Insurance Adviser August 2022 issue

AUGUST 2022 THE RESILIENCE EVOLUTION

CREATING A WORLD IN WHICH TO

2022 NIBA SUMMIT

THRIVE

A NIBA BROKERS’ GUIDE

ISSUE 6 – JULY 2022

PLUS Inside

Allianz NIBA Untitled-5 1 Broker Guide July 2022-FINAL2.indd 1 28/7/22 5:10 pm 29/7/2022 12:32 pm

ALLIANZ BROKER GUIDE (ISSUE 6)

The Resilience Evolution

JULY EVENT HIGHLIGHTS

Highlights from Gala Lunches, award winners and more

COME FLY WITH ME

Looking after employees travelling overseas

PREMIUM FUNDING

An increasingly important tool in a broker’s toolbox

WE ARE YOUR VOICE

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’).

12 October 2022 — Sydney

YEARS

CONTENTS August 2022

ACN 006 093 849 ABN 94 006 093 849

FEATURES

Insurance Adviser magazine is the monthly magazine of the National Insurance Brokers Association (NIBA).

12 October 2022 — Sydney

Insurance Adviser magazine is published by NIBA

Publisher

YEARS

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

TRUST, , TRUST , , PROFESSIONALISM PROFESSIONALISM COMMUNITY COMMUNITY

Communications Manager Wendy Martin

Celebrating 40 years of NIBA

NIBA Editor

Thanks to our Principal Partners

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

12

NIBA_Convention_Final.indd 4

2022 NIBA SUMMIT – REGISTRATIONS NOW OPEN

24/6/2022 4:18 pm

Celebrating NIBA’s 40th year representing the insurance broking industry

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.

20

JULY EVENT HIGHLIGHTS

Highlights from the NIBA Gala Lunches, award winners and more NIBA.COM.AU / 3

CONTENTS August 2022

FEATURES 28

COME FLY WITH ME

Looking after employees travelling overseas

THE RESILIENCE EVOLUTION

CREATING A WORLD IN WHICH TO

THRIVE

A NIBA BROKERS’ GUIDE

ISSUE 6 – JULY 2022

Allianz NIBA Untitled-5 1 Broker Guide July 2022-FINAL2.indd 1 28/7/22 5:10 pm 29/7/2022 12:32 pm

34 PREMIUM FUNDING

An increasingly important tool in a broker’s toolbox

INSIDE: ALLIANZ BROKER GUIDE

The resilience evolution: Creating a world in which to thrive

IN EVERY ISSUE

NIBA CEO Welcome...................................... 6 Representation................................................ 8 Member Benefits........................................... 10

NEWS

Industry Bulletin........................................... 13

EVENTS Forthcoming Events..................................... 50

REFERENCE

Community Hub........................................... 40 Insurer Strength Ratings.............................. 46 Insurance Journey: Amy Morrison............. 48

4 / INSURANCE ADVISER AUGUST 2022

CEO / Welcome

TRUST, PROFESSIONALISM, COMMUNITY

W

elcome to August’s edition of Insurance Adviser.

Among other things, this month we profile the upcoming NIBA Summit ‘Professionalism, Trust, Community’, which will be followed by a special Celebration Dinner that will not only recognise the QBE sponsored Stephen Ball Broker of the Year award winner and Vero sponsored Warren Tickle Young Broker of the Year, but also the Insurer and Underwriting Agency of the Year award winner. Of course, one can’t overlook that this year the broking community comes together to celebrate 40 years of NIBA, so it promises to be a celebration to remember.

To be held in Sydney on 12 October 2022 at the celebrious Establishment and Ivy Ballroom, this event is one not to be missed and replaces the traditional NIBA Convention normally held in October. Given the proximity of the deferred 2021.2 Convention in February, we are doing things differently this year.

Headlining the afternoon line-up is newly minted Assistant Treasurer and Financial Services Minister, the Hon. Stephen Jones MP. The Minister has certainly hit the ground running and was impressive at the recent ICA Gala Dinner, where he spoke passionately about the industry response to national disasters, and the Labor Government’s commitment to investing in resilience and mitigation.

Given the current economic environment impacting all Australians, and more specific issues directly facing our industry such as the ongoing impacts of natural disasters, I look forward to hearing the insights from the Minister.

As the Assistant Treasurer, he will also receive the final recommendations from the Quality of Advice review due in December. This will include the long-awaited outcome of the review of insurance commissions.

Still on the theme of trust and professionalism, AFCA has recently updated its complaints data to the period ending 31 December 2021. While overall complaints were lower than the previous six months, and still only 20% of the total, complaints against general insurers were up by 27%, totalling 6,474. This is not unexpected, given the significant claims relating to storms and floods. What is significant, though, is that complaints against insurance brokers were at an all-time low. At just 50 complaints, this is the lowest number for a six-month period since the inception of AFCA. And while one complaint is one too many, this decreasing number is something all brokers should be proud of, in an environment where customers are being more and more exacting in their demands.

6 / INSURANCE ADVISER AUGUST 2022

Many complaints can come down to a simple misunderstanding from the client as to what they are actually covered for, so it was interesting to review the 2022 readability scorecard: Australian Insurance Companies, whereby the average readability score was 74.3 out of a possible 100. While only measured on home and motor policies from 26 insurers, this is still a cold reminder that transparency and simplicity is vital in all our communications to clients. To help brokers manage communication with vulnerable clients, NIBA recently released guidance in relation to vulnerable clients to assist in the journey to the implementation of the Insurance Brokers Code of Practice on 1 November 2022.

As always, we have a jam-packed edition of Insurance Adviser for you, including recaps on the NIBA Gala Lunches held in July, a mentor and mentee sharing their experience of participating in the NIBA Mentoring Program, the importance of factoring international travel in accident and health insurance, and premium funding in the current economic climate, just to name a few. Happy reading.

PHILIP KEWIN Chief Executive Officer, NIBA

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NEWS / Representation

WE ARE YOUR VOICE!

The following is an overview of some of the things NIBA has been e xamining on behalf of members.

REVIEW OF THE NEW SOUTH WALES WORKERS COMPENSATION SYSTEM

Last month, NIBA provided a submission to the NSW Standing Committee on the Law and Justice review of the Workers Compensation Scheme. The Committee is required to review the operation of the scheme every two years, in line with legislation.

NIBA’s submission raised concerns over the continued decline of iCare’s financial position, with reports that the deficit increased to $1.5 billion in the six months to December 2021.

NIBA’s submission also highlighted declining service standards and poor claims management practices that have led to a decline in return-to-work rates and increases in psychological trauma.

NIBA’s submission noted that many of these issues have previously been raised by the State Insurance Regulatory Authority (SIRA), however little action has been taken to address these issues since the report was released in 2019.

QUALITY OF ADVICE REVIEW: MEMBER ADVOCACY

With NIBA’s submission to the Quality of Advice Review now in the hands of Treasury and the independent reviewer, Michelle Levy, it is time to look ahead to what will happen once the Review has concluded.

The recommendations handed down by the Review will be subject to scrutiny by government and any legislative changes will need to pass both the upper and lower houses of Parliament. For these reasons,

NIBA aims to have every federal MP and Senator visited by a local general insurance broker who can provide insight on what they do and how their work benefits their clients and the broader community.

To support members in these conversations, NIBA has developed a number of resources, including a Member Advocacy Guide, speaking points and a leave behind document that representatives can refer to in future conversations.

Members who would like to assist NIBA in developing stronger relationships with federal MPs and Senators should send an email to NIBA’s Policy Manager, Allyssa Hextell at ahextell@niba.com.au, indicating their interest and their federal electorate (if known) or location.

