The 2022 NIBA Summit and Celebration Dinner

from Insurance Adviser November 2022 issue

NIBA CEO Welcome

On Wednesday 12 October, the broking industry gathered in Sydney to celebrate 40 years of NIBA, shining a spotlight on the principles defining the profession and the best in broking and insurance.

HIGHLIGHTS FROM THE 2022 NIBA SUMMIT

The NIBA Summit took place in the Establishment Ballroom, where brokers heard from a range of speakers who each spoke on the theme ‘Trust, Professionalism, Community’.

WELCOME SPEECH FROM DIANNE PHELAN, NIBA PRESIDENT

Dianne Phelan kicked off the afternoon with a welcome speech to the brokers in attendance.

Dianne acknowledged the anniversary of the Bali bombings, paying respect to the families with loved ones lost from the tragedies and trauma that followed.

With her time as NIBA President ending in February 2023, Dianne reflected on the various challenges she experienced throughout this time, including the damages caused by floods and market challenges.

She praised brokers for achieving an all-time low in complaints against a backdrop of unprecedented natural disasters, and acknowledged the importance of brokers.

She also shared on insights from the BAC, which showed brokers were remaining at the forefront of assisting clients by placing greater importance on risk management, technology and specialty skills.

She spoke on the Quality of Advice Review, emphasising the important role of brokers in bringing value to clients and to the broader society.

Dianne spoke on the critical role of the Insurance Brokers Code of Practice in continuing brokers’ commitment to professionalism and self-regulation, and reminded members to share their feedback and ensure the Code stays a relevant, living document.

THE HON. STEPHEN JONES MP ON BUILDING ECONOMIC RESILIENCE

The Hon. Stephen Jones MP, Assistant Treasurer and Financial Services Minister, delivered his first address to the insurance broking industry.

The Minister acknowledged up front that while brokers are eager to hear where he stands on commissions, he stated that he would not be running a commentary on the Quality of Advice Review, and would await the report from Michelle Levy and the Treasury team.

Speaking ahead of the Government’s 2022-2023 Federal Budget, which was delivered a fortnight later, the Minister foreshadowed the focus it would place on building economic resilience.

He acknowledged the current economic challenges facing Australian households, including rising inflation and energy shortages driven by the war in Ukraine war.

He also spoke on the need to reform energy and climate change policies, pointing to the rising cost of electricity and insurance premiums experienced by households as an indication that “we have stalled as a nation” on both policies.

In response, he advocated for the need to find long-term solutions based on resilience and risk mitigation which address the underlying risk, rather than masking the increasing cost for short-term relief.

The Minister closed his speech by acknowledging the important role of brokers in assisting clients during challenging times and serving as an important driver in a feedback loop that sets the standards of the insurance market.

He encouraged brokers to continue their good work, stating that brokers don’t need to be “looking over your shoulders” for upcoming regulatory changes, and that any changes would be communicated to the industry well in advance.

Special thanks to Allianz for sponsoring the session.

HOLLY RANSOM ON CHANGE MANAGEMENT

Holly Ransom, founder and CEO of Emergent, shared her ideas on leadership and sustaining success in an ever-changing world.

KEY TAKEAWAYS:

1. Leadership is always shaped by the world around us

Holly stressed the importance for leadership to continue to adapt to the changing forces in the world in order to maintain relevance. One example is the global shift towards belief-driven consumers, who increasingly place expectations on companies to advance social causes and build trust with their customers.

2. Being match-fit in a new uncertain world

Holly acknowledged the uncertainties around the world driven by supply challenges, geo-political tensions and the energy crisis. While things may have once worked in a slower-paced, uninterrupted world, she stated plainly that these challenges have created a new game that we need to prepare for.

3. Look for the gaps

Holly urged for brokers to think about what’s next when they’ve reached the top of their game. She flagged the importance of looking for gaps and opportunities to further improve and encouraged brokers to challenge the habit loops that shape their routines in work.

4. Distance from the field

Holly encouraged brokers to embrace diversity in hiring people who are “distant from the field”. She referenced one study that found that in 30 per cent of cases, problems were solved by non-experts rather than experts.

