $14bn
Continental Europe Q1 2018 -1% Q2 2018 -2% Q3 2018 -2% Q4 2018 2% Q1 2019 2% Q2 2019 2% Q3 2019 4% Q4 2019 7% Q1 2020 8%
$12bn
Australia/ New Zealand
$10bn
Q1 2018 12% Q2 2018 14% Q3 2018 14% Q4 2018 16% Q1 2019 16% Q2 2019 18% Q3 2019 19% Q4 2019 21% Q1 2020 23%
$8bn $6bn $4bn $2bn $0
2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 Source: Munich Re Cyber Risks Report; all figures in US$
Source: Marsh Global Insurance Market Index Q1 2020
ENERGY FIRMS RETHINKING BENEFITS IN WAKE OF COVID-19
REINSURANCE CAPITAL’S HIGH POINT
Between COVID-19-related shutdowns and plummeting energy prices, the global energy industry has been hit hard by the pandemic, which has forced many in the space to re-evaluate the benefits provided to workers.
Global reinsurance capital saw robust growth of 15% in 2019, according to Willis Re – but the firm expects the first half of 2020 to erase most of these gains due to the steep selloff in equity and corporate bond markets brought on by COVID-19.
ENERGY COMPANIES’ PLANS FOR HEALTH AND WELLNESS BENEFITS Cut benefits (plan designs and/or employee subsidy) to achieve cost savings 7.3% Target operational efficiencies to provide same level of benefits at a lower cost 28.3% Enhance benefits to attract and retain key talent 1.6%
$700bn
TOTAL DEDICATED REINSURANCE CAPITAL
$600bn $500bn
$435bn
$427bn
2014
2015
$400bn
$449bn
$486bn
$605bn
$526bn
$300bn
No changes 48.7%
$200bn $100bn
Don’t know 14.1%
$0 Source: Mercer Energy Spot Poll: COVID-19 & Low Oil Prices
2016
2017
2018
2019
Source: Willis Re 2019 Reinsurance Market Report; all figures in US$
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UPFRONT
NEWS ANALYSIS
COVID-19 sparks E&O concerns As the insurance industry reckons with the full impact of the coronavirus pandemic, could brokers find themselves exposed to litigation?
AS THE COVID-19 crisis continues to unfold, the insurance industry’s focus is slowly shifting from the immediate effects of the pandemic to its longer-term implications. One top concern is the industry’s exposure to litigation and the impact that class action lawsuits might have on both the finances and reputation of insurance companies. There are several factors that could drive coronavirus-related litigation against the
disputes in Australia. According to Llinos Kent, senior associate for the Sydney team of global law firm Kennedys, “In Australia, while the COVID-19 outbreak has been less severe than in the UK, the consequences of lockdown for businesses and individuals have been replicated. The claims landscape for brokers is likely to be similar to that predicted in the UK.” The factors that make the coronavirus
“Clients are now going to be turning to their broker and asking whether there is cover, and if there isn’t cover, why not?” Richard Booth, RPC insurance industry, several of which are already playing out. These factors include the capacity of a claim to make or break a policyholder’s business (and the prominent media attention around this issue), the adequacy of coverage and advice given to policyholders, and the financial sturdiness of insurers. Business interruption (BI) coverage has been at the heart of many pandemic-related
6
pandemic such a high-stakes scenario for insurers and policyholders could also have reverberating consequences for insurance brokers. Although COVID-19-related claims against brokers have been far fewer in number, they are trickling in and have resulted in several lawsuits. “These lawsuits generally allege that brokers failed to accurately communicate to
their policyholders the scope of coverage purchased and/or did not procure policies that … cover BI losses arising from viruses or even from a pandemic,” Wirtshafter says. “That, of course, begs the question as to whether such coverage was even available.” Matthew Kramer, EVP of professional liability at Arch Insurance, stresses that brokers “[must] be aware of the exposures they face on a daily basis. As evidenced recently with the pandemic, unexpected exposures can come to light very quickly. However, if the broker is listening to their client’s needs and is educated and aware of the availability of coverage in the marketplace, they can potentially avoid liability.” Kramer also notes that allegations against brokers can arise from misalignment between the client’s expectations and what was ultimately delivered. “Clients are now going to be turning to
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THE GLOBAL ECONOMIC IMPACT OF COVID-19
-4.9%
The International Monetary Fund’s global growth projection for 2020 due to the COVID-19 pandemic
9.2% to 10%
Projected 2020 unemployment rate for OECD countries
13% to 32%
The World Trade Organisation’s projected decline in global trade for 2020
23%
Decline in global stock markets between late January and late March Sources: International Monetary Fund; OECD; World Trade Organisation; World Economic Forum, based on the MSCI All Country World Index
their broker and asking whether there is cover, and if there isn’t cover, why not?” says Richard Booth, a senior associate at global law firm
between the first reported case of COVID-19 … and the market’s widespread refusal to provide relevant extensions or endorsements
“The claims landscape for brokers [in Australia] is likely to be similar to that predicted in the UK” Llinos Kent, Kennedys RPC. “The risk to the broker is that they will be exposed to criticism that they haven’t properly advised their clients about the scope of cover within [these] policies.” Fleur Rochester, London partner at Kennedys, adds: “Some policyholders may argue that their broker breached an ongoing duty to advise them to review their insurance programs during the window of opportunity
as the potential scale of the pandemic grew clearer.” Paul Castellani, another London partner at Kennedys, adds that “where policyholders suffer a loss to which their insurance cover does not – or does not adequately – respond, it is inevitable that they will look at the role their broker played in placing the insurance and advising them on what cover
they required”. Going forward, brokers will no doubt be careful to present policyholders with the full array of business interruption cover available in the market and record those discussions. “In the future,” Rochester says, “it will not be possible for brokers to say there was no breach of duty because they could not be expected to anticipate a pandemic of this magnitude.” Kramer adds that the best way for brokers to mitigate exposure is “through clear communication and documentation with their clients. One of the easiest allegations to make is a client stating that if they were aware of coverage, they would have bought said coverage. A broker must be transparent about what they have access to and the affordability of certain coverages. They must get responses from clients in writing in an effort to protect all parties.”
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UPFRONT
INTELLIGENCE CORPORATE ACQUIRER
TARGET
PRODUCTS COMMENTS
FWD Life Indonesia
PT Commonwealth Life
The sale of CBA’s Indonesian life insurance business is part of the bank’s move to exit its non-core businesses
Gallagher
CA Insurance Brokers
Brisbane-based CA Insurance Brokers specialises in commercial transportation, construction, earthmoving and professional risks
IAG
Digital Agriculture Services
IAG has invested in the rural technology startup to help agribusiness policyholders better understand and manage risks through satellite imagery
Insurance Aid General Brokers
Tony Charman
IAGB has acquired a largely SME-based book of business from the Sunshine Coast broker
McLarens
Lloyd Warwick International
LWI is a global, multi-disciplined loss adjusting and claims management company that specialises in the energy industry
360Globalnet introduces new digital platform
Insurance technology provider 360Globalnet has launched 360BrokerLink, a platform designed to allow Australian brokers to create digital records of policy information. By leveraging digital video and imagery to explain losses and capture required information, 360BrokerLink facilitates faster claim life cycles and offers clients a seamless digital experience. Claimants can complete an incident-specific template via a mobile device, tablet or computer; claim details are automatically forwarded to the relevant insurer, and brokers and appointed representatives are able to track pending claims.
Gallagher snaps up Brisbane broker
Gallagher has acquired Brisbane-based mid-market insurance broker CA Insurance Brokers for an undisclosed sum. Founded by Andrew Howard in 2002, CA Insurance Brokers specialises in commercial transportation, construction, earthmoving and professional risks. Howard and his team will become part of Gallagher’s Brisbane office. “Through this acquisition, CA Insurance Brokers gains access to a range of new markets and client product offerings, while we expand Gallagher’s presence and capabilities in the Brisbane market,” said Gallagher chairman, president and CEO J. Patrick Gallagher Jr. “I am very pleased to welcome Andrew and his associates to our team.”
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Student Parachute launches international student support
At a time of global uncertainty, Student Parachute has launched as an alternative to traditional travel insurance and international student health products. Founded by Crisis Cover CEO Carole Tokody, Student Parachute’s pay-as-you-go membership offering provides support to international students via up-to-date location tracking; health and safety advisory services; risk ratings and real-time alerts; geolocation tracking and monitoring technology; 24/7 panic button assistance; multilingual, on-the-ground security and evacuation specialist response teams; and optional global medical monitoring and repatriation services.
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PEOPLE Aon unveils PI coverage for real estate firms
In partnership with CGU Insurance, Aon has rolled out a new professional indemnity insurance product for Australia’s real estate industry. Endorsed by several of the country’s real estate associations, the offering features a new approach to policy rates and the removal of a number of policy exclusions, as well as new or improved coverage extensions. “We are hoping this change is well received in the real estate industry as agents look to manage costs and emerging risks associated with the impact of COVID-19,” said Richard Silberman, Aon’s client director for real estate.
Bupa broadens telehealth claims offering
Health insurer Bupa has widened its offering of on-the-spot claims rebates, enabling physiotherapy, psychology, podiatry, speech therapy, exercise physiology, occupational therapy and dietetics services providers with HICAPS technology to immediately process claims over the phone following a telehealth consultation. Bupa has also extended coverage for telehealth services during the pandemic until 30 September. “We are excited to make this available for our customers during COVID-19, when more and more Australians are embracing phone and video consultations,” said Bupa’s Sally Damiani.
CyQu Enterprise gets remote work revamp
CyQu Enterprise, Aon’s cyber risk assessment tool, has expanded its scope to account for increased work-from-home arrangements. The enhanced tool can now assess the cybersecurity impacts of any recent work access or policy changes businesses have made to accommodate the shift to remote work. “We have long seen a trend towards businesses promoting flexible working practices,” said Aon’s Richard Hanlon. “So we are pleased to offer a product that will help our clients to manage both immediate and long-term impacts of changing working practices.”
NAME
LEAVING
JOINING
NEW POSITION
Rob Brown
AXA Global Corporate Solutions
Charles Taylor
Group chief executive
Rodney Cook
Just Group
MLC Life Insurance
CEO and managing director
James Fitzpatrick
Avant Mutual
Allianz Australia
Chief technical officer
Michael Gallagher
Aon Singapore
John Foord Analytics
Chair
Richard Heilig
Hollard Commercial Insurance
Envest
Chief commercial officer
Thierry Leger
N/A
Swiss Re
Group chief underwriting officer
John Mutton
N/A
Austbrokers Corporate
CEO
Nicole Yates
AXA XL
Zurich
Australia head, accident and health
Allianz names chief technical officer
Allianz Australia has appointed James Fitzpatrick as its new chief technical officer. Making the move from Avant Mutual, where he served as chief data officer and member solutions general manager, Fitzpatrick brings more than 20 years of experience in driving product and performance innovation in the financial services industry, including executive positions at SuperConcepts and Suncorp. “The challenges of the current environment are unprecedented. This provides a valuable opportunity for the financial services industry to propel innovation to meet customers’ changing expectations and provide a superior customer experience,” Fitzpatrick said. “Allianz has been agile in adapting to the changing landscape, and I look forward to working with the Allianz team.”
MLC Life Insurance gets new boss
MLC Life Insurance has named Rodney Cook as its new CEO and managing director. A seasoned insurance leader, Cook became managing director of AMP New Zealand in 1996 and went on to serve as MD of Pearl Assurance and CEO of London Life. Most recently, he spent nine years as CEO of UK insurer Just Group before retiring last year. Cook said he is “thrilled with the opportunity to lead an iconic company. These are challenging times for all Australians and their life insurers. With the continued support of Nippon Life and NAB, and significant ongoing investment in our technology and processes, I aim to deliver outstanding service to our 1.3m customers through our business partners and people.”
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UPFRONT
INSURER UPDATE NEWS BRIEFS IAG rolls out support for clients affected by COVID-19
IAG is extending relief to customers of its NRMA Insurance, SGIO Insurance and SGIC Insurance brands who are facing circumstances like unemployment or a reduction in income due to the COVID-19 crisis. Available until 30 September, the insurer’s Help Program includes access to premium reductions, the option to change premium payments from annual to monthly instalments for no additional cost, reduced excess amounts in the event of a claim, and waived cancellation and administration fees for customers who cancel their policies.
QBE joins icare’s workers’ compensation claims platform
NSW workers’ compensation provider icare has welcomed QBE as the first of three authorised providers to its claims management platform; icare plans to add Allianz and GIO, which are currently managing new claims on their individual portals, to the platform later this year. “The authorised provider model will enable us to deliver consistent, sustainable and empathetic claims services while also responding to employers’ desire for choice,” said icare personal injury claims group executive Beth Uehling. “We are thrilled that QBE will be part of our journey and story.”
Suncorp boosts vehicle repairs with image capture technology
Suncorp has launched a new tool that allows selected customers to immediately upload images of vehicle damage from their smartphone via a secure link. “Once submitted, images are instantly accessible by the allocated repairer – meaning they can view the
damage, plan out the repair process and, in some cases, even pre-order required parts prior to the vehicle actually arriving on site, leading to increased efficiencies and faster repair times,” explained Anna Cartwright, Suncorp Group’s motor claims head, who added that the tool is part of the insurer’s efforts to exceed clients’ expectations via an improved repair experience.
