SEPTEMBER 2022 WE ARE YOUR VOICE DEFINING BROKER EXCELLENCE with the 2022 Broker of the Year Award state winners 2022SUMMITNIBA Celebrating 40 years of NIBA and honouring the best in broking TECHNOLOGYINSURANCE The next chapter BROKERS HELPING CLIENTS IN COMMUNITYTHEIR Share your story with NIBA for your chance to win
IN HOUSE MANAGEMENT FOR FINANCIAL LINES CLAIMS More walk, Less talkWade Cadman Underwriting Manager, Financial Lines Wade.Cadman@brooklynunderwriting.com.au Maya Lazarus Brooklyn Claims Manager Maya.Lazarus@axaxl.com www.brooklynunderwriting.com.au
NIBA.COM.AU / 3 CONTENTS September 2022 FEATURESACN 006 093 849 ABN 94 006 093 849 Insurance Adviser magazine is the monthly magazine of the National Insurance Brokers Association (NIBA). Insurance Adviser magazine is published by NIBA Publisher Philip Kewin, CEO, NIBA T: (02) 9459 4305 E: pkewin@niba.com.au W: niba.com.au Communications Manager Wendy Martin NIBA Editor Amy Cai Editorial enquiries E: editor@niba.com.au National Sales Manager Tony May E: tmay@niba.com.au Design Citrus NIBAwww.citrusmedia.com.auMediagivesnowarrantyandmakes 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. 14 JOIN US AT THE 2022 NIBA SUMMIT Celebrating 40 years of NIBA and honouring the best in broking 24 DEFINING BROKER EXCELLENCE With the 2022 Broker of the Year Award state winners YEARS 12 October 2022 — Syd ney TRUST, PROFESSIONALISM , COMM UNITY NIBA_Convention_Final.indd 4 24/6/2022 4:18 pm COMMPROFESSIONALISMTRUST,,UNITY Sydney—2022October12 Celebrating 40 years of NIBA YEARS Thanks to our Principal COMMPROFESSIONALISMTRUSTPartners,,UNITY Sydney—2022October12 Celebrating 40 years of NIBA YEARS Thanks to our Principal COMMPROFESSIONALISMTRUSTPartners,,UNITY Sydney—2022October12 Celebrating 40 years of NIBA YEARS Thanks to our Principal Partners COMMPROFESSIONALISMTRUST,,UNITY Sydney—2022October12 Celebrating 40 years of NIBA YEARS Thanks to our Principal Partners Share chanceclienthowstoryyouronyou’vehelpedainyourcommunityforyourtowin.Moreonpage18
CONTENTS September 2022 4FEATURES / INSURANCE ADVISER SEPTEMBER 2022 42 USING TECHNOLOGY TO GROW YOUR BUSINESS AND MEET YOUR INOBLIGATIONSCOMPLIANCEEVERYISSUE NIBA CEO Welcome 6 Representation 8 Member Benefits 12 NEWS Industry Bulletin .......................................... 19 EVENTS Forthcoming Events 58 REFERENCE Community Hub 47 Insurer Strength Ratings 54 Insurance Journey: Pablo Narvaez 56 36 INSURANCE TECHNOLOGY: THE NEXT CHAPTER 44 WHAT TO CONSIDER WHEN CHOOSING A TECH PARTNER 40 KEEP CLIENTS SATISFIED THROUGH TECHNOLOGY
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• Give you greater accuracy – We’ve expanded the occupation-based risk selection to provide systemised virtual underwriting, allowing you to place business with more accuracy This is just the start of the upgrades we will be making in the coming year, across Vero’s range of supported broker platforms. For more information, speak to your local Vero representative.
You asked. We listened
• Reduce the time it takes to get a quote – By removing almost all insurer-generated system referrals, we’ve streamlined the quoting process and freed up our underwriters so they can provide you with technical support and assistance when needed • Provide clarity of our risk appetite – Through clearer appetite guidelines and immediate system noti cations, we can ensure you know the business we want to write upfront
Update is live only for new business SME Packages and Commercial Motor quotes via VeroEdge. Insurance issued by AAI Limited ABN 48 005 297 807 trading as Vero Insurance. Read the PDS before buying this insurance. Go to vero.com.au for a copy. TMD also available. This advice has been prepared without taking into account your particular objectives, nancial situations or needs, so you should consider whether it is appropriate for you before acting on it.
New Business on VeroEdge just got a whole lot easier Vero have been working closely with brokers to create a revolutionary new approach that accurately re ects the way you want to do business today. We have upgraded VeroEdge to a straight-through quote and bind platform for SME Packages and Commercial Motor new business to:
Mitch Wight Senior Broking Executive Integral Insurance Services
On the regulatory front, things are moving forward in relation to the Quality of Advice Review with a Consultation CEO /
QBE and Vero are not just sponsors but our partners through the awards and help build an alumni of finalists who support each other. Last year, we saw senior personnel from Vero travel with the 2021 Warren Tickle Young Broker of the Year finalists to fire ravaged Cobargo in NSW. The finalists were able to see firsthand the devastation of the bushfires and importantly the role insurance is playing in the recovery efforts. This year’s Warren Tickle Young Broker of the Year finalists will travel with Vero personnel to Northampton in WA to engage with the local community still rebuilding following the aftermath of Cyclone Seroja in April last year.
We will also unveil at the Celebration Dinner the results of our annual Nielsen IQ Broker Market Survey and will announce the winners of the 2022 General Insurer of the Year and the 2022 Underwriting Agency of the Year awards. A record number of more than 700 brokers participated in the survey, which illustrates that brokers really want to share their thoughts about insurers and underwriting agencies this year. As Community is part of the theme for the 2022 NIBA Summit, we are running a competition where you have the opportunity to share your great stories about how your advice or your business has played a role in helping a client or community. There are so many great ways brokers have helped people in their time of need and we really want to be able to share the good news. Entries close on 23 September, so see page 18 for further information.
Entering these awards is no easy task and reflects the commitment of those who have invested so much time and effort to go through the process. I would like to acknowledge all of the state finalists for both awards. Yes, there are winners and those who don’t proceed to the next phase, but often it’s not about what they haven’t done, but rather what someone else has done that sets them apart, and this year is no different.
6 / INSURANCE ADVISER SEPTEMBER 2022 O ne of the great privileges of this role is that I have the opportunity to participate as a judge to determine the winner of the QBE-sponsored Stephen Ball Broker of the Year award and Vero-sponsored Warren Tickle Young Broker of the Year award. I’ve just completed the final rounds of judging for the Stephen Ball Broker of the Year award and will soon be completing the judging for Warren Tickle Young Broker of the Year award, and it has been such a thrill to meet each of the finalists, see what drives them and understand why they are so successful.