5. Get comfortable with getting uncomfortable

Holly advocated for brokers to consider the comfort zone (consisting of the tasks we’re used to doing) versus the courage zone (consisting of tasks that we do as a beginner). While most of us will spend our time at work in the comfort zone, she advised for brokers to extend and stretch beyond the comfort zone in order to learn new skills and enrich our time in the workplace.

Special thanks to CHU for sponsoring the session.

INDUSTRY MARKET UPDATE FROM CHRIS MACKINNON

Chris Mackinnon, Regional Head of Australia and New Zealand at Lloyd’s, spoke on innovation, modernisation and solving problems in an uncertain world.

Chris began by reflecting on the relevance of the Summit’s theme ‘Trust, Professionalism and Community’ to brokers. Unlike other sales transactions, insurance provides the customer with nothing more than a promise at the time of transaction, and as such, the broker’s reputation is always on the line, with its perception shaped by client expectations, the media and the promises they make.

Chris touched on the various challenges facing the industry, as well as how brokers have found new opportunities to support clients amidst these challenges.

From the pandemic and geo-political tensions causing food, energy security and global supply issues, the increasing natural disasters, growing risk of cyberattacks, to the global recession and hyper-inflation, he urged for brokers to stay resilient in the face of these challenges, and also to view them as presenting new opportunities to support clients.

In order to foster resilience, he suggested for the industry to develop a more future-first purpose which focuses on long-term, sustainable businesses that “create solutions to problems people don’t know they have yet”.

Chris also spoke on the various globally systemic risks that are simply too great for the industry to address on its own, such as the pandemic, climate change and cybersecurity. In order to solve these systemic risks, he advised for brokers to take their seat at the political table, and work in partnership with governments.

Special thanks to BizCover for Brokers for sponsoring the session.

INSURANCE BROKER PANEL SESSION

A panel of industry experts shared their thoughts on a range of topical issues a ecting the industry:

RECRUITING PEOPLE INTO THE INSURANCE PROFESSION

“Let’s start with perception. People get into insurance by referral – it’s people referring other people through their personal experiences.

There are 60,000 people in our industry. If these people can make a difference to anyone they come in contact with that results in another person joining the industry, then that is a significant difference that we can make. It’s about taking on a conscious position - we’ve got to be conscious of what we promote and when we promote it.” – Jeff Murdoch, Director, Emjoy Insurance Brokers

IMPLEMENTING THE NEW INSURANCE BROKERS CODE OF PRACTICE

“If we want to promote ourselves as a professional industry, having a Code of Practice is a must. Not only for ourselves, but also for how we’re perceived by regulators.

The current Code of Practice is a living document for the first time that NIBA has been operating. I encourage you all to read it and give feedback to NIBA about what your sticking points are when you go to implement it operationally within your business. Also, talk to your peers within the network. People are incredibly creative and intelligent, so you might actually find some e ciencies by working with each other within your network.” – Ximena Smith, Director, Austbrokers AEI Broking

AN EMPLOYEE-DRIVEN JOB MARKET

“My general observation is that we’re competing hard to retain talent and to attract new talent.

In my past experience, increases in employee attrition rates have signalled a bit of a talent war, but this wave of attrition is a little bit di erent. It’s not just focused on salary and benefits, which are a starting point. I think there’s greater focus on what else? What else can the employer o er? There’s a lot of cultural alignment discussions around di erent benefits that may not have been as prevalent in the last couple of years, namely longer annual leave, or working remotely. ” – Stuart McKellar, Head of Commercial & A nity, Howden Insurance Brokers

A KEY LEARNING MOVING FROM UNDERWRITING TO BROKING

“One of the things that I knew, but didn’t really know how important it was when I first came into broking, is the relationship between the broker and the client, and the passion that brokers have for their clients. They have a very symbiotic relationship and I think as an underwriter, we missed that a lot. Every broker cares so deeply about every client they have, and there’s a reason that I’ve come to realise as well - most new business opportunities come from your existing client base. It’s not because you’re pretending to like your client, you actually genuinely do have a passion for helping the clients out.” – Shaun Standfield, Managing Director, Insurance Advisernet

Thank you to panel speakers Ximena Smith, Stuart McKellar, Shaun Standfield, Jeff Murdoch, and panel host Rebecca Wilson. Special thanks to ATC for sponsoring the session.