Insurers to see cyber coverage jump in wake of COVID-19
The rise in remote work due to the COVID-19 pandemic will increase the risk of cyberattacks, giving insurers an opportunity to improve cyber insurance penetration, according to analytics firm GlobalData, which noted that cyber uptake had been on the rise prior to the outbreak, including a 300% increase among micro businesses between 2016 and 2019. GlobalData analyst Jazmin Chong said the pandemic will likely accelerate the demand for cyber insurance “not only because of the cyber risks associated with employees working from home, but also because the pandemic has further entrenched companies’ heavy reliance on technology to fulfil day-to-day operations.”
Vero unveils business recovery grant program for SMEs
Vero Insurance has launched a grant program to help its SME customers recover from the financial impact of the COVID-19 pandemic. Vero said the business recovery grants are intended to support customers by covering expenses like advertising, equipment, business consulting and promotional printing. The insurer is offering a total of 25 grants (five grants of $20,000, 10 grants of $10,000 and 10 grants of $5,000); the deadline to apply is 31 July.
A strong foundation for recovery One insurer explains why Australia gets top marks for its ability to recover from a crisis
As Australia navigates a recession brought on by the economic toll of the COVID-19 pandemic, property insurer FM Global has shed some light on the nation’s ability to bounce back from a crisis. According to the insurer’s 2020 Resilience Index, which ranked Australia 17th out of 130 countries for the resilience of its business environment, the country has a strong foundation for postcrisis recovery. Lynette Schultheis, FM Global Australia’s operations manager, believes the country has a few key strengths. “Australia has very high building codes and, due to the quality and enforcement of those building codes, we have strong fire risk quality,” she says. “For example, look at Australia’s response to the aluminium composite panel issue, the cladding that they placed inside Grenfell Tower – we didn’t experience a loss of that type. We observed many of our clients actively removing these panels, recognising the danger it presented to their facilities and to their staff – fire can spread very quickly because of continuous cladding walls. So, to me, that’s one of the strengths that Australia has: its very highlevel building codes and their strict enforcement.” Fire risk management is critical to economic management because of its impact on business sustain-
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ability, Schultheis says. Because fires in both urban and regional areas account for significant financial losses, they can have devastating effects on businesses and the economy. “Every time your client has a loss, it disrupts everything,” she says. “Businesses have to focus all of their energy back to the loss, and they have to focus on getting back up and running. Fire resilience just makes the economy more robust because it will make everyone more sustainable.”
“This is a good time to get prepared, plan ahead for other events and be more resilient” For Schultheis, the report’s biggest takeaway is the importance of business resilience, which will determine a company’s success in managing economic downturns, natural catastrophes and even pandemics. Thinking about resilience should also prompt business leaders to reassess loss prevention, she says. “Natural catastrophes won’t stop because we’re having pandemics, and this is one of the areas that we keep trying to press on our clients – now is a great time to practice your loss prevention to make sure that you maintain stability,” she says. “It’s a great time to revisit your emergency response plans. It’s an opportunity for insurers and business leaders to refocus, because a cyclone doesn’t care if we’re in a pandemic or not. This is a good time to get prepared, plan ahead for other events and be more resilient.”
Q&A
Anthony Pagano Head of commercial intermediaries VERO
Years in the industry 24 Fast fact An industry veteran, Pagano spent nearly two decades at Zurich before moving to Vero in 2015
COVID-19’s biggest lessons SMEs have been among the hardest hit by the pandemic. Do you foresee a shift in their insurance uptake? Although most Australian SMEs were impacted, research conducted by Vero at the height of the lockdown indicated that the COVID-19 restrictions did not cause SMEs to reduce or remove their insurance cover. What we do expect to see over the coming months are changes to cover based on the structural shift of the SME market, be it through emerging new markets, closure of industry segments and the balance of online versus brick-and-mortar businesses. SMEs have adapted the way they operate and plan to continue making changes. As a result, brokers and their customers are reviewing policies to ensure they remain relevant to their situation. Brokers are helping businesses adapt their policies based on these changes, ensuring they remain covered for their changing circumstances.
Now that Vero has cancelled the 2020 RM Advancer Awards, what initiatives do you have in place to continue advancing risk management standards? Vero has several initiatives in place to advance risk management standards, including sharing useful risk management advice directly with brokers through risk information and our Risk Profiler tool. We also have a team of risk engineers providing expert advice, completing virtual and on-site visits, creating risk information sheets and checklists, completing desktop assessments, and evolving our website and digital capabilities. Vero is committed to growing the standards of risk management and building the capabilities for risk managers while supporting our brokers and customers with their risk management.
In your view, what are the biggest lessons to be learned from the COVID-19 crisis? The importance of being adaptable is a huge lesson from COVID-19. Many businesses were quickly forced to change their operations or close their premises. These changes brought new risks and, for many, the need to bring in expert advice for their changing risk profile. The pandemic also reinforced the value of relationships, whether you’re working from home, an SME business owner connecting with customers virtually or a broker reaching out to your customer to see how they’re coping. Brokers played a large role in providing expert advice to their customers, helping them through complex claims and ensuring they understand the impact of business changes on their insurance cover.
What are Vero’s priorities post-pandemic? The biggest priority is to help brokers and their customers with initiatives to support their changing business and insurance needs. We will be equipping our brokers with the latest expert advice on risk management and looking at ways to enhance digital capabilities, including at claims time. Learning and development will also continue to be a focus area for us.
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UPFRONT
UNDERWRITING AGENCIES UPDATE
The post-COVID-19 landscape Why one underwriting agency head thinks SMEs will be the first businesses to bounce back
improvements with respect to exposures.” However, Fagen acknowledges that a few areas of insurance will likely see an increase in claims. “We have knowledge that with business interruption, it could potentially be impacting a few insurers,” he says. “In our landlord products, there’s a rent default exposure in a lot of them, and that’s generally the case with most of the landlord products in the market. We have seen a small amount of
“It’s organisations that are more flexible and more adaptable that will succeed more quickly”
The COVID-19 pandemic has caused plenty of economic woes, but it has also delivered some benefits, particularly for SMEs. Blue Zebra Insurance managing director Colin Fagen says his agency’s analysis of SME experiences during the outbreak and lockdowns reveals that SMEs are positioned to emerge from the crisis “more positively” with fewer exposures. “In our mind, it’s organisations that are more flexible and more adaptable that will succeed more quickly,” he says. “Watching and analysing the small business market,
NEWS BRIEFS
we think there’s opportunities, especially in motor insurance.” While many in the industry have warned of an increase in claims following the pandemic, Fagen believes certain risks have decreased due to changes in human behaviour. “In some areas, potential exposures have improved,” he says. “In motor insurance, it looks like it improved pretty much immediately with respect to fewer people being on the road driving their cars. Some areas like public liability have also experienced potential
ProRisk introduces new platform for brokers
ProRisk has launched ProBind, a new proprietary quote/bind trading platform for brokers. Touting the platform’s ability to allow brokers to change limits and deductibles in real time with dynamic pricing, ProRisk executive director Hamish McDonald Nye called ProBind “an end-toend, complete policy life cycle management tool that’s been designed to make brokers’ lives easy.” ProRisk’s healthcare professionals’ civil liability policy is the first to be added to ProBind; the entire product suite will be available in the coming months.
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increases in this area throughout the moratorium period, but it’s not particularly material.” He adds that the extent of these claims won’t be evident until the last quarter of this year, but he believes the economic and risk management enacted by state and federal governments throughout the pandemic has helped in mitigating risks. As for Blue Zebra, Fagen says his team was able to adapt and respond quickly to remote work. “I have found that their productivity has actually improved – we’ve been able to get projects done more quickly,” he says. “I also think individual employees now feel more comfortable working from home, so I think they will take that up a lot more. It looks like it will be here to stay.”
CHU Underwriting Agencies names new BDM
Craig Stanley has moved from QUS to fellow strata specialist CHU Underwriting Agencies. As a BDM for Queensland and the NT, Stanley will work to strengthen CHU’s presence across the two states. “With the unprecedented times we are facing with the COVID-19 pandemic, I’m looking forward to adapting and creating innovative ways to connect with insurance brokers and strata managers to get a greater understanding of the all issues they face and work to provide better solutions for them and their clients,” Stanley said.
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10/07/2020 10:52:39 AM
Q&A
James Crowther General manager, emerging risks AGILE UNDERWRITING SERVICES
Years in the industry 18 Fast fact Previously based in the UK, Crowther has worked in the Australian market since 2010
Cybercriminals are preying on human emotion What vulnerabilities are hackers targeting as the world is preoccupied with COVID-19? Hackers are exploiting human emotion. That’s the key thing. When human emotion can be exploited, it increases their chance of being able to take over a target’s business email account. And then from there, they can go ahead and continue to perpetrate the fraud they’re trying to achieve. By luring individuals to click on attachments and emails which seem to be from trusted sources – such as the World Health Organisation – but have been spoofed, during this time of vulnerability, they’re able to perpetrate their fraud a lot quicker. They’re using the same techniques, such as social engineering and spear phishing, but just through this vulnerable time they’re getting more traction.
What steps should businesses take to protect themselves while their employees are working from home? All organisations should be practicing good cybersecurity hygiene – that’s a given. But due to the fact that this is a changing landscape, it comes down to ensuring that their governance and enterprise risk management is effective and is enforced appropriately for people working from home. They can enforce these policies and procedures in the workplace, but can they do it when people are working remotely? Some of the steps they should be taking are reviewing their policies and procedures and revising
NM Insurance deepens marine ties with Zurich
NM Insurance has signed a new binder agreement with Zurich, which will provide capacity for NM’s boating and recreational products across Australia and New Zealand. The agreement, which follows NM brand Proteus Marine Insurance’s expansion into New Zealand with Zurich’s backing, includes pleasure craft, motorcycle, caravan and boating industry commercial lines. “We each have a strong track record in marine and a complementary set of core strengths that will ensure success,” said Zurich’s Sean Walker.
them where appropriate, training and reminding employees of the security policies that are in place and that they don’t change when working from home, making employees aware that these phishing and social engineering threats are on the increase, and mandating that employees use private WiFi networks – so not logging in from cafés or unsecure networks. It’s basic steps. It’s what you would hope that a prudent organisation was doing anyway. But with the change in the workplace, I think the key thing is to review and revise the current policies and procedures and remind employees that just because they’re working from home, it doesn’t mean they shouldn’t be adhering to these policies that are in place.
How about password management – should staff change passwords while working remotely? Make sure that they either use a password manager or change their passwords regularly. People are logging in from home – they might be using their child’s name or their birth date or something, and they use that on their home computer, which might be compromised. Once the hackers get that, the chances are they’re using that at work as well, so making sure there’s good password hygiene. One of the key things is multi-factor authentication – making sure they have that function switched on on many of their apps that they’re using and, where appropriate, using a VPN [virtual private network] to log into the office network.
Allianz names GM for underwriting agencies
Allianz Australia has appointed Jenny Bax to the newly created position of underwriting agencies general manager, responsible for oversight and governance of the insurer’s underwriting agencies to make sure they complement Allianz Australia’s overall strategy. An insurance veteran, Bax initially joined Allianz in 2019 as senior portfolio director for its technical division. “The underwriting agencies are an integral part of the success of Allianz, and I look forward to working with an amazing team to continue building on that,” she said.
Solution launches expatriate medical insurance
Solution Underwriting Agency has rolled out a new expatriate medical insurance product that provides flexible, comprehensive coverage with round-the-clock global support. The policy has no pandemic exclusion and offers standard emergency evacuation cover. COVID-19 tests are covered if the insured is symptomatic and the doctor-ordered test is available, as is in-patient treatment in an isolation ward. Optional benefits of the policy include cancer treatment, outpatient treatment, maternity, dental and optical.
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10/07/2020 10:52:49 AM
PEOPLE
THE BIG INTERVIEW
GROWTH IN A TIME OF CRISIS After a year of considerable growth, even in the midst of a pandemic, Ansvar CEO Warren Hutcheon lets IB in on the secrets of the insurer’s success
DRIVING BUSINESS growth through a crisis is a mammoth task even for the most seasoned leader. From understanding the ‘new normal’ to supporting clients and inspiring business confidence, insurance leaders have had to adapt quickly. For Warren Hutcheon, CEO of Ansvar, providing a broad range of support for customers during the onset of COVID-19 was paramount. “From an insurance perspective, we have supported customers through a number of measures, including insurance premium relief, flexible payment terms, extensions to cover and speeding up claims settlements, as well as payments to service providers,” he says. “Importantly, we have provided significant risk management support, helping customers manage risks more effectively through the crisis. This has included a number of ‘risk alerts’ and virtual risk sessions with boards and management teams.” The next phase of customer support, Hutcheon says, includes guiding them through recovery planning as they adjust to a world that will look very different than it did pre-COVID-19. Ansvar has a long history of providing support to communities and charities. Launched in Australia in 1961 by Swedish company Ansvar Mutual, the company evolved from providing motor and home insurance to offering specialist risk support
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to care, community, faith and education organisations, as well as property owners. In 1988, Ansvar was acquired by UK financial services provider Ecclesiastical Insurance Group (EIG). Now, Hutcheon says, Ansvar’s ownership and purpose is “somewhat unique” in the Australian insurance market. “EIG was established in 1887 with one of its founding principles to plough any
business, including driving a high standard of ethics to build trust. “Ansvar strives to be the most trusted risk and insurance provider in our specialty sectors, and this is reflected in our vision and purpose,” he says. “Ansvar, through our Community Education Program, has contributed over $10m to community organisations in Australia.”
