Insurance Adviser June 2022 issue

JUNE 2022

Meet the state finalists of the 2022 Young Broker of the Year awards THE FUTURE OF THE INSURANCE BROKING INDUSTRY

Also HELD TO RANSOM The growing risk of cyber security THE SME CHALLENGE Rethinking ways to engage SMEs REMEMBERING GRAHAM ‘BEAR’ STEVENS Commemorating an industry legend

WE ARE YOUR VOICE

Zurich small business insurance.

Because there’s no time to lose.

Zurich understands your time is valuable so we’ve made small business insurance easy and fast.

Zurich’s Z.stream platform and prompt phone service makes tailoring small business insurance a breeze.

And for customers, small property claims can be settled in as little as 24 hours*.

Because when you are running a small business, there’s no time to lose.

zurich.com.au/SME

*Priority Settlement Service where anticipated loss is less than $30,000, the costs are known and with adequate supporting documents. This information is general advice only and does not take into account your objectives, financial situations or needs.

You should obtain and consider the relevant Product Disclosure Statement and Policy Wording (as applicable) from zurich.com. au before making a decision. A target market determination is available at zurich.com.au/GI-TMDs or by calling us on 132 687.

The issuer of general insurance products is Zurich Australian Insurance Limited (ZAIL), ABN 13 000 296 640, AFS Licence Number 232507 of 118 Mount St, North Sydney NSW 2060.

ZU24177 V2 05/22. LEWG-018629-2022

CONTENTS June 2022

ACN 006 093 849 ABN 94 006 093 849 Insurance Adviser magazine is the monthly magazine of the National Insurance Brokers Association (NIBA).

Insurance Adviser magazine is published by NIBA

Publisher

Philip Kewin, CEO, NIBA T: (02) 9459 4305 E: pkewin@niba.com.au W: niba.com.au

FEATURES

8

REMEMBERING GRAHAM ‘BEAR’ STEVENS Commemorating an industry legend

Communications Manager Wendy Martin

NIBA Editor Amy Cai

Editorial enquiries

E: editor@niba.com.au

National Sales Manager Tony May E: tmay@niba.com.au

Design

Citrus Media www.citrusmedia.com.au NIBA gives no warranty and makes no representation that the information contained in this magazine is, and will remain, suitable for any purpose or free from error.

To the extent permitted by law, NIBA excludes responsibility and liability in respect of any loss arising in any way (including by way of negligence) from reliance on the information contained in this magazine or otherwise in connection with it.

The contents of Insurance Adviser are protected by copyright and NIBA reserves its rights in this regard.

Meet the finalists

20

MEET THE STATE FINALISTS OF THE 2022 YOUNG BROKER OF THE YEAR AWARDS The future of the insurance broking industry

NIBA.COM.AU / 3

CONTENTS June 2022

FEATURES 32 HELD TO RANSOM The growth of cybercrime and the weak link in all businesses

40 THE SME

CHALLENGE

Rethinking ways to engage SMEs

IN EVERY ISSUE

NIBA CEO Welcome...................................... 6 New QPIB and Associate members.............. 9 Representation.............................................. 10

NEWS

Industry Bulletin........................................... 14

PROFESSIONALISM AFCA Case Study......................................... 18

EVENTS Forthcoming Events..................................... 57

REFERENCE

Community Hub........................................... 48 Insurer Strength Ratings.............................. 54 Insurance Journey: Carlie Griggs................ 56

4 / INSURANCE ADVISER JUNE 2022

opportunities bids

acquisitions claims Before & after

challenges insights catastrophes big decisions learnings

Welcome to QBE, where insurance isn’t just a one-off commercial transaction, it’s a dependable relationship that guides and protects us through life. It’s why businesses across Australia rely on our experience to cover what matters, before & after and every moment in between.

Find out more at qbe.com/au/brokers Insurance issued by QBE Insurance (Australia) Ltd. ABN 78 003 191 035, AFSL 239545. Subject to underwriting approval.

Terms and conditions apply (including exclusions and limitations).

CEO / Welcome

A CHANGE IN GOVERNMENT MAY SEE A CHANGE IN FOCUS

T

he results are in, and we have a new government. The question is, what does that mean for the insurance industry and what does that mean for brokers?

The industry welcomed the then-opposition Labor Party’s announcement of an investment of $200 million per year in the Prevent, Prepare, Rebuild plan in January this year.

This is a much-needed investment in measures that protect communities from the impact of natural disasters and meets an important recommendation of the Productivity Commission’s Natural Disaster Funding Arrangements Report, which found that 97% of all disaster funding is spent after the disaster rather than on measures to prevent issues in the first place. Collectively, we need to continue to focus on resilience measures to meet the ongoing extreme weather conditions.

Another important issue that will be dealt with by the new Government is the Quality of Advice Review, which includes the review of insurance commissions. The Minister responsible for receiving and acting on the report from the independent reviewer, Michelle Levy, will be Stephen Jones MP, who has been appointed as the new Assistant Treasurer and Financial Services Minister, having previously held the Shadow Minister role.

NIBA recently made its submission in response to the Quality of Advice Review Issues Paper, and I would like to thank those members who provided their input, in particular the members of the NIBA Regulatory Affairs Committee. It is so important that we collaborate and collect our views so that we can represent brokers as one voice.

A key component of the NIBA submission was our demonstrable efforts to self-regulate in order to respond to, and stay ahead of, consumer expectations in terms of transparency and managing conflicts of interest. It is still NIBA’s strong view that although the Royal Commission did not uncover any systemic issues in relation to insurance brokers, or identify areas of consumer detriment, we need to continue to move forward to ensure that we demonstrate sufficient self-regulation rather than have it unnecessarily or arbitrarily forced upon us.

Mr Jones has been quite open from the outset that while ideologically opposed to commissions, he is open to debate, and to his credit has had substantial engagement with the insurance and financial services community since then.

Earlier this year, he announced that Labor no longer proposed changes to mortgage broker commissions, which included the banning of trail commissions, stating that you’d be doing

6 / INSURANCE ADVISER JUNE 2022

enormous damage to the current state of affairs given that well over 60% of mortgages were being written by brokers.

The latest APRA statistics show that over 50% of insurance premiums are written by insurance brokers.

Meanwhile, the mop-up from what is now one of Australia’s most expensive natural disasters continues in flood-ravaged South Queensland and Northern NSW. While an independent inquiry is currently underway, NSW Premier Dominic Perrottet has indicated that he would be willing to act on recommendations, which may include relocating residents from flood-prone areas of Lismore. This will no doubt continue as a debate for some time, however, in the meantime it is a credit to our industry and to the many brokers involved as to how we have been able to respond and assist the many Australians impacted in their time of need.

And on that note, for brokers, it seems that May has become the new June, with many saying they are busier than ever.

With the continued market challenges, brokers will again show their true value in sourcing the appropriate cover for their clients. We have already kicked off the NIBA Awards with a fabulous Gala Lunch in Melbourne, where the Vic/ Tas Broker of the Year and Young Broker of the Year award winners were announced and congratulations to Daniel Quintin and Greg Shallard. A particular highlight was the presentation of the inaugural Graham Stevens Trophy to the Vic/Broker of the Year Award winner by Graham’s long-time friend and business partner Gary Seymour. We’ve affectionately called the trophy ’The Bear’.

PHILIP KEWIN Chief Executive Officer, NIBA

CGU PADLOCK. COVER THIS GOOD SHOULDN’T BE OVERLOOKED. Why settle for less when it comes to commercial landlord insurance?

CGU Padlock is a premium product, offering tailored cover for property owners. With experienced underwriting teams, local claims management and a commitment to protecting your client, CGU Padlock should not be overlooked.

Speak to your Broker Relationship Partner to find out more.

Always consider the Product Disclosure Statement and Target Market Determinations available from the product issuer, Insurance Australia Limited, ABN 11 000 016 722, AFSL 227681, trading as CGU Insurance. This advice is general advice only and does not take into account a customer’s individual objectives, financial situation or needs (‘personal circumstances’).

NIBA / Remembering Graham Stevens

REMEMBERING

GRAHAM STEVENS It is with great sadness that we advise you of the passing last month of longstanding Victorian NIBA member, Graham ‘Bear’ Stevens, NIBA Fellow.

He served on the NIBA Board for 15 years and was NIBA President for two years.

Graham will be remembered as an industry leader and mentor who inspired and developed the careers of many young insurance brokers.

8 / INSURANCE ADVISER JUNE 2022

NIBA / Remembering Graham Stevens

NIBA commemorates Graham Stevens with inaugural Graham ‘Bear’ Stevens Trophy

NEW QPIB AND ASSOCIATE MEMBERS

N

IBA paid tribute to industry legend Graham Stevens last month and commemorated his achievements through the inaugural Graham ‘Bear’ Stevens Trophy.

The trophy recognises Graham’s significant contribution and dedication to NIBA and the broader broking profession, and was presented to Vic/Tas 2022 Broker of the Year award winner Daniel Quintin at NIBA’s Victorian gala lunch.

Gary Seymour, Chairman of Edgewise Insurance Brokers and a long-time friend and colleague of Graham’s, paid a heartfelt tribute to Graham Stevens, remembering his contributions and impact on the industry.

“Bear fell in love with the insurance industry as a 17 year old, and found his true passion as an insurance broker. He was a strong mentor and teacher, and he had unending time and patience for developing young brokers and their careers. He has left a lasting impression and he will be missed,” says Gary.

“Shortly before Graham passed away, he was informed that the Graham ‘Bear’ Stevens Trophy was going to be awarded in his name for his significant contribution to NIBA and

NIBA congratulates the following members for receiving their QPIB designation: the industry. He was very proud and honoured to have this trophy named after him.”

“His wife Norma, who was present at the awards ceremony, and family are very appreciative that NIBA has signified his contribution to both the association and the industry in this way,” Gary added.

The Graham ‘Bear’ Stevens Trophy will be awarded each year to the Victorian/ Tasmanian winner of the Broker of the Year award, continuing Graham’s legacy in insurance broking.

Graham spent many decades working in the insurance broking industry. He joined the NIBA Board in 2007 and served on the Board for 15 years until February 2022.

Graham was the NIBA President for two years, and was awarded the Lex McKeown Trophy in 2020. He was appointed as the President of the World Federation of Insurance Intermediaries (WFII) in 2016, a real honour for Graham’s professional standing and the Australian insurance broking profession.

Graham was known in the industry as a guide and mentor to many and took great pride in always being available to his clients, no matter where he was in the world.

• •

• •

•

Mitchell Lipscombe, BAC Insurance Brokers Pty Ltd Natalie Sferruzzi, Marsh Advantage Insurance Pty Ltd | Nutrien Ag Solutions Nikita Piil, Aon Risk Services Australia Ltd Kerrie Woodards, Community Broker Network Pty Ltd | John & James Insurance Services PTY LTD T/As Kerrie Woodards Insurance David Harry, Howden Insurance Brokers (Australia) Pty Ltd

NIBA congratulates the following members for becoming Associate members: • •

• •

Matthew Perri, Arthur J Gallagher & Co (Aus) Limited William Thompson, Insurance Advisernet Australia Pty Ltd | Thompson Insurance Pty Ltd Riley Glacken, Marsh Advantage Insurance Pty Ltd Joshua Meyer, Avatar Brokers Pty Ltd

NIBA.COM.AU / 9

NEWS / Representation

QUALITY OF ADVICE REVIEW UPDATE

E

arlier this month, NIBA provided an extensive submission to the Treasury Quality of Advice Review.

The Review can be traced back to the recommendations of the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, where it was recommended that ASIC conduct a review into the effectiveness of measures that have been implemented by the Government, regulators and financial services entities to improve the quality of financial advice.

As part of this review, ASIC was to consider whether the remaining exemptions to the ban on conflicted remuneration remain justified. This includes the exemptions for general insurance products and consumer credit insurance products, and the exemptions for non-monetary benefits.

While the original intention was for ASIC to conduct the review, it was later combined with the Life Insurance Framework Review and brought under the purview of the Treasury.

The Review is tasked with examining the regulatory framework surrounding financial advice, including risk advice, to “identify opportunities to streamline and simplify regulatory compliance obligations to reduce cost and remove duplication”, with the Review recognising that the costs of complying with these regulations are ultimately borne by consumers.

10 / INSURANCE ADVISER JUNE 2022

Despite the draft terms of reference only being released in December last year, NIBA has been preparing for this review since the Royal Commission recommendations were handed down.

The first step in these preparations was commissioning Deloitte Access Economics to prepare a report on the economic value of insurance brokers. This report set out the economic benefits brokers provide to clients, insurers, the economy, government, and the broader community and provided NIBA with important data to support the argument that removing broker commissions would harm clients and make risk advice unaffordable.