CLOSING ADDRESS FROM PHILIP KEWIN, NIBA CEO

Philip Kewin closed the NIBA Summit by thanking the speakers and brokers in attendance.

He touched on NIBA’s involvement across a range of industry initiatives and reiterated the importance of the new Insurance Brokers Code of Practice as a vehicle for continuous improvement in professionalism across the industry.

Philip also announced the winner of the Community Excellence Award, shining a spotlight on brokers who supported their clients through challenging times.

The award was presented to Vanessa Hilton, who shared a virtual acceptance message with the room.

HAPPY HOUR

Following the Summit, brokers moved to a bustling Happy Hour spent networking with industry colleagues.

Honouring 40 years of NIBA at the Celebration Dinner

After Happy Hour, brokers made their way to a glittering Ivy Ballroom for an evening of celebrations. The Celebration Dinner marked an important occasion as the celebration of NIBA’s 40 years representing the insurance broking profession.

One man band Duan & Only also provided excellent entertainment throughout the evening.

The dinner opened with an Acknowledgement of Country performance from the Kari singers.

Philip Kewin, NIBA CEO, delivered an opening address to the room, kicking off a night of celebrations.

Andrew Klein was MC, having previously taken the MC mantle at NIBA’s 2012 Convention.

INSURER AWARD WINNERS ANNOUNCED

Angela Carter, Director Consumer Insights from Nielsen, shared insights from the 2022 NIBA Broker Market Survey, which had over 700 members respond. Angela congratulated NIBA on the record survey response rate, ensuring brokers all had a say on the insurance industry.

The insurer awards were based on two main components of the survey: most trusted insurer and best broker experience.

Angela revealed that results for all three award categories were incredibly close. The survey found that amongst agencies, there was a strong improvement on brand trust and broker experience. The winners, in particular, had performed strongly in claims and underwriting.

The insurer awards were announced by Philip Kewin, NIBA CEO and presented by Gary Okely, NIBA Vice-President.

2022 NIBA UNDERWRITING AGENCY OF THE YEAR AWARD WINNER

The 2022 NIBA Underwriting Agency of the Year award was awarded to NTI.

"Our people are relentless in their pursuit to do whatever it takes to support Australian businesses to operate at full capacity," said NTI CEO Tony Clark.

“We continue to innovate, even on the things that we do well, and seek to understand and address the ever-changing needs of our specialist industries.”

Mike Edmonds, NTI’s Executive General Manager – Commercial, also added, “Our combination of specialist products, in-house expertise in insurance, repairs, parts, our accredited repair and recovery networks, and industry advocacy enables us to deliver above-and beyond within competitive turnaround times.”

“Among the agencies we have seen some strong improvements in Brand Trust for several providers, while others improved their broker experience, so well done to those agencies.

“However, this year’s results were decided based on the winners continued strong performance in delivering an exceptional broker experience, in particular in claims and underwriting performance,” Angela Carter said.

THE FINALISTS FOR THE UNDERWRITING AGENCY OF THE YEAR AWARD ARE:

★ NTI (winner)

★ Emergence Insurance

★ GT Insurance (Global Transport & Automotive Insurance Solutions Pty Ltd)

2022 NIBA SPECIALTY INSURER OF THE YEAR AWARD

The 2022 Specialty Insurer of the Year award was won by Liberty Specialty Markets.

“I couldn’t be more proud of our entire team to receive this independent recognition for the second year in a row,” said Michael Abdallah, President and Managing Director Liberty Specialty Markets Asia Pacific.

“We have significantly grown our business over the past few years, and we are very pleased that our broker partners continue to recognise our consistent and long-term commitment, along with the quality of service and product capability. We have always strived to be a dependable partner for our brokers and clients and for Liberty to achieve this vote of confidence in successive years while in the midst of a tough and uncertain market environment, makes it that much more special.”