“The current growth is an outcome of the investment we have made in understanding our customers’ needs and ensuring our staff have opportunities to learn and grow to better serve our customers” profits back into charitable work,” Hutcheon explains. “Today, EIG is a broad financial services group that includes general insurance, investment management and insurance broking businesses.” The significance of this structure is that EIG is owned by charity Allchurches Trust, which distributes “all available profits … for the benefit of the community”. Hutcheon says being owned by a charity helps Ansvar take a “longer-term view” in how it approaches
Return on investment The company’s value-driven approach has helped guide it through 12 months of considerable growth, despite the financial toll of the pandemic. The years Ansvar has spent developing a profound understanding of its clients and building a positive reputation have aided this success. “We have a crystal-clear purpose and strategy for delivering both risk and insurance solutions that our customers value,” Hutcheon
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10/07/2020 10:54:21 AM
PROFILE Name: Warren Hutcheon Title: CEO Company: Ansvar Based in: Melbourne Years in the industry: 30+ Career highlight: Guiding Ansvar to be on track to double the size of the business by 2021
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10/07/2020 10:54:30 AM
PEOPLE
THE BIG INTERVIEW
says. “It has taken a number of years to develop the knowledge and capability to support our core sectors and to build a reputation as a go-to organisation for these sectors. The current growth is an outcome of the investment we have made in understanding our customers’ needs and ensuring our staff have opportunities to learn and grow to better serve our customers.” Since joining Ansvar in 2014, Hutcheon says he has been “very fortunate” to lead a great team that is committed to delivering customer value. That’s helped Ansvar establish a strong foothold, despite the pandemic and the company’s relatively small size compared to other insurers in the Australian market.
invested in our people and leadership capability. We don’t have the budgets of large companies, so a lot of our learning and development has been on the job, but in some ways that helps with better understanding customer needs.”
The way forward Hutcheon acknowledges that the hard work is far from over and that he’ll need to remain focused on addressing big challenges over the next six months. “When transitioning to the new normal, my question is, ‘What is it?’,” he says. “We are still working through understanding exactly what the answer looks like … The industry has experienced and funded
“When transitioning to the new normal, my question is, ‘What is it?’ We are still working through understanding exactly what the answer looks like” “Together, we have transformed the business into a leading risk and insurance provider for our core sectors,” Hutcheon says. “We will have doubled the size of our business by the end of 2021 through organic growth, even with the challenges of COVID-19. “As CEO, I had the opportunity and privilege to get involved in most aspects of our business from day one. A fairly hands-on approach in the initial stages was a key part of my learning. In a lot of ways, this was very important to get to know the organisation, its culture and staff, and its intermediaries and customers, as well as its service providers.” That opportunity to engage with a broad range of stakeholders was critical to Hutcheon’s understanding of where the company was positioned and where it needed to be. “From there, it’s a matter of developing and communicating a clear vision and plan, knowing that all stakeholders have in some way contributed,” he says. “We have also
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some significant catastrophe events in 2019, followed up with more events in 2020, and then COVID-19 arrives. “We look like we have managed the crisis reasonably well in Australia, but we still need a lot to go right and not much to go wrong to ensure we keep the economy growing and increase employment levels. We are part of a global economy, so we are also dependent on the outcomes of other countries.” However, based on Ansvar’s team culture and capability, Hutcheon is confident in the company’s ongoing success. “I have always set my personal goals based on a quote I once heard many years ago: ‘You will know you have been successful when you are no longer needed’,” he says. “Mind you, not that I have any intentions of leaving Ansvar in the near future – there’s still lots to be done and enormous opportunity for us. I am very much looking forward to the next stage of our journey.”
ANSVAR AT A GLANCE
FOUNDATION Launched in Australia in 1961 by Swedish company Ansvar Mutual
OWNERSHIP Acquired in 1998 by UK-based financial services provider Ecclesiastical Insurance Group
SPECIALTY Delivers targeted and tailored risk-led support for care, community, faith and education organisations, as well as property owners
GIVING BACK Ansvar’s Community Education Program donated a total of $250,000 in 2019 to 10 community organisations to help disadvantaged young Australians access opportunities for education, skills training and other services
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10/07/2020 10:54:41 AM
UPFRONT
OPINION
GOT AN OPINION THAT COUNTS? Email ibo@keymedia.com.au
The evolving nature of fraud As fraudsters adjust their tactics in response to an uncertain world, there are five emerging trends insurers should be aware of, writes Dennis Toomey THE INSURANCE market was set to hit new highs in 2020. Then COVID-19 happened. That forecast – and the global economic outlook – is now far less certain. But while market growth projections are in a state of flux, the rate of fraud isn’t expected to slow down. Insurance fraud is anticipated to cause anywhere from US$80bn to US$100bn in lost revenue this year. As insurers seek to combat fraud, there are five key trends they need to keep in mind.
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The new era of fraud investigation
Modern fraud is transnational and agile. Not so long ago, fraud investigation was a labour-intensive process. Teams on the ground would go door to door to examine cases. Today, this process isn’t just inefficient – it’s insufficient. As fraud evolves, so must investigators. Today’s fraud fighters need nuanced skill sets and agile ways of working to be able to identify the scams and tactics modern fraudsters are adopting. But they must also strike a delicate balance. While investigators need to gather data and build a case that will result in criminal prosecutions, they must also consider today’s much more stringent privacy implications. In the age of GDPR, it’s not just a new era for insurance investigation, but a new era for evidence collection, too.
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The significance of social media
Investigators must also acknowledge the central role that social media plays as a primary source of intelligence. Mining social
media for information to uncover hidden relationships and connections between entities is vital to the counter-fraud engine of many insurers. Leading insurers are placing huge value on social media, employing dedicated teams of social media analysts. But while human expertise will always be critical, the uptake of automation and artificial intelligence is accelerating. There are several tools available to automate social
silos. Accordingly, insurers understand that they need to manage their data differently to be able to identify and thwart fraud.
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The crucial role of consortiums
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The increase in fraud variety
The value that consortiums offer the insurance industry is increasing. They provide a bird’s-eye view of transactions and shine a spotlight on suspicious activity across multiple insurers and lines of business. Currently, the maturity of insurance consortiums varies between regions and countries. Organisations like CANATICS in Canada are adept at analysing activity across insurers and providing invaluable surveillance intelligence.
As more insurance products are introduced, the surface area for insurance fraud grows. Fraudsters seek to adapt and exploit the volume and variety that those products offer. For example, life insurance can be gamed by entering incorrect details on the application to avoid high premiums, while health insurance can be manipulated by
“Until recently, fraud scams were fairly rudimentary. Today, however, criminals are more subtle and nuanced” media investigations. The challenge isn’t the availability of the technology, but the compatibility and stability of the platform.
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The necessary collapse of silos
Until recently, fraud scams were fairly rudimentary. Fraudsters would steal an identity, create synthetic IDs and execute criminal activity. It was a repeatable, linear and somewhat predictable process. Today, however, criminals are more subtle and nuanced. One area that insurers need to be particularly conscious of is silos. Whether they’re within departments or interdepartmental (i.e. between cyber and risk divisions), silos enable fraudsters to execute their scams. That’s why insurers are moving to embrace a 360-degree view of fraud and break down the
masking existing or underlying conditions. In the US, workers’ compensation insurance is subject to mod factor gaming: Higher salaries are hidden, shell companies are created, and employee classifications are massaged to bring premiums down. Paradoxically, the one thing about fraud that never changes is the fact that it’s constantly changing. As this pernicious practice continues to evolve, insurers need a partner with a track record of anticipating trends and evolving faster than the fraudsters. Dennis Toomey is the global director of counter-fraud analytics and insurance solutions at BAE Systems. He has nearly three decades of experience and is a certified fraud examiner in the US.
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10/07/2020 10:55:02 AM
SPECIAL REPORT
ELITE WOMEN IN INSURANCE
Elite
WOMEN IN INSURANCE
LYLE STEFFENSEN National leader, Care Solutions Marsh
Lyle Steffensen brings nearly 25 years of experience as an insurance risk consultant to her role as national leader of Marsh’s Care Solutions practice, which specialises in worship, education and care clients. “The practice has been designed to provide responsive and transparent insurance and risk advice to organisations whose purpose is to contribute to society rather than make money,” Steffensen explains. During the pandemic, Steffensen has been juggling the responsibility of working from home alongside “four children with various work-from-home, university, Year 12 and primary school needs, a husband who is a CEO of a not-for-profit organisation and on several boards, along with my role, which now across New Zealand as well as Australia,” which she admits “has put a massive load on our WiFi and our food – and wine – budget. All my clients and colleagues are now well familiar with the random Zoom bombs from any and all of my kids, and often wonder exactly why it is that I seem to have 1,000 children – SnapChat trickery.” But those challenges have also brought valuable lessons. Steffensen says working throughout the pandemic has helped her pay attention to the smaller things. “I have learned to listen so much better, delegate, communicate and juggle more than I ever thought was possible,” she says. “I have learned to trust myself and know I can stand firm in the knowledge and expertise I have to offer. The imposter syndrome is not quite as present for me now.”
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10/07/2020 10:58:38 AM
IB celebrates 29 of the Australian insurance industry’s foremost female leaders WHILE INSURANCE is unarguably still a male-dominated field, especially at the executive level, it’s fair to say the sector is making significant progress in improving gender representation. A push for greater gender diversity and equality is happening in workplaces across the nation, and Diversity Australia has recognised the finance, banking and insurance services sector as a leader in implementing diversity policies. Given the increasing number of diversity and inclusion initiatives being rolled out across the insurance industry, it’s no surprise that women are finding it to be a safe and supportive environment in which to pursue a challenging and rewarding career. Although policies and programs are crucial to building a fairer and more inclusive industry, it’s the accomplished female role models who are invaluable in providing inspiration to younger women entering the field. This is where IB’s Elite Women in Insurance list comes in. The 29 impressive female leaders on the following pages stand out among the many women who have used their skills and insights to shape Australia’s insurance industry. Today, these women are determining the industry’s strategic direction in the wake of COVID-19, paving its future path and inspiring those who choose to follow in their footsteps.
ELITE WOMEN IN INSURANCE INDEX NAME
COMPANY
PAGE
Bates, Hilary
Zurich
27
Butler, Kelly
Marsh
30
Carter, Lisa
Clear Insurance
29
Challenor, Kerrie
NTI
26
Cooper, Mandy
CPR Insurance Services
23
David, Rachel
Private Healthcare Australia
28
Donnelly, Carmel
SIRA
30
Gordon, Bonni
Global Risks
22
Hardy, Karen
Acme Insurance Brokers
21
Hollman, Samantha Steadfast
21
Jack, Sheena
HCF
26
Jackson, Kay
Simplex Insurance Solutions
19
Lane, Anita
Solution Underwriting Agency
20
KAY JACKSON
Maher, Vanessa
Liberty Specialty Markets
22
Director
Martin-Ross, Charis Allianz Australia
31
Morgan, Lara
Allinsure
26
O’Neill, Jenny
Hollard Insurance
30
Pollack, Rachel
QBE
24
Slack, Melanie
Swiss Re Corporate Solutions
21
Sperring, Jules
Allied World
20
Steffensen, Lyle
Marsh
18
Stenning, Barbara
Berkley Insurance Australia
25
Stevens, Angela
GT Insurance
22
Tokody, Carole
Crisis Cover
20
Uehling, Beth
icare
25
Vaghaye, Pegah
CGU Insurance
24
Wahi, Meena
Cyber Data-Risk Managers
25
Walsh, Lynette
Aon Commercial Risk Solutions
29
Willsford, Prue
ANZIIF
24
Simplex Insurance Solutions
Kay Jackson entered the insurance industry in 1986 and joined Simplex Insurance Solutions in 2005. Today, as a director at Simplex, one of her main roles is taking responsibility for compliance. However, she remains passionate about working as a broker, which allows her to do what she loves most: interacting with and helping clients. “I love being a broker much more than I do running a business,” she says. During the COVID-19 crisis, Jackson says keeping her clients supported and informed is her top duty. “At the start of COVID-19, we had some businesses calling to cancel their insurance, as they were not operating, but a discussion was had with them about the fact that they still needed cover for contents/stock/ glass. This is because the risk was still there – and a higher risk of vandalism, burglary, etc., if the premises were vacant and even liability exposures that still exist. Most kept their coverage in place, and if due for renewal, we have had discussions with regards to payment options and what’s best for their individual circumstances.” Despite those obstacles, Jackson says her biggest accomplishment over the past six months has been continuing to grow business, even during the pandemic. “We have still had growth, even though not at the same rate we had budgeted for prior to COVID-19,” she says.
