NEWS

LAST CHANCE: NOMINATE OUTSTANDING BROKERS FOR THE NIBA BROKER AWARDS

The National Insurance Brokers Association (NIBA) along with QBE and Vero are now searching for Australia’s most outstanding insurance brokers.

Nominations are now open for the prestigious NIBA Broker of the Year Award and the Young Professional Broker of the Year Award.

The awards honour the best professional insurance brokers in each of the five NIBA divisions – NSW/ACT, Vic/Tas, Qld, SA/ NT and WA. Those crowned the winner of their division will go on to compete for the national Stephen Ball Memorial Award and Warren Tickle Memorial Award.

The NIBA awards are the broking profession’s most prestigious. They are independently judged by leaders in the industry and brokers are nominated by you, their peers. Therefore, winning is true recognition from the industry.

You can find more details on the NIBA website: niba.com.au/html/awards.cfm

For breaking news and updates curated specially for insurance brokers please visit: insuranceandrisk.com.au/category/news/

ICA PROJECT TO EXAMINE COVERAGE GAPS

The National Insurance Brokers Association (NIBA) has welcomed the Insurance Council of Australia (ICA) review of the insurance sector’s options for reforms to improve its contribution to national economic recovery and growth, amid concern from insurers, stakeholders and the community about the availability and affordability of some categories of cover for certain groups of customers.

NIBA CEO Dallas Booth said, “I have spoken with ICA CEO Andrew Hall and with John Trowbridge and have indicated to both the difficulties brokers are facing in the market at the present time, and the fact that there are a number of sectors struggling to get any cover at all. It is reassuring to see the Insurance Council taking this matter very seriously, and I look forward to the consultation paper that is currently being prepared.”

The aim of this review, which is being led by former insurance executive and regulator John Trowbridge in collaboration with leading economist Michael Blythe, is to provide a summary of practical solutions to problems that have been challenging sectors of the economy for a decade or more.

ICA CEO Andrew Hall said insurance exists to transfer risk from consumers and businesses in a manner that enables them to pursue their affairs confident they will receive support to recover financially from any insured risks.

“As our nation navigates the COVID economic recovery, it’s important to understand that nothing can happen without insurance providing essential coverage for insurable risks,” Hall said.

“NIBA will support this project with all available information and assistance,” Booth added.

Hall said, “While changes in availability or affordability of insurance send a price signal about the risks that are present, we know that where there are acute issues, we need to find ways forward so economic prosperity is not hindered or risk shifted back on those without the capacity to properly manage it.”

“That is why the Insurance Council has engaged industry expert John Trowbridge and leading economist Michael Blythe to undertake this important review and recommend ways forward for the industry and policy makers.”

Trowbridge said that while the issues around affordability and availability were well known, there has been a lack of agreement on potential solutions.

“As has been recognised by the recent Royal Commission into National Natural Disaster Arrangements, the ACCC Northern Australia Insurance Inquiry, and Australian Small Business and Family Enterprise Ombudsman’s report, some of these issues can be addressed with industry initiatives or regulatory reforms, but some may be beyond the ability of the private insurance industry to resolve on its own,” Trowbridge said.

“The consultation paper will review various potential solutions and flag questions for policy makers, stakeholders and the industry to consider in order to move these important issues forward.”

Engagement with stakeholders has started and a consultation paper will be released in March, and a final report including recommendations is expected to be released mid-year. 

For breaking news and updates curated specially for insurance brokers please visit: insuranceandrisk.com.au/category/news/

NIBA PARTNERS WITH NEXTGEN JOBS TO DEVELOP NEW TRAINEESHIP MODEL

In an initiative led by the Victorian Divisional Committee, the National Insurance Brokers Association (NIBA), in partnership with NextGen Jobs (NGJ) have developed a cost-effective traineeship model to attract leading entry level talent into our industry to meet current and future workforce needs.

The traineeship model has been designed to provide employers with supported, career-ready candidates equipped with workplace-specific, cutting-edge training managed by the team at NGJ.

NGJ is Australia’s newest Group Training Organisation (GTO) and Australia’s first GTO focused exclusively on the delivery of ‘new collar’ traineeships in emerging hightech and high-growth occupations.

NGJ manages the entire recruitment process and ensures the candidate is the right fit for the position, team and overall workplace environment. Furthermore, it facilitates trainee orientation, training, payroll, OHS and ongoing mentoring.

As part of the traineeship model, trainees will undertake a Certificate III in Business with modules specifically selected to compliment workplace learnings in business administration and insurance.

The Federal Government’s ‘Boosting Apprenticeships Commencement’ wage subsidy presents an excellent opportunity to engage a new trainee. The subsidy is designed to cover 50 per cent of the trainee’s wages, capped at $7,000 per quarter and is running to 30 September 2021. However, places are limited (100,000 nationwide), so hurry!