NIBA’s submission focused on the very real differences between risk advice and other types of financial advice and highlighted the significant impact the one-size-fits-all approach to regulation

of financial advice has had on the general insurance industry.

In the submission, NIBA argued that this approach has significantly increased the regulatory burden on general insurance brokers (the costs of which are ultimately passed on to clients) with little impact on the quality of the advice being provided.

NIBA’s submission also supported previous calls to rename ‘general advice’ to more closely reflect the nature of the information being provided. In NIBA’s view, the term ‘general advice’ is misleading to clients. This view is supported by ASIC research that shows that clients often do not understand the differences between general and personal advice.

The majority of NIBA’s submission focused on broker remuneration, the benefits the current remuneration model provides and the impacts to clients if the exemption was removed.

“NIBA’s submission focused on the very real differences between risk advice and other types of financial advice and highlighted the significant impact the one-size-fitsall approach to regulation of financial advice has had on the general insurance industry. In the submission, NIBA argued that this approach has significantly increased the regulatory burden on general insurance brokers.”

CLAIMIT@GT THE MORE LOGICAL WAY TO LODGE A CLAIM In an increasingly digital world, the ability to lodge claims online is essential. With the Insurance needs of Australian transport operators constantly changing, our customer based portal ClaimIt@GT streamlines the lodgement process. Automating paper based procedures through an online portal makes claims handling fast and efficient.

Direct lodgement from any device, 24/7 – smartphone, tablet or desktop computer Clearer communication and collaboration – less errors and need to decipher handwriting Faster turnarounds and less downtime – no need for claim forms to be sent multiple times Easy upload function shares a greater amount of information during notification – quotes, forms, photos, dashcam videos and other documentation

Immediate reference number provided so client can quickly contact repairers for quotes Intuitive technology pre-fills key broker/claim details automatically and only asks questions relevant to the type of claim Automatic reminders sent to client and broker if claim lodgement is incomplete Industry-leading data encryption and security

CLAIMIT@GT IS NOW AVAILABLE To find out more, simply visit gtins.com.au/claims and then follow the prompts

Insurance products are issued by Global Transport & Automotive Insurance Solutions Pty Ltd trading as GT Insurance ABN 93 069 048 255 AFS Licence No 240714 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. Policy terms, conditions, limits, exclusions and underwriting criteria apply. Before making a decision about it please refer to the relevant Product Disclosure Statement or Policy wording available from our website (www.gtins.com.au) or by calling us. A Target Market Determination for each product is available from our website (www.gtins.com.au). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with any services.

We’re proud to be 100% backed by Allianz Australia Insurance Limited.

GT Insurance 2022

NEWS / Representation

QUALITY OF ADVICE REVIEW UPDATE (CONTINUED)

The submission argued that the exemption for general insurance brokers would have a number of consequences for clients including: • a reduction in the affordability of advice; • lower claims settlements; • reduction in cover for unusual or ‘niche’ risks; • higher insurance premiums; • a reduction in competition; • an increase in underinsurance and non-insurance levels; • decreased community resilience to recover after catastrophe events such as floods and fires; • less access to advice outside major cities; • closure of general insurance brokerages, many of which are small businesses; and • increased demand for AFCA services due to a reduction in professional advice.

In acknowledging the value brokers provide to their clients, the submission highlighted case studies provided by members that demonstrated the value of having a qualified insurance broker, especially at claim time.

The submission also highlighted the significant protections already in place for general insurance broking clients including: • the obligation for brokers to act in the best interests of their client; • general licensing conditions e.g. to provide financial services efficiently, honestly and fairly, have in place adequate arrangements for the management of conflicts of interest;

12 / INSURANCE ADVISER JUNE 2022

“In considering whether or not the exemption should be retained, NIBA’s submission argued that the review should have regard to the suitability of existing protections already in place to counteract and perceived risk. In addition, the review should consider the lack of evidence of negative client outcomes arising from the current broker remuneration model.”

• •

ASIC breach reporting obligations; the low number of AFCA complaints against brokers; and • remuneration disclosure requirements under the new Insurance Brokers Code of Practice in addition to the banning of contingent remuneration.

In considering whether or not the exemption should be retained, NIBA’s submission argued that the review should have regard to the suitability of existing protections already in place to counteract any perceived risk. In addition, the review should consider the lack of evidence of negative client outcomes arising from the current broker remuneration model.

Throughout the submission, NIBA argued that changes to regulation should be subjected to a thorough cost-benefit analysis prior to being introduced. In NIBA’s view, removing the exemption will increase costs for clients and the broader insurance industry without providing any real benefits.

With the submission finalised, NIBA will continue to engage with the Treasury taskforce assigned to the review and the independent reviewer Michelle Levy.

In addition, NIBA encourages members to meet with their local Federal MP to explain what they do and the value they provide to clients. These conversations will be especially important to ensure that those voting on any legislation resulting from the review are aware of the impact it will have on the general insurance broking industry.

NIBA has developed a number of resources to help members with these conversations including a Member Advocacy Guide, template letters and key messages.

If members would like to assist NIBA in advocating for the future of their industry and would like a copy of these documents, please contact NIBA’s Policy and Research Manager at ahextell@niba.com.au.

A copy of NIBA’s submission can be found on the NIBA webpage at www.niba.com.au/submissions.

Protecting Directors.

Together.

Solving complexity with our new Australian Directors & Officers Liability policy wording Our broad wording incorporates two new market leading features that help your clients move one step ahead.

Liberty’s innovative Defence Select claims condition offers the right to appoint any law firm, at their market rates. We’ve also provided, as standard, common costs allocation language to provide clear pathways for partially covered matters and insureds.

2021

Discover more

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), please see www.libertyspecialtymarkets.com.au

NEWS / Industry Bulletin

2022 QUEENSLAND AND NSW FLOODS NOW AUSTRALIA’S FOURTH COSTLIEST DISASTER

T

he 2022 Queensland and New South Wales floods are now estimated to be Australia’s fourth costliest disaster, according to latest data from the Insurance Council of Australia.

Insured losses from the floods are now estimated to be $4.3 billion, a 28 per cent increase on the ICA’s previous cost estimates made in early May. This increase is largely driven by progress made in claims assessments, as well as an increase in commercial claims which are typically costlier and slower to come through.

Total flood claims have now reached over 216,000. Currently, more than 20% of claims have been closed and over $1 billion paid to insured clients.

The rising cost of materials, as well as rising inflation, are likely contributors to the significant cost of 2022 flood claims.

TOP 5 COSTLIEST DISASTERS IN AUSTRALIA’S HISTORY (NORMALISED TO 2017 VALUES)

1 2 3 4 5

Eastern Sydney Hailstorm (1999, $5.57 billion) Cyclone Tracey (1974, $5.04 billion) Cyclone Dinah (1967, $4.69 billion) QLD and NSW Floods (2022, $4.3 billion) Newcastle Earthquake (1989, $4.24 billion)

For more information, visit the Insurance Council of Australia website at insurancecouncil.com.au.

NIBA CONGRATULATES LABOR GOVERNMENT

L

ast month, NIBA congratulated the Labor Government on its election victory.

“NIBA would like to congratulate Anthony Albanese on being elected as Prime Minister. We look forward to working with the new Government in achieving the best outcomes for our members and the broader community, in which insurance brokers play a critical role,” said NIBA CEO, Philip Kewin.

NIBA has worked with both sides of politics in a bipartisan approach and will continue this approach going forward.

“We acknowledge that Labor made a commitment to increase investment in resilience of communities through

a Disaster Ready Fund, which is a good starting point. NIBA looks forward to working with the incoming Labor Government, the Opposition and the cross bench on important issues such as resilience, as well as the implementation of the recommendations from the Quality of Advice Review to be handed down in December 2022,” Kewin added.

“We look forward to working with the new Government in achieving the best outcomes for our members and the broader community, in which insurance brokers play a critical role.”

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

14 / INSURANCE ADVISER JUNE 2022

NEWS / Industry Bulletin

The browser based document management solution.

OfficeTechNow offers an easy-to-use approach for sharing, distribution and storage of your workplace documentation with all of the standard OfficeTech features including the workflow tasking module, template tasks and more.

Browser based so you can access from anywhere with an internet connection. The result is a paperless environment that will change the way your office operates.

Secure • • •

Register for a free demonstration

2 factor authentication Fully secure Azure environment Disaster recovery and backups

Client Requirements • •

Office 365 Internet Connection

Full integration with

Visit our website to Register today technosoftsolutions.com.au

Technosoft Solutions (Aust) Pty Ltd

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

+61 39817 8100

info@technosoftsolutions.com.au

Connect with us on Linkedin for product updates

NIBA.COM.AU / 15

NEWS / Industry Bulletin

INSURANCE BROKER LEADERS JOIN THE HOMELESSNESS FIGHT

A

s Australia braces for a chilly winter, the call for insurance broking leaders to join the Vinnies CEO Sleepout has officially begun.

The Sleepout is a one-night event on one of the coldest nights of the year at the Timber Yard in Port Melbourne and will see CEOs across the country sleeping outdoors in an effort to raise funds for Australians experiencing homelessness.

Rob Viney, Branch Manager at Insurance House/PSB Insurance Brokers, is one of many leaders in the insurance broking industry are rallying up brokers and CEOs to support or join the cause.

Having worked in insurance broking for over 35 years, Rob believes that preventing homelessness is one of key pillars of the broking profession.

“In insurance, if you have your home insured, as an example and you have an incident, part of the insurance policy is alternate accommodation. The insurance industry doesn’t just let people go out on the street,” he says.

“We as an industry look after people, and work to ensure people keep a roof over their head. We respond to these emergencies and we go and find alternate accommodation, because housing is so critical.

“We know we can’t function without housing. My biggest take out from last year’s Sleepout experience was that you fall asleep on concrete when exhaustion takes over and you don’t get to just roll over and go back to sleep on concrete at 3:00am or 4:00am. You get up because that’s the only alternative. Lack of sleep then adds enormously to poor decision making. It’s a cycle and it’s a cycle we can help break.

Rob is taking part in his second Vinnies CEO Sleepout, after being inspired by Steadfast CEO Robert Kelly to participate in the Sleepout for the first time last year.

“Robert shared a really interesting, heart-warming story about his grandfather being homeless, and I thought this is really powerful stuff. Here is a CEO of an ASX 100-listed company whose grandfather was homeless – I thought it was an incredibly inspiring story, and just shows

Rob Viney, Branch Manager at Insurance House/PSB Insurance Brokers, is hanging up his broking boots and announcing his pending retirement on 1 July 2022.

how you can pick yourself off the mat with a bit of help and guidance.

“Homelessness happens to a lot of people. Some end up this way through family violence. Some may come from an active working background and through the consequences of a poor decision or others poor decision close to them or just bad luck, they then fall into homelessness. There will also be a lot of people who have become homeless because of bushfires, or the recent floods, who have simply ended up this way because they weren’t insured, or couldn’t afford to be insured.”

Based on the 2016 census, the Australian Bureau of Statistics estimates over 116,000 homeless people in Australia, a 14% increase from the 2011 census. With recent floods causing significant damages to homes in Queensland and New South Wales, as well as rising inflation driving up the cost of living, this figure is only expected to increase.

Having raised over $15,000 last year, on his first attempt, Rob is eager to expand his contributions this year by leveraging his personal and professional networks to encourage people to get involved. He has already succeeded in signing up five CEOs and believes there is still much untapped potential, particularly among the insurance broking industry.

“Rob Kelly has brought me on, and I’ve in turn encouraged more people to join, so

we’re leveraging more and more people in our networks to build awareness. It’s helped us grow support for the cause across our industry, but it’s also just enjoyable to get people in our different networks to meet throughout this process. That’s what broking is about.”

The Vinnies CEO Sleepout will be taking place on Thursday 23 June and is open to all CEOs, business owners, and community or government leaders.

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

16 / INSURANCE ADVISER JUNE 2022

To learn more about the event, sign up or to nominate a CEO, visit www.ceosleepout.org.au.

Scan the QR code below to donate to Rob Viney’s fundraiser.

NEWS / Industry Bulletin

FORGED FOR INSURANCE BROKERS & UNDERWRITERS % % % % % % % % % %

Private secure cloud based platform Compatible with all major broking applications Fully compliant with AFSL requirements Access to intelligent insurance automation tools Next-gen email security with backups & archiving Intuitive desktop/mobile IT support app Enterprise-grade local datacentres Multi-level data backup and recovery Highly resilient & scalable with your business Simple monthly fixed price per user

High Speed Access Anywhere

Bank-Level Cyber Security

Reduced I.T. Expenditure

Fixed Monthly Billing

1300 077 777 insurance@focusnet.com.au focusnet.com.au

24/7 Dedicated Service Desk

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

NIBA.COM.AU / 15

PROFESSIONALISM / AFCA Case Study

ALTERING THE CLIENT’S PROPOSAL RESPONSE AND MAKING A CLAIM UNDER A PRIOR POLICY

BY MARK RADFORD

Principal, Radford Lawyers

This determination involved a denied claim regarding prior circumstances not notified to the insurer. The insurance broker had changed the insured’s response on a proposal and created confusion regarding what circumstances were actually notified.