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10/07/2020 10:58:47 AM
SPECIAL REPORT
ELITE WOMEN IN INSURANCE ANITA LANE Director and founding co-owner Solution Underwriting Agency
With almost 30 years of insurance experience, Anita Lane brings a wealth of knowledge to her position as director and founding co-owner of Solution Underwriting Agency. Lane wears many hats in her role, including actively underwriting new and renewal business to grow the company’s portfolio. Lately, she’s also been focused on providing outstanding service to brokers during the pandemic and ensuring their clients have adequate coverage. “Solution Underwriting has always prided itself on providing our brokers outstanding service, and we have maintained our exceptional service throughout the pandemic,” Lane says. “Our mission was to make the transition from office to home seamless, and I believe we have achieved that.” While the transition to remote work has brought about challenges, Lane says it also made her realise how resilient Solution’s team is. “I have learnt more about my team,” she says. “I have learnt how to ask, ‘Are you OK?’ and really stop to listen to the answer. I have learnt that we all have good and bad days, and that’s OK as long as we have more good days than bad days. I have learnt that I am capable of learning and embracing new IT skills, and by doing so, I have widened my personal ability to think laterally.”
JULES SPERRING Assistant vice president, Australian property lead Allied World
Since joining Allied World in mid-2019 to lead the strategy and development of its property portfolio in Australia, Jules Sperring has made an immediate impact, growing her portfolio through disciplined underwriting, client focus and broad thinking. While Sperring admits that “2020 has been a year unlike any we’ve seen before, what it has confirmed is my belief and personal commitment to service as a core value of our industry. Allied World has quickly built a reputation for being consistent in our approach and accessible in our decision-making, so we’re in a very strong position to maintain and build on our long-term relationships with brokers and clients.” During the rapid transition to remote work this year, Sperring says it’s been amazing to be a part of a business that has “not missed a beat” in continuity of service. “Given our size, we have had the benefit of being agile enough to remain personally connected, yet still large enough to have an amazing infrastructure of support nationally, regionally and globally,” she says. “With clients facing so much change to their risk profiles this year, it’s been fantastic to be able to respond and innovate, tapping into expertise across the Allied World group, wherever it may be.” Sperring says that delivering this support to clients is one of the aspects of her work that excites her most, both personally and professionally, and she says she’s looking forward finding ways to continue to respond, innovate and grow in the months ahead. A strong advocate of mentoring and developing talent within the industry, Sperring will also be looking for ways to “encourage empathy, flexibility and open-mindedness as leadership traits that underpin both commercial and professional success”.
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CAROLE TOKODY Founder and CEO Crisis Cover
As the founder and CEO of travel insurance provider Crisis Cover, Carole Tokody’s main responsibility is creating value around the company’s geolocation tracking, travel safety and security proposition. Focused on growing the company by creating new and innovative ways to ensure the safety of travellers, Tokody also puts a high priority on creating an agile environment where others like to work. Tokody has more than 15 years’ worth of experience in executive and marketing leadership positions across the global travel insurance, medical and assistance industries. After working internationally in London and New York, Tokody established Crisis Cover to deliver services better suited to the safety and security needs of travellers and international students. In May, the company launched Student Parachute, a pay-as-you-go membership offering designed to support international students. “The travel, tourism and hospitality industry has been decimated by the impact of the COVID-19 outbreak,” Tokody says. “Starting a new travel-related business at this current time is challenging, but we are highly optimistic that we have had the opportunity to better understand the needs of travellers.”
www.insurancebusinessonline.com.au
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10/07/2020 10:59:01 AM
SAMANTHA HOLLMAN COO Steadfast
MELANIE SLACK CEO, Australia and New Zealand Swiss Re Corporate Solutions
Melanie Slack brings more than 25 years of experience and insight from having worked in Canada, the US, Hong Kong, France, Germany, the UK and Switzerland to her role as CEO of Swiss Re Corporate Solutions’ Australia and New Zealand operations. Since joining Swiss Re in 2001, Slack has held a variety of roles in underwriting, internal audit and public-private partnerships. Today, she’s in charge of managing Swiss Re’s strategy, development and performance in the Australia and New Zealand commercial insurance markets. In navigating the COVID-19 pandemic, “I have become far more focused on the team as individuals than ever before,” Slack says. “In my opinion, Swiss Re has always been on the leading edge of culture in the insurance industry in terms of people development, inclusivity, etc., but we’ve had to really ramp that up and become personally connected to understand everybody’s home situation to ensure employees are thriving in a work-from-home environment.” That has often meant looking after employees’ emotional wellbeing, she adds. “I was on a call the other day with one of the CEOs at one of the major broking houses, and we were discussing team mental health,” she says. “I couldn’t have imagined that topic being part of our agenda even six months ago. The way we relate with each other in the corporate setting is becoming more personal.”
With 25 years of insurance experience, including 20 at Steadfast, Samantha Hollman is well positioned to serve the company’s best interests. Hollman has been with Steadfast from the very beginning, coming on board as the company’s second employee before it experienced dramatic growth. As COO, Hollman directs and manages operational activities, ensures the implementation of overall organisational strategy, provides support to Steadfast’s CEO on corporate and group issues, leads and motivates staff to achieve agreed business plan implementation timeframes, and monitors financial performance. When COVID-19 took hold in March, Hollman knew exactly where her priorities lay. “There are two areas that I have always known, but have been reinforced through the pandemic,” she says. “People in your company are what make it a success, and if they are supported and appreciated, they will continue to deliver, no matter the hurdles thrown at them. In times of uncertainty, strong leadership and calm, rational thinking are paramount to successfully lead the organisation.” Hollman’s primary career goal for 2020 capitalises on this sentiment. “My goal is for the business to deliver to their original strategy with a fully remote and driven workforce during COVID-19, without skipping a beat,” she says.
KAREN HARDY Principal Acme Insurance Brokers
As the head of Acme Insurance Brokers, located in regional Queensland, Karen Hardy admits her duties range from big responsibilities such as compliance and finance to the more mundane tasks such as cleaning. Hardy entered the insurance industry in 1996 after a failed attempt at banana labouring, where her “morbid fear of spiders” put an end to her field career. But she never looked back and says she loves the fact that insurance gives her the opportunity to learn something new every day. Today, Hardy’s main goal is to ensure the continued prosperity of Acme Insurance Brokers for the benefit of her community, clients and staff. Unlike most in the insurance industry, Hardy says her business hasn’t been too harshly affected by the COVID-19 pandemic, largely due to her rural location. “At this time, our region remains COVID-19 free, although our communities continue to adhere to all government advice,” she says. “So, maybe our unique challenge has been no challenge at all.” Despite this good luck, Hardy has had to grapple with restrictions on face-to-face contact, although they’re slowly easing. As a kinetic type, she says she found the formality of social distancing “disturbing”. As the global health crisis eases its grip and life slowly returns to normal, Hardy says her next career goal is “world domination ... after I find a new facilities manager”.
www.insurancebusinessonline.com.au
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10/07/2020 10:59:23 AM
SPECIAL REPORT
ELITE WOMEN IN INSURANCE VANESSA MAHER Senior vice president of claims Liberty Specialty Markets
Vanessa Maher joined Liberty Specialty Markets in 2001 and has held a wide variety of positions in the nearly two decades since, including legal counsel for Asia-Pacific and senior vice president of operations, technology, strategy and change management. Today, Maher leads Liberty’s digital transformation and serves as senior vice president of claims, responsible for bringing together more than 35 highly experienced claims specialists across four countries in the Asia-Pacific region. As the leader of the claims function, Maher is a long-term advocate for the claims team’s ability to add value throughout the entire duration of a policy, not just at the point of claim, which has helped Liberty form enduring long-term relationships with many of its clients. Maher leads a team that excels in solving complex problems and working in coordination with underwriters and risk engineering teams to offer a range of claims services to Liberty’s clients at the pre-placement, post-placement and post-loss stages.
BONNI GORDON Principal Global Risks
As the principal of Global Risks, Bonni Gordon is a fundamental part of a boutique brokerage that services medium-sized to large corporate clients and high-net-worth individuals and families. With 14 years of experience in the insurance industry, Gordon has been able to identify and tackle the many challenges presented by the current global health crisis. “The pandemic has created an enormous number of challenges, particularly in relation to directors & officers liability, cyber risk and property insurance,” she says. “Although capacity remains similar, insurers are now reviewing their appetite and exposures. Certain classes remain challenging – at times at a price, at reduced capacity or with exclusions.” Gordon has also had to address the insurance sector’s response to claims for business interruption cover. “At present, insurers have declined to consider claims of this kind, even when no formal claims have been submitted,” she says. “The sector continues to struggle with how to handle this unresolved issue and how to assist clients where there are no definite guarantees one way or the other. This issue will take some time to be resolved and no doubt will probably end up in the High Court.” This ties into Gordon’s biggest career goal for 2020: “A settlement in relation to a client’s business interruption cover – what a coup that would be for her and the insurance broking fraternity!”
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ANGELA STEVENS National claims manager GT Insurance
For the past nine years, Angela Stevens has served as national claims manager at GT Insurance, overseeing the company’s claims management in 10 branches across Australia and leading GT Insurance to win three awards for its claims service in the past two years. Drawing on 26 years of industry experience, Stevens manages customer and intermediary needs through continual review and improvement of claims processing, while also developing, reviewing and training branch claims personnel across the country. Thanks to her vast experience, Stevens was able to act quickly to support GT Insurance’s customers when the pandemic struck. “We are delivering on our core values, and our fair principle has also given our customers the safety and reassurance that we are meeting their needs,” she says. “We are also taking the time to talk to our customers and reassuring them that we are there for them in these difficult times.” While 2020 has presented plenty of unique challenges for insurance leaders, Stevens still has her own goals for the year outside of leading her team through the pandemic. “A big career goal is finishing my Advanced Diploma of Leadership and Management course through the ACCM and increasing my professional knowledge and training through work processes and relationships,” she says.
www.insurancebusinessonline.com.au
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10/07/2020 10:59:41 AM
MANDY COOPER Director CPR Insurance Services
With more than 30 years of experience as a broker and underwriter, always putting the needs of her clients first, Mandy Cooper is well positioned to ride out any storm. When the COVID-19 pandemic hit in early March, Cooper says the shift to remote work brought some initial challenges with her junior staff. “[One trainee] had only been with us seven or eight weeks when we decided to send him home to work,” she says. “It was hard to supervise and train him, and some days we were so busy ourselves, we would not always check in with him.” However, Cooper says that both she and her trainee were able to rise to the challenge and overcome it. Another frequent issue presented by the health crisis was not being able to visit clients. “We now offer Zoom meetings as opposed to face-to-face meetings,” Cooper says. “Some clients still want to see us, and we still want to see them, but with social distancing practised. I still hesitate when I go to shake someone’s hand and fumble as to how to greet them. It becomes a good icebreaker, as we both then laugh and start talking with a smile.” Another silver lining of the pandemic is that it has forced Cooper and her team to grow, adapt and learn new skills to support one another, leading to increased empathy and patience. “We don’t know if their partner has just lost their job or if they have someone one close to them very ill,” she says. “With everyone working remotely, it can be slow and frustrating when clients are putting demands on us, but we must work through this together.” For the rest of this year, Cooper’s goal is to continue to put her clients at the top of her company’s priorities. “Not everyone will survive these tough economic times,” she says, “but I am determined to work my hardest to support clients where I can to get them through it.”
www.insurancebusinessonline.com.au
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10/07/2020 11:00:14 AM
SPECIAL REPORT
ELITE WOMEN IN INSURANCE PEGAH VAGHAYE State manager, broker solutions, NSW and ACT CGU Insurance
PRUE WILLSFORD CEO ANZIIF
Prue Willsford has spent six years at the helm of ANZIIF, where her mission is to promote professionalism and continue supporting the insurance industry across the Asia-Pacific region through education, training, lifelong learning and thought leadership. With ANZIIF leading two major industry initiatives in 2020, Willsford has her goals for the year already carved out. “[ANZIIF is] developing and implementing a professional standards framework for the life insurance industry and developing and implementing an industry-wide solution for the implementation of the new General Insurance Code of Practice, ensuring consistency, efficiency and effectiveness for the supply chain,” she says. “These two programs require collaboration across the industry, which is difficult to do but incredibly worthwhile. For me, both of these are legacy projects that will raise standards and enable the industry to meet customers’ expectations.” The onset of the pandemic easily could have disrupted Willsford’s vision for improvement, but she sees it as an opportunity for the industry. “It’s a wonderful reminder that necessity is the mother of invention,” she says. “Our ability to implement all sorts of clever new tools for both our staff and members has been incredible and shows what can be done when we use smart tools to collaborate.”