NIBA SAYS CONGRATULATIONS NIBA is thrilled to welcome the following Principal Member on board: WA Prestige Insurance Brokers Pty Ltd

NIBA congratulates the following members for receiving their QPIB designations:

Patricia Evans, AEI Insurance Group Pty Ltd Kristy-Lee Hryzak, Insurance House Pty Ltd Dana Paterson, Action Insurance Brokers Pty Ltd Rebecca Gilbert, Nutrien Ag Solutions Daniel Kendall, AEI Insurance Group Pty Ltd Anthony Sullings, InterRe Insurance Brokers Pty Ltd Daniel Ufer, Priority Insurance Brokers Shaun Woodards, Kerrie Woodards Insurance

Nicole Bayliss, Insurance House Pty Ltd Jordan Caleo, AEI Insurance Group Pty Ltd Joshua Jellett, Garden State Insurance Broker Nathan Rayner, Arthur J Gallagher & Co (Aus) Limited Andrew Shinkfield, Edgewise Insurance Brokers Pty Ltd Daniel Turner, Unity Insurance Brokers Pty Ltd Chloe Walker, Oracle Group Australia Pty Ltd

NIBA congratulates the following member for receiving their QFSR designation: Tina Doherty, Campbell Construction Co Pty Ltd

NIBA congratulates the following members for becoming Associate members: Sarah Worpole, Aon Risk Services Australia Ltd Naomi Eddy, Strata Solutions International Pty Ltd Riley Mercer, EBM Insurance Brokers

8 / INSURANCE ADVISER AUGUST 2022

ADVERTORIAL / Curium

CURIUM – HELPING BROKERS, INSURERS AND MGAs NAVIGATE A PERFECT STORM IN CLAIMS AND COMPLIANCE

C

urium is a core claims and compliance software as a service (SaaS) platform that is pioneering a new approach to insurance claims and compliance management.

Founded by Tetiana George and David Kvas, this innovative company is already making waves with insurers, brokers, MGAs and loss adjusters at a time where claims and compliance management has become front and centre. This is their story.

PERFECT STORM The last two years have been turbulent for the insurance industry with the combination of multiple natural catastrophes, a hardening market, rising supply chain challenges and major changes in regulatory compliance requirements.

Many insurance businesses have found themselves stranded for physical capacity to run their operations, provide critical claims services to their clients, and comply with amended regulatory requirements. Operational and claims costs have been skyrocketing.

If that was not enough, many claims providers have needed to apply for their AFS license for the first time in 2021, while MGAs, TPAs and insurers have been busy amending their own licenses and extending them to a network of partners.

industry are having the toughest time now, as they try to cope with the influx of claims, rising claims costs and supply chain delays while at the same time going through a real test of their compliance preparedness. For example, simple things like knowing how many claims are currently in breach of the General Insurance Code of Conduct on customer contact timelines or decisions can pose a real challenge to the business. Getting this seemingly simple transactional information is critical, but often proves to be impossible.”

As a result of this “perfect storm”, many insurance businesses have doubled and in some cases tripled the number of reports they are producing every month, often without increasing their staff. Ongoing manual reporting is a challenge, offering poor quality of data and adding huge burden to productivity. Instead of focusing on their clients and problems at hand, insurance professionals must focus on reporting that often becomes almost a pro-forma exercise and makes a lot of them re-consider their career choices.

GETTING AHEAD WITH CLAIMS AND COMPLIANCE MIGHT BE EASIER THAN YOU THINK

Curium is the most intuitive, easy-to-use, and affordable claims technology on the WE CAN’T ENVY RESPONSIBLE market that offers quick onboarding, high MANAGERS RIGHT NOW degree of process automation (e.g., status Having gone from an operating role and updates, a range of management dashboards), advisor in the insurance industry to a leadership dynamic lodgment questionnaires, and a role in an insurtech, Tetiana George, the CEO full compliance suite configured to satisfy of Curium, says, “Responsible Managers in the standard regulatory requirements. With an extensive no-code layer, it allows companies to manage their processes and share instant information access with external partners – e.g., providing brokers access to claim information or collaborating with suppliers on moving a claim ahead.

David Kvas, Curium’s CTO, says, “Quantifying regulatory exposure is one of the core foundations Tetiana George, CEO David Kvas, CTO of Curium. Our platform

tracks all operational transactions and displays a compliance dashboard in real time, so that every team member knows the exact number of breaches to GICOP and RG 271. The system is trained to send early alerts enabling teams to prevent breaches.”

By using structured data and automating most status-related communications, Curium reduces the operational burden of claims officers, operations managers and compliance specialists allowing them to focus on what matters most – their clients and staff.

With insurance and regulatory landscape evolving faster than ever before, businesses and technology providers are struggling to keep up. Curium works with industry and compliance experts to keep its technology ahead of the curve and provide timely trainings for its clients.

Take a 2 min quiz on how effective your current compliance tracking is: Visit our website: www.curium.app Get in touch: info@curium.app

NIBA.COM.AU / 9

NIBA / Member Benefits

WHY NIBA MATTERS TO ME Members share why NIBA is important to them and the broking industry.

“NIBA offers so many opportunities for all insurance brokers across the industry to learn.

Attending NIBA events, such as the recent Qld YP Breakfast Seminar on the Insurance Brokers Code of Practice, provides valuable opportunities for brokers to stay up-to-date with what’s going on in our industry, enabling us to continually learn in our profession.”

LISA DOWNIE Account Manager, Austcover

ABOUT NIBA OUR MISSION

NIBA is the one voice for insurance brokers in Australia, representing their interests and promoting high standards of professionalism and competence.

OUR OBJECTIVES Representation

We represent the interests of members and their clients to governments, regulators, industry stakeholders, the media and the community in a manner that is respected and relevant. We have forged strong relationships at a state and national level to ensure that your interests are represented.

10 / INSURANCE ADVISER AUGUST 2022

Professionalism

We set and promote high standards of professional practice for insurance brokers for the benefit of their clients and the community through the development of professional standards, QPIB, CPD accreditation and the Insurance Brokers Code of Practice.

Community

We provide members with opportunities to meet, share, grow and prosper, and build professional networks with the wider intermediated insurance community that will last throughout whole careers.

GET IN TOUCH!

Whatever your age, or level of experience, NIBA ha s brokers’ best interests at the core of everything we do. Fin d out what we can do to help be nefit your business and your tea m at niba.com.au/membe rship

TRUST, PROFESSIONALISM, COMMUNITY Celebrating 40 years of NIBA Thanks to our Principal Partners

12 October 2022 — Sydney

YEARS

NEWS / Industry Bulletin

YOU’RE INVITED TO THE 2022 NIBA SUMMIT

T

he 2022 NIBA Summit celebrates the important milestone of NIBA’s 40th year in representing and advocating for the insurance broking industry.

The 2022 Summit theme is ‘Trust, Professionalism, Community’, which aims to shine a spotlight on the key principals that represent the very best in the profession.

SUMMIT PROGRAM

2.00PM – 5.00PM Establishment Ballroom 252 George St, Sydney Dress code: Business attire The Summit Program will include the following speakers:

Welcome address – Dianne Phelan, President of NIBA Opening speech – The Hon. Stephen Jones MP, Assistant Treasurer and Minister for Financial Services Opening keynote – Holly Ransom, Founder and CEO of Emergent Industry market update – Chris Mackinnon, Regional Head of Australia and New Zealand, Lloyd’s Insurance broker panel discussion – To be announced soon Closing address – Philip Kewin, Chief Executive Officer of NIBA For more information about the speakers, see page 14.

REGISTRA TIO NOW OPE NS N!

Andrew Klein returns as MC this year, having previously taken the MC mantle at over 15 NIBA events including NIBA’s 2012 Convention, which celebrated 30 years of NIBA.

SUMMIT HAPPY HOUR

5.00PM – 6.00PM Establishment Rooms II and III 252 George St, Sydney Dress code: Business attire Following the Summit, join us for an hour of networking with industry colleagues.

CELEBRATION DINNER (PACKAGE OPTION AVAILABLE)

6.30PM – 11.00PM Ivy Ballroom 320 George Street, Sydney Dress code: Business attire Join us in the spectacular Ivy Ballroom for a night of glitz and glamour as we celebrate NIBA turning 40.

At the dinner, we will announce the national winners of the 2022 Stephen Ball Broker of the Year award, sponsored by QBE, and the Warren Tickle Young Broker of the Year award, sponsored by Vero.

Both awards celebrate and recognise the achievements of the very best brokers across the country.

The Lex McKeown Trophy will also be awarded during the dinner, celebrating an insurance broker’s lifetime of achievements and service to the industry.

The dinner will also reveal the 2022 NIBA Underwriting Agency of the Year and General Insurer of the Year awards. Both awards are based off the annual Broker Market Survey, which hundreds of brokers participate in annually.

BOOK YOUR EARLY BIRD TICKETS BEFORE THEY RUN OUT Early bird member program and happy hour tickets Early bird non-member program and happy hour tickets

$95 $110

Early bird member Celebration Dinner tickets Early bird non-member Celebration Dinner tickets Early bird celebration dinner package options available.