KEY LESSONS •

•

•

Amending an insured’s proposal response is not recommended. If you do this and fail to keep any form of contemporaneous record of the alteration, what was communicated to the client about the alteration and their agreement to this, you will breach your duty of care and become exposed to potential loss.

Where a claim is rejected by an insurer under a claims made liability insurance policy, regarding a failure to notify circumstances when applying for cover, consider whether a claim can be made on the operation of section 40 or other provisions of the Insurance Contracts Act (the Act).

For example, even if no claim is made against the insured in the prior insurer’s period of cover, section 40(3) can deem a claim to have been made in that period if the insured gave the insurer notice in writing of facts that might give rise to the claim ultimately made against the insured, as soon as was reasonably practicable after they became aware of those facts, but before the cover provided by the policy expired.

18 / INSURANCE ADVISER JUNE 2022

BACKGROUND FACTS

The complainant had engaged the broker to arrange new directors and officers liability insurance after they ended their relationship with the previous broker due to a deteriorating relationship. The new broker arranged cover with a new insurer.

During the policy period, a claim was made due to legal proceedings issued against the complainant and several of their officers.

The insurer rejected the claim on several grounds, one of which was because of the complainant’s failure to disclose that they had been aware of circumstances that led to these proceedings (i.e. denied circumstances).

The previous insurer appears to have been made aware of circumstances that led to the denied claim by the new insurer, although during the proceedings the subject of the claim under the new policy was issued after the previous insurer’s policy had lapsed.

The complainant did not dispute the insurer’s decision. They argued that the broker was responsible for the failed claim, as the circumstances had been disclosed in the proposal but this was altered by the broker without their consent.

The complainant had answered ‘yes’ to questions on prior claims or proceedings or notices regarding attendance at

investigations etc., however the broker had changed the responses to ‘no’.

The broker alleged that: • They did so after discussing this with the complainant, but did not keep any contemporaneous record of the discussion.

• It had been another individual’s circumstances that the ‘yes’ response was intended for. These circumstances had already been notified to the insurer, which had applied an exclusion to them.

Whilst not stated in the determination, we assume this was the logic for the broker changing the answer from ‘yes’ to ‘no’ (i.e. no new circumstances beyond those already notified).

• The complainant never disclosed the denied circumstances.

The complainant maintained they were never informed of the change and that they had answered ’yes’ by reference to the denied circumstances and had included paperwork related to those circumstances. However, the complainant was not able to produce any contemporaneous evidence of this.

The broker also appears to have alleged that the prior policy might have responded to the circumstances as a notified claim under section 40 of the Act.

PROFESSIONALISM / AFCA Case Study

The broker had provided a 2015 file note of a discussion between the broker and the previous insurer that noted they may have accepted notification of a potential claim and said they advised the complainant to continue to pursue this matter and offered to assist, but the complainant never took them up on this offer.

The complainant sought compensation from the broker arising from the lack of cover.

“The broker’s failure to keep any contemporaneous records of the alteration of a signed proposal was a breach of their duty of care to the complainant” •

AFCA DECISION

AFCA concluded the broker’s failure to keep any contemporaneous records of the alteration of a signed proposal was a breach of their duty of care to the complainant.

However, AFCA found that the complainant suffered no loss, seeing as: • even if the complainant had disclosed the denied circumstances and these were removed by the broker, there was insufficient evidence to show that this caused the complainant’s loss because, consistent with the exclusion placed on the policy by the insurer for the other circumstances, AFCA formed the view that if the insurer was made aware of the denied circumstances, it would likely have placed a similar exclusion on those too.

•

•

it was unlikely that a broker, exercising reasonable care and skill, could have secured a policy that would have covered the denied circumstances.

No evidence was produced to show the complainant could have purchased any form of cover from either the current insurer, or any other insurer, that would have covered the denied circumstances. it was also unlikely that the complainant would have renewed the policy with their previous insurer (whilst not stated in the determination, we assume the logic was it might have then covered the claim) given the deteriorating relationship with the previous broker and the fact that the previous policy had only been available through that broker; and it was unclear whether the complainant had reasonably mitigated their situation even though the subsequent proceedings were issued after the previous insurer’s policy had lapsed.

AFCA concluded that it was not clear what action was taken by the complainant to pursue the previous insurer. Following the broker’s 2015 file note, it appears the next communication with the insurer was in 2020 and by that time, the previous insurer refused to provide any indemnity given the passage of time and the failure to comply with relevant policy conditions.

AFCA was of the view that had the matter been more actively pursued in 2015, it was possible that the previous insurer may have been compelled to cover the claim, given that: • the circumstances that gave rise to the denied claim arose when the previous insurer was on risk; • the previous insurer was aware of these circumstances; and • section 40 of the Act could potentially put that insurer on risk for them.

As a result, the loss was due to a failure to pursue the previous insurer, and this could not be attributed to the broker.

NIBA.COM.AU / 19

COVER STORY / Meet the State Finalists of the 2022 Young Broker of the Year Awards

Meet the state finalists of the 2022 Young Broker of theYear awards

20 / INSURANCE ADVISER JUNE 2022

The Young Broker of the Year awards are proudly sponsored by Vero

MEET THE FUTURE OF THE INSURANCE BROKING INDUSTRY. THE 2022 YOUNG BROKER OF THE YEAR AWARD, SPONSORED BY VERO, HAS SHONE A SPOTLIGHT ON THE REMARKABLE ACHIEVEMENTS OF YOUNG TALENT FINDING SUCCESS IN A CHALLENGING MARKET. THIS YEAR’S STATE FINALISTS EACH HAVE HEARTWARMING STORIES AND VALUABLE LESSONS TO SHARE. INTERVIEWS BY AMY CAI AND WENDY MARTIN

NIBA.COM.AU / 21

COVER STORY / Meet the State Finalists of the 2022 Young Broker of the Year Awards Victoria/ Tasmania Award Winner and Finalists

WINNER OF THE VIC/TAS YOUNG BROKER OF THE YEAR AWARD

Greg Shallard

Client Manager, Aon/Affinity Insurance Brokers How did you get started in the insurance broking industry?

My transition into the insurance broking profession was from the leisure and equine industry. I grew up being involved with the youth outdoor camping industry and was a qualified horse-riding instructor and camp leader. During this time, I was introduced to the insurance broking industry through the Chairperson of the youth outdoor camp that I worked at, who happened to be the Risk Manager at Affinity. He managed the equine accounts and he offered me some work 22 / INSURANCE ADVISER JUNE 2022

experience, which later led to a part-time role. This then led to a full-time position at Affinity in 2011.

Today, I oversee a team which manages more than 7,500 accounts from small family businesses to national sporting associations.

It is an absolute honour to represent the leisure and equine industry, an industry which I have been involved with for over 20 years and an industry which many of my family, friends and colleagues are employed in.

What is the most important lesson that you have learnt in your career so far?

Insurance brokers are here to help people and organisations achieve their goals and dreams. And to make a difference. It is very satisfying not just helping my clients, but

also knowing that I’m helping their clients indirectly as well.

What does becoming a finalist of the Vic/Tas 2022 Young Broker of the Year award mean to you?

To me, being the winner of the Vic/Tas 2022 Young Broker of the Year award is a reflection of the work of my team, the leaders at Aon and Affinity Insurance Brokers who have put their trust in me in this role and the faith that my clients in the outdoor and equine industry have in representing their industry. Being the winner of the Vic/Tas 2022 Young Broker of the Year award also gives me another platform to better represent and support the outdoor and equine industries, help clients achieve their business goals and provide a safer and more secure environment for people to participate in.

The Young Broker of the Year awards are proudly sponsored by Vero

Riley Glacken

Principal – Buying Groups, Marsh

Josh Meyer

Chief Executive Officer/ Account Director, Avatar Brokers How did you get started in the insurance broking industry?

My career in insurance broking began in 2012, while I was still a college student in Ohio. I was offered an internship with a brokerage firm called Avatar Brokers in Melbourne and enjoyed the experience so much that when Avatar offered me a full-time position, I instantly accepted and permanently relocated to Melbourne shortly thereafter.

Since then, I have become Avatar’s Chief Executive Officer and Account Director. I also play a key role in growing Avatar by expanding our staff, fostering their continued education and nurturing talent.

What are the most important lessons that you have learnt in your career so far?

The first lesson is the art of saying ‘I don’t know the answer at the moment, I will find out for you’. This shows strength and confidence, and it builds rapport and trust with your clients. The second lesson is being a curious learner. Being willing to learn and grow your knowledge base, it will carry you in your career and develop your creative mindset.

What does becoming a finalist of the Vic/Tas 2022 Young Broker of the Year award mean to you?

Becoming a finalist of the Vic/Tas 2022 Young Broker of the Year award is a reflection of my commitment to the industry and my dedication and drive to continue to grow as an insurance broker, manager and leader.

It’s such an exciting opportunity for me personally, but is also a reflection of the broader insurance broking industry and the benefits of this industry.

How did you get started in the insurance broking industry?

I started in the insurance broking industry with Marsh almost four years ago. I had just come back from overseas and finishing my University degrees in Finance and Journalism and I was wanting to secure a full-time role.

I initially applied for another position in the operations team at Marsh but was offered a role in the broking team.

Whilst it was initially daunting to start in a client facing role, I quickly found my feet and was assigned accounts within the Affinity team. This soon led to managing larger accounts, including food franchises such as Subway and Gloria Jeans and Australia Post, which enhanced my skills in learning a range of policy classes.

After about a year, I was promoted from an Assistant Account Executive to Account Executive to manage the tyre portfolio. My career further progressed when I was assigned the social housing portfolio within my remit and was promoted to the role of Principal – Buying Groups.

I have also had the honour of being appointed as the Chairperson of the Marsh Pride Australia Committee and am an active member of the Diversity and Inclusion Committee.

What are the most important lessons that you have learnt in your career so far?

I learnt early on that communication is key in this industry.

Never underestimate the importance of a phone call to communicate with your clients and get on the front foot if you need to deliver bad news. Most clients are understanding if there are going to be delays in their claim, for instance, if they are kept well informed and you clearly communicate the situation.

What does becoming a finalist of the Vic/Tas 2022 Young Broker of the Year award mean to you?

I’m extremely humbled to be a finalist of the Vic/Tas 2022 Young Broker of the Year award and I’m very honoured to be selected for this award. Becoming a finalist acknowledges my contribution at Marsh and to the broader insurance broking profession.

I value this award as it recognises professionals early in their career and the contribution that they make, and the value that they bring to the industry.

NIBA.COM.AU / 23

COVER STORY / Meet the State Finalists of the 2022 Young Broker of the Year Awards

Western Australia Finalists

Cameron Gaspar

Senior Associate – Construction, Lockton Companies How did you get started in the insurance broking industry?

Unlike most, I knew in my early years of high school that I wanted a career in insurance broking. I have many family members who have been, or are currently employed in the profession, and through their experiences I have seen first-hand the career opportunities available and the kind of life that they have led working in the profession.

My first role was as a Junior Client Relationship Manager at Willis Temby, which I joined in 2017 as an 18-year-old. After a two-and-a-half-year stint at Willis Temby, I joined EBM, initially within their Perth office.

I was fortunate enough to work within EBM’s Victorian office before moving to their Karratha branch. This was a pivotal moment in my career – being on the ground in a cyclone prone area of a small regional town was a life-changing experience.

From EBM Karratha, I transitioned to working for Lockton in Perth, where I have been exposed to a large variety of clients ranging from large private companies to ASX-listed and multi-national organisations.

What are the most important lessons that you have learnt in your career so far?

The most important lesson that I’ve learnt in my career is to firstly make a conscious effort not to lose my sincerity, and secondly to communicate honestly and genuinely, and not be afraid to have frank and difficult conversations when you need to.

I have found that clients, colleagues and other industry partners respect it when you are willing to have that difficult conversation, especially when it’s delivered in a sincere, considered and approachable manner.

Being sincere also means advocating for clients as if their businesses were my own.

What does becoming a finalist of the WA 2022 Young Broker of the Year award mean to you?

I strongly believe in the advocacy services and representation that NIBA provides for the profession. Both the Young Broker of the Year and Broker of the Year awards are a mark of NIBA’s professionalism and commitment to the industry. Both awards carry a high level of prestige, so being named as a finalist for the WA 2022 Young Broker of the Year award is an exciting and honourable achievement for me.

24 / INSURANCE ADVISER JUNE 2022

Nikita Piil

Client Manager – Mining and Construction, Aon How did you get started in the insurance broking industry?