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Since entering the insurance industry in 2001, Peg Vaghaye has held various roles in broking, underwriting, relationship management and distribution. At CGU, she manages a team of 13 that oversees broker relationships and accounts in NSW and ACT, and she’s also part of the leadership team that sets strategy and leadership for the broker and agency division of IAG. “The demands of my role require me to be very adaptable to change – change being the only constant in our business,” Vaghaye says. “When the pandemic occurred, we were able shift to working from home very quickly and adapt our plans and strategies. A continued presence in the market was my priority, and within the first two weeks, we sought to immediately make use of various forms of technology available to us. There was no rulebook on how to move to 100% digital interactions, and some found it harder than others.” However, Vaghaye says her team was able to quickly overcome any challenges that arose by being open to the experience and learning from their mistakes. Their efforts have highlighted the fact that the insurance industry hasn’t always maximised available technology, but Vaghaye hopes that can change. “We were used to attending seminars and conferences, but webinars, virtual rooms and on-demand learning were not widely used prior to the pandemic, despite it being available,” she says. “Realising that our live events will either be cancelled or postponed, I championed the online CGU Broker Learning Sprint with the support of NIBA, which aims to deliver regular, on-demand and topical subjects to brokers that help us communicate important messages to them, as well as giving them another avenue to continue their education and earn CPD points.”
RACHEL POLLACK General manager, employee experience and wellbeing QBE
A passionate advocate for QBE employees and a force for cultural change, Rachel Pollack leads the employee experience and wellbeing team for QBE’s operations in Australia, New Zealand and the Pacific. Pollack has more than 15 years of experience working across the company’s global network in a broad range of roles focused on customer-centred design, business improvement, innovation and change management. Pollack and her team have put employee wellbeing firmly on the organisation’s agenda and have played a key role in establishing QBE’s culture of care. Pollack is responsible for the introduction of a new wellbeing program that has empowered QBE employees to be at their best and has led to game-changing increases in employee health and wellbeing metrics. Pollack’s team is currently leading several significant strategic programs across the business, including supporting employees through COVID-19, devising an approach for safely returning to the office and re-evaluating ways of working for the future.
www.insurancebusinessonline.com.au
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10/07/2020 11:00:31 AM
BETH UEHLING Group executive of personal injury icare
With close to 20 years of experience in insurance and finance, half of which has been focused on workers’ compensation, Beth Uehling oversees personal injury claims at icare, NSW’s workers’ compensation system. Over the past few years, she has led the development of icare’s new customerfocused service model, which underpins the organisation’s recent transformation. This year, the COVID-19 pandemic has presented icare with significant challenges on that front. “With COVID-19, we quickly implemented a range of measures, both within the organisation and with our claim service providers, to ensure injured workers and employers experienced as little disruption as possible,” Uehling says. “The entire team has met the challenge of working remotely and keeping operations running smoothly while also progressing our transformation program with continual changes to our operating model, systems and processes. “It’s incredibly rewarding to have such a professional and committed team that continues to rise to the challenge in the face of ambiguity and uncertainty,” she adds. “We plan to evolve further with innovative ways to support all of our customers, especially in times of need. While we have come a long way in a relatively short period of time, there’s still some way to go until I’m satisfied that we’ve fully achieved the customer-centric vision we set ourselves five years ago.”
MEENA WAHI Director Cyber Data-Risk Managers
As the director of specialist insurance broking firm Cyber Data-Risk Managers, Meena Wahi is focused on ensuring her clients get the best service and the best-quality insurance product at the lowest price. “As we are very niche, I also continue to look for new policies,” Wahi says. Having worked in the field since 2013, Wahi boasts a wealth of knowledge and expertise on cyber and data insurance – a particularly important sector during COVID-19, when cyberattacks have soared. “Each risk must be either eliminated, managed, transferred or accepted,” Wahi says. “Each of these have their own strategy and an associated cost. Clients must learn to quantify the risk and strategy.” In addition to her work at Cyber Data-Risk Managers, Wahi is on the verge of completing her company director course, serves as a board member for Bendigo Bank’s Wantirna Community Bank Branch and is a regular presenter on data privacy at various forums. Going forward, Wahi hopes to be able to help innovative firms in Australia secure proper cyber coverage, educate startups on the value of cyber insurance and grow the market for reputational loss insurance.
BARBARA STENNING National head of claims Berkley Insurance Australia
Since the COVID-19 pandemic hit Australia, Barbara Stenning has faced several challenges in leading her team through this unique environment, from working remotely in an apartment still not fully unpacked to managing team members with different levels of experience and areas of expertise to handling an influx of claims. But Stenning says the challenges have ultimately had a positive effect on her leadership style. “I have learned how to be a non-visible communicator,” she says. “I have always been process-driven, and I am very grateful now, as it has ensured consistency in the way in which our claims are managed, which brings certainty to client outcomes. I believe that this time in lockdown has provided a unique opportunity to review how we do our part of the business, by perhaps seeing things more clearly through the various lenses of stakeholders involved in claims.” Unsurprisingly, Stenning’s biggest goal for 2020 is to successfully lead her team through the pandemic and into the next phase of business post-lockdown. She says this includes maintaining the team’s spirit, being aware of one another’s needs and goals, and providing opportunities to ensure these are met. “In doing this, we will continue to provide the same reliable, high-quality service to insureds and claimants,” she says.
www.insurancebusinessonline.com.au
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10/07/2020 11:00:45 AM
SPECIAL REPORT
ELITE WOMEN IN INSURANCE SHEENA JACK Managing director HCF
LARA MORGAN Partner Allinsure
With 14 years of insurance experience, Lara Morgan became a partner at Allinsure a year and a half ago, charged with managing the company’s strata portfolio, as well as key accounts across a range of industries. For the first half of 2020, Morgan’s biggest goals have been to settle into her new job and take on more of a leadership role in the management of business. “I’ve also been able to really mentor our team through the management of hail claims in terms of communicating, managing expectations, keeping the claims on track given the current environment and, of course, advocating for the client,” she says. Morgan says the COVID-19 pandemic has highlighted the need to build strong relationships with both clients and insurers. “I’ve relied on my empathetic nature more than ever to help clients work through such a challenging time,” she says. “Every little thing we can do to ease the financial burden, whilst ensuring their interests remain insured, helps. I also took on a key role in managing the mental health and wellbeing of our team, given the unique environmental challenges of having everyone working remotely.” While the pandemic’s challenges are far from over, Morgan also has her sights set on fostering female leadership. “A big career goal I want to achieve in 2020 is continuing to mentor our young female team into leadership roles,” she says.
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With 25 years of experience, Sheena Jack has worked as a corporate executive across various industries, including health and life insurance, banking, superannuation, and wealth management, and she held many roles across HCF before being named MD in 2017. The same year, she was also appointed as a director of HCF Life, a director of the corporate trustee of the HCF Research Foundation and a member of the board of Manchester Unity. Jack led the acquisition and successful integration of the latter into HCF in her previous role as chief financial officer, overseeing a deal worth $25m. During her time as HCF’s chief strategy officer, she was responsible for the development of the company’s 2020 Strategy, a five-year roadmap and vision for the business. Focused on driving innovation, she also established HCF Catalyst, Australia’s first corporate-backed health technology accelerator. In her short time as MD, Jack has delivered a new business line (Overseas Visitors Health Cover), launched a new loyalty program (HCF Thank You) and announced a new organisational structure to reflect HCF’s focus on member experience and business growth. She also commenced a $140m systems transformation project, one of the largest programs of work in the business to date. Outside of her various roles across HCF, Jack serves as a director of Private Healthcare Australia, the Business Council of Co-operatives and Mutuals, and ASX-listed health technology company Uscom.
KERRIE CHALLENOR Chief people and operations officer NTI
As NTI’s chief people and operations officer, Kerrie Challenor’s day-to-day responsibilities include leading the people and capability team and delivering service excellence in the company’s claims and underwriting operations. During her 40-year career in insurance, Challenor has specialised in HR, risk and compliance, corporate strategy, and transformation. She has a passion for leading people through change, growing engagement, and achieving strategic and commercial outcomes – even during a pandemic. “Naturally, COVID-19 has presented its challenges, but with challenge comes opportunity,” Challenor says. “Through unprecedented conditions, NTI has continued to go above and beyond for customers experiencing hardship, all the while retaining its people and even increasing their engagement score from last year to an all-time high of 93%.” Challenor’s commitment to professional development and the insurance industry extends beyond her role at NTI. She’s a fellow and honorary life member of ANZIIF, having held positions on the national board and academic and women’s councils. As a voice for professional women, particularly in financial services, she hopes to encourage greater diversity and inclusion. “There is richness in diversity,” she says. “Diverse organisations are robust, innovative organisations, and that’s where the magic happens. It comes from people.”
www.insurancebusinessonline.com.au
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10/07/2020 11:01:11 AM
HILARY BATES Chief claims and operations officer, general insurance, Australia and New Zealand Zurich
When she joined Zurich in 2016, Hilary Bates had already racked up nearly 20 years of experience in the insurance industry, starting in private practice for insurance, risk management and litigation practice groups before focusing solely on insurance in 2004. Since then, she has held several senior claims management roles, responsible for delivering on customer, people, financial and transformation objectives. A two-time member of the Elite Women list and named to IB’s Global 100 list for 2020, Bates says she is passionate about business transformation and delivering on the promise to Zurich’s customers. When the pandemic struck, Bates picked up yet another fundamental role within the company. “I am also currently the crisis controller, working with a team of people to coordinate our local response to the COVID-19 pandemic across our Zurich Australia and New Zealand businesses,” she says. “This included moving 95% of our staff across 15 offices to working-from-home arrangements, ensuring our team members could work remotely and our on-site critical staff were in a safe work environment.” This shift in responsibility and work environment has also led Bates to update her goals for 2020. “My goal for the remainder of the year is to lead the business through our return-to-office pilot and into a formal wave one for return to office in the third quarter, recognising all the cultural changes we are seeing to a traditional office environment as people have adapted and, in many cases, prefer working from home,” she says.
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10/07/2020 11:01:40 AM
SPECIAL REPORT
ELITE WOMEN IN INSURANCE
DR RACHEL DAVID CEO Private Healthcare Australia
Rachel David joined Private Healthcare Australia as CEO in 2016 after spending her career advocating for equitable access to quality healthcare for all Australians. With a wealth of knowledge and achievements, David is an influential voice in the private health sector and led both the major health insurance reforms introduced in April 2019 and, more recently, the industry’s response to COVID-19. David says her biggest priority during the onset of the pandemic was to ensure that policyholders were supported. “One of the big challenges we have faced as an industry in recent months has been adapting quickly to make sure health funds can continue to deliver value for our 13.6m members,” she says. “The private health insurance industry had to be agile and adapt quickly to ensure our members still had access to vital healthcare services.” Reflecting on the industry’s response to the pandemic in unison with regulators, David says she’s proud of what she has witnessed. “Personally, I am pleased with the way we have come together as an industry and united on issues such as postponing premiums and working with government and regulators, including APRA and the ACCC,” she says. “It has been crucial to maintain continuous communication and ensure health funds have all the information they need to make decisions in the best interests of their members.” Beyond the COVID-19 crisis, David says her biggest goal for this year is unchanged. “The goal for 2020 remains the same – to contribute to the delivery of world-class healthcare and for Australians to understand the real value of private health insurance,” she says. “Now more than ever, we understand the value of having access to timely and efficient healthcare.”
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10/07/2020 11:03:36 AM
LISA CARTER Director Clear Insurance
After 25 years in the insurance industry, Lisa Carter is now the sole director for Clear Insurance, where she works to drive the business’s growth strategy while also servicing large client accounts
LYNETTE WALSH Regional director of commercial, Sydney metro Aon Commercial Risk Solutions
and overseeing operations. During the COVID-19 pandemic, that oversight has included managing adversity and new risks while also ensuring that Clear Insurance continues to provide a high standard of communication. “Some of our hospitality clients have faced extreme adversity due to the pandemic, yet our medical industry clients have experienced fast-paced growth,” Carter says. “It’s been a pleasure assisting our clients in managing the risks that have arisen from both adversity and opportunity. Clients are expecting faster response times, clarity of communication and easy access to information. We absolutely enjoy and support the new online world as a prompt and professional way of engaging with and servicing our clients.” Under Carter’s leadership, Clear Insurance has been appointed a risk and insurance industry expert at Queensland Leaders, which Carter describes as “a prestigious position that provides excellent growth opportunities for my business, along with personal professional development through mentoring emerging Queensland businesses and public speaking opportunities.” Carter also became a SheEO activator this year, which enables her to support female entrepreneurs in establishing their businesses and connect with “incredibly positive, passionate and driven like-minded women”. However, she says the highlight of her career came in 2019, when she received NIBA’s Stephen Ball Memorial Award for National Broker of the Year.