$250 $310

Early bird sale ends on 2 September 2022, or until tickets run out.

To keep up to date on the latest Summit event details, and to book your tickets, scan the QR code.

NIBA.COM.AU / 13

NEWS / Industry Bulletin

2022 NIBA SUMMIT SPEAKER LINE-UP NIBA is thrilled to share an exciting line-up of speakers for the 2022 NIBA Summit. The speakers will share their thoughts on the Summit theme of ‘Trust, Professionalism, Community’, shining a spotlight on the key principles that represent the very best in the insurance broking profession.

WELCOME ADDRESS FROM DIANNE PHELAN President of NIBA Dianne has been an insurance broker for more than 30 years. After initially forming Morris Lloyd Insurance Brokers with two other colleagues, the firm joined Victorian brokerage BJS, which was expanding into other states and now has nine offices across Australia.

OPENING ADDRESS FROM THE HON. STEPHEN JONES MP Assistant Treasurer and Minister for Financial Services Stephen Jones has represented the Illawarrabased seat of Whitlam (previously Throsby) for the Australian Labor Party since 2010.

Stephen grew up in the Illawarra and did all his schooling there, including graduating

from Wollongong University with a Bachelor of Arts in History and Politics.

He then worked as a disability support worker while studying for his law degree at Macquarie University.

He went on to work as an industrial relations lawyer and became National

Secretary of the Community and Public Sector Union (CPSU), one of Australia’s biggest and most progressive unions.

During his decade in Parliament, Stephen has earned a reputation as a passionate advocate, a fearsome debater and a hard-nosed policy wonk.

KEYNOTE SPEECH FROM HOLLY RANSOM Founder and CEO of Emergent Holly Ransom is recognised globally for her super-human ability to synthesise and simplify complex issues, having presented over 500 sessions across six continents in the past three years.

Holly has partnered with clients such as P&G, Microsoft, Virgin, Cisco and

across all levels of government to catalyse new strategic thinking, build innovative workplace cultures and to help leaders prepare for the challenges created by the rapid evolution of both technology and society.

Named one of Australia’s 100 Most Influential Women by the Australian Financial Review, Holly has

delivered a Peace Charter to the Dalai Lama, interviewed Barack Obama on stage and was Sir Richard Branson’s nominee for Wired Magazine’s ‘Smart List’ of Future Game Changers to watch in 2017.

Holly will be speaking about change management and adaptability at the 2022 NIBA Summit.

INDUSTRY MARKET UPDATE FROM CHRIS MACKINNON Regional Head of Australia and New Zealand at Lloyd’s Chris Mackinnon joined Lloyd’s in February 2015 with responsibility for market development, and for liaising with market practitioners and regulatory authorities to maintain and develop Lloyd’s presence in Australia, New Zealand and Vanuatu.

Chris has over 30 years’ experience

in the international insurance industry, principally as an insurance broker, with extensive knowledge of both the Australian and London markets.

In addition to his role with Lloyd’s, Chris is also an Associate Director of the Underwriting Agencies Councils in both Australia and New Zealand, and a Non-Executive Director of the

Insurance Council of Australia.

Chris is qualified as a Senior Associate of the Australian and New Zealand Institute of Insurance and Finance and is a Member of the Australian Institute of Company Directors.

Chris will be providing a Lloyd’s industry market update at the 2022 NIBA Summit.

CLOSING ADDRESS FROM PHILIP KEWIN CEO of NIBA Phil Kewin is Chief Executive Officer of the National Insurance Brokers Association of Australia (NIBA). Phil leads NIBA’s industry representation efforts and promotes the role and professionalism of brokers to governments, regulators, businesses and the broader community.

14 / INSURANCE ADVISER AUGUST 2022

What can your client expect from HMIA’s claims process?

All of our claims are handled locally in-house, meaning that our heavy motor specialists work quickly and intelligently to ensure your claim is processed fast, and the fairest possible outcome can be achieved.

You and your client can rest assured knowing that your fleet is in reliable hands. A dedicated heavy motor expert is appointed to each brokerage to ensure you know who to contact when you need it.

We only hire experienced and talented heavy motor insurance specialists meaning that you have direct access to the decision makers. Your claim will be managed in every facet by the same claims consultant to ensure your client is back on the road as fast as possible and their interests are protected against other parties.

Meet some of the team!

Kathleen Richards Claims Manager

Tom Abrahams Senior Claims Consultant

Joseph Moorcroft Senior Claims Consultant

Paul Horwood Senior Claims Consultant

With over 14 years’ experience within heavy motor, Kathleen focuses on delivering HMIA’s promise of effective claims resolutions. Kathleen is passionate about personal connections and advocates for a seamless claims experience for HMIA’s brokers and mutual clients.

With over 11 years’ experience in managing heavy motor claims and one of the original employees of HMIA, Tom wears his heart on his sleeve. Tom ensures HMIA’s brokers and our mutual clients have peace of mind by proactively managing claims he takes carriage of from beginning till end.

With over 10 years’ experience in insurance, Joe is just as driven today to provide quality claim solutions, as he was on day one. Joe prides himself on his high standards and ensures HMIA’s broker and mutual clients receive timely claims updates and responses.

With over 12 years’ experience in insurance, Paul’s background in underwriting, broking as well as claims provides him with a wealth of knowledge to assist our brokers and mutual clients. Paul’s ‘can do’ attitude means that his brokers feel supported with no task being too big or too small.

• Customised claim updates on every claim; • Dedicated claims consultant from the beginning to the end of claims; and • Personalised claims management to suit your client’s needs.

HMIA Heavy Motor Insurance Australia

Heavy Motor Insurance Just got Better

This document is intended for Insurance Intermediaries only. HMIA Pty Ltd (ABN 11 169 198 323, AR 462126) is an Authorised Representative of SGUAS Pty Ltd (ABN 15096 726 895, AFSL 234437) and acts under a binding authority as agent for the insurer of the product, HDI Global Specialty SE – Australia (ABN 58 129 395 544 AFSL 458776). Terms, conditions, limits and exclusions apply to the products referred to above. Any advice that may be contained in this document is general advice only and does not take into account your client’s objectives‚ financial situation or needs. Before making a decision to purchase or continue to hold the product we recommend that your client consider whether it is appropriate for their circumstances and read the Product Disclosure Statement and Policy Wording (‘PDS’), Target Market Determination (TMD) and Financial Services Guide (FSG). A copy of the PDS, TMD and FSG can be obtained by contacting HMIA on 02 9227 8400 or visiting www.hmia.com.au.

NEWS / Industry Bulletin

40 YEARS OF NIBA As NIBA toasts to its 40th year representing and advocating for the insurance broking industry, it is time to look back and celebrate the milestones NIBA has achieved for the industry over the years.

26 OCTOBER 1982 – THE BIRTH OF NIBA At the Insurance Brokers Association Convention in 1982, a union between the Confederation of Insurance Brokers of Australia and the Insurance Brokers Association was announced, marking the formation of the National Insurance Brokers Association.

The new Association would provide a more unified voice for brokers, heralding a new age of unity and representation.

OCTOBER, 1983 – THE FIRST NIBA CONVENTION Held in Chevron Paradise Hotel in Surfers Paradise, NIBA’s very first annual Convention marked the start of a yearly event bringing together brokers and industry leaders around the country.

1977 – THE FIRST BROKERS’ MAGAZINE PUBLICATION Initially published by the Insurance Brokers Association, The Insurance Broker was inherited by NIBA, and by 1987, had developed into a full-colour A4 magazine renamed to Insurance Broker Journal.

In 1999, it was renamed to Insurance & Risk Professional, before being renamed once more to Insurance Adviser, in 2016.

1992 – THE INTRODUCTION OF A CODE OF CONDUCT, CODE OF PRACTICE AND QPIB In 1992, a Code of Conduct was first introduced, along with the first iteration of the Insurance Brokers Code of Practice, binding NIBA members to higher standards of professionalism.

The Qualified Practising Insurance Broker (QPIB) program also launched in 1991, with rules applying from 1992. The new designation provided NIBA members with a recognition of excellence, setting them apart from industry colleagues.

JOIN US AT THE CELEBRATION DINNER ON 12 OCTOBER 2022 TO SEE MORE HIGHLIGHTS FROM NIBA’S HISTORY, AS WE PAY TRIBUTE TO NIBA’S IMPACT ON THE BROKING PROFESSION OVER 40 YEARS.