I’m really looking forward to seeing the finalists of the 2022 Stephen Ball Broker of the Year award and the 2022 Warren Tickle Young Broker of the Year award at our Celebration Dinner on Wednesday 12 October, where the winners of both awards will be announced.
EXCELLENCECELEBRATINGWelcome
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NIBA will be providing a response to the consultation paper on behalf of members and encourage members to provide their feedback on these proposals by emailing NIBA’s Policy and Research Manager, Allyssa Hextell at ahextell@niba.com.au by no later than COB Friday 16 September 2022. While the independent reviewers’ final report is still a few months away, NIBA took the opportunity to meet with the new Assistant Treasurer and Minister for Financial Services, the Hon. Stephen Jones MP. NIBA CEO Philip Kewin and NIBA VicePresident Gary Okely travelled to Canberra to meet with the Minister and discuss the Quality of Advice Review. The meeting was extremely positive with a number of issues discussed, including the availability of insurance in certain industries and disaster mitigation and resilience. NIBA looks forward to continuing to engage with the new Ministry and Shadow Cabinet to further NIBA’s policy priorities.
QUALITY OF ADVICE REVIEW
NEW SOUTH WALES HOME WARRANTY COMPENSATION SCHEME
NIBA provided a submission on behalf of the intermediated insurance industry, arguing against any changes which would negatively impact the long-term economic viability of the scheme. NIBA argued that multiple parties had already highlighted their concerns over the viability of the scheme. NIBA’s
It has been a non-stop year for NIBA’s policy team with no signs of slowing down anytime soon. The change of government earlier this year has provided NIBA with fresh opportunities to engage on important issues such as broker remuneration, disaster resilience and mitigation and the regulatory burden brokers face.
As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact
CONTACT NIBA
NEWS / Representation 8 / INSURANCE ADVISER SEPTEMBER 2022 WE ARE YOUR VOICE!
The following is an overview of some of the things NIBA has been examining on behalf of members.
REPRESENTATION
In response to the Independent Pricing and Regulatory Tribunal’s (IPART) report on the New South Wales Home Warranty Compensation Scheme, the State Insurance Regulatory Authority (SIRA) announced a consultation on a number of proposed reforms intended to provide greater protection to NSW homeowners. Among the proposed reforms was: • the ability for homeowners to make a claim under the scheme if their contractor/builder unlawfully failed to obtain home warranty insurance, • increasing the amount of cover available under the scheme from $340,000 to $400,000, • increasing the threshold for requiring insurance, allowing homeowners to make a claim under the scheme if their contractor/builder fails to comply with a rectification order issued by NSW Fair Trading or an order of a tribunal or court, • whether the NSW Government should reinstate icare’s monopoly, if further reforms intended to encourage new market entrants fail.
NIBA CEO Philip Kewin at: pkewin@niba.com.au
Treasury has released a Quality of Advice Review consultation paper which outlines a number of proposals which impact general insurance brokers. The paper includes proposals relating to the definition of ‘personal advice’ and the regulation of ‘general advice’ as a financial service, as well as disclosure documents such as Statements of Advice and Financial Services Guides, and the Best Interest Duty and Safe Harbour provisions.
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 SAYS CONGRATULATIONS
NEW SOUTH WALES PERSONAL INJURY COMMISSION Consistent with the Personal Injury Commission Act 2020, SIRA has commenced a statutory review of the New South Wales Personal Injury Commission. The Personal Injury Commission was established in 2020, taking over the functions of the Workers Compensation Commission, Dispute Resolution Service, the Motor Accidents Claims Assessment and Resolution Service, and the Motor Accidents Medical Assessment Service.
NIBA congratulates the following member on receiving their QFSR designation: Lisa Chapman, Avatar Brokers Pty Ltd
ASIC FUNDINGINDUSTRYMODEL
10 / INSURANCE ADVISER SEPTEMBER 2022 NEWS / Representation
The review will focus on identifying refinements to the IFM that may be required to ensure its settings remain appropriate, given the significant changes in the financial services market that have occurred since the IFM was introduced in 2017. While a Terms of Reference has been issued to help guide the review, the Government has yet to announce a date for the public consultation process. NIBA will work with Treasury and ASIC to ensure members’ voices are heard.
WE ARE YOUR(CONTINUED)VOICE!
Members can view the reviews’ Terms of Reference at ahextell@niba.com.auResearchsoissuesorfeedbackcommission-statutory-reviewconsultations/personal-injury-sira.nsw.gov.au/Memberswhowouldliketoprovidetoanyopenconsultations,wouldliketodiscussanypolicytheymaybefacing,maydobycontactingNIBA’sPolicyandManager,AllyssaHextell,at.
The Federal Government recently announced the commencement of a review of the Australian Securities and Investments Commission (ASIC) Industry Funding Model (IFM) to ensure the settings of the IFM remain appropriate in the longer term.
NIBA congratulates the following members for receiving their QPIB designations: Angus Mackenzie, AEI Insurance Group Pty Ltd Lynda Medcalf, Peter L Brown & Associates Pty Ltd Sarah Park, AEI Insurance Group Pty Ltd Matthew Sheridan, HIB Insurance Brokers Pty Ltd Jacob Bellert, North Queensland Insurance Brokers Pty Ltd Theresa Moore, InterRe Insurance Brokers Pty Ltd John James, Kerrie Woodards Insurance Tyson Bluett, Capital innovations Insurance Group Melissa Nicholson, Insurance House Pty Ltd Patrick Royes, Capital Innovation Insurance Group Pty Ltd Mark Taylor, Apollo Risk Services Pty Ltd
The Review will consider whether the policy objectives of the Act remain valid and whether the terms of the Act remain appropriate for securing those objectives.
submission also highlighted the moral hazard that would be created by providing an incentive for businesses to not obtain insurance, knowing that the homeowner would be covered. NIBA’s submission restated its support for a competitive home warranty market. NIBA argued that in order to make the scheme more attractive to private insurers, the underlying risk of the pool needs to be reduced. Rather than reinstating a sole insurer model, NIBA encouraged SIRA to work with industry to reform the existing regulatory framework and product design so as to encourage participation from privateSIRAinsurers.willconduct a separate consultation on proposed reforms to remove regulation of eligibility and pricing for any new insurer entering the scheme, as a means to entice private competition. These changes would move NSW’s regulatory arrangements closer to those that apply in Victoria, which has limited private sector participation in the home warranty market.
Liberty’s innovative Defence Select claims condition offers the right to appoint any law firm, at their market rates. We’ve also provided, as standard, common costs allocation language to provide clear pathways for partially covered matters and insureds.