I distinctly remember whilst working at my first insurance job at an investigational claims firm, my senior colleagues would always reminisce amongst each other ‘back in the broking days’. Listening in fuelled my growing inquisitive mind and desire to get into the broking segment.

Fortunately, I was recommended for a broker’s assistant role through connections, and I have not looked back since.

What is the most important lesson that you have learnt in your career so far?

The importance of having personal values based upon honesty, transparency, authenticity, and having the modesty to acknowledge when being out of your depth and to seek out appropriate mentors.

Stick to your values and avoid stagnation. It is the hard work you dedicate and obstacles you overcome in silence, the essence of passion and consistent steadfast ‘improvement

The Young Broker of the Year awards are proudly sponsored by Vero

Selena Piggott

Managing Principal, Marsh

mentality’ / mindset to constantly challenge the status quo; that ultimately results in defining your path to success.

Surround yourself with people who will help you grow.

What does becoming a finalist for the WA 2022 Young Broker of the Year award mean to you?

If my present and past colleagues or industry connections were asked to describe me, they would note: my obsession with Allan Manning, being an ‘insurance nerd’ and lastly, attestation to my decade-long fixation of one day being considered worthy to be nominated for this award, let alone to have made it as a WA finalist.

This candidacy is an extremely rewarding acknowledgement, for all the hard work, devotion, determination, sacrifices, and late nights dedicated to ensuring I consistently provide my clients with the utmost highest levels of integrity and service. Not only my work, but also the prodigious work of my peers who have also been recognised as finalists.

How did you get started in the insurance broking industry?

Like many, I fell into the industry by chance. After being woefully stuck on university course selection, I took a deferment to seek some life experience before making my choice. I accepted an administration position at Sarre Insurance Brokers with the intention of recommencing studies the year after. The primary reason for my choice of the company at the time was that I could walk to the office! The role allowed me to meet clients and insurers and interact with my colleagues to understand what the broking world was about, and I quickly learnt to love the industry. When the team at Sarre offered the amazing opportunity to move into broking, I jumped at the chance and haven’t looked back.

What is the most important lesson that you have learnt in your career so far?

To be ready to learn, grow and change. Insurance is an ever-changing landscape with major disruptions like digitisation, ESG and working from home changing how we do business. We need to stay nimble and be informed to help our clients. Attending training sessions, reading articles and talking with your peers shows that there is always something new to be discovered.

This is where NIBA’s Mentoring Program adds such value. Seeking out help and asking questions have traditionally provided the biggest learnings in my career. Sharing knowledge helps our industry by ensuring we are all better brokers than we were the day before. As a new manager, I am enjoying the opportunity to share my knowledge and in turn, learn from my colleagues.

What does becoming a finalist of the WA 2022 Young Broker of the Year award mean to you?

I am extremely proud to be a finalist for the WA 2022 Young Broker of the Year. The nomination in itself was very humbling and the process has been an extremely rewarding experience. Compiling the submission, it allowed reflection on my career to date. Speaking with insurers and clients on the nomination was daunting, but it was lovely to hear their feedback. The interview panel was extremely exciting, the questions asked triggered some great inflection and the experience has given me a push to review my goals.

I hope to use the nomination to share all the great things that our industry does, and what incredibly dynamic and interesting careers are available.

The winner of the WA Young Broker of the Year award will be announced at the NIBA WA Gala Lunch on Friday 8 July.

NIBA.COM.AU / 25

COVER STORY / Meet the State Finalists of the 2022 Young Broker of the Year Awards

Queensland Finalists

William Thompson

Account Manager, Thompson Insurance What are the biggest challenges you have faced so far in the insurance broking profession? How did you overcome these challenges?

The biggest challenge I’ve faced is public perception around the insurance broking industry, which unfortunately isn’t always the warmest.

In the first few years of my career, I got involved in the Maroochydore Chamber of Commerce, which is a great avenue to help promote the good work achieved by the insurance industry. In 2018, I co-founded with a friend the Sunshine Coast Young Chamber of Commerce, which advocates for and empowers young people in professional industries.

This group has been a great channel for me to share the good that our industry can do.

Insurance broking can be an amazing tool when tailored correctly and change someone’s life completely. As brokers, we can see the rewarding work we do and it’s important to share that with other people.

What do you think the insurance broking profession will look like in the future? Is there anything that young brokers need to look out for?

For the most part, insurance broking today isn’t very different to what was done in the 1980s or 1990s, which is quite mind-boggling when you think about the change that other industries have experienced.

We’re at an exciting time where technology is being introduced into our industry and there are some amazing data tools available to help improve brokers’ knowledge of their customers and in turn enhance the client’s overall experience.

What does becoming a finalist of the Qld 2022 Young Broker of the Year award mean to you?

It’s a great feeling to become a finalist of the Qld 2022 Young Broker of the Year award. To be recognised across the industry for all of my hard work makes me feel so grateful, especially given that all of us brokers put in a lot of work and sometimes it can go unnoticed.

Being recognised by NIBA also motivates me to continually push further in my career. As a next step, I’m excited to pursue new opportunities to develop myself, our business and team, and invest in further education.

26 / INSURANCE ADVISER JUNE 2022

Alison Morrissey

Queensland Branch Manager, Collective Insurance Brokers How did you get started in the insurance broking industry?

As an early school leaver from a country town, I didn’t know where my career would take me, only that I wanted to help people work with numbers, and join the workforce right away.

In 2008, I came across the perfect role as a face-to-face Sales Consultant at NRMA. I realised quickly insurance was more than a job and began to appreciate the opportunities available within our industry and completed my studies to become a qualified insurance broker in 2012.

What is the most important lesson that you have learnt in your career so far?

I think it’s easy for insurance brokers to take our expertise and experience for granted. I remind myself often that when I first started in the industry, simple insurance concepts such as deductibles took a moment to grasp, let alone average clauses, calculations of insurable gross profit, claims-made vs. occurrence, and the list goes on. The most important lesson I have learned in my career to date, particularly during the hardening market, where there are numerous

The Young Broker of the Year awards are proudly sponsored by Vero

Cormack Hankinson Senior Account Manager, Allegiant IRS

variables uncontrollable by the broker, is to ensure there are ‘no surprises’ for our clients. I believe this can be achieved by taking the time to develop an understanding of the clients’ operations, in order to explain the complexities of insurance coverage from the onset and throughout, not only at claim time.

As a further commitment to understanding my client’s needs and requirements, I am currently studying a master’s degree in Business Administration at Southern Cross University, which continues to improve my theoretical and practical knowledge of how organisations operate.

What does becoming a finalist for the Qld 2022 Young Broker of the Year award mean to you?

I constantly encounter professionals in insurance who I admire for their intellect, hard work, and leadership in the profession. It is truly an honour to be nominated and be named a finalist for this award as it acknowledges the very same qualities I have upheld throughout my insurance career. I plan to use this recognition to inspire and encourage other young professionals, particularly from rural communities, to consider a rewarding career in insurance broking.

What are the biggest challenges you have faced so far in the insurance broking profession? How did you overcome these challenges?

Around 2021, I was working on a program for an extremely large and complex property placement in a challenged industry sector.

The placement involved a significant asset and business interruption pool and the industry sector relied heavily on multiple markets in order to reach 100% capacity.

With such a complex risk, I worked with the client six months in advance to develop high quality, detailed and technical submissions to win over insurers, in a high hazard industry sector. Despite the size and market perception for the industry sector, I was able to place a program, incorporating approximately 35 insurers (including 25% of all of Lloyd’s of London) to secure 100% capacity and an exceptional rate result for the client.

This placement was challenging, as it involved a myriad of insurers with various rating structures, often with competing conditions and priorities.

It involved an incredible level of organisation to determine the optimal position for each individual market to capitalise on the ideal structure and pricing for the client.

What inspires you the most about the insurance broking profession?

The insurance broking profession is one where we are able to help our clients build something, which protects and benefits them in their darkest time.

It is not adversarial, and insurers and brokers alike all come together to develop the best risk transferral methods for our clients.

What does becoming a finalist of the Qld 2022 Young Broker of the Year award mean to you?

Becoming a finalist of the Qld 2022 Young Broker of the Year award is incredibly humbling.

A key value which I hold is lifelong learning and continued education, whereby I always strive to learn more and better myself.

Becoming a finalist serves to guide me in knowing that I am on the right path in applying that knowledge and education, and on where I want to be in the future.

The winner of the Qld Young Broker of the Year award will be announced at the NIBA Qld Gala Lunch on Wednesday 13 July

NIBA.COM.AU / 27

COVER STORY / Meet the State Finalists of the 2022 Young Broker of the Year Awards New South Wales / Australian Capital Territory Finalists

Elliot Morris

Managing Director, Principle Insurance What inspires you the most about the insurance broking profession?

I began my own Authorised Representative business with Insurance Advisernet a little over 18 months ago, and it would not have been possible without the ongoing support from many within our industry. To be able to take on this challenge was a dream of mine for many years and the continued support I receive each day is a true reflection of the comradery and support our industry offers each other.

What are the biggest challenges you have faced so far in the insurance broking profession? Is there anything that young brokers need to look out for?

With an ever-changing fiscal and regulatory market, we as brokers are becoming even more business critical to our clients. As we begin our exit from the COVID-19 environment, we are beginning to uncover the effects of the pandemic.

Coupled with ongoing regulatory changes, the onus falls on us to be educated and abreast of every change concerning our clients from an insurance perspective. Being continually engaged with NIBA has ensured we get the information which directly corresponds to our industry and has assisted us in effectively performing our roles as insurance advisers.

Another key challenge is that while the world continues to move towards greater technologies, and our industry advances its quoting tools, direct marketing campaigns and direct market competition, we as young brokers mustn’t forget the importance of face-to-face client contact. Our roles are being simplified by fantastic advancements in technology, however these advancements are not designed to replace the role of an insurance adviser, and the importance of knowing our client has never been more important.

What does becoming a finalist of the NSW/ACT 2022 Young Broker of the Year award mean to you?

Being a finalist of the NSW/ACT 2022 Young Broker of the Year Award has greatly assisted in furthering my professional development. This award is the highest accolade a young broker can receive and a program such as this does a great deal to continue developing young brokers as we progress through our careers. It not only supports personal and professional development, but also provides us with a platform to the wider community in an effort to engage school leavers and the like to join our wonderful industry.

28 / INSURANCE ADVISER JUNE 2022

Brian Compay

Client Service Manager – Corporate & Commercial Division, Austbrokers ABS What are the biggest challenges you have faced so far in the insurance broking profession?

How did you overcome these challenges?

Like most of us, my biggest challenge has been working through the recent COVID-19 pandemic, due to the uncertainty of what this would mean for our industry, but also the impacts that this would have on our clients.

As the world continued to understand the virus, we had to adapt to constant change within our lives, especially at times when government lockdowns were required, curfews were introduced, and restricted travel also impacted businesses, families and even mental health.

It was important for me to create a routine to match the current environment. I was fortunate to have a home gym, where I was able to keep my mind and body refreshed, and a home office ready to service my clients during these uncertain times.

What is the most important lesson you have learnt so far in your career?

Every day is an opportunity to learn and grow as we are surrounded by endless supply of information within our disposal. There are free development training courses online that can be taken during lunch breaks or after hours. It’s doing the 1% every day that will equate to something big over time.

The onus is on you on how much you’re willing to work for it.

What does becoming a finalist of the NSW/ACT 2022 Young Broker of the Year award mean to you?

It has been a humbling experience to partake in this journey as my colleagues were the ones that initially nominated me for this award, which shows they see merit in the work that I do for my clients. To also have the support from my industry peers and clients really is the icing on the cake, as they too have taken time out of their own day to acknowledge my contribution to Austbrokers ABS. Being a finalist is a great honour and I plan to continue to give back to the industry that gives me so much in return.

The Young Broker of the Year awards are proudly sponsored by Vero

Dean Bowen

Sam Hunter

Managing Director, DLB Insurance Risk

Managing Director, Ausure

What are the biggest challenges you have faced so far in the insurance broking profession? How did you overcome these challenges?

My first broking role was the Director of my own brokerage.

I’d spent a decade working for an underwriter and was embarking on a new career with the added challenge of learning how to run a business at the same time. I had to figure out and learn a lot of things on my own. My very first clients were family and friends and without their support, I probably would have failed. I overcame this challenge by aligning myself with the right mentors who provided ongoing support in areas such as product and underwriter knowledge, compliance, and business development. I started out small, doing what I knew did well – mainly domestic and SME business with a focus on trades. As my knowledge, experience and confidence began to develop, I began working with larger businesses and more complex risks.

What are the biggest challenges you have faced so far in the insurance broking profession? How did you overcome these challenges?