16 / INSURANCE ADVISER AUGUST 2022

“QPIB represents competence and the will to strive for excellence.”

ING IS

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ER

QPIB

S

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

D PRAC IE T F I

IN

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CAITLIN CARSON, 2019 YOUNG PROFESSIONAL BROKER OF THE YEAR

NCE BR

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NEWS / NIBA Mentoring Program

NIBA MENTORING PROGRAM: BUILDING YOUNG LEADERS Every year, the NIBA Mentoring Program brings together seasoned industry leaders and young professionals for 12 weeks of professional support and development.

With the second round of the program commencing later this month, we spoke to one mentor and mentee pairing on their experience in the program, and how it supports young brokers.

MENTOR

AMY MORRISON

Director of Taylor Made Insurance Services What made you decide to take part in the NIBA Mentoring Program?

Amy Morrison: I think that young brokers can benefit from seeking additional support outside of their workplace and can really benefit from another perspective. It can be really beneficial

18 / INSURANCE ADVISER AUGUST 2022

for them to see how other professionals do things and to learn about other ways of working.

I think this especially applies to technology. It’s important for young brokers to familiarise themselves with the tools at their disposal and stay

up-to-date with the latest technologies. I believe the way forward for this industry requires us to be innovative, otherwise you’ll get left behind.

What has your experience in the NIBA Mentoring Program been like?

AM: I’ve gone through the NIBA Mentoring Program twice now as a mentor and both experiences were really positive. What has been very rewarding is seeing both my mentees move into leadership roles.

My first mentee, Sarah, had been with the same company for five years but didn’t know a lot of people there. I was able to point her in the right direction of who she needed to speak to and opened a few doors for her. I also gave her some ideas on how she could progress her career and how she could get there. It’s been really impressive to see that she’s now working as a Business Development Manager for Far North Queensland.

My more recent mentee from this year’s program, Lisa, started as a Broker Assistant and is now an Account Manager. For our mentoring sessions, I worked with her to set very clear goals. We sat together to flesh out just what she wanted her portfolio to look like and we did a few case scenarios on how she could set this up.

What’s great about this program is that it’s not just talking about what young brokers should do, it’s us sitting together and actually doing it.

Have you also personally benefited from taking part in the NIBA Mentoring Program?

AM: The NIBA Mentoring Program has been a great opportunity to help me reflect on just how far I’ve come in my career. It’s reminded me that I am good at what I do, that I love what I do and this is why I do it. It’s also allowed me to appreciate the support I’ve received throughout my career to enable me to get to where I am now.

I’ve been in the broking industry for almost 25 years now. Different people throughout my career have pointed me in the right direction, said the right things at the right time, and given me that little bit of guidance and encouragement that I needed.

Having experienced this all myself, it’s very rewarding to be able to give back to this industry by mentoring others.

NEWS / NIBA Mentoring Program

“This was an opportunity to network in the industry, to gain support from someone experienced and to build my knowledge around the Account Manager role.” would always make time for me. I could ask her anything and she would give me her honest opinion.

At the same time, she also taught me to not just take her word for it and encouraged me to do my own research and talk to other people in my office, so I could formulate my own view on things.

I definitely think doing the program with Amy has helped me reach the next step in my career. I still keep in contact with her, even though the program has finished. I know that I can send her an email anytime and she’d be more than willing to support me.

MENTEE

LISA DOWNIE Account Manager at Austcover

What made you decide to take part in the NIBA Mentoring Program?

Lisa Downie: I was working as a Broker Assistant at the time and wanted to change positions to be an Account Manager. After being in the industry for 12 years, I really wanted to have my own clients and make my own decisions.

So, when an email was sent around my company asking if any young brokers wanted to participate in the NIBA Mentoring Program, I decided to put my hand up.

I really wanted a mentor to help me bridge the gap between where I was in my career and where I wanted to be. This was an opportunity to network in the industry, to gain support from someone experienced and to build my knowledge around the Account Manager role.

What has your experience in the NIBA Mentoring Program been like?

LD: NIBA meticulously matches together mentees and mentors, so that everyone gets a great fit. I was partnered with Amy, who has a lot of experience as an Account Manager, which was exactly what I wanted out of a mentor.

I brought questions along to each session and we worked through my goals together. She was very energetic and

Do you have any advice for young brokers on how they can make the most of the NIBA Mentoring Program?

LD: It sounds really simple, but make sure you attend the program regularly and stay committed.

To get the full benefits of the program, it’s also important to be an active participant.

As part of my program, in addition to weekly sessions with my mentor, we also had workshop sessions where NIBA brought together other mentors as well as insurers.

There was a lot of knowledge in one room from people who had been in the industry for a long time, and we were encouraged to ask any questions we had. It was a great learning experience for those who want to make the most out of it.

The NIBA Mentoring Program is offered once to twice a year in Sydney, Melbourne, Adelaide, Brisbane and Perth, and runs for a duration of 12 weeks.

The next round of mentoring will begin in August 2022, running in Sydney and Melbourne. Applications for mentors and mentees will close on 12 August 2022.

For more information, visit www.niba.com.au/niba-mentoring-program

NIBA.COM.AU / 19

EVENTS / NIBA WA Gala Lunch Highlights

NIBA WA GALA LUNCH: A GLITTERING AFFAIR

On Friday 8 July, the Crown Perth ballrooms were lit up and transformed into a glittering affair, building an atmosphere of excitement and celebration among the Western Australian insurance community in attendance.

Opening speeches from NIBA President Dianne Phelan and NIBA CEO Philip Kewin.

A glittering Gala Lunch.

OPENING SPEECHES The NIBA WA Gala Lunch opened with speeches from NIBA President Dianne Phelan and NIBA CEO Philip Kewin.

Dianne acknowledged the devastation brought on by continuing natural disasters, highlighting the importance for brokers to stay resilient and rise to these challenges.

She reminded brokers to keep up-to-date with enhancements made to the Insurance Brokers Code of Practice via Insurance Adviser and NIBA’s weekly Broker Buzz newsletter.

Philip reiterated the importance of the Code and self-regulation ahead of the Quality of Advice review, and encouraged members to build relationships with their local Federal MP by using the NIBA Advocacy Guide.

Entertainment provided by musical duo 2Pack.

Peter Curulli, MC of the NIBA WA Gala Lunch.

OVER $12,000 RAISED FOR CHARITY Tickets to the NIBA WA Gala Lunch included a $10 donation, split evenly between two philanthropic causes – Cystic Fibrosis WA and the Children’s Leukaemia and Cancer Research Foundation.

Gala Lunch attendees were also encouraged to make donations during the event.

NIBA is proud to announce that the WA Gala Lunch raised over $12,000 in total donations, to be split evenly between the two charities.

20 / INSURANCE ADVISER AUGUST 2022

Over $12,000 raised for Cystic Fibrosis WA and the Children’s Leukaemia and Cancer Research Foundation.

EVENTS / NIBA WA Gala Lunch Highlights

AWARD WINNERS ANNOUNCED Selena Piggott, Managing Principal at Marsh, won the 2022 WA Young Broker of the Year Award, presented to her by Shane Butcher, State Distribution Manager for WA at Vero.

The winner of the 2022 WA Broker of the Year Award was Derek Ford, Managing Director of Fordsure, an Authorised Representative of Insurance Advisernet. The award was presented by Belinda Stockton, Senior Business Development Manager at QBE.

Pictured left to right: Shane Butcher; Selena Piggott, 2022 WA Young Broker of the Year award winner; Cameron Gaspar, finalist of the 2022 WA Young Broker of the Year award; Dianne Phelan, NIBA President.

Selena Piggott, 2022 WA Young Broker of the Year award winner.

Derek Ford, 2022 WA Broker of the Year award winner.

Pictured left to right: 2022 WA Broker of the Year award finalists Frans du Plessis, Jade Lyons, Derek Ford and Sumit Sopori.

For a full recap on the NIBA WA Gala Lunch, including more photos from the day, scan the QR code here.

NIBA.COM.AU / 21

EVENTS / NIBA Qld YP Breakfast Seminar, Gala Lunch and NIBA/UAC Expo Highlights

NIBA QLD YP BREAKFAST SEMINAR, GALA LUNCH AND NIBA/UAC EXPO On Wednesday 13 July, the Queensland broking community gathered together at the Brisbane Convention and Exhibition Centre for a day of networking and celebrations.