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20 21
MATTHEW KOHLER Authorised Representative at McLardy McShane Partners
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.
The responses to recent natural disasters have brought NIBA into the spotlight from a community perspective, as the advocacy, education and engagement work has moved to the policyholder level to ensure that our industry responds adequately and efficiently to those affected communities.
NIBA / Member Benefits
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.
WHY NIBA MATTERS TO ME
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.
12 / INSURANCE ADVISER SEPTEMBER 2022
Whatever your age, or level ofexperience, NIBA has brokers’best interests at the core ofeverything we do. Find out whatwe can do to help benefit yourbusiness and your team at niba.com.au/membership
GET TOUCH!IN
“To me, NIBA means inclusion. We are a very large industry with significant scale and reach, and beyond the advocacy work that NIBA undertakes, with great success, on behalf of its members and the industry as a whole, the last 12 months has certainly demonstrated that it also brings our industry together on a community level.
NIBA brings us all together under the one professional industry banner to set the benchmark of what the community should expect from our profession.”
Members share why NIBA is important to them and the broking industry.
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 RepresentationOBJECTIVES
YEARS TRUST, PROFESSIONALISM , COMM UNITY 12 October 2022 — Syd ney Purchase your tickets now before they sell out! Thanks to our Principal Partners BOOK YOUR TICKETS BEFORE THEY SELL OUT Member Program and Happy Hour tickets $110 Non-member Program and Happy Hour tickets $130 Member Celebration Dinner tickets $290 Non-member Celebration Dinner tickets $350 Celebration dinner package options available. To keep up to date on the latest Summit event details, and to book your tickets, scan the QR code. 14 / INSURANCE ADVISER SEPTEMBER 2022 COMMUNITY / 2022 NIBA WithSummitthanks to our Principal Partners: Thank you to our event sponsors: YEARS TRUST, PROFESSIONALISM , COMM UNITY 12 October 2022 — Syd ney Purchase your tickets now before they sell out! Thanks to our Principal Partners
CELEBRATION DINNER PACKAGE OPTION AVAILABLE 6:30 PM – 11:00 PM Ivy Ballroom, 320 George Street, Sydney Dress code: Business attire
Opening speech – The Hon. Stephen Jones MP, Assistant Treasurer and Minister for Financial Services This session is proudly sponsored by Industry market update – Chris Mackinnon, Regional Head of Australia and New Zealand, Lloyd’s This session is proudly sponsored by Opening keynote – Holly Ransom, Founder and CEO of Emergent This session is proudly sponsored by Insurance broker panel discussion – Panel members will be announced shortly. This session is proudly sponsored by
Welcome address – Dianne Phelan, President of NIBA
2022 NIBA SUMMIT – TRUST, PROFESSIONALISM, COMMUNITY
The 2022 Summit theme is ‘Trust, Professionalism, Community’, which aims to shine a spotlight on the key principles that represent the very best in the profession.
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.
Closing address – Philip Kewin, CEO of NIBA For more information about the speakers, see page 16
The winners of the following awards will be announced: • 2022 Stephen Ball Broker of the Year award • 2022 Warren Tickle Young Broker of the Year award • 2022 Lex McKeown Trophy • 2022 General Insurer of the Year award • 2022 Underwriting Agency of the Year See page 17 for more details SUMMIT PROGRAM 2:00 PM – 5:00 PM Establishment Ballroom, 252 George St, Sydney Dress code: Business attire
SUMMIT HAPPY HOUR 5:00 PM – 6:00 PM
NIBA.COM.AU / 15 COMMUNITY / 2022 NIBA Summit
Stephen Jones is the Assistant Treasurer and Financial Services Minister who has represented the Illawarra-based seat of Whitlam (previously Throsby) for the Australian Labor Party since 2010.
I like to think that our industry has a social responsibility to solve problems that people don’t yet know they have.
I will be speaking about innovation, modernisation and solving problems people don’t yet know they have in an uncertain world. We are currently facing a ‘once in a generation’ period of uncertainty and volatility and these conditions require careful management. But if we respond appropriately and prepare effectively, our market can continue to grow in size and relevance by helping our customers with the products and solutions they need to navigate the current environment.
Regional Head of Australia and New Zealand at Lloyd’s General Representative in Australia and Vanuatu 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. What will you be speaking about in your address at the 2022 NIBA Summit? Are there any highlights our attendees can look forward to seeing or hearing from you?
WELCOME ADDRESS FROM DIANNE PHELAN
INDUSTRY MARKET UPDATE FROM CHRIS MACKINNON
2022 NIBA SUMMIT SPEAKER LINE-UP
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 with Victorian brokerage BJS, which was expanding into other states and now has nine offices across Australia.
Partners:Thank
OPENING ADDRESS FROM THE HON. STEPHEN JONES MP Assistant Treasurer and Minister for Financial Services
As we have worked through significant regulatory reform, COVID-19 and a tsunami of natural catastrophes, the past few years have highlighted the critical importance of our industry in being connected with, and staying relevant to, the communities weTrust,serve.professionalism and community are words that really speak to the responsibility we all have, particularly though challenging times.
KEYNOTE SPEECH FROM HOLLY RANSOM
Founder and CEO of Emergent Holly is a specialist in disruptive strategy, a private company director and advocate for social and economic inclusion. She is recognised globally for her super-human ability to synthesize and simplify complex issues, and create engaging, thought-provoking conversation. Holly will be speaking about change management and adaptability at the 2022 NIBA Summit.
The theme for the 2022 NIBA Summit is ‘Trust, Professionalism, Community’. What do these words mean to you?
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 With thanks to our Principal you to our event sponsors:
16 / INSURANCE ADVISER SEPTEMBER 2022 COMMUNITY / 2022 NIBA Summit
CLOSING ADDRESS FROM PHILIP KEWIN
Please join us at the Celebration Dinner as we acknowledge and celebrate excellence in broking and announce the winners of the following awards:
• 2022 Lex McKeown Trophy which celebrates an insurance broker’s lifetime of achievements and service to the industry.
2022 NIBA AWARDS – CELEBRATING EXCELLENCENIBA .COM.AU / 17 COMMUNITY /
2022 NIBA Summit Undoubtedly it has been a challenging market for brokers over the past year. The continuing hard market and impact of natural disasters have made it challenging to place insurance in certain markets and brokers are working harder than ever to find solutions for theirThisclients.year’s winners of the 2022 General Insurer of the Year Award and the 2022 Underwriting Agency of the Year Award will highlight who is delivering the best broker experience in the market.
The winners of the award are determined by you, the broking community. A record number of more than 700 brokers completed the Annual Market Research Survey, which was conducted by NielsenIQ Research. In the survey, brokers were asked questions about a range of criteria, including product and service quality. Make sure that you book your table now to see which insurer and underwriting agency comes out on top and is awarded the prestigious 2022 General Insurer of the Year Award and the 2022 Underwriting Agency of the Year Award!