The biggest challenge I have faced is starting an insurance brokerage on my own. The first year was very daunting with a lot of unknowns. I didn’t know if or how many clients I would sign and what obstacles would arise. I was also having to complete every role from administration tasks, claim lodgement to renewals and new business.

To overcome this, whenever I had the opportunity to quote on a person’s insurance, I took the time to listen and get to know them, review their current insurance well and provide my professional opinion on their needs. I made sure I always picked up the phone or got back to the person as soon as I could. Over time, word of mouth spread, and I continued to grow.

I’ve learnt that it’s important to get to know people.

Whether it be clients, underwriters, or the claim team, people like to deal with people they know and get along with, and this will never change. Don’t send only emails or text messages because they are easy. Pick up the phone have a discussion and see as many people face-to-face as you can.

What do you think the insurance broking profession will look like in the future? Is there anything that young brokers need to look out for?

I’ve noticed a transition over the past five years of insurance brokers becoming more of a trusted advisor for their clients. There are a lot more conversations with clients on topics like risk management, business continuity planning, maintaining up-to-date property valuations, HR policies and practices, contractor management, contractual liability and cyber risk management, as opposed to sitting with a client, going through the renewal of their program and handing them a bill at the end. I truly believe brokers who take an interest in holding such conversations with their clients are not only setting their client up to succeed but setting themselves apart from others.

What does becoming a finalist of the NSW/ACT 2022 Young Broker of the Year award mean to you?

The Young Broker of the Year award has given me the opportunity to reflect on what I am doing well as both a broker and a business owner and where the opportunities for improvement in both areas are. It’s allowed me to meet and spend some time with some well-respected leaders within our industry and learn something from them.

What inspires you the most about the insurance broking profession?

We are there at a time when a client suffers an unfortunate event. It is my job to help people and put people back in the same position they were in prior to this event.

I believe when something like this happens, the client likes to hear a familiar voice and someone assuring them that everything will be okay and then making this happen.

I like being this person.

What does becoming a finalist of the NSW/ACT 2022 Young Broker of the Year award mean to you?

The Young Broker of the Year award has played an important part in my career.

This process allowed me to look at previous winners and current nominations, see what they are doing well and how I can use this to improve on my own business and self.

It is also a nice time for me to sit down and reflect on what I think I am doing well in and what I can improve on.

The winner of the NSW/ACT Young Broker of the Year award will be announced at the NIBA NSW Gala Lunch on Thursday 21 July.

NIBA.COM.AU / 29

COVER STORY / Meet the State Finalists of the 2022 Young Broker of the Year Awards South Australia / Northern Territory Finalists

Shaun Thomas Principal – NT, Marsh

How did you get started in the insurance broking industry?

Back in 2012, I had recently relocated from Tasmania to Western Australia and ‘fell’ into a role in a claim lodgement centre for a national insurer, where I quickly progressed to the sales and service team.

Then in 2014, I was offered the opportunity to join Marsh in the Oil and Gas team, a role that provided a fantastic development opportunity and introduction to insurance broking.

In 2018, I was then approached to join the Marsh team in Darwin – a move that I consider to be the best decision of my career, due to the vast geographical landscape and diverse risk profiles of our clients.

What is the most important lesson you have learnt so far in your career?

A lesson I learnt on my very first day in insurance: Never make assumptions.

A client’s business and their risk profile changes constantly, and therefore we need to make every endeavour to extract and understand this information, and to ensure that they understand the agreed strategy and what risks they are transferring versus those that they are retaining.

Candice Klau

Managing Director, Be Covered Insurance Brokers

What inspires you the most about the insurance broking profession?

Nothing moves and nothing is built without insurance.

We assist clients in understanding and transferring their risks, thereby allowing business and the world to progress, into the future. What is really inspiring is that we are at the crux of facilitating that progression.

What inspires you the most about the insurance broking profession?

Kindness – most of the time, you won’t see it unless you are forced into a situation where it becomes apparent, but the insurance industry is full of kindness.

It’s the colleagues we celebrate birthdays with, or the clients who we are there for when they have a claim. We are in an industry that helps people when they need it the most and I think that’s amazing.

What does becoming a finalist of the SA/NT 2022 Young Broker of the Year award mean to you?

We all work very hard to assist our clients and adapt to the ever-changing risk landscape.

It is incredibly humbling to become a finalist for the Young Broker of the Year award and be recognised for my work and the results that we drive for our clients.

Ultimately, I enjoy and feel fortunate to be involved in this industry. We are afforded an opportunity to make a meaningful impact in our clients’ lives, their businesses and the wider community as a whole.

What do you think the insurance broking profession will look like in the future? Is there anything that young brokers need to look out for?

I personally think the industry will see brokers increasingly move from being employees to having their own brokerages, especially after the pandemic. The next 10 plus years in broking will be amazing and I am so excited to be part of this journey.

30 / INSURANCE ADVISER JUNE 2022

The Young Broker of the Year awards are proudly sponsored by Vero

Joseph Cuzzocrea Account Executive, Maxton

To younger brokers, my advice is to learn every aspect of the business from reception up, because if you do take the plunge and start off as a one-man-band, you will be the Managing Director as well as the receptionist.

How has the Young Broker of the Year award played in your development as a broker?

I have a habit of always looking forward, but the Young Broker of the Year Award has made me pause for a moment and appreciate just how far I’ve come.

A lot has happened to me, professionally and personally. From the girl who landed a receptionist job at an insurance brokerage just two days out of high school, to now being the Managing Director of my own insurance brokerage, it was and still is a bit overwhelming.

I’ve come so far, and I still plan to go a lot further.

What is the most important lesson you have learnt so far in your career?

When I was just 19 years old, my father, who founded Maxton 37 years ago, asked me to work for him. I started out in claims and learnt to love the industry.

Afterwards, I decided to branch out and expand my knowledge by working at Marsh before returning to Maxton. I was completely green in an unfamiliar corporate world, but did my best to learn the ropes from my peers.

That experience has taught me to always learn and gain experience from the people around you to help your personal development.

If a client asks you a question and you don’t know the answer, don’t be afraid to say, “I don’t know this answer, but I’ll find out for you.”

Regulations, compliance and products are forever changing in our industry. Giving incorrect information can lose trust with your client.

Whereas if you say you don’t know but come back to them with the correct advice in a timely fashion, you’ve earnt their respect.

What inspires you the most about the insurance broking profession?

People come to us to protect their business or assets they’ve built over their lifetime. We help them process and handle a claim that could essentially make or break the next stages of their life.

In their time of need, we need to be there to support them and get them back to where they were prior to their loss.

The reward you get out of someone sincerely saying that without you, this couldn’t have happened, is amazing. You’ve got to be grateful for those moments.

What does becoming a finalist of the SA/NT 2022 Young Broker of the Year award mean to you?

To be recognised by one of the most prestigious insurance associations throughout Australia, and to be named as a finalist for their award, gives me so much confidence in my abilities.

I feel recognised and appreciated in what I do every day, and I’m so grateful to be part of it all.

After all the hard work in the backend, to be chosen as a finalist and to sit with the leaders of the industry that I admire every day is such an honour. It motivates me to be the best broker I can possible be in this wonderful industry I am part of.

The winner of the SA/NT Young Broker of the Year award will be announced at the NIBA SA Gala Lunch on Friday 22 July.

NIBA.COM.AU / 31

FEATURE / Cybercrime

32 / INSURANCE ADVISER JUNE 2022

HELD TO RANSOM Cybercrime continues to be one of the biggest risks facing businesses globally – but for all of the technology, it’s still people who are the weakest link.

BY MARTIN WANLESS

NIBA.COM.AU / 33

FEATURE / Cybercrime

C

ybercrime continues to grow, seemingly by the day. The past 12 months have seen a number of significant cyberattacks – in 2021 alone, ransomware attacks cost businesses more than $20 billion globally. Cyber security is now rightly recognised as one of the major global risks that businesses face.

“Over the past couple of years, we have seen some pandemic-specific scams, which were targeting people working from home and trying to exploit weaknesses there, and we’ve seen incidents in general increase,” says Jo Stewart-Rattray, Director of Information Technology Security Assurance at BRM Advisory.

“There has also been a rise in ‘vishing’ (voicemail phishing where, for example, a ‘broadband provider’ leaves a message on your phone to call them urgently or otherwise your broadband will be cut off ) and ‘smishing’ (SMS phishing, where you 34 / INSURANCE ADVISER JUNE 2022

“THE PAST YEAR HAS SEEN THE EMERGENCE OF CRIMINAL RANSOMWARE AS A SERVICE (RAAS), WHERE EXPERTS IN DIFFERENT AREAS OF ATTACK HAVE COLLABORATED TO PACK UP AND SELL ON THE DARK WEB THE CAPABILITIES REQUIRED TO LAUNCH A RANSOMWARE ATTACK.” – ROBYN ADCOCK, CYBER/TECH PRACTICE LEADER, GALLAGHER receive a message from a company about, for example, a delivery being delayed).”

It’s a rapidly changing field – new methods of attack are being created, and the operations behind cybercrime are seriously professional. It’s not kids in dark cellar rooms; it’s strategic, planned big business.

And your clients are all at risk.

To illustrate the sophistication, Robyn Adcock, Cyber/Tech Practice Leader at

Gallagher, says, “The past year has seen the emergence of criminal ransomware as a service (RaaS), where experts in different areas of an attack have collaborated to package up and sell on the dark web the capabilities required to launch a ransomware attack.”

Of course, this rapidly changing environment creates an issue for insurers, brokers and clients, with claims outweighing premiums and cover being restricted.

Speak to Us About Our Award Winning Cyber Product Protection against one of today’s top-ranked emerging risks

www.brooklynunderwriting.com.au

FEATURE / Cybercrime

CYBER POLICY IN ACTION A director of a medical technology company inadvertently clicked on a link in a phishing email that appeared to have been sent by another employee.

This gave the perpetrator access to the director’s email, and within minutes the perpetrator sent thousands of similar phishing emails to internal and external contacts, with the email subject title specifying a business-related proposal.

That afternoon, the director called Brooklyn Underwriting’s cyber hotline, which is managed by a designated cyber incident manager, and the following steps were immediately taken: 1.

An IT forensic firm was engaged from Brooklyn’s panel.

A scoping call took place with the insured to gather more details on the breach, eradicate it and restore the system, which was shut down when the breach was first discovered.

2. With the assistance of the IT forensic expert, the insured’s IT manager discovered that the perpetrator had set up a mail forwarding rule in the director’s mailbox. This was promptly removed, credentials were reset and staff were directed to urgently change their passwords.

Rob Collyer, Lead Cyber Underwriter at Nova Underwriting, says, “In terms of ransomware and phishing attacks, clients and insurers are certainly feeling the pain in these areas, and we are seeing more restrictive covers around ransomware and social engineering.

“Attackers are less willing to negotiate and have become increasingly professional in their set-up. They will send an email under the veil of a known client or business partner, tricking the recipient into opening a link that contains malware. Once this malware is downloaded, the attacker has full access to the system and all data contained within it.

“Whereas the attackers used to just freeze the system and demand a ransom to provide a key to unlock it, the attackers have found value in the data and personal information contained in the system, and are selling this on. As a result, the client has both a business interruption and data breach exposure.”

36 / INSURANCE ADVISER JUNE 2022

3.

4.

The cyber incident manager also engaged a law firm from Brooklyn’s panel to assist the insured in complying with its mandatory reporting requirements in Australia and in all foreign jurisdictions.

Over the course of the Easter long weekend, the forensic expert continued the investigations to determine the cause and extent of the breach and the extent that the employer’s mailboxes were compromised. The findings were then presented to the insured, who was assured that all risks had been mitigated and that they could resume operating as normal the next business day.

COVERAGE

Brooklyn confirmed indemnity under the cyber insurance policy for the costs of the IT forensic firm and the law firm engaged in the incident response, which delivered certainty to the insured. Fees charged by the cyber incident manager were paid directly by Brooklyn, and the amounts did not erode the policy limit of liability or any retention.

CASE STUDY PROVIDED BY: RAYMOND LOH (PRODUCT LEADER OF CYBER, AUSTRALIA, INTERNATIONAL FINANCIAL LINES, AXA XL)

“WHEREAS THE ATTACKERS USED TO JUST FREEZE THE SYSTEM AND DEMAND A RANSOM TO PROVIDE A KEY TO UNLOCK IT, THE ATTACKERS HAVE FOUND VALUE IN THE DATA AND PERSONAL INFORMATION CONTAINED IN THE SYSTEM, AND ARE SELLING THIS ON.” – ROB COLLYER, LEAD UNDERWRITER, NOVA UNDERWRITING Adcock says in some cases, rates have increased significantly.