NIBA QLD YP BREAKFAST SEMINAR The day began with a breakfast seminar on the new Insurance Brokers Code of Practice (the Code).

The seminar was hosted by Steven Hill, chair of the NIBA Qld Divisional Committee. The panel consisted of Dianne Phelan, NIBA President, Philip Kewin, NIBA CEO, and Alishia Oliver, winner of the Qld 2021 NIBA Young Broker of the Year award from Crucial Insurance & Risk Advisers.

Philip and Dianne answered members’ questions on the Code, while Alishia

provided insights from a broker’s perspective on implementing the Code.

The panel discussed: 1. Time frames for implementing the Code 2. The new Code enabling brokers to hold each other accountable 3. The Code’s positive impact on client interactions 4. Resources for understanding and implementing the Code.

For more details, read the full recap article on NIBA’s website.

NIBA/UAC QLD UNDERWRITING EXPO

The Qld Underwriting Expo saw 88 exhibitors in attendance, with over 300 brokers walking through the Expo.

HIGHLIGHTS FROM THE GALA LUNCH The Qld Gala Lunch took place in the Plaza Terrace Room and saw over 450 brokers from Queensland’s broking community in attendance.

Steven Hill, MC of the Qld Gala Lunch.

Entertainment provided by jazz duo Andrew Ball and Aidan Arnold.

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EVENTS / NIBA Qld YP Breakfast Seminar, Gala Lunch and NIBA/UAC Expo Highlights

AWARD WINNERS ANNOUNCED The 2022 Qld Young Broker of the Year Award, presented by Peter Roberts, Vero, was awarded to William Thompson, Account Manager at Thompson Insurance.

The 2022 Qld Broker of the Year Award, presented by Ryan Hales, QBE, was awarded to Sally Coulton, Account Director at WTW.

Sally Coulton, winner of the 2022 Qld Broker of the Year Award, and William Thompson, winner of the 2022 Qld Young Broker of the Year Award.

Pictured left to right: NIBA CEO Philip Kewin, Vero representative Peter Roberts, 2022 Qld Young Broker of the Year award winner William Thompson and Qld Young Broker of the Year award finalist Cormack Hankinson.

Pictured left to right: 2022 Qld Broker of the Year award finalists Sally Coulton, Vanessa Hilton and Rebecca Gilbert, and NIBA President Dianne Phelan.

For a full recap on the day, including coverage on discussion points from the NIBA Qld YP Breakfast Seminar and more photos from the day, scan the QR code here.

NIBA.COM.AU / 23

EVENTS / NIBA NSW Gala Lunch Highlights

NIBA NSW GALA LUNCH: A LONG-AWAITED EVENT

On Thursday 21 July, the New South Wales broking community gathered together at Doltone House Hyde Park for the NIBA NSW Gala Lunch.

Welcome address from David Gow, Head of Claims at CHU, Platinum Sponsor of the Gala Lunch.

Opening speeches from NIBA President Dianne Phelan and NIBA CEO Philip Kewin.

MC of the Gala Lunch was Paul D’Arcy, Chair of the NSW Divisional Committee.

Mick Garnett, CEO of Wheelchair Sports NSW, and David Hall OAM.

OVER $5,000 RAISED FOR WHEELCHAIR SPORTS NSW Tickets to the NSW Gala Lunch included a $5 donation to Wheelchair Sports NSW.

Each table was also encouraged to make a donation to Wheelchair Sports NSW.

The Gala Lunch also shone a spotlight on the cause, with Mick Garnett, CEO of Wheelchair Sports NSW, invited on stage to share more on the importance of supporting disability sports.

As a fun end to the lunch, brokers who had made a donation played a game of heads and tails, which tested their knowledge of disability sports.

Mick also welcomed David Hall OAM on stage to share stories from his 20-year career in wheelchair tennis. David is celebrated as Australia’s most successful wheelchair tennis player – holding 17 Grand Slam singles titles and six Paralympic medals.

NIBA is proud to announce that over $5,000 was raised for Wheelchair Sports NSW among a supportive NSW broking community.

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EVENTS / NIBA NSW Gala Lunch Highlights

AWARD WINNERS ANNOUNCED Dean Bowen, Managing Director of DLB Insurance + Risk Solutions, won the 2022 NSW/ACT Young Broker of the Year Award.

The award was presented by Yusuf Alexander, State Sales Manager at Vero.

The winner of the 2022 NSW/ACT Broker of the Year Award was Nicholas Bedggood, Director of Citadel Insurance Services.

The award was presented by John Zeeman, National Relationship Manager at QBE.

Finalists of the 2022 NSW/ACT Broker of the Year Award Shane Thaw, Nicholas Bedggood and Sarah Worpole.

Nicholas Bedggood, winner of the 2022 NSW/ACT Broker of the Year Award, and Dean Bowen, winner of the 2022 NSW/ACT Young Broker of the Year Award.

Finalist of the 2022 NSW/ACT Young Broker of the Year Award Elliot Morris, Dean Bowen and Brian Compay, with NIBA President Dianne Phelan and NIBA CEO Philip Kewin.

Nicholas Bedggood, winner of the 2022 NSW/ACT Broker of the Year award, with Paul D’Arcy, Chair of the NSW Divisional Committee, John Zeeman, QBE, and Philip Kewin, NIBA CEO.

Dean Bowen, winner of the 2022 NSW/ACT Broker of the Year award, with Dianne Phelan, NIBA President, and Yusuf Alexander, Vero.

For a full recap on the day, including more photos from the day, scan the QR code here:

NIBA.COM.AU / 25

EVENTS / NIBA SA Gala Lunch Highlights

NIBA SA GALA LUNCH: A WINTER WONDERLAND

On Friday 22 July, the Panorama Ballroom at the Adelaide Convention Centre was transformed into a winter wonderland, bringing together a buoyant South Australian broking community for an afternoon of celebrations.

A winter wonderland.

NIBA President Dianne Phelan addressed her home crowd in her opening speech.

MCs for the Gala Lunch were Heather Blanco, Chair of the SA Divisional Committee, and Daniela Zaccone, member of the SA Divisional Committee.

Daniela also shared her experience in the NIBA Mentoring Program, recounting the impact it has made on her career.

Stand-up comedy performance from comedic star Sam Taunton had the room in hysterics.

26 / INSURANCE ADVISER AUGUST 2022

NIBA CEO Philip Kewin delivered an opening speech.

EVENTS / NIBA SA Gala Lunch Highlights

AWARD WINNERS ANNOUNCED The winner of the 2022 SA/NT Young Broker of the Year Award was Joseph Cuzzocrea, Account Executive at Maxton. The award was presented by Preston Ipkendanz, Commercial Manager for SA and NT at Vero.

The winner of the 2022 SA/NT Broker of the Year Award was Heather Blanco, CEO of SUREWiSE and the Chair of the SA Divisional Committee. The award was presented by Lisa Daley, Senior Manager for Partnerships at QBE.

NIBA CEO Philip Kewin and Heather Blanco.

Heather Blanco, winner of the 2022 SA/NT Broker of the Year Award.

Joseph Cuzzocrea with parents Rina and Max Cuzzocrea. Max is also the winner of the 2020 SA/NT Broker of the Year award.

Joseph Cuzzocrea, winner of the 2022 SA/NT Young Broker of the Year Award.

Heather Blanco, winner of the 2022 SA/NT Broker of the Year Award, with Daniela Zaccone, member of the SA Divisional Committee, and Lisa Daley, QBE.

Finalists of the 2022 SA/NT Young Broker of the Year Award Candice Klau and Shaun Thomas, NIBA President Dianne Phelan, Joseph Cuzzocrea and Preston Ipkendanz.

For a full recap on the day, including more photos from the day, scan the QR code here:

NIBA.COM.AU / 27

FEATURE / Accident and Health Insurance

28 / INSURANCE ADVISER AUGUST 2022

FEATURE / Accident and Health Insurance

COME FLY WITH ME: LOOKING AFTER EMPLOYEES TRAVELLING OVERSEAS Over the past few years, the international travel element of accident and health insurance hasn’t seen a great deal of action. However, with international business travel firmly back on the agenda, brokers need to work closely with clients and insurers to ensure cover is appropriate for travel in a COVID-19 world.