“As one of the world’s largest mutual insurers, we will always take a long-term view with the aim of sustaining partnerships that deliver mutual advantage. We are grateful to receive this recognition from our Australian broking community, and also congratulate the other award winners this year.”

THE FINALISTS FOR THE SPECIALTY INSURER OF THE YEAR AWARD ARE:

★ Liberty Specialty Markets (winner)

★ Berkley Insurance Australia (a Berkley Company)

★ Berkshire Hathaway

2022 NIBA LARGE GENERAL INSURER OF THE YEAR AWARD

The 2022 Large General Insurer of the Year award was won by CGU.

Over a year ago, we redesigned our operating model to achieve the ambitious goal of becoming the insurer partner of choice, focused on delivering sustainable value to our brokers and customers.

We reinvigorated our strategy to make it easier to do business with us, simplifying processes and driving e ciencies. Our team remains committed to delivering underwriting excellence, with renewed clarity on our appetite, pricing, and product o erings.

We also continue to invest in uplifting our data and analytics capability, connecting to major broker trading platforms and optimising our referral processes to grow sustainably with brokers and help customers proactively manage their risks.

Being recognised by the broking community for our e orts to build a better and stronger business around them is truly humbling, and it’s pleasing to see our partners noticing these improvements. We know we still have a long way to go but being awarded Large General Insurer for 2022 reaffirms we are on the right path.

“Among the Specialty Insurers, again the performances were close among the top three.

“All three do very well in terms of brand trust, and all three insurers have also improved their RSI scores this year, with overall satisfaction, performance vs. other insurers, trust, and loyalty the key di erence between the winning insurer and others in this category,” Angela Carter said.

THE FINALISTS FOR LARGE GENERAL INSURER OF THE YEAR AWARD ARE:

★ CGU (winner)

★ Chubb

★ QBE

“Among the large insurers, again we had a very tight contest for the award with brand trust and the higher-level RSI model factors of trust and lower propensity to shift based on price being the di erence,” Angela Carter said.

BROKER AWARD WINNERS ANNOUNCED

2022 WARREN TICKLE YOUNG BROKER OF THE YEAR AWARD WINNER ANNOUNCED

The 2022 Warren Tickle Young Broker of the Year Award was awarded to William Thompson, Thompson Insurance.

The award was presented by Anthony Pagano, Vero’s Head of Distribution, Commercial Insurance.

“I’m so grateful to have been part of this awards program run by Vero alongside NIBA. As a state finalist, I took part in Vero’s professional development program and got to work on a project to support a cyclone-a ected community, both of which reflect the incredible investment Vero has put into developing young brokers. I’m excited to take back the learnings I’ve gained from this experience and apply them into our business, and in time benefit my own professional development, our clients and our company.

“This process is about so much more than the award itself – it’s about bettering our industry. We all know that we have an amazing industry and that we play a powerful role in protecting somebody’s business or livelihood. Coming out of the NIBA Summit, to see that brokers are now responsible for 51 per cent of all insurance that’s written in Australia is an amazing figure that we can all be proud of. By being more professional, and by being trusted advisers and working with our community, I hope that we can see that number increase in years to come.”

The Warren Tickle Young Broker of the Year Award, sponsored by Vero, recognises rising stars in the insurance broking industry who are under the age of 35.

William first joined Thompson Insurance in 2018 and was promoted to the role of Director in July 2022. Prior to this, William worked as an Underwriting Consultant for a large general insurer.

In congratulating William on his win, Anthony Pagano said: “Will’s dedication to learning, his drive and tireless work on the Vero Community Grant project truly shone through the program.

“He represents the very best of the insurance broking profession and has a genuine passion for giving back to the community.

“Will has shown he is a strong advocate for the insurance industry, and we’re excited to provide ongoing support to him and other young brokers across the country.”

THE STATE FINALISTS FOR THE YOUNG BROKER OF THE YEAR AWARD ARE:

Special thanks to Vero for sponsoring the Young Broker of the Year award.