• 2022 Stephen Ball Broker of the Year award winner, sponsored by QBE, goes to an individual broker who is deemed an inspirational role model for the broking community and has demonstrated excellence in broking practice and client advocacy.
• 2022 Warren Tickle Young Broker of the Year award winner, sponsored by Vero, celebrates the achievement and contribution of an outstanding broker, under the age of 35.
WHO WILL BE NAMED THE GENERAL INSURER AND UNDERWRITING AGENCY OF THE YEAR?
SUPPORT INEXCELLENCEASCOLLEAGUESYOURWEAWARDBROKING
SHARE YOUR STORY ON HOW YOU'VE HELPED A CLIENT IN TOYOURCOMMUNITYYOURFORCHANCEWIN*HOWTOENTER:
COMPETITION PRIZE
Simply submit a short written summary (between 200 - 600 words) or record a video (up to 60 seconds) in response to the following questions. You can either nominate yourself or another broker for this competition.
ENTRIES CLOSE 23 SEPTEMBER 2022
Proudly sponsored by
• Describe a time where you helped a client or community which has had the most impact for your client or community?
NIBA is celebrating and acknowledging the significant impact brokers have in helping their clients and community. From floods and other natural disasters to the ongoing hard market, it has been a challenging time for brokers. One thing that has remained stable over this time is the ongoing commitment brokers have to achieving excellence in their community.
*Prize includes tickets to the 2022 NIBA Summit and Celebration Dinner. One night’s accommodation and return flights are included. See terms and conditions for full details.
NIBA would like you to share your experience or an experience of a colleague which highlights brokers contribution to community excellence. By submitting an entry, NIBA is o ering members the chance to win an Ultimate NIBA Summit Experience to the value of $1145. The prize includes an all-inclusive ticket to the 2022 NIBA Summit and Celebration Dinner PLUS return domestic flights from your home state and one night’s accommodation.
• Were there any particular challenges you faced while helping them?
Celebrating and recognising the vital work of brokers in the community YEARS
• What was the outcome of your professional assistance?
• Why is this particular experience the most memorable or significant to you?
Entries must be submitted to NIBA via editor@niba.com.au by no later than Friday 23 September 2022. The winner will be announced on Wednesday 28 September 2022. The judges will assess the best application based on the answers provided to the questions above. Full terms and conditions are included on the NIBA website niba.com.au/terms-conditions-summit-competition. For any queries about the competition, please email NIBA on editor@niba.com.au.
L ast month, NIBA CEO Philip Kewin and Vice President Gary Okely were in Canberra to build a relationship with the new LaborHighGovernment.onthelistwas the Hon. Stephen Jones MP, Assistant Treasurer and Financial Services Minister. The discussion topics ranged from accessibility and affordability of insurance to the Quality of Advice review, which encompasses the review of general insurance commissions, and will be handed to the Minister on 16 December 2022. NIBA has confirmed from Treasury that a Quality of Advice Review consultation paper will be released shortly, which will focus on affordability and accessibility of advice, and simplifying the regulatory framework. Consultations on conflicted remuneration and commissions will occur at a later date. The Minister is a keynote speaker at the upcoming 2022 NIBA Summit and will no doubt touch on these and more topics, including the Government’s commitment to invest $200 million per year in disaster resilience though its Disaster Ready Fund. “It was a meaningful and productive meeting, and I look forward to introducing the Minister to NIBA Members at the upcoming NIBA Summit. “It’s so important to build good trusting relationships and is a timely reminder for those wishing to meet their local MP by using the NIBA Advocacy Guide on the NIBA website,” Philip added.
For breaking news and updates curated specially for please visit: niba.com.au/articles
insurance brokers
NIBA.COM.AU / 19 NEWS / Industry Bulletin
NIBA BUILDS RELATIONSHIP WITH NEW LABOR GOVERNMENT
• Providing training to communities in disaster response and recovery, and greater training and support for the SES
• Providing affordable housing in the Northern Rivers, and building disaster adaptation plans for all towns over the next 3-5 years.
Led by Professor O’Kane and former NSW Police Commissioner Mick Fuller, the inquiry received in total 1,494 submissions and held 144 meetings with key stakeholders.
• Facilitating the relocation of communities in high-risk floodplains, which are most at risk from future disasters, through mechanisms such as planning controls, land swaps, buybacks and the acceleration of private investment in new housing projects
NEWS / Industry Bulletin 20 / INSURANCE ADVISER SEPTEMBER 2022
• Establishing a permanent Deputy Commissioner of Police role, fully dedicated to state emergency management
ASIC GRANTS RELIEF TO INSURERS AND BROKERS FOR OBLIGATIONS ARISING FROM INCIDENTAL RETAIL COVER
A SIC has made a legislative instrument, ASIC Corporations (Incidental Retail cover) Instrument 2022/716, exempting insurers and brokers from certain obligations when offering retail insurance as part of bundled business insurance contracts. These obligations are noted in Chapter 7 of the Corporations Act 2001 (Cth) in relation to ‘incidental retail cover’, defined as retail insurance cover that forms a minor, incidental and inseparable part of a wholesale insurance product provided to a business. The incidental retail cover must meet the conditions of fulfilling this definition to qualify for relief from the obligations.
The relief instrument commenced on 16 August 2022 and expires in three years, with ASIC reviewing its operation before itsForexpiry.more detailed guidance, visit the Member Only news section on NIBA’s website at: niba.com.au/category/membership.
For breaking news and updates curated specially for insurance brokers please visit: niba.com.au/articles
• Establishing Task Force Hawk, a dedicated high-level Government standing committee, to ensure emergency management is implemented at the highest level of government
NIBA
Philip Kewin, NIBA CEO, said “NIBA welcomes the relief provided by this announcement. While a few questions remain, this will certainly provide greater certainty
• Establishing a NSW Reconstruction Authority – a new agency dedicated to disaster recovery, reconstruction and preparedness for future disasters
for brokers and insurers, and we appreciate the consultative approach ASIC has taken to deliver this instrument.”
Commissioned by the Government in response to the earlier 2022 flood events, the report provided 28 recommendations for improving preparation, response and recovery efforts for future natural disasters in NSW. Key recommendations include:
IBA welcomes the NSW Government’s release of the NSW Independent Flood Inquiry and its response to the report’s key recommendations.
Philip Kewin, NIBA CEO, said, “The impact of these events will be long lasting, and in some cases, irreparable for many Australians, and while insurance continues to play a critical role, without structural change, the accessibility and affordability of insurance in high-risk areas, will continue to be a problem for many families and businesses.”