“With insurers now having to prioritise renewal business over new business, companies without a track record of having previously purchased cyber insurance – or that can’t demonstrate best practice cyber risk management – are finding that insurance cover can be very hard to find. In some cases, rates have increased by more than 200 per cent.”

Matthew Davis, Claims Specialist at AXA XL, says new legislation proposed earlier this year by the government could mean a stricter reporting regime.

“As part of its Ransomware Action Plan, the Federal Government has proposed to introduce new legislation that would require companies with an annual turnover of $10 million or more to report cyber extortion attacks to the Australian Cyber Security Centre, irrespective of whether they have paid a ransom,” he says.

r

FEATURE / Cybercrime

SMES ARE VULNERABLE – AND HUMANS ARE THE WEAK LINK

According to the Cyber Security and Australian Small Businesses 2021 report:

of businesses have experienced a cyber security incident;

e

of businesses have below-average cyber security practices;

of businesses don’t know what phishing is; and

RANSOMWARE – THE LOWDOWN Ransomware is big business, with the number of attacks recorded in 2021 almost doubling from that in 2020.

Ransomware is a particularly dangerous type of malware, which can seriously impact businesses by effectively holding your systems and your data hostage and demanding money for it to be released.

As well as stealing time and money, ransomware can seriously harm a business’s reputation. Businesses need to have preventative measures in place to avoid falling victim to ransomware and other cyber attacks, and education is vital because attacks generally rely on human error to get into a system. This is usually from visiting unsafe or suspicious websites, opening emails and files from an unknown source, or clicking on malicious links in an email or on social media.

Cyber.gov.au, the government website dedicated to helping Australians fight cybercrime, recommends looking out for the following signs: Pop-up messages requesting funds or payment to unlock files You cannot access your devices, or your login doesn’t work for unknown reasons Files request a password or a code to open or access them Files have moved or are not in their usual folders or locations Files have unusual file extensions, or their names or icons have changed to something strange.

“CYBERCRIMINALS DON’T NECESSARILY TARGET YOU – MOSTLY, YOU BECOME AN ACCIDENTAL VICTIM OF A LARGE, BROAD-SCALE PHISHING ATTACK. ALL IT TAKES IS ONE EMPLOYEE TO MAKE A MISTAKE, AND IT TRIGGERS AN INTEREST IN YOUR BUSINESS.” – MATTHEW DAVIS, CLAIMS SPECIALIST, AXA AL

of cyberattacks are due to human error.

When 90 per cent of attacks are still successful due to human error, whatever your cyber-savviness, it’s smart to recognise that there’s still a huge educational piece to do for your clients.

“Cybercriminals don’t necessarily target you – mostly, you become an accidental victim of a large, broad-scale phishing attack,” says Davis.

“All it takes is one employee to make a mistake, and it triggers an interest in your business.”

Education is key, says Stewart-Rattray, who is only half-joking when she says her five top tips for everyone are ‘don’t click on the link’, repeated five times.

“It’s about making cyber security education something that benefits people at home as well as at work,” she says.

“Linking that message about being cautious with every online interaction to people’s personal habits online can help them avoid becoming victims to things like identity theft in their own lives. They may then have more incentive to really pay attention to the education in their workplace.”

38 / INSURANCE ADVISER JUNE 2022

FEATURE / SME Solutions

THE SME CHALLENGE:

Regaining lost ground According to research, SME businesses have had to change and evolve over the past few years and brokers have had to rethink how to best service their clients.

BY MARTIN WANLESS

40 / INSURANCE ADVISER JUNE 2022

This article is sponsored by Vero

NIBA.COM.AU / 41

FEATURE / SME Solutions

This article is sponsored by Vero

T “THE SHIFT TOWARDS ACCESSING INFORMATION ONLINE – WHICH HAS BEEN ACCELERATED DURING THE PANDEMIC – HAS IMPACTED THE WAY MANY CUSTOMERS PURCHASE INSURANCE.” – DAMIEN GALLAGHER, EXECUTIVE GENERAL MANAGER, CGU

42 / INSURANCE ADVISER JUNE 2022

o say Australian small-medium enterprise (SME) businesses have had it tough over recent years is something of an understatement.

From natural disasters and a global pandemic to supply chain issues and staff shortages, the past couple of years have been the most testing of testing times.

Throw in escalating fuel prices, interest rate rises and the general increase in the cost of living, and it’s no surprise that businesses are feeling the pinch. According to recent figures released by the Australian Bureau of Statistics (ABS), 57 per cent of Australian businesses have experienced an increase in business costs in the most recent three-month reporting period.

Of course, when things are tough, businesses assess every facet of their expenditure.

“The shift towards accessing information online – which has been accelerated during the pandemic – has impacted the way many customers purchase insurance,” says Damien Gallagher, Executive General Manager, CGU. “Often people purchase insurance based on price alone after doing their own online research, without considering their specific needs and seeking expert advice.”

This is confirmed by Vero’s 2022 SME Insurance Index Report, which reports that SMEs are increasingly moving to buy insurance directly.

Anthony Pagano, Head of Commercial Intermediaries, Vero, says, “There is a decline in the number of SMEs heavily using brokers, which can be attributed to them choosing to purchase their insurance via a combination of broker and direct channels. This group has grown 10% over the past 12 months – now accounting for more than half of SMEs.

Be the broker who’s confident at claims time Vero delivers an award-winning claims service, so you can be confident your clients will be well looked after when it’s time to claim. We offer dedicated claims managers and aim to settle claims quickly with OneTouch*. We’re also able to scale rapidly in response to natural disaster events, so you can rest assured your clients are in safe hands with Vero.

So be that broker who offers a claims service that’s genuinely award-winning.

Speak to your local Vero representative today.

vero.com.au/broker *The OneTouch claims process applies only to Vero Small to Medium Business claims up to $10,000 (excludes Commercial Motor and Fleet Motor). Timeframes quoted are based on the assumption that all supporting information and payment details are provided at the initial claim lodgement. Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance. Read the Product Disclosure Statement before buying this insurance. Go to vero.com.au for a copy. Target Market Determination also available. This advice has been prepared without taking into account your particular objectives, financial situations or needs, so you should consider whether it is appropriate for you before acting on it.

FEATURE / SME Solutions “Our research shows that these figures are not reflecting broker dissatisfaction. The Index revealed that SMEs are buying more straightforward cover direct because they believe that they can do it easily themselves, for less.

“However, there is a clear opportunity for brokers to ensure buyers of direct products understand the complexity of insurance they are buying and don’t leave themselves underinsured. This is where the intangible value of the broker’s expertise comes into play,” he says.

In 2020, 25 per cent of SMEs surveyed were ‘heavy users’ of insurance brokers, and 24 per cent were non-users.

Fast forward two years and those figures make concerning reading – only 14 per cent of SMEs declare themselves as ‘heavy users’ while 32 per cent ‘non-users’.

In the medium-sized business category (businesses that have between 20 and 199 employees), the drop off is even more pronounced.

While in 2020, 32 per cent of this category were ‘heavy users’ of brokers, in 2022, only eight per cent were.

Pagano says that brokers know how integral their role is in delivering successful claims outcomes for clients – and maybe this needs to be communicated more strongly.

“Now more than ever, there is a real need to articulate to SMEs who haven’t experienced that ‘moment of truth’ what components are involved in delivering positive outcomes for businesses,” he says.

“To this end, brokers can initiate conversations with SMEs about value, cost-effective insurance, how they can make the process easier, and help them feel more supported end-to-end.”

IN 2020:

25%

of SMEs surveyed were ‘heavy users’ of insurance brokers.

IN 2022:

24%

14%

32%

32%

of SMEs surveyed were ‘non-users’ of insurance brokers.

of medium-sized businesses surveyed were ‘heavy users’ of insurance brokers.

of SMEs surveyed were ‘heavy users’ of insurance brokers

of SMEs surveyed were ‘non-users’ of insurance brokers

8%

of medium-sized businesses were ‘heavy users’ of insurance brokers.

“THERE IS A CLEAR OPPORTUNITY FOR BROKERS TO ENSURE BUYERS OF DIRECT PRODUCTS UNDERSTAND THE COMPLEXITY OF INSURANCE THEY ARE BUYING.” – ANTHONY PAGANO, HEAD OF COMMERCIAL INTERMEDIARIES, VERO 44 / INSURANCE ADVISER JUNE 2022

2020

INSURANCE BUSINESS AWARDS

2021

INSURANCE BUSINESS AWARDS

FEATURE / SME Solutions

“THE DIRECT CHANNEL IS A NO-TO-LOW ADVICE MODEL, WHICH WILL NOT TAKE INDIVIDUAL CIRCUMSTANCES INTO ACCOUNT.” – THEO PITSIKAS, HEAD OF SME, ZURICH

Theo Pitsikas, Head of SME at Zurich agrees and adds that businesses leave themselves exposed by going direct due to the lack of advice.

“For new businesses requiring simple cover, they might purchase insurance directly. As they grow and/or get involved in larger projects, their exposures grow. Sometimes a direct offering will not be able to cater for these changing exposures, which could see the business owner without the appropriate cover, especially as the direct channel is a no-to-low advice model, which will not take individual circumstances into account.”

RETHINKING HOW TO ENGAGE SMEs

While this may not be overly positive news for brokers, it does create a platform for a rethink on the way in which SMEs are engaged – and how best to serve them in the coming months and years. And brokers are still invaluable for SMEs.

Many of those SME businesses have changed and evolved over the past couple of years. ‘Pivot’ became something of a cringe-inducing buzzword for months on end, but the reality is that many businesses have changed what they were doing and how they were doing it.

“COVID-19 has fundamentally changed the insurance landscape over the past few years,” says Pitsikas.

“Businesses have changed the way they go a bout their business and have shifted to meet the changing demands of consumers.”

Pagano says, “Clients are focused on driving revenue, managing costs, and their business. In an already competitive market where cheaper direct insurance options are available, brokers need to demonstrate their value throughout the insurance lifecycle to secure and retain clients.

“So, it is vital that brokers invest time to get to know their clients and gain a strong understanding

SME BUSINESS CONCERNS The Vero SME Insurance Index identified four main gaps between SME business concerns and the specific covers they hold:

47%

of SMEs who are concerned about loss or damage to goods in transit do not have goods-in-transit/ marine cover.

41%

of SMEs who are concerned about being unable to trade do not have business interruption cover.

37%

of SMEs who are concerned about cyberattacks do not have cover.

32%

of SMEs who are concerned about equipment failure/breakdown do not have machinery/equipment breakdown cover.

46 / INSURANCE ADVISER JUNE 2022

“IT IS VITAL THAT BROKERS INVEST TIME TO GET TO KNOW THEIR CLIENTS AND GAIN A STRONG UNDERSTANDING OF HOW THEIR BUSINESS OPERATES.” – ANTHONY PAGANO, HEAD OF COMMERCIAL INTERMEDIARIES, VERO of how their business operates. They should also assess how it functions within its specific industry segment and the wider external landscape – where the elongated impacts of COVID-19 continue to create a range of complexities that all clients will be grappling with.

“The pandemic has presented SMEs with many challenges, be it through the simple survival of ongoing trade, or for those in segments that have thrived, through understanding the implications that a changing business model can have on their insurance exposures.”

The SME world is changing, and it’s important to invest time in having conversations with those clients who may have dropped off the radar and ensuring those conversations, your social media and content messaging are all completely in tune with the realities of the SME business today.

THE LAND OF THE TALL POPPY Is Australia’s ‘tall poppy syndrome’ a thing of the past, or does it still hold businesses – and people – back? A CGU survey back in 2018 revealed that 68 per cent of Australians believe we have a culture of negativity towards ambition.

When business owners were asked, this increased to 75 per cent.

Fast forward four years, and is this still the case? Yes, says Damien Gallagher, Executive General Manager, CGU. “Our research shows that more than a third of Australians believe ambition is often regarded as a dirty word, so CGU Insurance has set out to change this perception.

“The same research revealed that almost 60 per cent of people believe Australians like to cut down ambitious people, despite the positive role ambition can play in our lives. However, the seeds for change are evident, with 77 per cent of Australians acknowledging that ambition is important to drive progress and innovative thinking.

“Brokers, by nature, are ambitious. It takes years of building their insurance knowledge and expertise, professional development and networking to grow their businesses and client portfolios. Not everyone is suited to that type of long-term business strategy in a world that looks for quick wins.”

NIBA.COM.AU / 47

COMMUNITY HUB

COMMUNITY HUB JUNE 2022

INDEX

The COMMUNITY HUB is your space to showcase your products and services to a specialist audience.