★ Qld: William Thompson, Thompson Insurance (winner)

★ NSW/ACT: Dean Bowen, DLB Insurance Risk

★ SA/NT: Joseph Cuzzocrea, Maxton

★ WA: Selena Piggott, Marsh

★ Vic/Tas: Greg Shallard, Aon/Affinity Insurance Brokers

NIBA congratulates all state finalists, who have each demonstrated professional excellence and leadership.

2022 STEPHEN BALL BROKER OF THE YEAR AWARD WINNER ANNOUNCED

The 2022 Stephen Ball Broker of the Year Award was awarded to Sally Coulton, WTW

The award was announced by Lorelle Hillman, QBE Australia Pacific General Manager, Partnerships, and presented by Stephen Ball’s daughter Katie.

“I am honoured to have been awarded the 2022 Stephen Ball Broker of the Year award. I would like to thank NIBA and QBE for this opportunity, it has been a wonderful experience.

“I have been provided many opportunities throughout my career for which I am very grateful, thank you to WTW and my colleagues for the support and teamwork they provide to deliver to our clients. For me, the most important part of our job is supporting and advocating for clients. We must provide a high level of service and advice always acting with integrity and professionalism and I am very appreciative of the recognition for my role in this.

We work in a wonderful industry, and we need to do a better job of communicating that the insurance industry is full of opportunities to attract, retain and develop young talent.”

The Stephen Ball Broker of the Year Award, sponsored by QBE, goes to an individual broker who is deemed an inspirational role model for the broking community, who has demonstrated excellence in broking practice and client advocacy.

Sally is the Account Director, Property and Casualty and has been with WTW since 2009. Prior to this, Sally held several roles at Glencairn MacDermott from 2001 until 2009 including Senior Account Executive and Account Director.

In congratulating Sally on her win, Lorelle Hillman said, “To stand out in such a high calibre pool of finalists is not easy.

“It was Sally’s tailored customer service approach, her development and use of exceptional relationships across the industry, and dedication to the mentoring and improvement of her colleagues that shone through.”

THE STATE FINALISTS FOR THE BROKER OF THE YEAR AWARD ARE:

★ Qld: Sally Coulton, WTW (winner)

★ NSW/ACT: Nicholas Bedggood, Citadel Insurance Services Pty Ltd

★ SA/NT: Heather Blanco, SUREWiSE

★ WA: Derek Ford, FordSure Pty Ltd

★ Vic/Tas: Daniel Quintin, Gallagher

NIBA congratulates all state finalists for demonstrating the highest standards of broking excellence and leadership across the industry.

Special thanks to QBE for sponsoring the Broker of the Year award.

2022 LEX MCKEOWN TROPHY WINNER ANNOUNCED

The 2022 Lex McKeown Trophy was awarded to Ian Carr, Founder and Chairman of Insurance Advisernet.

The award was presented by Dianne Phelan, NIBA President.

“I am deeply honoured to accept this award and have my name on the trophy, beside so many great legends of our industry,” says Ian.

“The Authorised Representative model has developed and improved over time and is a great way for insurance brokers to control their own destiny and provide professional insurance advice to their clients. I believe the Authorised Representative model will continuing to expand and be a major distribution method for general insurance advice in the future.”

The Lex McKeown Trophy is awarded to a long-standing NIBA member who has provided outstanding service to NIBA and made a significant contribution to the broking profession.

“Ian has been a long-standing NIBA member who has provided outstanding service to the Association and has made a significant contribution to the broking profession,” Dianne Phelan, NIBA President said.

Ian Carr’s career spans more than 40 years. In 1996, he founded Insurance Advisernet, the only Authorised Representative insurance broking business at that time. In many ways, he was ahead of his time, as in 1996 there were no other dedicated AFSLs set up to cater purely for Authorised Representatives (ARs).

During his career, Ian has completed qualifications including an Advanced Diploma of Financial Services (Broking) and is a Fellow member of NIBA and is a member of the Australian Institute of Company Directors.

“On behalf of the NIBA Board, I would like to congratulate Ian on being the Lex McKeown Trophy winner for 2022 and thank him for his ongoing commitment to the industry,” added Dianne.

RECOGNISING COMMUNITY EXCELLENCE

Vanessa Hilton from Aon was announced as the winner of this year’s Community Excellence award.