For more information contact Evan Henry, NextGen Jobs Operations Manager on 0412 363 328 or email ehenry@nextgenjobs.org.au 

Above As part of the traineeship model, trainees will undertake a Certificate III in Business with modules specifically selected to compliment workplace learnings in business administration and insurance.

NIBA RELEASES CODE OF PRACTICE DISCUSSION PAPER FOR CONSULTATION

The National Insurance Brokers Association (NIBA) has released a discussion paper inviting feedback and submissions from consumers, organisations, representative associations, and any other interested stakeholders as part of the review of the Insurance Brokers Code of Practice (the Code).

NIBA CEO Dallas Booth said, “As part of our commitment to professionalism and continuous improvement, NIBA is undertaking a review of the Code to ensure continuing high standards of service allowing the profession to remain in step with stakeholder, community and regulator expectations.”

The NIBA Board has engaged a third-party consultant to conduct an independent review of the Code with a view to submitting the revised Code to the Australian Securities and Investment Commission (ASIC) for approval of the Code under Regulatory Guide 183.

Booth added that the NIBA Board recognises the importance of ASIC approval of the revised code, “It is a signal to consumers that this is a code they have confidence in.”

In the interest of transparency and continuous improvement, the Code review is not limited in its scope, with NIBA’s intent being to ensure that the Code remains relevant and a benchmark of industry self-regulation in a regulatory environment that has turned its focus more keenly to community expectations, culture, and conduct.

Booth has encouraged stakeholders to consider the discussion paper, which can be downloaded on the NIBA website: niba.com.au/resource/CoP_ Discussion%20Paper_FINAL.pdf, and a submission can be provide on there as well: niba.com.au/codeofpractice/c3complaints-and-disputes-resolution-1.cfm.

“Submission may be made confidentially, or you may choose to make a publics submission which will be available on the Code Review Submissions page,” he said.

Submissions will remain open until 9 April 2021.

For breaking news and updates curated specially for insurance brokers please visit: insuranceandrisk.com.au/category/news/

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NIBA SUPPORTS INDUSTRY CALLS FOR INCREASE IN DISASTER MITIGATION

The National Insurance Brokers Association (NIBA) has put its weight behind Insurance Council of Australia (ICA) and Master Builders Australia (MBA) calls for the Federal Government to increase investment in disaster mitigation and building resilience funding.

NIBA CEO Dallas Booth said, “Major natural disasters and significant weather events have caused billions of dollars worth of losses in Australia over the past 10 years. The Black Summer fires were just one of many events over that period. The insurance industry has paid billions to policyholders to help them recover, but ultimately that financial support from insurers needs to be paid for – by the policyholders of Australia. This has led to significant challenges regarding affordability of insurance cover.”

Both ICA and MBA are calling for the Federal Government to increase disaster mitigation funding and education programs to reduce the physical loss and economic disruption caused by bushfires, cyclones, storms, flood and other extreme weather events.

ICA CEO Andrew Hall said greater investment by governments across Australia would significantly help communities bounce back from the impact of extreme weather events, “Mitigation and infrastructure improvements increases a property’s resilience, reduces the risk of damage from a natural disaster, and reduces insurance premiums.”

Booth said, “NIBA fully supports efforts by the insurance industry and others to raise the debate about the need for mitigation of risks and making sure Australian communities are resilient, and are able to deal with the weather events we now experience.”

“We look forward to continuing to support mitigation and resilience strategies, so we can keep insurance premiums affordable and available for policyholders across Australia.”

MBA CEO Denita Wawn said it is important to address reforms and develop effective guidance material for the construction supply chain and consumers on property protection and building resilience.

“Industry welcomes the opportunity to work with government to get this right and to develop information and education programs that address how improvements to existing homes can improve building resilience,” Wawn added. 

Above Major natural disasters and significant weather events have caused billions of dollars worth of losses in Australia over the past 10 years

ASIC SEEKS FURTHER FEEDBACK ON INTERNAL DISPUTE RESOLUTION DATA REPORTING

The Australian Securities and Investment Commission (ASIC) is seeking further feedback on proposed requirements for internal dispute resolution data reporting.

National Insurance Brokers Association (NIBA) CEO, Dallas Booth, said: “NIBA has been examining the discussion paper and will provide a submission to ASIC on behalf of members.”

This request follows the regulator’s earlier consultation through Consultation Paper 311 Internal dispute resolution: Update to RG 165 (CP 311) which was published on 15 March 2019.

New internal dispute resolution (IDR) standards and requirements will apply to financial firms that deal with retail clients, including superannuation trustees, from 5 October 2021. This includes the requirement to record all complaints that a firm receives. Mandatory IDR data reporting will not commence on that date, but ASIC wants to give firms some certainty about what information will be collected as they make changes to their systems now.

In response to feedback received to CP 311 the regulator reached preliminary positions on a number of issues related to data reporting. ASIC has also simplified the draft data dictionary and reduced the number of data elements from 37 to 23.

For breaking news and updates curated specially for insurance brokers please visit: insuranceandrisk.com.au/category/news/