“Natural disasters are going to be a more frequent occurrence, so it is a positive step to see a longer term approach to resilience and mitigation as well as a more cohesive approach as to how the government will manage and respond to natural disasters going forward,” he added. Following its release, the NSW Government announced its support for six recommendations and its support in principle for the remaining 22Ofrecommendations.theserecommendations, the Government has stated that consultation with key stakeholders would be undertaken for their implementation. Further details on implementation would be released later in the year.
In instances where retail cover is offered as an optional extra, where a business may choose to separately purchase the cover for an additional fee, the cover is not considered to be genuinely incidental, and relief will not beNIBAgranted.has acknowledged that the instrument will provide greater certainty for the insurance industry and help to reduce disproportionate regulatory burden.
• Reshaping Resilience NSW to ‘Recovery NSW’ – a new and more streamlined agency focused on driving recovery in the first 100 days post disaster
WELCOMES NSW FLOOD INQUIRY AND NSW NRECOMMENDATIONSRESPONSESGOVERNMENT’STOKEY
The legislative instrument also aims to reduce compliance costs incurred by insurers and brokers, and prevent such costs from being passed on to businesses.
NEWS / Industry Bulletin For breaking news and updates curated specially for insurance brokers please visit: niba.com.au/articles NIBA.COM.AU / 15 The browser based document management solution. Register for a demonstrationfree OfficeTechNow offers an easy-to-use approach for sharing, distribution and storage of your workplace documentation with all of the standard OfficeTech features including the workflow tasking module, template tasks and Browsermore.based so you can access from anywhere with an internet connection. The result is a paperless environment that will change the way your office operates.Fullintegration with Client Requirements • Office 365 • Internet Connection Secure • 2 factor authentication • Fully secure Azure environment • Disaster recovery and backups Technosoft Solutions (Aust) Pty Ltd +61 39817 8100 info@technosoftsolutions.com.au Connect with us on Linkedin for product updates Visit our website to Register technosoftsolutions.com.autoday
For breaking news and updates curated specially for insurance brokers please visit: niba.com.au/articles L ast month, the High Court of Australia requested to hear oral arguments on granting special leave to appeal the earlier Full Court judgment made by the Federal Court of Australia on the interpretation of policy wordings in business interruption policies in the context of COVID-19.Therequest responds to applications for special leave to appeal filed by two policyholders seeking to overturn the Federal Court’s decision, which found that their losses were not covered by their policy clauses. Earlier in February 2022, the Full Court of the Federal Court of Australia had upheld arguments made by insurers in four out of five matters raised, finding that in those four matters, insurers were not liable to indemnify policyholders.
HIGH COURT TO HEAR ARGUMENTS FOR APPEAL ON SECOND BUSINESS INTERRUPTION TEST CASE
The High Court has indicated that a hearing would be listed in October 2022 at the veryThisearliest.caseserves as the insurance industry’s second Business Interruption test case, with the first test case arising last year in relation to policies with exclusions made in reference to an expired Act of Parliament.
Of the policyholders seeking appeal, one party will argue that cover is available under a ‘prevention of access’ clause or the ‘hybrid clause’ in their policy, and the other party will argue that cover is available under the ‘prevention of access clause’ or the ‘catastrophe clause’ in their policy. The insurer IAG has also filed an application, specifically seeking to appeal the Full Court’s decision that JobKeeper payments should not be taken into account when calculating insurance payments.
NEWS / Industry Bulletin 22 / INSURANCE ADVISER SEPTEMBER 2022
The Insurance Council of Australia has acknowledged the High Court’s request for oral arguments and has maintained that the insurance industry will meet the costs of policyholders in the appeal process.
NEWS / Industry Bulletin NIBA.COM.AU / 15 RedicovaTimark Delta Aust @Risk U/W 360 U/W Solutions About U/W AHI AFA ATC Ins SolutionsInsuranceAgFlexAustralasiaSolutionsU/WGuardInvestment Agile AIB Allianz Marine & Transit Allstate Axis Underwriting AmazonArch CHU Breeze AGD Dual HMIA LionMBMainstay Arena Wellington Argenta Aster Global Transport & Automotive London Australia CloverMecon NM InsuranceMillennium Nova Rapid SolutionsFTAInsurance ProtecsureLongitudeAspectQuantumEpsilonPrecisionTheBarn Pacific Pen Newline ShieldCoverNTIQUS SLE GardSUATego UAA Steadfast Agencies Sura CanopiusTridentGroup Tailored U/W Woodina ARAG Sterling St U/WRichardEOSGeorgeUnderwritingOliverManagersGenesis Fleetsure ProRisk Coversure Emergence Catalyst Blue Zebra BizCover Enterprise PI Direct Primacy SolutionEclipse Accountancy Ins Anchorage Marine All ParksASRInsuret ATL Blend Edge Brooklyn Focus SUUPointQuanta High Street JUA Enthusiast One Underwriting Community WIPPlatinum Placement Solutions Rural Affinity Sportscover Keystone RedSky
COVER STORY / 2022 Broker of the Year Award State Winners DEFINING BROKER EXCELLENCE with the 2022 Bro Year Award state
NIBA.COM.AU / 25 The Broker of the Year Awards are proudly sponsored by QBE
ker of the winners
What makes a great insurance broker? Resilience, leadership and professionalism are qualities that often spring to mind when we consider the timeless traits that make an excellent insurance broker. In the lead-up to the 2022 NIBA Summit, where we celebrate the best of broking, the 2022 Broker of the Year award winners each share their stories on the moments that have shaped their careers and the challenges they think will redefine broking in the years to come.
LEFT TO RIGHT: Derek Ford, Sally NicholasHeatherCoulton,Blanco,DanielQuintin,Bedggood
I don’t hide away, and I prefer to have difficult conversations in person. It’s easy to hide behind a text or email, but in person, most issues can be resolved.
26 / INSURANCE ADVISER SEPTEMBER 2022 COVER STORY / 2022 Broker of the Year Award State Winners
2. I like to keep it simple. I like to communicate simply with bullet points, simple paragraphs and tables. I’ve found that this resonates really well with most of my clients. As brokers, we’re dealing with legally binding contracts, and hundreds of different policy wordings. They are complex legal mechanisms that clients don’t always understand.
I go out of my way to make things simple for people to understand. It takes years to craft that skillset, and I’ve thoroughly enjoyed refining it over time. I’m always learning and improving. If I can’t simplify something down, it means I don’t understand it enough myself.