With the support of Liberty Specialty Markets, NIBA introduced the Community Excellence award this year to recognise and celebrate an individual or company’s significant impact in helping their clients and community.

Earlier this year, NIBA put out a call to brokers to assist flood victims on a pro bono basis in northern NSW and Queensland.

Within a short amount of time, over 50 brokers registered their interest in the initiative.

We didn’t have many flood victims accessing the service, but that may be because in many situations, communities banded together and brokers assisted not only their own clients but other people referred to them in the impacted community.

We heard stories of brokers going above and beyond to help people in flood-a ected communities, and we invited brokers to share their stories through the Community Excellence award.

Vanessa shared her experience of assisting not only her own clients but many others in the Cobargo community on the south coast of NSW, which was impacted by bushfires in 2019.

While Vanessa was unable to attend the Celebration Dinner, she recorded an acceptance speech, which was played to the brokers in attendance.

Special thanks to Liberty Specialty Markets for sponsoring the Community Excellence award.

CELEBRATING 40 YEARS OF NIBA

NIBA CEO Philip Kewin and NIBA President Dianne Phelan closed the evening formalities by recounting the past 40 years of NIBA’s history.

A short video was then played, with various members and industry representatives celebrating NIBA’s birthday and reflecting on NIBA’s achievements over the years.

HIGHLIGHTS THROUGH THE YEARS

1982 – THE FORMATION OF NIBA

On 26 October 1982, during the Insurance Brokers Association Convention, it was announced that the Confederation of Insurance Brokers of Australia and the Insurance Brokers Association would merge to form one representative body – the National Insurance Brokers Association.

Prior to the announcement, varying leadership groups had acted on behalf of insurance brokers but lacked cohesion in their advocacy. The creation of a new association meant that for the first time, there was one single, unified voice representing brokers to all stakeholders.

1984 – THE INSURANCE BILL PASSES

The first major win for NIBA came in the passing of the Insurance (Agents and Brokers) Bill in 1984, which crucially created a legal definition for the word “broker”. This important first principle helped to officialise the industry’s identity and set the foundation for all that was to come.

1991 – QUALIFIED PRACTICING INSURANCE BROKER

The introduction of QPIB in 1991 and the first NIBA Code of Conduct in 1992 put in place the mechanisms to enable selfregulation among members.

2001 – THE FINANCIAL SERVICES REFORM BILL

Twenty years later, a change in Federal Government would also welcome the Financial Services Reform Bill, which aimed to streamline regulation of the insurance and financial services industries.

In a curious parallel to the Quality of Advice Review currently underway, NIBA played a significant role in the law’s development, successfully securing the appropriate exemptions for insurance brokers a er a long five-year process.

2012 – THE FUTURE OF FINANCIAL ADVICE (FOFA)

NIBA once more successfully argued for exemptions for insurance brokers, including an exemption from the ban on conflicted remuneration – an exemption once more in focus in the Quality of Advice Review.

2014 – INSURANCE BROKERS CODE OF PRACTICE

The introduction of the Insurance Brokers Code of Practice remains one of NIBA’s major strengths to forging a path for the future. This year, NIBA updated the Code of Practice, once again setting the benchmark for self-regulation against the backdrop of regulatory review.

2017 – ROYAL COMMISSION INTO MISCONDUCT

The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry was established on 14 December 2017, and found no examples of poor consumer outcomes or systemic issues relating to insurance brokers.

NIBA BOARD AND LEADERSHIP

The NIBA Board and Directors have been instrumental in setting the strategic direction for the industry. Throughout NIBA’s history, there have only been 22 NIBA Presidents and six NIBA CEOs, each of whom have played a pivotal role in guiding NIBA forward. As we look to the future, NIBA’s success turns to brokers becoming trusted advisers and embarking on an ongoing journey of proactive self-regulation.

THE NIBA COMMUNITY

Philip and Dianne closed the evening by thanking the current NIBA Board and acknowledging the contributions made by the entire NIBA community over the years.

“All NIBA Members are the heart and soul of our community – always engaged, always giving feedback good and bad, so that we can always improve,” said Dianne.