AB Phillips ......................................................48 ASR Underwriting.......................................49 AIBI....................................................................50 Australasia Underwriting.........................50 Tudor Insurance Brokers..........................50

Liberty Special Markets............................50 Moran Insurance Brokers.......................... 51 MGA Insurance Group............................... 51 Affinity Insurance Brokers....................... 52 Newline Group............................................. 52

Pollard Insurance Brokers........................ 53 Wellington Underwriting......................... 53 QPIB.................................................................. 53

WANT TO ADVERTISE IN THE INSURANCE ADVISER? If you’re a NIBA member with a product or scheme you’d like to promote to a broker audience in our Community Hub section, please contact Tony May E: tmay@niba.com.au

COMMUNITY HUB

NIBA.COM.AU / 49

COMMUNITY HUB

�aibi

Adult Industry Business Insurance

WE TOUGH INSURANCE For hard to place business we offer a solution Our Favourite Property Risks • Vacant Properties • EPS Risks / Distressed or Difficult Occupations • Remote and Timber Pubs • North Australian Risks • Wineries / Woodworkers • Waste Recyclers / Plastics Manufacturing o Lead / Follow / First Loss / Excess of loss.

Our Favourite Liability Risks • Asbestos Removal/Demolition Contractors/Earthmoving • Abattoirs / Seafood Processing / Food & Beverage • Services to the Mining Industry / Welding & Fabrication • Chemicals & Fertiliser Manufacturing • Railway Equipment / Industrial Machinery & Equipment The AU Team Alan Brett Underwriting Manager Simon Bidey Underwriter Alan Mackay Director

AIBI is a registered trading name of Capital Mutual Insurance Brokers Pty Ltd. Capital Mutual Insurance Brokers Pty Ltd is a Corporate Authorised Representative of McLardy McShane Partners Pty Ltd, Australian Financial Services Licence No 232987 ABN 14 064 465 309.

McLardy McShane Partners Pty Ltd is a member of The Steadfast Group.

03 9559 3316 03 9559 3317 03 9559 3310

Email Contact: firstname@australasiaunderwriting.com.au Visit our Website: AustralasiaUnderwriting.com.au

Benefits of dealing with LSM:

Demolition and Asbestos Removal Liability Insurance Contact us for a confidential review of your clients insurance needs.

$20M Asbestos Liability now available Security of dealing with local office of a major insurer Local claims and underwriting service working closely with you to meet your clients business needs Automatic addition of Errors & Omissions coverage when Asbestos Liability is purchased

service@tudorinsurance.com.au

You can also apply for enhancements when you purchase this policy - coverage for Statutory Fines & Penalties, coverage for Shoring & Underpinning and coverage for transportation of asbestos (clean-up-costs)

(03) 9707 3033

15% commission of all placements

Tudor Insurance Australia Cameron McKerchar

50 / INSURANCE ADVISER JUNE 2022

tudorinsurance.com.au

COMMUNITY HUB

NIBA.COM.AU / 51

AFFINITY EQUINE, ADVENTURE & LEISURE LIABILITY Abseiling Accommodation Agistment Animal & Petting Zoo Archery Bush Walking Camping Campsites Canyoning Caving Team Building

Equine Associations Equine Events Equine Therapists Farriers & Dentists Fishing & Boat Cruises Four Wheel Driving Flying Fox Horse Carriage Driving Horse Trainers Initiatives Kayaking

Mountain Biking Orienteering/Rogaining Paddle Boarding Pony Rides Paintball & Skirmish Riding Schools River Rafting Rock Climbing Ropes Course Rowing Sailing

Sports Associations Sea Kayaking Scuba Snorkelling Snow Skiing Surfing Swimming Trail Running

1300 130 535 www.affinityib.com.au Affinity Insurance Brokers is an Authorised Representative (No 1288354) of Aon Risk Services Australia Limited AFSL 241141

At Newline Australia, we underwrite: Life Science, Clinical Trials, Public & Products Liability insurance, Professional Indemnity (PI) insurance, Financial Institutions insurance, Directors & Officers insurance and Crime insurance

Key Liability Occupations:

Key PI Occupations:

Key FI Occupations:

• Alternative & Complementary medicines •A utomotive •B iotechnology •C linical Trials / Research •C osmeceuticals / Nutraceuticals •D efence – machinery, weaponry & protective equipment •L ife Science / Pharmaceuticals •M edical & Surgical Devices (including invasive implants) •M edical Equipment / Products •M edicinal Cannabis •M ining •R ail – Products, Maintenance, Locomotive Engineering, operators, Rolling Stocks & Engine Manufacturers •U niversities •V eterinary Medicines

•A ccountants •A rchitects •E ngineers •E nvironmental Consultants • I nsurance Brokers / Underwriting Agencies •L aw Firms •M anagement Consultants •M iscellaneous Risks •R eal Estate Agents •U niversities •V aluers

•F und Managers/Investment Managers • Stock Brokers •M anaged Investment Schemes •E xcess lines for Financial Planners

Will Clarke

Stephen Mullaly

Linda Sepala

Senior Underwriter – Liability

Underwriting Manager – PI

Underwriting Manager – D&O & FI

Phone: 03 9912 4021 Email: wclarke@newlinegroup.com.au

Phone: 03 9912 4017 Email: smullaly@newlinegroup.com.au

Phone: 03 9912 4010 Email: lsepala@newlinegroup.com.au

Key D&O • I nsured firms can be not-for-profit, privately held or publicly traded •S ide A/DIC placements • Medicinal Cannabis risks •A ll industry sectors, both commercial and financial, are underwritten

Key Crime Commercial Crime Insurance is also offered alongside other Financial Lines products

Newline Australia Insurance Pty Ltd ABN 81 118 089 651 PO Box 16208 Collins St West VIC 8007 PH: 03 9999 1901 FAX: 03 9670 0045 newlinegroup.com.au info@newlinegroup.com.au Newline Australia Insurance Pty Ltd is wholly owned by Newline Underwriting Management Ltd and 100% secured by Newline Syndicate 1218 at Lloyd’s (NWL1218)

COMMUNITY HUB Wellington Underwriting Agencies specialise in labour hire/recruitment, complex liability risks and niche property solutions.

Labour Force includes Broadform Liability, Professional Indemnity and Management Liability and has been developed for: • labour hire companies • recruitment companies • group training and registered training organisations Our Combined General Liability wording has been tailored for complex risks including: • construction • manufacturing • rail • resource sector; and • other hard to underwrite risks Wellington’s Property capabilities are focussed on niche exposures including: • catastrophe-exposed properties • mining sector

Contact our Underwriters today or visit our website at

www.wellingtonu.com.au

“My QPIB designation gives my clients peace of mind that I’m a trusted professional.”

Apply online at niba.com.au or email NIBA Memberships Manager Audi Witsen – awitsen@niba.com.au

IN

RA

K

U

ER

QPIB

S

QPIB Campaign Print.indd 4

D PRAC IE T IF

ING IS

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CRAIG ANDERSON, 2018 YOUNG BROKER OF THE YEAR

NCE BR

O

25/1/22 12:48 pm

NIBA.COM.AU / 53

INSURER STRENGTH RATINGS

S&P GLOBAL

INSURER FINANCIAL STRENGTH RATINGS

AUSTRALIA

RATING

NON-LIFE INSURERS AAI Ltd.

AA-/STABLE

Achmea Schadeverzekeringen N.V.

A/STABLE

AIG Australia Limited

A/NEGATIVE

The following is a list of S&P Global Ratings insurer financial strength ratings assigned to insurance companies in Australia and New Zealand.

Ratings as at 1 June 2022.

Allianz Australia Insurance Ltd.

AA-/STABLE

Allied World Assurance Co. Ltd.

A/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

Contact: Craig Bennett, S&P Global Ratings, 03 9631 2197

BHP Marine & General Insurances Pty Ltd.

A/CreditWatch Negative

Chubb Insurance Australia Ltd.

AA-/STABLE

Factory Mutual Insurance Company

A+/STABLE

Great Lakes Insurance S.E (Australia Branch)

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

NEW ZEALAND

RATING

NON-LIFE INSURERS AA Insurance Ltd.

AA-/STABLE

Insurance Australia Ltd.

AA-/STABLE

AIG Insurance New Zealand Ltd.

A/NEGATIVE

Liberty Mutual Insurance Company Limited

A/STABLE

Medical Insurance Australia Pty Ltd.

A-/STABLE

Mitsui Sumitomo Insurance Company Limited

A+/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Aioi Nissay Dowa Insurance Co., Ltd

A+/STABLE

Allianz Australia Insurance Limited

AA-/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Chubb Insurance New Zealand Ltd.

AA-/STABLE

Society of Lloyd’s

A+/STABLE

Factory Mutual Insurance Company

A+/STABLE

Sompo Japan Insurance Inc.

A+/STABLE

Southern Cross Benefits Limited

A/STABLE

The North of England Protecting and Indemnity Association Ltd.

A/NEGATIVE

Tokio Marine & Nichido Fire Insurance Co., Ltd.

A+/STABLE

Great Lakes Insurance SE

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

XL Insurance Company SE

AA-/STABLE

IAG New Zealand Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

Medical Insurance Society Ltd.

A-/POSITIVE

LENDERS MORTGAGE INSURERS

Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)

A+/STABLE

Arch Lenders Mortgage Indemnity Ltd.

A/NEGATIVE

Genworth Financial Mortgage Insurance Pty Ltd.

A/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Society of Lloyd’s

A+/STABLE

Southern Cross Benefits Ltd.

A/STABLE

AIA Australia Ltd.

A+/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

Challenger Life Company Ltd.

A/STABLE

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/STABLE

A/NEGATIVE

MetLife Insurance Ltd.

A+/STABLE

Resolution Life Australasia Ltd.

A-/STABLE

Westpac Life Insurance Services Ltd.

A+/STABLE

The North of England Protecting and Indemnity Association Ltd.

Tokio Marine & Nichido Fire Insurance Co. Ltd. (New Zealand Branch) A+/STABLE Vero Insurance New Zealand Ltd.

AA-/STABLE

Vero Liability Insurance Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

HEALTH INSURERS NIB NZ Ltd.

A-/STABLE

Southern Cross Medical Care Society

A+/STABLE

LENDERS MORTGAGE INSURERS Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch)

A/STABLE

QBE Lenders’ Mortgage Insurance Ltd.

A/STABLE

LIFE INSURERS

LIFE INSURERS

REINSURERS Aspen Insurance UK Ltd.

A-/STABLE

Berkley Insurance Company

A+/STABLE

General Reinsurance Australia Ltd.

AA+/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Hannover Rück SE

AA-/STABLE

HDI Global SE

A+/STABLE

HDI Global Specialty SE

A+/STABLE

Munchener Ruckversicherungs-Gesellschaft (Munich Reinsurance Co) AA-/STABLE Munich Reinsurance Co. of Australasia Ltd.

AA-/STABLE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

QBE Blue Ocean Re Ltd.

A+/STABLE

RenaissanceRe Europe AG

A+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

Asteron Life Ltd.

AA-/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/STABLE

Medical Life Assurance Society Ltd.

A-/POSITIVE

SCOR Global Life Australia Pty Ltd.

AA-/NEGATIVE

Resolution Life New Zealand Ltd.

A-/STABLE

SCOR Reinsurance Asia Pacific Pte Ltd.

AA-/NEGATIVE

A-/STABLE

Swiss Re Asia Pte. Ltd., (Australia Branch)

AA-/NEGATIVE

Swiss Re International SE

AA-/NEGATIVE

Swiss Re Life & Health Australia Ltd.

AA-/NEGATIVE

Transatlantic Reinsurance Company

A+/CreditWatch Positive

Resolution Life Australasia Ltd. (New Zealand Branch)

REINSURERS HDI Global Specialty SE

54 / INSURANCE ADVISER JUNE 2022

A+/STABLE

INSURER STRENGTH RATINGS

BEST’S

NEW ZEALAND

FINANCIAL STRENGTH RATINGS

The following is a list of AM Best Financial Strength Ratings (FSRs) assigned to insurance companies in Australia and New Zealand.

Ratings as at 3 June 2022.