BY MARTIN WANLESS

A

ustralia’s closed border policy and numerous lockdowns reduced international business travel to an absolute minimum. Whereas pre-2020, many in the business community took regular or semi-regular trips overseas for work purposes, for the two years that followed, we were all, quite literally, grounded.

While international travel has opened up again and businesses are resuming international travel, COVID-19 is still very much a factor that needs to be considered, given the potential repercussions of catching the disease when travelling, as well as the impact it is having on airlines and airports.

And for brokers, ensuring that clients who are travelling overseas, or

asking their employees to travel, have the right levels of accident and health insurance is critically important.

“The key risks at the moment are still around COVID-19,” says Murray Anderson, Assistant Vice President of Accident and Health at Liberty Specialty Markets.

“Contracting gastro overseas might mean a day or two extra accommodation, NIBA.COM.AU / 29

FEATURE / Accident and Health Insurance

and a flight change may not be required.

However, depending on the country you’re travelling to, COVID-19 is likely to add at least seven days to the accommodation time and make flight changes more likely.

Airline schedules are nowhere near where they were pre-COVID-19 and to get new flights is difficult – and very expensive.”

As part of that desire to get back to something resembling pre-2020 normality, leisure travel is increasingly being tagged on to business trips.

“Compared to pre-COVID-19, accident and health underwriters need to consider a range of different risks,” says Chubb’s new Head of Accident and Health, Amy McKellar.

“For example, there is a high proportion of leisure travel being attached to business travel as people take side trips after years of lockdown. This means underwriters must closely consider trip durations, the proportion of business versus private travel, and whether family members are

accompanying the insured person, since these are all factors that influence the underwriting process.”

RISK MANAGEMENT FOR INTERNATIONAL TRAVEL

GAME ON! OR OFF… AHI Assist was contacted by both the broker and client prior to departure to understand how to manage the health and safety of a young sporting team’s tour to the UK and Ireland during COVID-19.

Having the right risk management strategies in place is important for businesses that are asking their employees to venture overseas.

“Businesses should be looking to review their travel risk management strategies to ensure travellers are briefed and prepared, and they continue to monitor travel risk at their destination, as well as any return home requirements or changes that may have occurred whilst travelling,” says David Foote, National Development Manager at AHI. “Support via travel risk management strategies and tools has been a big focus as borders have started opening up. For example, AHI Assist recently ran a travel risk management webinar for brokers to

Multiple team members tested positive for COVID-19 during the tour. To ensure the tour could continue successfully, AHI Assist arranged hotel quarantine for those affected and monitored their symptoms regularly each day.

AHI Assist also provided emotional support and situation updates to the insured, their families, the client and their broker.

“DEPENDING ON THE COUNTRY YOU’RE TRAVELLING TO, COVID-19 IS LIKELY TO ADD AT LEAST SEVEN DAYS TO THE ACCOMMODATION TIME AND MAKE FLIGHT CHANGES MORE LIKELY.”

With frequent changes to COVID-19 restrictions throughout the tour, AHI Assist was able to manage the positive cases and reunite those out of quarantine (who were feeling well enough) with the rest of the group.

– MURRAY ANDERSON, ASSISTANT VICE PRESIDENT OF ACCIDENT AND HEALTH, LIBERTY SPECIAL MARKETS

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The claim, valued at $16,500, is still ongoing.

March 2022

INSURANCE BROKERS

CODE OF PRACTICE NIBA launched the 2022 Insurance Brokers Code of Practice on 1 March 2022, with the Code taking effect on 1 November 2022.

Given the significant updates to the Code, this period allows Code Subscribers time to understand and implement the new obligations within their organisations. The 2014 Insurance Brokers Code of Practice will be in effect until 31 October 2022.

For a copy of the Code, visit niba.com.au/code

NIBA.COM.AU / 31

FEATURE / Accident and Health Insurance

“ACCIDENT AND HEALTH INSURANCE HAS BEEN IMPACTED BY INCREASING CLAIM COSTS DUE TO THE FREQUENCY AND SEVERITY OF CANCELLATIONS AND MEDICAL CLAIMS DUE TO COVID-19.”

– AMY MCKELLAR, HEAD OF ACCIDENT AND HEALTH, CHUBB

assist them in preparing their clients for return to travel.”

With COVID-19 being a major health consideration for businesses, insurers have responded by putting endorsement policies in place to cater for the uncertainty facing us all.

“We’ve included a COVID-19 endorsement on our policies that includes additional COVID-19 cover,” says Melanie Barrett, National Accident and Health Manager at Dual Australia.

“Previously, we were covering medical expenses if somebody contracted COVID-19 overseas, but now we’re also covering some cancellation and loss of deposits costs, as well as additional expenses. Most insurers are doing something similar. However, it’s important for us to be able to offer this type of cover and give peace of mind to our clients travelling overseas.”

Premium prices for accident and health, like many other areas of insurance, are increasing, and it’s important for brokers and clients to understand why this is.

“Accident and health insurance has been impacted by increasing claim costs

32 / INSURANCE ADVISER AUGUST 2022

due to the frequency and severity of cancellations and medical claims due to COVID-19,” says McKellar. “General inflationary pressures have also put an upward trajectory on claim costs.

“We are looking closely at how staffing and labour market shortages are impacting the travel sector – less staff at airports, cancelled flights and misplaced luggage are all issues that could potentially lead to increased claim volumes.”

CHARTING A SMOOTH PATH FORWARD

Over the coming months, businesses across the country will get a firmer handle on the volume of travel that’s going to be taking place, as well as the associated risks.

And, as the make-up of that international travel is assessed and figured out, travel declarations come into serious play.

“Clients will need to consider their travel declarations a little more closely,” says Anderson. “Many clients have continued to state ‘same as last year’, and given the state of flux we have been in, that is probably not likely.”

THE IMPORTANCE OF HAVING THE RIGHT COVER Murray Anderson, Assistant Vice President of Accident and Health at Liberty Specialty Markets, shares a story of an unfortunate case he encountered recently. Due to the accident and health cover the client had, a family was able to say a dignified goodbye.

“A young person had travelled overseas and while away, was diagnosed with cancer. Within a very short time frame, we agreed for four family members to travel to be by the side of the ill person and gave them a chance at a dignified goodbye. A very sad case, but one where we were happy to provide something more than what is often provided for,” he said.

This is an area of insurance that has undoubtedly changed for the foreseeable future and is necessary to revisit with clients before they embark on international business travel once more.

FEATURE / Premium Funding

PREMIUM AN INCREASINGLY IMPORTANT TOOL IN A BROKER’S TOOLBOX With businesses of all sizes affected by increasing prices and inflationary pressures, could premium funding become an even more important part of the broker toolbox?

BY MARTIN WANLESS

F

rom the price of grapes to the cost of filling up our cars at the fuel station, we’re all only too familiar with the escalating costs straining already tight budgets.

And while our household bills are increasing, so too are our business outgoings.

The costs of many business expenses, insurance premiums included, are increasing too, meaning businesses and brokers are facing a challenge.

And, while reducing cover and increasing excesses is one way to create a more 34 / INSURANCE ADVISER AUGUST 2022

manageable premium, it may not be the wisest course of action. After all, as a broker, you want to ensure that your clients have the right cover.

This is why premium funding is becoming an increasingly important part of a broker’s arsenal.

“Business insurance premiums can be an inconveniently large investment,” says Mark Beshay, Head of Sales at Elantis Premium Funding. “This is particularly relevant in the current market, with widespread economic uncertainty and premium rates on the rise.

FEATURE / Premium Funding

FUNDING:

NIBA.COM.AU / 35

FEATURE / Premium Funding

“Premium funding is a payment solution that can help to maintain essential insurance coverage, while keeping cash and/or other business finance arrangements available for other immediate investments that directly impact the growth of a business.

“It enables clients to spread their annual insurance costs across smaller instalment payments throughout the year, instead of incurring a large single upfront payment, providing greater cash flow flexibility. Put simply, premium funding helps to make insurance more affordable.”

And the cash flow angle is hugely important, especially given that cash flow,

36 / INSURANCE ADVISER AUGUST 2022

rather than a lack of profitability, is often a reason for businesses failing.

“Cash flow finance, which is the category that premium funding comes under, continues to trend as a key priority for not just SME Australia but for corporate Australia too,” says Bradley Bartlem, Chief Executive Officer at Hunter Premium Funding.