Lynette Walsh’s introduction to the insurance industry came a little earlier than most – at age 11, Walsh was already learning the tools of the trade at her father’s successful insurance brokerage in Ireland, which she saw grow from a small operation to one of the town’s largest employers, with nearly 50 staff and a considerable online presence. “I spent most of my spare time outside of school in the office, as I loved to help and protect the local community,” Walsh says. “As I progressed through school, university and my post-graduate, I always knew I would remain in insurance broking, as I don’t believe there is a more rewarding role in business than helping people, families, businesses and communities through their toughest times – knowing, because of you and the work you’ve done, they’ll get through this.” In her role at Aon, Walsh leads teams in Parramatta, Bankstown and Sydney that service the needs of commercial clients with revenues between $2.5m and $250m. “I am responsible for ensuring we deliver true value to our nearly 4,000 clients and exceed their expectations,” she says, “whilst also providing the best of development opportunities for my team members, creating and achieving our growth strategy, and innovating our solutions and expertise.” Walsh says the COVID-19 pandemic and the operational changes that followed have forced her to grow as a leader. “I have become more resilient,” she says. “Challenges are all surmountable when you put in perspective what we have gone through and achieved over the past few months. I approach each day with positivity and approach each problem with the confidence that it can be solved – because it can.”
www.insurancebusinessonline.com.au
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10/07/2020 11:04:01 AM
SPECIAL REPORT
ELITE WOMEN IN INSURANCE KELLY BUTLER Cyber practice leader – Pacific Marsh
With more than 21 years of insurance experience across Australia, New Zealand and the UK, including 12 years spent designing cyber and financial lines insurance programs for large corporate and publicly listed clients, Kelly Butler was well equipped to build Marsh’s cyber practice when she came on board in 2016. Since the start of the pandemic, however, she’s faced new challenges that have arisen from the sudden shift to remote work. “For me, it’s been about finding new ways of creating an environment where all of our cyber practice team members continue to thrive in these unprecedented times, all the while delivering superior service to our clients,” Butler says. “Mental health has been an absolute priority for us at Marsh from the top down, ensuring everyone has received the support they need, depending on each team member’s unique challenges. Whilst this has involved a significant time commitment, we are a much stronger team as a result.” Butler adds that the pandemic has also brought about positive changes to her leadership and the workplace. “What this pandemic has taught me is that constantly chasing your tail does not benefit anyone, including your team or clients,” she says. “I believe, as a manager, this is a very important example to set. I have definitely learnt to be a lot more patient, and my listening skills have improved greatly. It has also given me a new appreciation of just how critical the broker’s role is in delivering quality and timely advice for clients during times of hardship.”
JENNY O’NEILL Chief governance, legal, culture and corporate affairs officer Hollard Insurance
With 20 years of experience in the legal field, 15 of which have focused on insurance, Jenny O’Neill is perfectly positioned to oversee governance, legal, culture and corporate affairs at Hollard Insurance. O’Neill’s everyday responsibilities include everything from driving Hollard’s implementation plan and response to the APRA risk self-assessment and royal commission to articulating the company’s purpose, enhancing its employee value proposition, and leading on diversity and inclusion. Lately, her role has also included helping to create a game plan for the COVID-19 pandemic that aims for zero redundancies between March and September 2020. “Hollard’s family culture is much of what sets us apart as an incredibly special place to work,” O’Neill says, also highlighting the company’s recognition as an Employer of Choice by Human Resources Director and its silver status on the Australian Workplace Equality Index, the national benchmark for LGBTQ workplace inclusion in Australia. “Silver status means we are in the top 20% of Australian businesses who submitted this year – and in the top three insurance companies,” O’Neill says. As for her 2020 career goals, O’Neill has already accomplished one by celebrating her 15-year anniversary at Hollard. In addition, “I’d like for Hollard to deliver on its promise as an Employer of Choice by leading on D&I through the prism of an economic downturn and the challenges and opportunities this will present,” she says.
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CARMEL DONNELLY CEO SIRA
The CEO of SIRA since 2017, Carmel Donnelly is responsible for regulating workers’ compensation, motor accidents compulsory third-party (CTP) insurance and home-building compensation in NSW. During her tenure, Donnelly has led the implementation of CTP reforms and has built SIRA’s regulatory capability and approach in line with community expectations, all while working to ensure the delivery of good customer experiences and outcomes, affordable policies, and sustainable schemes. Donnelly also actively advocates within the NSW government for greater inclusion and participation of people with disability. In response to COVID-19, Donnelly and her team rapidly adapted SIRA policies and services, including implementing amendments to legislation, accelerating the delivery of telehealth services and preparing the workers’ compensation system to respond to COVID-19 claims. Donnelly says her team members adapted well to remote working, prioritising an agile approach that aims to minimise the impact of COVID-19 on customers in the schemes. Donnelly’s current challenges include moving SIRA’s personal injury schemes to value-based care and improving workforce participation for people who are injured. She has also initiated an ambitious review of healthcare services and utilisation within SIRA’s personal injury schemes to address rising healthcare costs and inform revised regulatory requirements.
www.insurancebusinessonline.com.au
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10/07/2020 11:04:11 AM
CHARIS MARTIN-ROSS Head of social impact Allianz Australia
Charis Martin-Ross began working in insurance four years ago after a career as an organisational psychologist – a background that has helped her in her current role in a large, complex organisation. As Allianz Australia’s head of social impact, Martin-Ross drives the company’s social impact strategy, including the execution of its global commitment to the transition to a low-carbon economy. “This also includes understanding and responding to broader issues that our Australian stakeholders care about, such as mental health and social inclusion,” she says. When the pandemic ruled out face-to-face meetings, Martin-Ross found herself navigating a new landscape to engage the community. “No face-to-face contact has prevented traditional approaches to fundraising for our charities and volunteering in the community,” she says. “It’s hard to predict how the pandemic might change our community investment strategy permanently, but we’re working with our partners to identify virtual solutions.” One silver lining of the current situation is that it has cemented Martin-Ross’ longstanding commitment to meditation, which she says aids her resilience. “Since the pandemic began, I’ve made a conscious decision to role model calm,” she says, “and I don’t think I would have been able to do this without the benefits of daily meditation on resilience and emotional regulation.”
www.insurancebusinessonline.com.au
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10/07/2020 11:04:30 AM
FEATURES
SECTOR FOCUS: TRANSPORT AND LOGISTICS
Driving the market forward Since 1996, NTI’s Brooke Caldwell has been carving out space for herself – and for other women – in the insurance industry WHILE INSURANCE has traditionally been a boys’ club in the past, it’s been changing for the better for many years now, and that’s thanks to women like Brooke Caldwell of NTI making inroads in traditionally macho spaces like transport, logistics and heavy vehicle insurance. “When I first started in the industry back in 1996, or even just thinking about 10 years
insurance industry can be slow to change,” Caldwell says. “Not all insurance companies are created equal in this respect, but we are seeing pockets of change across some insurers and brokers. The more women step up and express what they want for their careers, the better their chances of driving their future in this industry and effecting real change for equality.”
“It’s a role and an industry that you will always learn something from” Brooke Caldwell, NTI ago at my previous employer, I looked around at who was in what types of roles, and it was clear that insurance was male-dominated,” Caldwell says. “Typically, women who were in managerial type roles were in HR. It wasn’t my experience to see women in executive, management or product management roles, particularly in spaces like transport or fleet. “I wouldn’t say that my experience at NTI has reflected that, but I would say that the
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Rising to the challenge Today, Caldwell is NTI’s national heavy motor product manager for fleet. It’s a dynamic role, encompassing one of the largest heavy motor books in Australia, that also allows her to keep a finger on the pulse of customers’ day-to-day wants and needs. “It’s a role and an industry that you will always learn something from,” she says. “One of my mentors once said to me that the day
you stop learning in an industry like ours is the day you should pack your bags and resign. Well, I’m 20-plus years in, and I am constantly learning new things, and it’s great to step up to each challenge!” The last several months have thrown up plenty of challenges for Caldwell, from unprecedented bushfires from late 2019 through to January, flooding in the following months and now COVID-19. “All of these situations required a lot of flexible and practical thinking about our customers and how both myself and NTI want to be there for our customers and, more broadly, for the transport industry,” Caldwell says. “When COVID-19 hit, NTI was one of the first insurers with all staff at home and fully operational to ensure our customers
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10/07/2020 11:07:30 AM
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TECH-BASED SAFETY SOLUTIONS The latest data from NTI indicates that fatigue remains the largest cause of fatal crashes in heavy transport, responsible for 34% of fatal accidents in 2019. In addition, incidents caused by driver behaviour account for more than 50% of NTI’s largest losses. Caldwell believes the increasing use of intuitive technologies designed to help manage the risk of fatigue- and distraction-related crashes will have a significant impact on the transport industry. “Early adopters of these types of technologies are seeing real benefi ts with a reduction in these driver fatigue and distraction-type events,” she says. “Ultimately, we want to see fewer preventable losses in their claim profiles, drivers going home safe to their families and safer roads for everyone who shares them.”
were supported and that our brokers could contact us.” The central aim, she explains, is always to put money back in customers’ pockets without being complicated or asking lots of questions before providing a laid-up cover. Accordingly, NTI transacts business with both specialist transport brokers and non-specialist brokers to provide a broader range of services. “We also provide our brokers the opportunity to access our NTI Traction program for their customers,” Caldwell says. “The program gives the customer a benchmark of their business compared to others in the transport industry, aiding them in uncovering the effectiveness of their current processes and potential barriers to change.”
The program is geared at giving all levels of the business a voice and providing clear, actionable outcomes for everyone to work toward, which helps clients improve their safety culture and implement new safety processes, shore up inconsistencies across multiple depots, and even navigate rapid growth. “The broker can participate alongside their customer in this program and develop a deeper relationship with and understanding of their customer,” Caldwell says. NTI’s National Truck Accident Research Centre also provides an annual report that draws on the company’s extensive vehicle and claims data to provide powerful insights on topics like fatigue, driver error and distraction, inappropriate speed for condi-
tions, non-impact fire losses and more. NTI also hosts regular webinars for broker partners on a wide range of topics affecting the transport industry, from driving risk to freight task/carriers.
What’s down the road Looking to the future, Caldwell is keenly aware of the changes that have occurred within the industry over the last few months in the wake of the COVID-19 pandemic. “We’ve seen food and general household supplies quickly becoming an essential service,” she says. “The state governments lifted curfews on overnight deliveries to supermarkets and essential businesses, allowing 24-hour deliveries and giving the flexibility required to schedule deliveries and
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10/07/2020 11:12:32 AM
FEATURES
SECTOR FOCUS: TRANSPORT AND LOGISTICS
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use the freight network to meet the growth in demand for delivery services.” As a result, large transport and logistics companies with contracts for essential businesses like supermarkets have experienced increased vehicle utilisation to meet consumer demand. Those companies, experiencing an overflow of work delivery requirements, have been able to provide work for other freight operators who have lost
“I want other women in the insurance industry to know that if you want a role – any role – in this industry, you should speak up” Brooke Caldwell, NTI contracts for different tasks no longer considered essential during the pandemic. “The transport industry has been very dynamic in that manner,” Caldwell says. The increased demand for home delivery of essential items, including groceries, is likely to remain beyond the pandemic. “Insurers involved in the heavy motor space will likely see an uplift in the frequency of smaller losses into their books from a smaller premium base, so insurers’ margins will compress,” Caldwell says. “This change
should be reflected in the dynamic to lowaverage-value, lower-risk rigid truck space.” As for her own role, Caldwell is keen to remain an outspoken voice for women in insurance. “I want other women in the insurance industry to know that if you want a role – any role – in this industry, you should speak up,” she says. “Don’t sit back, hoping you’ll be noticed. Get yourself a mentor who will help
ABOUT NTI With more than 45 years of experience in the insurance industry, NTI is the company you can count on to protect your transport and logistics assets. Our award-winning combination of tailored products and services, experienced people, accredited repair and recovery networks, and industry advocacy have seen us become Australia’s leading specialist insurer. Yet insurance is just a piece of paper – a promise. It’s not until you really need us that you understand our point of difference. For more information, visit nti.com.au.
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inspire and bring out your best and give you advice on working through problems.” You don’t need to have all of the answers all the time, she explains, but you do need to be willing to look for them. Caldwell suggests talking to other women who have experienced success and surrounding yourself with an inclusive workplace like NTI that’s full of supportive people. “If you don’t have positive people around, then you absolutely should think about changing that dynamic,” she says. “Either change their minds by putting your hand up to demonstrate your interest in trying new things or change jobs because there are great companies who support women absolutely. Women are more than capable of achieving anything they put their minds to – you just may need to knock on a few more doors and knock loudly.”
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Your local marine experts. Australia’s leading marine insurance specialist. With the largest team of experts in marine insurance claims, underwriting and sales in Australia, we’re responsive whenever you need us. The marine industries never stop, and neither do we.
To get to know your local experts, visit
marineprotect.com
Insurance products are provided by National Transport Insurance, a joint venture of the insurers Insurance Australia Limited trading as CGU Insurance ABN 11 000 016 722 AFSL 227681 and AAI Limited trading as Vero Insurance ABN 48 005 297 807 AFSL 230859 each holding a 50% share. National Transport Insurance is administered on behalf of the insurers by its manager NTI Limited ABN 84 000 746 109 AFSL 237246.
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10/07/2020 11:13:24 AM
FEATURES
CLIENT SERVICE
Insurance: a local concern Communication is the key to success in the insurance industry. But in a tech-dominated world, how can brokers and insurers truly engage with the client at a local level?
THE MODERNISATION of the Australian insurance industry has yielded several trends, including an increased emphasis on technology, greater automation and increased centralisation. But while all of these trends have definite positives – few brokers would argue for a return to the days of filling out forms by hand and sending off faxes – there are those who buck the trends, too. In 2012, when insurers around the country were in the process of centralising their operations, Berkley Insurance Australia was doing the opposite. CEO Tony Wheatley was looking for ways to decentralise, opening offices in Western and South Australia to ensure that local communities could be effectively served. “Being able to provide locally is a big part of our success,” explains Kirsty Owens, state manager for SA. “We’ve really gone from strength to strength as a result.” Barbara Stenning, national head of claims, echoes that sentiment. She notes that for a variety of reasons, the insurance industry at large hasn’t always had a good reputation with the general public. Putting a local face on the business can go a long way toward dispelling negative preconceptions.