3. I like to learn. I am curious about everything. When meeting clients with prospects, I always have my eyes wide open and ask questions like, “What is that?” “Why is this there?” “What happens if that catches fire?” “Why do you use this specific supplier?” “Why don’t you have a CFO?” It doesn’t matter what industry it is – building that business knowledge lends itself well to many different industries.
5. I like to address problems. One of the tenets of the ‘Gallagher way’ is that we run towards problems, not away from them. This is something that resonates with me.
If I see a call coming that I know will be challenging, such as a claim getting denied or a mistake that has been made, I take the call.
Society is not quite prepared to answer questions such as –who is legally liable for a fatality in a crash? Is it the factory who created the car? The factory who created the microchip in the car? Or the car brand?
A few years ago, I had a new lead come through at 9:50am. Unfortunately, I held off responding straight away as I had a meeting at 10:00 am. My 43-minute delay in response ended up costing me my lead. Now, I drop everything. I actually make it a point to respond to every business opportunity within three minutes of them reaching out to me, whether it’s a call, an email or a text.
FIVE THINGS DEFINING MY BROKING CAREER
ARE WE READY FOR AN ‘ASBESTOS 2.0’ EVENT?
There may come a time when we will be forced to accept certain fatalities arising from driverless cars, while we flesh out all of the legalities concerned.
Another challenge we all need to consider is whether our profession is ready for digital disruption.
4. I like to be responsive. Responding quickly provides the other party with a time frame and sets their expectations. Even if it’s just an acknowledgement that you have received their message, a short reply creates a window of opportunity for you to work on a longer, more composed response.
PREPARING OUR INDUSTRY FOR DISRUPTION
Over the years, I’ve developed a clam and composed persona. Staying level-headed and make informed decisions, is often wise. Never send an impulsive email – it’s best to draft it, and then sleep on it.
There has been some talk since then about the possibility of another man-made event and whether we are prepared for it. Perhaps it will involve our mobile phones or even the global pandemic.
on providing quality service, advice and recommendations
1. I like to provide solutions. Colleagues, other broking firms, associations, business networks, and even the occasional contact from the United Kingdom often call to discuss ideas with me. Nine times out of 10, I have a thought or an idea or a contact who can help. Over the years, I have built up a reputation out of helping my network and delivering on ideas, people and solutions.
COULD AN ASBESTOS T.0 EVENT BE DRIVERLESS CARS?
Daniel Quintin
We all know the story of asbestos – sold around the world as a quality product, until we realised the significant harm it caused to society and its impact on insurance.
Big tech companies such as Google or Amazon would very much enjoy tapping into the global gross written premium in the Thesemarket.types of companies are unlikely to disrupt the market too much in the short-term, as societies and communities rely on the work that claims staff and adjusters carry out when a major weather event causes significant harm across such a vast area. They have yet to develop an app that can dry out carpet, replace plasterboard walls, or tow a prime mover from a river that has burst its bank. For the next 20 years or so, we will be However,safe. brokers need to learn, embrace change and be curious. Transparency and professionalism will help ensure the services we provide are more widely known andForrespected.theemerging talent entering the industry over the next few decades, the good ones that are able to harness all of the technology and innovation advances, whilst still being able to look a client in the eyes and offer a firm handshake, are the ones that will do well.
I think young brokers need to pause every now and then and think about the what else and the what-ifs that could arise in the future of insurance.
NIBA.COM.AU / 27 The Broker of the Year Awards are proudly sponsored by QBE WINNER OF THE VIC/TAS BROKER OF THE YEAR AWARD Senior Account Executive, Gallagher
28 / INSURANCE ADVISER SEPTEMBER 2022 COVER STORY / 2022 Broker of the Year Award State Winners WINNER OF THE WA BROKER OF THE YEAR AWARD Director, FordSure Pty Ltd* * Derek Ford is an Authorised Representative (AR No 1265515) of Insurance Advisernet AFSL No: 240549
Itcareer.wasahugely
At the WA Gala lunch in July where I collected my award, I met an industry colleague who said he would help me with speaking to my local MP. He has kindly arranged a tentative date for a catch-up in early November.
Having the recognition from NIBA helps to give some me added weight when speaking to my MP, who is new to Parliament. It’s very important that she has the right perception from the outset on brokers and the industry as a Thiswhole.iswhere I think leadership in the broking world needs to go.
Derek Ford on leadership in motion
These insignificantly small actions today may, in time, lead to us achieving a higher level of credibility and ultimately the longevity of this industry, by showing we are becoming better custodians of the planet.
I appreciate that we can’t pull the plug immediately. I’m in no position yet to pick up a new electric vehicle or recycle my grey water and yet I am very aware that we need to start doing things differently.
Even the smallest of steps can create a momentum that is, eventually, unstoppable. We can all contribute in our own ways by merely examining and challenging our day-to-day actions.
When running work events or conferences, we can put in more effort to ensure that the materials produced for the events are sustainable or environmentally friendly.
As brokers, I believe that we also have a responsibility to lead our clients. One of the most rewarding parts of this job is when you’ve spent several months struggling to find cover for a client, and finally find the one insurer who will write the risk. I have a client who, without insurance cover, may be out of business and forced to return to his home country. If we can find him someone willing to underwrite his risk, then we’ve thrown him a lifeline. Securing insurance for our clients takes a certain amount of leadership, as it means navigating them through various challenges. When we succeed, we are opening their business up to further opportunities. I believe that we as an industry still have a way to go in leading our clients. Clients come to us either due to fear of loss or the need to have insurance imposed upon them due to a contractual or statutory requirement. We’ll easily say, “I understand, leave it with me”, put the phone down and a few hours later present a solution. I find that sometimes, we forget to clearly express our craft. Our expertise needs to be shared, so we can extend our clients’ knowledge cycle better. My next task is to work on how we show a newer side to insurance broking for our clients and those in power who still have a skewed understanding of our roles, and clearly demonstrate our knowledge and value.
FACING THE HEAT
A few years ago, my career took a 90-degree turn when my then employer suddenly moved me to a back-office support role and away from broking.
I ultimately ended up with an employee satisfaction rating of one of the highest in the country, and this stands as one of my proudest achievements throughout my rewarding result – I had turned around from managing a depleted and somewhat demoralised group in the newly restructured broking support area to leading a fabulous and dynamic team of 34, many of whom I am proud to say I am still in touch with today. Today, I lead a team of about four people. With a much smaller team, I’ve learnt I can be much more agile in the way I lead.
I believe that if we don’t start practising what we preach, we will soon lose credibility and the insurance industry as a whole will suffer too.
THE MANY FACES OF LEADERSHIP Leadership is an ongoing journey that I have constantly thought about and worked at throughout my career.
Climate is undoubtedly one of the biggest societal issues on which we as brokers are caught in “no man’s land”.