“Over the last five years, insurance rates have continued to increase, which has actually put a lot of cash flow pressure on customers, and we’ve seen increasing interest in premium funding.”

One of the challenges the premium funding sector has faced, however,

is awareness, with premium funding sometimes left unconsidered in favour of other premium-reducing levers being pulled.

“One of the challenges we have is the awareness of premium funding as an industry,” says Brett Morcomb, Senior Specialist at Hunter Premium Funding.

“We’ve recently conducted some customer research and we know that if customers are aware of premium funding, then they will consider it.

“Our challenge as an organisation, and as an industry, is to create greater client awareness of premium funding, and to

FEATURE / Premium Funding

“CLIENTS EXPERIENCING FINANCIAL DIFFICULTY IS A SENSITIVE TOPIC FOR MANY, SO IT’S IMPORTANT TO SHOW EMPATHY AND UNDERSTANDING WHEN DEALING WITH CLIENTS IN THIS SITUATION.” – MARK BESHAY, HEAD OF SALES, ELANTIS PREMIUM FUNDING

make sure that our brokers understand the value and flexibility it can provide to their clients.

THE DELICATE MATTER OF FINANCIAL DIFFICULTY

The need for clients to apply for premium funding may be a delicate one, and brokers need to broach the subject carefully.

“Clients experiencing financial difficulty is a sensitive topic for many, so it’s important to show empathy and understanding when dealing with clients in this situation,” says Beshay.

“It’s a good opportunity to reinforce your value as a trusted adviser in the hard times as well as the good. Being proactive, recognising vulnerability, communicating effectively, and responding with options where possible is key to a longstanding relationship.”

For brokers, of course, there’s an inherent reputational risk when recommending premium funders. After all, your client will trust that you’re confident in the company you’re suggesting, and you need to ensure that you’re setting your client up with a company that’s going to both provide a good experience and look after them and their business.

“Whichever premium funding company you deal with, make sure that you’re very familiar with their customer hardship provisions,” says Bartlem.

“As a broker, it’s very important to understand what happens if your client can’t pay. Does it mean that their insurance policy will be cancelled?

“Different funders have different approaches, and moving into these difficult times, it’s really important that brokers understand what hardship provisions are in place if the worst does happen.”

PREMIUM FUNDING CODE OF PRACTICE NIBA members are very familiar with codes of practice, and the premium funding sector is undergoing a similar process, with an Australian Finance Industry Association (AFIA) Code of Practice due to come into force in October 2022.

“It’s going to be a major, major change to the industry,” says Bradley Bartlem, who has been president of the development of the AFIA Code of Practice.

“The premium funding industry didn’t have a code of practice, so we’ve been working quite extensively with a number of stakeholders, including NIBA, to get a code in place.

“In terms of underlying principles, it’s very similar to what has happened in mortgage broking and insurance broking, where there’s this view of customer fairness, transparency and disclosure.

“The overarching thing is making sure everyone acts in the best interests of the customer.”

Adrian G Mathieson & Associates Pty Ltd (In Liquidation)

Expressions of Interest Sought The Liquidators are seeking expressions of interest for the sale of business (the client book) of Adrian G Mathieson & Associates Pty Ltd (In Liquidation) (the Company).

The Company has been trading for circa 25 years as a general insurance agency and brokerage business, and is currently an authorised representative of the Community Broker Network.

Key highlights include: • Loyal residential and commercial customer base consisting of approximately 360 distinct clients, and 700 distinct policies •

FY 21 operating net commission revenue of $260,000

•

Operating in the Geelong Greater Region with clientele in all states and territories

All parties registering an interest will be required to sign a confidentiality agreement. To register your interest, please email: ryan.a.ng@pwc.com.

Expressions of interest due by 4pm on Monday, 15 August 2022.

NIBA.COM.AU / 37

FEATURE / Premium Funding

HELPING CLIENTS MAINTAIN THEIR LEVEL OF COVER

Premium funding is a potentially good solution for clients to enable them to afford the coverage they need, and ultimately solves a problem for brokers too.

“That’s the value that premium funding can play in challenging times,” says Bartlem.

“If you think about it from a customer perspective, when they receive their premiums and the amount is daunting, they might decide to change the level of cover to be able to afford it.

“The benefit of premium funding is that customers don’t have to change their level of cover to afford their

insurance. From a broker’s perspective, customers aren’t underinsured, and paying with premium funding also improves their cash flow.”

And, in a world where financial pressure is increasing for many of us, the ability to access premium funding could become ever-more attractive.

“THE BENEFIT OF PREMIUM FUNDING IS THAT CUSTOMERS DON’T HAVE TO CHANGE THEIR LEVEL OF COVER TO AFFORD THEIR INSURANCE. FROM A BROKER’S PERSPECTIVE, CUSTOMERS AREN’T UNDERINSURED, AND PAYING WITH PREMIUM FUNDING ALSO IMPROVES THEIR CASH FLOW.” – BRADLEY BARTLEM, CHIEF EXECUTIVE OFFICER, HUNTER PREMIUM FUNDING

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Ready for today.

Prepared for tomorrow.

As Australia’s leading specialist premium funder, we’re here to help businesses large and small manage their insurance premiums and unlock their cash flow.

For more information about how Hunter Premium Funding can benefit your clients, visit hpf.com.au Hunter Premium Funding Limited ABN 80 085 628 913. A company of Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No. 234708

COMMUNITY HUB

COMMUNITY HUB AUGUST 2022

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

INDEX AB Phillips ......................................................40 ASR Underwriting........................................ 41 AIBI.................................................................... 42 Australasia Underwriting......................... 42 Tudor Insurance Brokers.......................... 42

Liberty Special Markets............................ 42 Moran Insurance Brokers......................... 43 MGA Insurance Group.............................. 43 Affinity Insurance Brokers.......................44 Newline Group.............................................44

Wellington Underwriting......................... 45 Pollard............................................................... 45 QPIB.................................................................. 45

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 / 41

COMMUNITY HUB

�aibi

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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:

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$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

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42 / INSURANCE ADVISER AUGUST 2022

COMMUNITY HUB

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Untitled-3 1

24/6/2022 12:24 pm

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Key Liability Occupations:

Key PI Occupations:

Key FI Occupations:

• Alternative & Complementary medicines • Automotive • Biotechnology • Clinical Trials / Research • Cosmeceuticals / Nutraceuticals • Defence – machinery, weaponry & protective equipment • Life Science / Pharmaceuticals • Medical & Surgical Devices (including invasive implants) • Medical Equipment / Products • Medicinal Cannabis • Mining • Rail – Products, Maintenance, Locomotive Engineering, operators, Rolling Stocks & Engine Manufacturers • Universities • Veterinary Medicines

• Accountants • Architects • Engineers • Environmental Consultants • Insurance Brokers / Underwriting Agencies • Law Firms • Management Consultants • Miscellaneous Risks • Real Estate Agents • Universities • Valuers

• Fund Managers/Investment Managers • Stock Brokers • Managed Investment Schemes • Excess 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 • Insured firms can be not-for-profit, privately held or publicly traded • Side A/DIC placements • Medicinal Cannabis risks • All 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

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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

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25/1/22 12:48 pm

NIBA.COM.AU / 45

INSURER STRENGTH RATINGS

S&P GLOBAL

AUSTRALIA

INSURER FINANCIAL STRENGTH RATINGS

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 25 July 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-/STABLE

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+/NEGATIVE

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

A+/STABLE

* See page 49 for S&P Global disclaimers and additional information

46 / INSURANCE ADVISER AUGUST 2022

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 21 July 2022.

Contact: Mr. Rob Curtis Co-CEO & Managing Director A. M. Best Asia-Pacific (Singapore) Pte Ltd. Tel: +65 9633 6118 Email: rob.curtis@ambest.com

AUSTRALIA

RATING

LIFE, ANNUITY AND ACCIDENT General Reinsurance Life Australia Ltd.

A++/STABLE

PROPERTY/CASUALTY

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/STABLE

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

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)

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 u/NEGATIVE

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

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.

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

NIBA.COM.AU / 47

INSURANCE JOURNEY / Amy Morrison

ON THE SEARCH FOR THE NEXT GENERATION

I

started working in insurance at a very young age, while I was still in high school. I had decided to undertake a traineeship program in the Claims Department at QBE Mercantile Mutual, as my aunt worked there at the time. I was just 15 years old and I was working at QBE Mercantile Mutual during the day, while finishing off senior studies in the evenings.