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“Whether you’re a broker or underwriter, you’re constantly making critical decisions on the part of the insured – and in truth, making decisions that affect them directly,” Stenning says. “Being local gives you a much better understanding of all of the nuances and personalities involved.” She adds that local knowledge of the system you’re working in is critical. It also means clients have easy access to a decisionmaker, which greatly affects their ability to obtain positive outcomes.
The human touch Insurance has become far more automated and technology-based as providers strive to find ways to streamline and speed up their processes. But people will only communicate with you effectively if they trust you, Owens points out – and listening is crucial to understanding clients’ needs. Many of the brokers Owens deals with in South Australia have known her for 20-plus years, so they feel comfortable approaching her for guidance even when she might not be able to write the risk. “I really enjoy this part of the job,” she
says. “Collaboration is more than just getting the deal done – it’s about being the broker or client’s trusted adviser. I think communication has fallen victim to automated processes in a lot of ways; that’s why at Berkley Insurance Australia, our foray into online platforms has always been about maintaining that ‘local broker, local underwriter’ motto.” Owens explains that while online platforms certainly have a place in the modern insurance environment, Berkley doesn’t want them to totally replace human interaction. She feels that the social isolation caused by COVID-19 has actually helped push things in the right direction on this front. As workers all over the country were forced to transition to working from home, “I noticed a remarkable increase in communication, both internally and externally,” Owens says. “I’d like to think that this is one of the positives that has come out of this unprecedented situation, and I hope that in a post-pandemic world, we can maintain this need for quality human interactions. I suspect that the days of the big corporate functions will move to being a thing of the past as we focus on the more personal one-on-one interactions.”
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The new rules of communication That’s not to say that the first half of 2020 has all been smooth sailing, of course. In the wake of the pandemic, Stenning says client expectations are understandably running extremely high. “From the perspective of claims management, processes and delivery haven’t really changed at all,” she says. “BIA has always followed the rules of its founder to ‘play fair, pay early’. As a result, our key process has always been directed towards appropriate outcomes for all stakeholders. On a day-to-day basis within my team, what has changed is how we communicate. The team isn’t in the office together day to day; you
“Whether you’re a broker or underwriter, you’re constantly making critical decisions on the part of the insured. Being local gives you a much better understanding of all of the nuances” Barbara Stenning, Berkley Insurance Australia don’t have that extended experience from start to finish – everything has to be managed via different forms of communication, which we are all learning from each day.”
The starting point of any claim is consideration of the insurance contract and how the words have been interpreted by the decisions of the courts and their jurisdictions. Because
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FEATURES
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CLIENT SERVICE
those interpretations aren’t always consistent with the claimants’ expectations, Stenning says that open communication, mutual respect and consistency in approach (something BIA is known for in the Australian market) are key when bringing parties to the table. Stenning also reminds brokers and insurers to remember that when a claim is made, it’s usually one of the worst times in the insured’s life. “Someone has made a claim against an insured, and their world starts falling apart – financial consequences are foremost in their minds, causing concerns,” Stenning says. “Even if they haven’t done anything ‘wrong’, it doesn’t change that it feels overwhelming and pretty awful.” This is an area where brokers can really contribute, she believes. Given the increasing complexity of insurance policies and their attendant exclusions, Stenning strongly advocates putting a human face on such situations. “Unfortunately, I think there’s been a bit
ABOUT BERKLEY INSURANCE AUSTRALIA As a general insurance provider, Berkley Insurance Australia has a significant portfolio of liability and professional lines business in Australia. Our motto is “local underwriters supporting local brokers”, and we encourage our brokers to pick up the phone and discuss their clients’ risks so we can work together to find the most suitable coverage solution for our mutual client, the insured. We consider ourselves a knowledgeable resource with underwriters who specialise in particular product lines, available when brokers need advice or support. Berkley Insurance Australia is part of a global insurance model and was founded on four essential principles: • Service: Fast responses from local underwriters • Expertise: Underwriters who understand and are willing to help • Financial strength: Insurance company members of W.R. Berkley Corporation are rated A+ by A.M. Best and S&P • Support: Fair and fast claims handling Our brokers and policyholders expect to be treated as individuals by a provider who understands their specialist business risk exposures and provides solutions to both underwriting and claims. Fully authorised and regulated by APRA, Berkley Insurance Australia is a member of W.R. Berkley Corporation, a leading provider of commercial lines property & casualty insurance and reinsurance operating in the US, UK, Continental Europe, South America, Canada, Mexico, Scandinavia, Australia and the Asia-Pacific region. For more information, visit berkleyinaus.com.au.
“Collaboration is more than just getting the deal done – it’s about being the broker or client’s trusted adviser” Kirsty Owens, Berkley Insurance Australia of a tendency in the industry to gloss over certain issues,” she says. “But we’ve got to be very open and clear in communication and really thoughtful about it. As one of the key front-facing representatives of the industry, it’s crucial to be encouraging greater public education around the purchase of the policy.”
The road to recovery Moving forward, Stenning believes clients will be looking to brokers to find more tailored solutions for their insurance needs. “It’s all about risk transfer for their busi-
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ness at the end of the day,” she says. “Clients need to be cognisant of what it is they’re trying to transfer so they can manage their insurance spend and expectations.” Given the variety of disasters that have already battered Australia during 2020, both Stenning and Owens believe the insurance landscape could look quite different postCOVID-19. The top priority will be ensuring that everyone in currently fragmented teams is following proper processes. “From a planning perspective, we need to consider tripartite outcomes,” Stenning says.
“You’ve got the insured, the beneficiary under the policy and the insurance business as a whole. Failing to appreciate these considerations and keep them forefront of mind leads to consequences for each party.” Stenning isn’t sure that any insurer has a full picture of what the future might look like yet. “Looking through the lens of the claimant, they’re going to be looking at getting payments fast,” she says. “Given the disruptions caused by wider circumstances, they’re not going to want to wait for court timetables, which have been slowed down by events across the globe. I think we’ll probably see a lot more emphasis on informal settlements and mediation.” It’s on the industry as a whole to help rebuild trust, she adds. “By keeping local and keeping in contact, communicating efficiently and meeting needs, I think we can go a long way towards doing that.”
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Insuranc
Not your average Insurer We believe local brokers need local underwriters. We encourage our brokers to pick up the phone and discuss their client’s risks so we can work together to find the most suitable coverage solution for the insured, our mutual client.
Australia’s award winning specialist Insurer Providing brokers with excellence in service, expertise, security and support
1300 800 772
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PEOPLE
BROKER INSIGHT
Celebrating the big wins David Powell of Elliott Insurance Brokers tells Insurance Business how he’s earned his clients’ trust by managing expectations and finding coverage throughout the COVID-19 pandemic
IB: What’s your role at Elliott Insurance Brokers? David Powell: I am a senior account executive and responsible officer in the absence of our founder, John Elliott, at Elliott Insurance Brokers. I have been working at the firm since 2012. Having worked with international and national brokers before, alongside having a collective 20 years of broking experience, I believe I bring a wealth of knowledge to my current role.
IB: What makes Elliott Insurance Brokers stand out from the crowd? DP: We try to be our clients’ insurer advisers, despite being a small office. Through Steadfast or our network of referral partners, we provide an insurer offering that competes and, in our belief, exceeds even some of the major brokerage organizations. Whilst we specialise in an online trades scheme, we offer personalised service for SME business, as well as offerings for corporate clients.
IB: What’s your perspective on the COVID-19 pandemic’s effect on the insurance and broking industry? DP: I’ve been pleasantly surprised on the durability of our business owners. Whilst unfortunately some industries are doing it
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tough, many companies have utilised other areas of their business to compensate for downturns in their core business and are getting through the crisis with minimal impact. For the insurance industry, I think the effects may not be known for some time. Some of the business interruption claims are obviously headed to the courts, so it could be quite a while before we comprehend the total impact it will have.
IB: Has the pandemic posed more of a threat or an opportunity to brokers? DP: I believe it’s provided an opportunity. We like to engage our clients on updates within the insurance industry, and we have also engaged in regularly updating our clients on the changes insurers and government have implemented and how it affects their businesses.
IB: What has been your biggest
challenge over the past six months, and how did you manage it? DP: The property market is still the toughest challenge – premiums have got to the stage in some areas where clients are considering whether the cost of insurance is too prohibitive. Being based in WA, we have a lot of risks that are being deemed hard to place, whether it’s occupation, location above [the 26th parallel] or rural properties with limited fire brigade access. However, we manage to find coverage and capacity a lot of times when our competitors haven’t been able to do so.
IB: What are your greatest priorities in your current role? DP: My biggest priorities are carrying out my current role in the absence of our founder, John Elliott, who is currently trekking over Australia with his entourage of camels. It’s a leadership and mentoring role internally,
ABOUT ELLIOTT INSURANCE BROKERS Located near Perth, Elliott Insurance Brokers is a part of the Steadfast group and has access to Australia’s top insurers. The company offers products in tradesman, home and contents, auto, travel, business, and liability insurance. Elliott Insurance Brokers has also been part of the ongoing push to lead insurance into the digital age. Working alongside its insurance partners, the brokerage continues to develop products that can be purchased online within minutes, without the delays common to traditional insurance broking.
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FAST FACTS: ELLIOTT INSURANCE BROKERS AREAS OF SPECIALTY
Building and construction
Rural insurance
Real estate
Commercial property
Transport
Year founded: 2008 Headquarters: Nedlands, WA
“There is no bigger endorsement that you’ve done your job well than when a major claim is paid and the client comes out the other end with their business fully intact” whilst picking up the client relationship that John was great at externally.
IB: What have been some of your biggest accomplishments as a broker throughout your career? DP: One big accomplishment was a large loss where I took a phone call from a client who had been up all night fighting a fire to save his
business. He simply asked if he had paid the premium, and I confirmed that he had. He then said, “I’ll call you tomorrow; I’m going to bed.” This client had faith in me that his coverage was right. He was paid out in full, and his business is still operating to this day. There is no bigger endorsement that you’ve done your job well than when a major claim is paid and the client comes out the other end
Acquisitions: Acquired Progressive Insurance Brokers in 2010 and Accord Insurance Brokers in 2012 Awards: Named to IB ’s Top 10 Brokerages list six times and a member of the BRW Fast 100 list in 2014 and 2015 with their business fully intact.
IB: What are your major career goals for 2020? DP: A big personal career goal I would like to achieve in 2020 is to see the continued growth of Elliott Insurance as a business and the growth of our younger account executives in their careers as insurance professionals.
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FEATURES
SECTOR FOCUS: PROFESSIONAL AND FINANCIAL LINES
A mutual benefit In an uncertain world, how can mutual insurance groups work more effectively alongside brokers? Helen Brand of Liberty Specialty Markets shares her thoughts
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HALFWAY THROUGH 2020, there have already been enough major events around the world to populate the better part of a decade. Australia alone has seen major bushfires, flooding, the COVID-19 pandemic and signs of the country’s first recession in 30 years. Coupled with a hardening insurance market across a broad variety of sectors, brokers have been far from immune during this period, says Helen Brand, assistant vice president of professional and financial risks and Queensland branch manager at Liberty Specialty Markets. “Brokers are dealing with challenges well
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beyond the usual day-to-day business,” she says. “They’re servicing heavily distressed clients, some of whom are also staring down tightening pricing models and Ts & Cs, as well as new exclusions.” Still, Brand believes there’s significant room for brokers to come into their own and demonstrate their value during this period. In her view, the reaction to COVID-19 has served as an object lesson in how brokers can showcase their value. It’s an opportunity to get on the front foot, provide support and look at both present and future needs. “Insurance is a numbers game, but there’s
also a significant relational component at play,” Brand says. “Over the past year, we’d become increasingly aware of the importance of advising brokers around questions of culture and values. The financial stability of an entity is important, but without a solid culture in which employee feedback is valued, an entity can start to show strain. Our discussions with broker partners and clients place great importance on this aspect.” Brand adds that Liberty aims not to be “too reactionary”. As an entity with deep experience and expertise in financial institutions and professional indemnity, Brand
with a mutual, Brand says, is that even in uncertain times, brokers don’t have to worry that Liberty is going to suddenly disappear or exit the market overnight. While Liberty isn’t completely immune to wider market cycles, Brand notes that mutuals tend to be able to look at alternative ways of aiding clients in hardening markets or other unusual circumstances. “It’s not just about pricing; it’s just as much about policy terms,” she explains. “Over the past year, Liberty has actually bound 20% more professional and financial lines policies in Australia than we did in the
“Insurance is a numbers game, but there’s also a significant relational component at play” Helen Brand, Liberty Specialty Markets says Liberty is well aware of the importance of maintaining calm and poise in the face of wider world events. “As a mutual, consistency tends to be something that we do well,” she says. “Over the last two or three years, we’ve seen pricing in the professional and financial lines that we write rapidly increase to current levels. Some insurers either downscaled their risk appetite or simply withdrew from servicing those markets.” One of the key advantages of working
year prior, so we’re definitely committed and try to maintain a stable risk appetite.”