The Broker of the Year Awards are proudly sponsored by QBE
Starting now, we need to understand that certain risks won’t be socially acceptable in five or ten years’ time and our grandchildren will wonder what we were doing supporting such practices.
Brokers also need to step up and lead our industry forward. We all have a job to do, in giving our community the right perception on the role and the value of an insuranceWinningbroker.the2022 WA Broker of the Year Award was fantastic for me, and as a next step, I think there is an opportunity to lobby to our politicians about the value of insurance broking.
We can move to being paperless.
NIBA.COM.AU / 29
We can work smarter and send out less emails to reduce our energy consumption.
Sally Coulton on partnership and service: redefining client relationships
A big issue is the shortage of young talent coming into our industry and we need to think about the development of Westaff.also need to do a better job of communicating that the insurance industry is very exciting and full of Youopportunities.cantravel.
This reflects the goal I strive for as a broker – I like to see myself as a partner to my clients. It’s all about taking the time to understand their business and their risks to become an extension of their internal insurance team.
As brokers, we’ll have to learn about how this changes the risk landscape and advise our clients accordingly.
I’m based in Brisbane, but some of my most memorable experiences have been with a client in Papua New Guinea. For my entire career, I’ve worked with a complex civil engineering client there. I started as an Account Executive on the account and I’m now the Account Director, co-ordinating their risk and broking services. It exposed me to risks that helped me develop my knowledge and grow as an insurance professional. I’ve visited Port Moresby to learn more about the client’s risk exposures; we’ve even travelled to London together to present the client’s more complex risks to the insurance market there.
We’ve seen significant natural catastrophe losses, especially in Queensland where we have to deal with cyclones and flooding. Clients based in areas exposed to these risks may face not being able to attract cover at all in the coming years. As brokers we need to be aware of contracting markets and work with our clients on alternatives. COVID-19 has also changed the world; we’re seeing clients deal with new ways of working and where a business still has people working remotely, there is an impact on its riskWeprofile.can’tjust assume client risk exposures always stay the same. We need to remain close to them, evaluating any changes to ensure they are covered in their approach to risk Manytransfer.businesses have evolved throughout the pandemic, and this will continue to happen. We will
I also believe in the importance of diversity. Being passionate about supporting females into more senior broking roles, I’m part of the WTW Gender Equity Network Committee, where we focus on developing female talent.
You can learn from and be exposed to so many diverse businesses. No day is the same. I work with clients in construction, childcare and marine, just to name a few, and have learnt so much over the years about their industries.That’swhy
I wanted to share my story, if other people know what a great career this is, I’m sure we can attract, retain and develop them.
A few years ago, we developed an internal mentoring program across Australasia specifically for female colleagues. We wanted to help them develop confidence in their professional ability and encourage reaching for growth opportunities.
It doesn’t matter if you’re not successful the first time around – you’ll learn skills simply by going through the interview process and listening to the criteria you’re required to meet.
In a supportive environment, you should also be able to talk to your manager to help you develop.
FORMING A CLIENT PARTNERSHIP
When I look back at my career of over 20 years, I have been very fortunate to develop long standing relationships with clients across a big range of industries. I’ve always loved engaging with them, learning about their businesses and developing true partnerships.
I think that my ability to deliver quality service and provide clients with technical advice has set me apart as a broker. We need knowledge, not only of insurance but our clients’ businesses to be a true adviser. Brokers can no longer be transactional; clients are increasingly looking for someone to guide them through the range of risk transfer solutions, especially in challenging insurance markets. Certain covers have become restricted and, for some risk exposures, are no longer available. If we’re not on top of this and helping clients build a strategy towards a plan B, then we’re not able to meet our clients’ needs.
FINDING AND SUPPORTING TALENT
30 / INSURANCE ADVISER SEPTEMBER 2022 COVER STORY / 2022 Broker of the Year Award State Winners
CHANGING INSURANCE LANDSCAPE
But ultimately, you need to develop yourself. Be proactive and motivated and take charge of your destiny.
probably see the emergence of new types of businesses or sectors that currently don’t exist as well.
There’s a reason so many people who join insurance never leave – it’s a great career.
I’ve been fortunate in having worked with very supportive colleagues and getting involved with complex clients from very early in my career, but I was guided by experienced senior brokers which was integral to my development. In the current climate, brokers don’t always get the exposure to more experienced people in their organisation, especially if we’re not together in the office all the time. You really need to take the initiative to network and engage withMythem.advice to young brokers is: Don’t wait for someone to tap you on the shoulder, look for opportunities to develop and have a go – even if it’s just the process of applying for the next step, that’s a learning curve.
NIBA.COM.AU / 31 The Broker of the Year Awards are proudly sponsored by QBE WINNER OF THE QLD BROKER OF THE YEAR AWARD AccountCasualty,PropertyDirectorandWTW
32 / INSURANCE ADVISER SEPTEMBER 2022 COVER STORY / 2022 Broker of the Year Award State Winners WINNER OF THE NSW/ACT BROKER OF THE YEAR AWARD Director, Citadel Insurance Services
When I first opened my own brokerage, I had to resolve difficult scenarios, simply because I needed the business. I was conditioned to think that there is always a solution somewhere. Not being able to say no trained in me an ethic where I couldn’t give up.
Given my background in the marine industry prior to coming into the insurance industry, the idea to launch was borne out of old colleagues asking me what protections were available forAtskippers.thatstage, there was not a stand-alone marine skippers’ product available in Australia. That meant that if there was an incident on hull and hull insurers sought to recover damages from the skipper, the skipper would be completely unprotected. It has happened twice in Australia, where the insurer subrogated to the skipper for damages and the skipper had to pay up or be sued. Without a second line defence, skippers had no protections once a hull insurer found them negligent.
To customers who shop around, be firm that it’s your job as the broker to find them the cheapest policy. If they don’t trust you, then it’s a waste of everyone’s time. We’re not doctors and lawyers, but we are just as professional as they are, and just like them, we earn every cent we make.
At the date of this interview, we have sold our first policy, and today or tomorrow, we’ll be selling our second, third and fourth. I went to a boat show recently where I caught up with everyone in the industry. It’s been really rewarding to hear that this product is currently the talk of the town. While the years leading up to this have been challenging, the hard work really starts now. There is a long road ahead for us. We need to start promoting our product and drive more sales across the skipper market.
But for now, it’s definitely worth celebrating. Our product went live three or four days before the NSW Gala Lunch last month. Dean and I reflected on it afterwards – it was so surreal that both of us got up and won broker awards that day. I won the NSW/ACT Broker of the Year award, while Dean won the NSW/ACT Young Broker of the Year award.
Serendipitously, everything came together and winning was just the cherry on top.