The traineeship was originally a two-year program, but I was so hungry to learn that I actually completed it in nine months.

Eventually, I moved from claims to underwriting and then into insurance broking. I’m an incredibly ambitious person, and really aspired to a role where I could get hands-on with clients and continually learn from them. In underwriting, the majority of relationships you build is with brokers. In broking, your network is simply enormous, and you get to learn so much about industries you’ve never even heard of.

I can open up my calendar right now and tell you that today, I’ll be meeting with a beauty salon owner, an accountant, and the CEO of a financial services firm. Tomorrow, I’ll be sitting in front of the CEO of an Indigenous healthcare provider. This job requires us to be chameleons, to develop relationships with so many people from different walks of life – and that’s the beauty of it.

A huge part of my portfolio consists of Indigenous communities and not-forprofit organisations across Queensland and NSW. As someone with an Indigenous heritage, working closely with Indigenous communities has given me a better understanding of my own culture.

Another speciality of mine is property developers. I have a strong passion for town planning, architecture, and I love that my work intersects with impactful things like progress and driving economic growth.

THE PATH AHEAD

I have actually just opened my own business – Taylor Made Insurance Services, which officially launched on 4 July 2022. As of the date of this interview, it has been seven

PROUDLY SUPPORTING

48 / INSURANCE ADVISER AUGUST 2022

business days since I launched my business, and every day has been absolutely flat out.

I come from a family of entrepreneurs, so naturally I’ve always aspired to become a business owner and run my own brokerage.

To have that autonomy, and to be able to shape my business into something I can be proud of, is something that I’ve always been passionate about.

My goal is to build my business to a point where it can be self-sustaining. I hope to one day be able to work and travel around the country in my bus with my laptop.

THE NEXT GENERATION OF TALENT

Getting the next generation of talent into our industry is absolutely the biggest challenge we have on our hands. Looking back, I was very fortunate to have started my career in an era where traineeship roles in insurance companies were widely available to young people.

Administrative tasks such as faxing, filing, archiving, working in reception or fast-tracking claims gave you the opportunity to learn things we take for granted now – things like office life, or human behaviour in a professional setting.

Nowadays, I think it’s much harder to train a junior broker from ‘go’ to ‘whoa’. It’s

quite challenging to develop young talent, because there’s no longer an abundance of those junior roles anymore. Many young people coming into the industry are thrown straight into the deep end, before they’ve had the chance to develop their life skills.

As an experienced broker, I’m now training new starters from day one by explaining: “What is insurance?” This is why I’ve participated in the NIBA Mentoring Program as a mentor – I just think that young brokers really need support and encouragement, and to know that someone outside of their workplace really believes in them.

But beyond training is the big, milliondollar question that our industry needs to answer: how do we find the next generation of insurance brokers and bring them on board? These people aren’t on LinkedIn yet, many won’t even have a job.

We can visit universities, TAFE or high schools for open days, but talking to 18-year-olds about the appeal of insurance is really not sexy. There is a huge amount of knowledge held by leaders in our industry who may be retiring over the next few years. We need to pass on this knowledge – so that the next generation of brokers can continue the good work and keep our industry thriving.

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

I’m a country girl – I hail from a long line of cattle farmers. You can take a girl out the of country but you can never take the country out of the girl.

What is your favourite film?

Any movie with Tom Hanks in it!

What do you like to read in your spare time?

True Australian crime and Australian biographies. My favourite book is Sidney Kidman’s story Cattle King.

What’s your favourite food?

Mum’s home cooking.

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

MENTORING 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

NIBA Mentoring – Promoting Professional Development for 10 Years S&P GLOBAL RATINGS

WHAT WILL THE PROGRAM DO FOR YOU?

*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 16/8/18 11:12 am 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.

NIBA Mentoring 2018 FP.indd 1

For more information and to express interest visit www.niba.com.au/mentoring

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 / Events

NIBA EVENTS

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

EVENTS UPDATE 2022 NIBA WEBINAR | MARKETING TIPS TO DEMONSTRATE YOUR VALUE WHERE: Zoom WHEN: Thursday 11 August CPD: 1 point on completion.

2022 NIBA MENTORING PROGRAM WHERE: Sydney and Melbourne WHEN: Thursday 25 August – Thursday 17 November CPD: 9 points on completion of program.

The program will run for 12 weeks. During this time, there are three workshop sessions, which all mentors and mentees are required to attend. All participants receive a program handbook designed to guide you through the program.

The next round of mentoring will be run in Sydney and Melbourne.

• Week 1: Introductory Workshop, 25 August 2022 • Weeks 2–4: Mentor/Mentee meetings • Week 5: Workshop 2, 6 October 2022 • Weeks 6–11: Mentor/Mentee meetings • Week 12: Final Workshop, 17 November 2022 If you wish to participate as a mentor or mentee and are unsure which program suits you, please phone 02 9964 9400 to express your interest.

Customer needs continuously evolve, and expectations are higher than ever. So, in order to win businesses and retain customers, insurance brokers need to demonstrate that they are more than a trusted adviser. They need to demonstrate the value they provide.

But how do you know what customers value? And how do you show the value you provide when the market is so crowded?

On this 45 minute webinar, Caroline Healy, an insurance marketing specialist, will share her experience and thoughts on how placing a focus on value will attract and retain customers.

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

WHEN: Thursday 8 September CPD: 1 point on completion.

Join us at UQ Brisbane City for an insightful seminar exploring the cyber threat landscape and the ways in which businesses can mitigate their cyber risks.

The seminar will be presented by Darren Hopkins, a specialist in advising businesses on both proactive and reactive uses of technology in the areas of cybersecurity, privacy, digital forensics and technology-led investigations.

2022 NIBA UAC WA UNDERWRITING EXPO WHERE: Crown Perth, Great Eastern Hwy, Burswood WA 6100 WHEN: Wednesday 9 November NIBA and UAC return to Crown Perth in November, offering local underwriters and insurers the chance to present to the local broker market.

SAVE THE DATE FOR YOUR STATE’S END OF YEAR FUNCTION! 2022 NIBA QLD SEMINAR | THE CYBER THREAT LANDSCAPE WHERE: UQ Brisbane City, The Auditorium Room, Ground Floor, 293 Queen St, Brisbane QLD 4000

DISPLAY ADVERTISING INDEX – AUGUST 2022 CGU......................................................... IFC QBE................................................................5 ANZIIF..........................................................7 Curium Advertorial................................. 9 CBN.............................................................. 11 NIBA Summit............................................ 12 HMIA........................................................... 15 QPIB............................................................ 17

STAY UPDATED!

CoP.............................................................. 31 Ebix.............................................................33 PwC............................................................. 37 Hunter Premium.....................................39 NIBA Mentoring.....................................49 NIBA Advertising................................IBC Allianz................................................... OBC

2022 NIBA SA CHRISTMAS COCKTAILS WHERE: Adelaide CBD WHEN: Friday 4 November 2022 NIBA WA CHRISTMAS COCKTAILS WHERE: Perth CBD WHEN: Wednesday 9 November 2022 NIBA QLD CHRISTMAS BOWLS WHERE: The Boo, 126 Breakfast Creek Rd, Newstead QLD 4006 WHEN: Thursday 24 November

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

50 / INSURANCE ADVISER AUGUST 2022

BE PART OF NIBA

Advertise with the most influential and trusted voice in the Australian intermediated insurance industry • Insurance Adviser • NIBA website • Broker Buzz • Need a Broker website • Targeted eDMs • NIBA events

WE ARE YOUR VOICE Contact Tony May National Advertising Sales Manager E: tmay@niba.com.au

Behind you for what’s ahead At Allianz, we work with our Broker Partners to give your customers confidence in tomorrow.

As many of our selected repairers are pre-authorised, we won’t need to assess your customer’s vehicle in the event of a claim – which means fewer trips to the repair shop.

That’s why almost half of Allianz customers use our Selected Repairer Service.^ 100 years and counting, we’re behind you for what’s ahead.

Speak to your Account Manager today, or to learn more visit www.allianzengage.com.au/motorterms ^Based on 2021 Allianz Claims Data Terms, conditions, limits and exclusions apply. Before making a decision about motor insurance, please read the PDS. The PDS and Target Market Determination for this insurance are available from allianz.com.au. Allianz Australia Insurance Limited ABN 15 000 122 850.