Grappling with risk Brand credits a great deal of Liberty’s success to its in-house risk engineers and claims professionals. Working closely with brokers and clients, Liberty’s risk engineers are able to provide key insights into a client’s industry. That enables pricing and risk to be assessed with greater accuracy while also clearly demonstrating the rationale behind
ABOUT LIBERTY SPECIALTY MARKETS Liberty Specialty Markets offers an array of insurance and reinsurance services to brokers and insured clients, bringing value and solutions to more than 22,000 of Asia-Pacific’s most significant business and government organisations by helping them protect what they earn, build and own. Liberty is part of the global Liberty Mutual Group, a Fortune 100 company that’s been in business since 1912 with an A (strong) rating from Standard & Poor’s. For more information, visit libertyspecialtymarkets.com.au.
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FEATURES
SECTOR FOCUS: PROFESSIONAL AND FINANCIAL LINES
particular decisions and policies. For example, Liberty is the only insurer in the Australian market with a risk engineer dedicated to professional indemnity for construction clients. Brand notes that while risk engineers are not a particularly new concept – they have long been tied to property insurance – they are not well known within the professional and financial lines space. “We’ve found that brokers and clients tend to open up more when they have someone in front of them who actually understands their industry,” she says. “They’re able to see the situation in a whole new light, and the risk
“Clients need to be treated and assessed individually under these circumstances; we know that many of them have exceptional risk management and disclosure reporting, and we reflect that in our underwriting.” Brand acknowledges that there has been considerable discussion around the prospect of insurers withdrawing and retracting from segments of the market, but she remains confident that this won’t be an issue for Liberty. Over the past 18 months, the organisation has significantly grown its financial institutions and professional indemnity books, taking on significantly more fund
“We’ve found that brokers and clients tend to open up more when they have someone in front of them who actually understands their industry” Helen Brand, Liberty Specialty Markets engineer can provide insights into the wider context of pricing and clauses.” Similarly, Liberty’s claims professionals do much more than just settle claims. “They meet clients when the underwriting process begins and are part of the complete life cycle of our clients’ journeys,” Brand says.
Dealing with the pandemic fallout In light of the recession brought on by COVID-19, Brand is keenly aware of the risk of company collapse and, accordingly, expects to see a more active claims environment. Liberty is supporting brokers by providing question sets on COVID-19 to help generate information for underwriting and claims assessment. “We haven’t put any broad-brush exclusions around COVID-19 on any professional and financial lines policies,” Brand says.
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managers, certifiers and solicitors. Additionally, Liberty’s D&O policy count has tripled in the last five years, and Side C cover is still being written under the right conditions. Seven new professional and financial lines underwriters have joined the Australian team so far in 2020, including three who have come on board while working from home during COVID-19. “Clients are underwritten on the basis of a long-term relationship,” Brand says. “Client meetings and engagement are key to this longevity, ensuring that we understand and partner with each of our insureds.” With insurers all around the world heavily affected, she adds, it’s critical to have a reliable partner. “We’ve been there when there has been a market dislocation, and we’ve stayed in the market. It’s rare for us to withdraw; we can have difficult conversations
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THINKING LONG-TERM Having spent 12 years as a broker before moving into underwriting and then becoming head of Liberty’s Queensland branch and the Queensland professional and financial risks team, Helen Brand is a staunch proponent of long-term relationships between insurers and brokers. “I like to build relationships,” she says. “There’s no real benefi t to taking on a policy for a year at the lowest possible price, only to turn it over again the following year.” This approach is echoed in Liberty’s larger business practices, Brand says, which avoid sharp changes in underwriting ethos and encourage employees to operate as an integrated business unit. “Claims professionals, underwriters and risk engineers sit side by side, working together for clients,” Brand says. “We want to be able to off er bespoke policies to clients, and brokers are a great conduit in that process.” around coverage, exposures and pricing.” Brand also points to Liberty’s various training and best-practice initiatives for brokers. “We work across a broad spectrum of engagement, collaboration and contact forums – white paper distribution, LinkedIn, virtual and face-to-face broker updates, to name a few,” she says. “We’re always eager to provide opportunities for up-and-coming brokers to make contact with more experienced brokers; by bringing them together, we give them the opportunity to network and impart experience.” Ultimately, Liberty is committed to brokers and clients alike for the benefit of the wider industry. “We want the best possible outcome for everyone,” Brand says. “After all, as a mutual, it’s in our best interest to provide mutually beneficial outcomes.”
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W T W T
WE’VE SEEN YOU THROUGH BEFORE, WE’LL SEE YOU THROUGH AGAIN.
Our structure and strength enables us to step up and face challenges head on. We’ve shown up for our Australian clients and partners for more than 20 years. Staying connected, responsive and accountable. As a mutual, we are wholly devoted to our policy-holders and partners: providing continuity and assurance in an unpredictable world.
For Mutual Advantage libertyspecialtymarkets.com.au
Liberty Specialty Markets is a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited).
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FEATURES
MEETINGS
How to run successful virtual meetings With more people working remotely, virtual meetings have become crucial to gather a team. Donna McGeorge explains how to make your virtual meetings more efficient and effective
DOING ANYTHING by distance takes twice the time and is half as good. Unfortunately, if our face-to-face meetings are bad, then it’s likely our virtual meetings will be twice as bad (at least!). Running effective virtual meetings means navigating time zone differences, language barriers and technological inconsistencies. The three biggest criticisms of participants in virtual or distance meetings are that people are not fully present on the call and are checking emails or having side conversations with their phones, that the speaker or presenter often simply reads the slides, and that they go on for too long and much of the content is not relevant to everyone. Good protocols are important for both physical and virtual meetings. Here are some tips for handling virtual meetings. Be prepared. Make sure everyone knows why they’re there and what’s expected of
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them. Send out an agenda, or at least a purpose statement, so that people are clear about the reason for the meeting. Be punctual. Start and end on time. As the meeting convener, be online at least 10 minutes early so you can manage any tech issues. Be present – and keep it short. Distractions are everywhere, so by keeping virtual meetings to 25 minutes or less, you are more likely to keep people focused. In addition to improving how we meet generally, when it comes to virtual meetings, there are other things we need to consider.
Use the camera This is particularly useful for one-on-one meetings or smaller groups, but not so useful once you have more than six people on the
call. Using the camera creates a stronger connection, and you’ll gain access to the visual cues that an auditory interaction can’t provide. Of course, there are exceptions. Your teammates on those late-night conference calls don’t need to see you in your pyjamas. When videoconferencing: Speak clearly and slowly. This is especially important for multicultural meetings. Accents can be hard to understand. Move and gesture slowly and naturally. Depending on the bandwidth, movement can slow things down or create pixellated images. Look into the camera. Don’t look at yourself on the screen. Dress appropriately. Often we think that distance means we can be more casual, but this is not true; you still need to be professional. You also need to think about colours and patterns that might be jarring on the screen. Put your microphone on mute. When you aren’t speaking, be aware of background noise and keep your movement to a minimum. Use the ‘hands up’ function. This is a better way to let people know you have something to say than trying to speak over the top of others. Stay focused and present. Keep focused on the task at hand, just as you should at an in-person meeting.
Run it like a radio show The next time you’re listening to the radio, pay attention to how the announcer refers to the audience. Typically, they don’t say, “Welcome, everyone out there in radio land.” They say things like, “Thank you for joining me today.” This is because they realise that the relationship between the radio announcer and the listener is one-on-one. The listener is often alone in a car, sitting at a desk or listening via headphones, so referring to “everyone” creates a disconnect.
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It can be the same when running virtual meetings. In many cases, the participants are sitting in a room or at their desks with headphones on, looking at a screen. Even when using the camera, the radio principle applies for creating inclusion and engagement. Instead of saying things like, “Thank you all for coming” or “Many of us have”’ try saying, “Thank you for making the time” or “You have”.
Tell ‘em and tell ‘em again Everyone in a meeting has to have a role. This is especially important in a virtual meeting. You need to be very clear on what level of participation you need from everyone involved. Let them know in advance that you might call on them specifically for input or information. Remind them that you can’t afford for people to not be fully present. In addition, to get the best from your
virtual or distance meetings, you need to: Use the video to see people’s faces, not to share slides Be considerate of other attendees’ time zones and schedule meetings appropriately Encourage those in remote locations to speak or contribute first Encourage those dialling in to book a room or private space for the meeting (not just be at their desk) Use different methods of communication to remind people of your expectations of the meeting; for example, instead of sending out an email, maybe take the time to send a personal instant message to make sure people are clear Make sure the meeting charter for recurring meetings is available to all
Run a training session on how to effectively use the technology; don’t just assume people know how Given a choice, face-to-face meetings are always going to be more effective, but for those times when you need to do virtual meetings, remember that, as the meeting leader, it’s up to you to set the tone and expectations, no matter where in the world people are. Donna McGeorge is a speaker, author and mentor who helps people make their work work. Using a creative, practical approach, she improves workplace effectiveness while challenging thinking on leadership, productivity and virtual work. She is the author of The 25-Minute Meeting: Half the Time, Double the Impact. Find out more at 25minutemeetings.com.
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PEOPLE
OTHER LIFE
TELL US ABOUT YOUR OTHER LIFE Email ibo@keymedia.com.au
FROM GRIEF TO GROWTH
His best mate’s passing inspired Allinsure director Peter Chamberlain to co-found a charity with his brothers “PRICELESS” is how Allinsure director Peter Chamberlain describes the people he’s met, the friends he’s made and the experiences they’ve shared since he set up the Chamberlain Foundation with his brothers, Ray and Brian. The charity, which has so far donated more than $330,000, was launched in 2015 following the death of Chamberlain’s best friend. Chamberlain himself has taken part in
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Number of charity partners: Lifeline, R U OK? and GriefLine
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$80,000
Amount the Chamberlain Foundation has donated to Lifeline
all of the foundation’s events, from a five-day, 250km walk from Bermagui on the NSW coast to the top of Mt Kosciuszko to the Razor Ride, an 800km-plus bike trek around Victoria. Along the way, Chamberlain says he’s been grateful for his extremely supportive family and his team at Allinsure, who are behind him in his charitable efforts. “While establishing the foundation has
10,000+ Calls GriefLine’s helpline receives each year
been key in dealing with the traumatic grief and loss, it has provided so much more,” Chamberlain says, “from personal growth and understanding mental health grief and loss, to learning experiences, exposure to a wide range of incredible businessmen and -women, to some fantastic experiences, like riding the Great Ocean Road beside Australia’s cycling legend Phil Anderson.”
Cha mberlain promoting the Cha mbo Challenge, an endurance event that’s one of the foundation’s key fundraisers
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IBAu W
24 SEPTEMBER 2020 IBA’s Women in Insurance series has been a global success story, empowering and celebrating women across the US and the world – and, as the global workforce re-emerges from lockdown, we’re determined to continue our mission. That’s why Women in Insurance online is coming to Sydney on September 24. Whether a female professional or a male ally, join us for: • • • •
Essential speaker sessions and panel discussions from industry experts Networking opportunities with empowering industry leaders Strategies for becoming a bold female leader – or mentoring the next generation The lowdown on the biggest issues that women in insurance encounter today
For sponsorship opportunities, please contact:
PETER SMITH General Manager Sales – APAC P: (02) 8437 4740 E: peter.smith@keymedia.com.au sydney.ibwomenininsurance.com
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#IBWomenInInsurance
30/06/2020 10:27:23 10/07/2020 11:22:49 AMAM
GT INSURANCE
WE’RE HERE FOR YOU At GT Insurance we work with our Brokers to provide: • • • • • • •
Quick and efficient turnaround on your enquiries; Flexible packages to suit your clients’ business, including ‘Laid Up’ cover if business activities reduce*; Knowledgeable people who provide you with carefully designed options for your clients’ business; Claims reporting to support you with risk management; Experienced independent assessors working with an efficient claims and recovery team; Direct access to decision makers; Access to GT’s 24/7, Australia wide Accident Assist, quick and efficient response to accidents. Phone 1800 783 251.
Speak to your GT BDM or visit our website gtins.com.au to see how GT Insurance may be able to assist with your customer’s heavy motor, plant & machinery and transport insurance needs. *Selected vehicle classes only
DARWIN
TOWNSVILLE
LOCAL REPRESENTATION THROUGHOUT AUSTRALIA WITH DIRECT BRISBANE
ACCESS TO DECISION MAKERS.
PERTH
NEWCASTLE SYDNEY ADELAIDE
ALBURY MELBOURNE
gtins.com.au Insurance products are issued by Global Transport & Automotive Insurance Solutions Pty Ltd ABN 93 069 048 255 AFS Licence No. 240714, trading as GT Insurance, as agent for the insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708. Neither we nor the insurer provide any advice on this insurance based on any consideration of your objectives, financial situation or needs. Before making a decision about it please refer to the relevant Product Disclosure Statement or policy wording which can be obtained from gtins.com.au
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ACCIDENT ASSIST
1800 783 251
10/07/2020 11:23:53 AM