Contact: Mr. Scott Ryrie Managing Director & Co-CEO A. M. Best Asia-Pacific (Singapore) Pte Ltd. Tel: +65 9636 3678 Email: scott.ryrie@ambest.com

AUSTRALIA

RATING

LIFE, ANNUITY AND ACCIDENT

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

LIFE, ANNUITY AND ACCIDENT American Income Life Insurance Company (New Zealand Branch)

A/STABLE

BNZ Life Insurance Limited

A u/NEGATIVE

CIGNA Life Insurance New Zealand Limited

A u/POSITIVE

Co-operative Life Limited

B++/STABLE

DPL Insurance Limited

B++/STABLE

Fidelity Insurance Limited

A-/STABLE

Fidelity Life Assurance Company Limited

A-/STABLE

Foundation Life (NZ) Limited

A-/STABLE

A++/STABLE

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

Ansvar Insurance Limited

A-/STABLE

Momentum Life Limited

B++/STABLE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

Partners Life Limited

A- u/DEVELOPING

General Reinsurance Australia Ltd

A++/STABLE

Pinnacle Life Limited

B/POSITIVE

Guild Insurance Limited

A-/STABLE

Pacific International Insurance Pty Limited

B++/NEGATIVE

The Hollard Insurance Company Pty Ltd The New India Assurance Company Limited (Australia Branch)

General Reinsurance Life Australia Ltd. PROPERTY/CASUALTY

PROPERTY/CASUALTY Accuro Health Insurance Society Limited

B+/NEGATIVE

A-/STABLE

Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch)

A+/STABLE

B++/STABLE

Beneficial Insurance Limited

B++/STABLE

Brightsideco Insurance Limited

B/STABLE

Consumer Insurance Services Limited

B+/STABLE

First American Title Insurance Company of Australia Pty Limited (New Zealand Branch)

A/STABLE

FMG Insurance Limited

A/STABLE

General Reinsurance Australia Ltd (New Zealand Branch)

A++/STABLE

Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)

A+/STABLE

New Zealand Medical Indemnity Insurance Limited

B+/STABLE

Pacific International Insurance Pty Ltd (New Zealand Branch)

B++/NEGATIVE

Police Health Plan Limited

A-/STABLE

Provident Insurance Corporation Limited

B /STABLE

The Hollard Insurance Company Pty Ltd (New Zealand Branch)

A-/STABLE

The New India Assurance Company Limited (New Zealand Branch)

B++/STABLE

Tokio Marine & Nichido Fire Insurance Company Limited (New Zealand Branch)

A++/STABLE

Tower Limited

A-/STABLE

Union Medical Benefits Society Limited

A/STABLE

Virginia Surety Company, Inc. (New Zealand Branch)

A/STABLE

Rating Disclosure: Use and Limitations: A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality. Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AMBRS) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer, or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilised as a recommendation to purchase, hold or terminate any insurance policy, contract, security, or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor. Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended, or withdrawn at any time for any reason at the sole discretion of AMBRS.

S&P GLOBAL RATINGS (PAGE 56)

*For the S&P Global Insurer Financial Strength Ratings Definitions visit: https://www.niba.com.au/resource/standardandpoors.pdf Copyright © 2022 S&P. This material is reproduced with the permission of S&P. Reproduction of this the S&P Information in any form is prohibited without S&P’s prior written permission. Neither S&P, its affiliates nor any of their third-party licensors: (a) guarantee the accuracy, completeness or availability of the S&P information, or (b) make any warranty, express or implied, as to the results to be obtained

by Insurer Financial Strength Ratings or any other person from the use of the S&P information or any other data or information included therein or derived therefrom, or (c) make any express or implied warranties, including any warranty of merchantability or fitness for a particular purpose or use, or (d) shall in any way be liable to Insurer Financial Strength Ratings or any recipient of the S&P information for any inaccuracies, errors, or omissions, regardless of cause, in the S&P information or for any damages, whether direct or indirect or consequential, punitive or exemplary resulting therefrom.

Ratings are statements of opinion, not statements of fact or recommendations to buy, hold, or sell any securities. S&P Global (Australia) Pty. Ltd. holds Australian financial services licence number 337565 under the Corporations Act 2001. S&P Global credit ratings and related research are not intended for and must not be distributed to any person in Australia other than a wholesale client (as defined in Chapter 7 of the Corporations Act). Ratings are based on information received by Ratings Services. Other divisions of S&P Global may have information that is not available to Ratings Services.

NIBA.COM.AU / 55

INSURANCE JOURNEY / Carlie Griggs

MY ORIGIN STORY

L

ike so many other people, I really did fall into insurance broking. After I finished my HSC, I went and studied marketing at a private college, thinking I wanted a career in marketing. I lasted about six months in my first marketing job before I realised it wasn’t necessarily for me. My next job was a receptionist at an insurance brokerage and after about six weeks, my boss came up to me and asked, “Do you want to be an insurance broker?” At that point, I didn’t know anything about insurance. I just said yes – and that was it!

It took me about six months to realise that insurance broking was definitely the career for me. I loved dealing with people and forging relationships, whether it’s with insurers or clients. We play such a crucial relationship role as brokers – we are the ham in the sandwich between the client and the underwriter.

The relationships you make in this industry are everything. I have made friends with so many insurers, and even got married to an insurer! I ended up staying in one of my first insurance brokerages for over 15 years and it was so rewarding to see it grow over the years, knowing I played a part in that from that first day when I stepped through the door as a receptionist.

MY ADVICE TO YOUNG BROKERS

Back in those days, you were often thrown into the deep end and basically made to sink or swim. I was given a promotion and handed a portfolio of clients of which I had never really handled on my own. It was a steep, but rewarding learning curve.

I remember very early on in the piece, while heading into a client meeting, my manager turned to me and said (without any warning), “You’re going to run this meeting.”

I hadn’t prepared properly and it definitely caught me off guard.

As terrifying as that was, that experience taught me a very valuable lesson about being a capable broker. It’s so important to just listen to the client and try to understand their needs. For young people just starting out, where you’re trying to prove yourself and impress the client, it can be really easy to get

PROUDLY SUPPORTING

56 / INSURANCE ADVISER JUNE 2022

ahead of yourself and not put the client first.

There’s a lot of competition out there, and clients can tell when you’re trying really hard to be noticed. Rather than talking yourself up, it’s much more valuable to do a good job and let your hard work do the talking.

INSURANCE BROKING IS NOT FOR THE FAINT-HEARTED Insurance broking is not a nine-to-five job. It is late nights, early mornings and at times there is a lot of stress and a lot of pressure. I have often said that insurance broking is definitely a career and not a job. It becomes a part of your life and for me, I am very lucky that it has.

You really have to love the challenges and the frustrations that come with this role.

Over the past five years, our industry has experienced its fair share of challenges – from having to keep up with our clients’ evolving needs, having to respond to natural disasters, being challenged by insurance markets changing all the time, to the uphill battle of getting new people into our industry.

Looking back, as much as the hard times can be difficult and work/life balance is important, a nine-to-five job was never going to be for me. I’d be lying if I said I didn’t

sometimes enjoy the stress of the deadlines we have to meet!

In many ways, all those challenges are also what make this career path so rewarding.

MY PROUDEST ACHIEVEMENT

I’ve been so privileged to have the opportunity to get involved on various committees and help our industry grow and strengthen over the years. Over 20 years ago, I was invited to join the NIBA Young Professional Committee and I got to see up close what NIBA does behind the scenes.

I ended up staying on the committee for 13 years, before I moved on and joined the NIBA Divisional Committee. I’ve been on that committee for the past 10 years and it has been incredibly rewarding.

NIBA’s passion, resilience and fight for our clients, as well as the work that gets done behind closed doors is just so important to keep the professionalism in our industry.

I don’t know if we would be where we are today in this industry without NIBA backing us, and I’m very fortunate and so privileged to have been a part of it. It’s our industry, and I love that we can share what we love about it with other people as well.

FOUR QUICK QUESTIONS What’s something most people don’t know about you?

I’ve taken up Reformer Pilates in the last three months and I am addicted!

What’s your favourite film?

Scarface.

What’s your favourite pastime?

Nothing beats a long lunch in the sun with a few bottles of rosé!

What’s your favourite food?

Hot chips – if I could only have one last meal, it would have to be french fries! Nothing beats it!

Share your insurance journey. Email editor@niba.com.au

Events / NIBA

STAY UPDATED!

NIBA EVENTS

NIBA stages a variety of educational and social events across Australia for the whole intermediated insurance community.

EVENTS UPDATE Mark your calendar to meet, share, learn and grow with your industry peers at NIBA events across the country.

2022 NIBA CGU LEARNING SERIES | AUSTRALIA’S CHANGING WEATHER WHERE: On demand hosted by GoTo webinar

WHEN: This webinar will give attendees on demand access until 20 July 2022.

Presenting scientific data that show how weather patterns are changing across Australia and the impact on properties insured, including rural assets and future proofing our communities. This webinar and following quiz will share key weather insights and provide guidance on how to apply the learnings from conversations with your clients to help them protect their wealth and livelihoods across their homes, businesses, farms and communities.

E THE CELEBRAT KING O R BEST IN B THE AROUND AT COUNTRY E'S YOUR STATCH! GALA LUN

2022 NIBA WA GALA LUNCH WHERE: Crown Perth WHEN: Friday 8 July

The annual NIBA WA Gala Lunch offers a chance to celebrate and unwind after the end of financial year with up to 500 members of the WA insurance community.

Check out what’s happening close to yo u and registe r via the events cale ndar at niba.com.a u/ events

Please note in light of COVID-19, NIBA will continue to follow and implement national and state health authorities’ recommendations.

2022 NIBA QLD BREAKFAST SEMINAR | NIBA INSURANCE BROKERS CODE OF PRACTICE WHERE: Brisbane Convention and

Exhibition Centre WHEN: Wednesday 13 July | 7:45am – 9:30am CPD: 1 CPD point Prior to the NIBA / UAC Expo, join us in Mezzanine M1 for a hot plated breakfast and panel discussion on the new Insurance Brokers Code of Practice.

The panel will also answer questions on the new Code obligations.

2022 NIBA / UAC QLD UNDERWRITING EXPO WHERE: Brisbane Convention and

Exhibition Centre WHEN: Wednesday 13 July | 9:00am – 10:30am or 10:30am – 12:00pm CPD: 2 CPD points After the breakfast concludes, head through to Mezzanine M3&4 for the NIBA / UAC Qld Underwriting Expo. At the Expo, underwriters can exhibit their services to the local broker market and network with fellow industry colleagues.

The exhibition is free to attend and offers 2 CPD points to attendees.

2022 NIBA QLD GALA LUNCH WHERE: Brisbane Convention and

Exhibition Centre WHEN: Wednesday 13 July | 12:00pm – 3:30pm This year’s NIBA Qld Gala Lunch will

offer brokers the chance to reconnect and celebrate the best talent in the Qld market. Prior to the lunch, kickstart your day at the NIBA Breakfast before walking through the NIBA / UAC Qld Expo.

2022 NIBA NSW GALA LUNCH

WHERE: Doltone House Hyde Park WHEN: Thursday 21 July Join us at Doltone House Hyde Park for a magical afternoon celebrating the industry’s best in broking. The event will be held in conjunction with Wheelchair Sports NSW, with $5 from every ticket purchased being donated.

2022 NIBA SA GALA LUNCH WHERE: Adelaide Convention Centre WHEN: Friday 22 July

NIBA’s SA Gala Lunch will bring together all facets of the intermediated insurance industry to celebrate the end of the financial year and look forward to the year ahead.

2022 NIBA SA SEMINAR | WHY WE DO WHAT WE DO WHERE: Adelaide CBD WHEN: Thursday, 4 August

The NIBA SA Young Professionals Committee are holding a seminar and networking drinks. Heather Blanco, Chair of the NIBA SA Divisional Committee, along with Dianne Phelan, President of NIBA, will provide liability and property claim examples to highlight the importance of insurance brokers.

DISPLAY ADVERTISING INDEX – JUNE 2022 Zurich...................................................... IFC QBE................................................................5 CGU...............................................................7 GT Insurance............................................. 9 Liberty.......................................................... 11

Technosoft................................................. 13 Focusnet..................................................... 15 Brooklyn.................................................... 35 Ebix............................................................. 37 UAC.............................................................39

Vero.............................................................43 Insurance Advisernet...........................45 NIBA Mentoring..................................IBC CGU...................................................... OBC

If you’d like to advertise your products and services through NIBA, please contact Tony May today on (02) 9459 4303

NIBA.COM.AU / 57

NIBA / Events

The Victorian broking community gathered together last month at the Crown Melbourne to network and celebrate this year’s achievements.

NIBA VIC BREAKFAST SEMINAR

NIBA / UAC VIC UNDERWRITING EXPO

NIBA VIC GALA LUNCH AND AWARDS CEREMONY

VIC/TAS BROKER OF THE YEAR AWARD WINNER, DANIEL QUINTIN

VIC/TAS YOUNG BROKER OF THE YEAR AWARD WINNER, GREG SHALLAND

58 / INSURANCE ADVISER JUNE 2022

KEYNOTE SPEAKER JAMES CASTRISSION

MENTORING

NIBA Mentoring – Promoting Professional Development for 10 Years

WHAT WILL THE PROGRAM DO FOR YOU? For more information and to express interest visit www.niba.com.au/mentoring

LET’S PROTECT OUR TALL POPPIES We understand that for a business to thrive, we need to protect the ambition of its owners. Talk to your Broker Relationship Representative to find out more.

To see if a product is right for you, always consider the Product Disclosure Statement and Target Market Determinations available from cgu.com.au. Insurance issued by Insurance Australia Limited trading as CGU Insurance.