There have been two or three risks in last three months where we’ve run out of answers, but we’ve well and truly exhausted the market here and everywhere else. At that stage, I can wave the white flag – but only after we have done all the hard work.
Building strong relationships with clients and underwriters will be more important than ever before in our challenging market. Brokers need to advocate their worth to clients and not allow themselves to be used as a pricing comparison tool.
Resilience and persistence are principles that I have worked hard at, and they have gotten me to where I am as a broker.
I have probably won a fifth of my portfolio through other brokers’ laziness. Sometimes it has been easy, and I have been astonished that other brokers haven’t persisted a bit more.
NAVIGATING THE INDUSTRY FORWARD
Brokers also need to build stronger relationships with underwriters. Relationship-building is something we have spoken about for a very long time, but I truly believe it is more relevant today than it has ever been. To find solutions in a market where there is a lack of capacity is something that can only be facilitated through relationships.
LAUNCHING AN AUSTRALIA-FIRST INSURANCE POLICY
I DON’T USUALLY TAKE NO FOR AN ANSWER
It happens every now and then where a new client will push back from signing a letter of appointment and say, “No, I’m getting a few quotes first.” Brokers need to build the confidence and relationship maturity to say, “That’s fine, but I will only work if I get a return.” It may surprise you, but three quarters of the time, people will come back to me and say, “Where do I sign?” That’s the response you get by being confident about the service and value that you provide.
At that time, you could buy this type of policy off the shelf in Europe and the United States, but not Australia. So, the journey started there. It was really difficult bringing this product to market. No one in Australia really understood it and those that did, were not prepared to support my new product idea. Given my unique experience as a commercial skipper, I was in a position where I succinctly understood how it worked from both the skipper and the insurer’s perspectives. This type of insurance takes a unique skillset and involves claims that you really need to understand. COVID-19 also made this a really hard road, as it prevented me from meeting underwriters in London and getting them to sign on the dotted line. Just as I was starting to run out of steam at the start of the pandemic, I met up with Dean Bowen, who I had known for years, and spoke to him about the product. Dean saw the gap in the market and it really piqued his interest. He jumped in as a partner and added skillsets that I didn’t have. He was very motivated and pushed me hard. Four and a half years later, we’ve finally launched this product together.
Being resilient is also a win for clients when we find the right solution for them. My hard work is paying off for me now through the referrals I receive from my network.
RESILIENCE IN THE FACE OF DIFFICULTY
Nicholas Bedggood on resilience and persistence through stormy seas
I spend a huge amount of time developing relationships with underwriters so that when I do need help, I can pick up the phone and ask people in my network for help.
A lot of brokers will put their hand out to the underwriter, expecting the underwriter to be making the effort. They might see themselves as a customer and wait on underwriters to buy them drinks or take them to lunch, but that’s not how it works in the real world. Relationship-building is a two-way street, and it’s something all of us in this industry need to continually work on.
NIBA.COM.AU / 33 The Broker of the Year Awards are proudly sponsored by QBE
Trustworthiness and having a sound judgement are valuable traits that I believe need to be upheld by all brokers, even when you’re challenged with a difficult situation.
I’m proud to say that I’ve implemented some significant changes throughout the business which have brought it to the level it is at today. Just over five years ago, I was tasked with driving a culture shift at SUREWiSE. This was something I was very passionate about, as it has always been a personal goal of mine to lead and mentor employees new to the business, young or young at heart, by creating an environment which is diverse andThereinclusive.were various activities that did not align with where I needed to take the business, and it meant that I needed to facilitate a complete business restructure.
Brokers need to consider the impact this will have on the way we build relationships.
DRIVING A NEW DIRECTION
WORKING WITH INTEGRITY
AN EVER-CHANGING LANDSCAPE
The national winner of the Broker of the Year Award will be announced on 12 October 2022, at the Celebration Dinner following the 2022 NIBA Summit. Support your state’s Broker of the Year Award winner by purchasing your tickets today.
At the end of the day, your reputation is how people will perceive you. If your client doesn’t share your values, it’s likely to be a short lived relationship – and that’s ok. These are not the clients that we should aspire to work for. Both in my role in as a broker, and as a CEO, I believe that we attract the type of people we are and aspire to be.
Sometimes, staying true to acting with integrity will mean having to walk away from a client. That’s not an easy decision to make but more than anything else, our identity as insurance brokers rests on this industry upholding our professional standards. This is not something that we should ever compromise on.
Looking back over the past few years, our industry has seen several extreme weather events, which have impacted the level of insurance coverage that brokers have been able to Asobtain.insurers carve out or withdraw from the areas around the country that have been impacted by repeated flooding or bushfires, it has become increasingly difficult to place certain risks. In other cases, the growing risk of natural disasters has also driven up premium costs for our clients. We are seeing property insurance becoming increasingly unaffordable, to the point of having a prohibitive effect on manyTheseAustralians.arenotthe only challenges that our industry has had to face. Coming out the back of the pandemic, businesses are changing the way they work, with many allowing staff to work from home in a hybrid capacity or work flexible hours. Staff shortages, increased workloads and global supply chain issues are also challenges that businesses are still dealing with today. These issues complete the puzzle of changing and emerging risks that businesses now must face.
Without a doubt, my greatest career highlight so far has been becoming the Chief Executive Officer of SUREWiSE.
In these new, uncertain times, it’s unquestionable that our industry needs to continually innovate and adapt quickly to cater for the changing needs of today’s consumers.
If this industry wants to maintain its relevance, we all need to embrace this change and adapt the way we currently run our businesses. We need to learn to embrace technology and change the way we promote our businesses.
Heather Blanco on embracing change and broking with integrity
On the other hand, we also need to consider the clients of Thesetomorrow.willbe clients who come from a generation that received most of their information through social media platforms such as TikTok and Instagram.
34 / INSURANCE ADVISER SEPTEMBER 2022 COVER STORY / 2022 Broker of the Year Award State Winners
I believe that having integrity is fundamental to being a good broker. I place a lot of value on integrity – especially as this is one of the pillars upon which our business was founded.
Following the restructure, it took three years to rebuild the business. There were various policies and procedures that needed to be implemented, and introducing them have helped to facilitate a culture with strong values throughout theI’veworkplace. foundgreat fulfilment in creating a work environment where brokers can develop a fruitful and enjoyable career, just as I have done.
I’ve been part of the business since 2017, and it has been a continual work in progress over the past five years.
When you bring the right people on board together with clear direction, strong compliance and procedures, success will follow.
NIBA.COM.AU / 35 The Broker of the Year Awards are proudly sponsored by QBE
ExecutiveSUREWiSEOfficer,
OF THE SA/NT BROKER OF
WINNER THE Chief
YEAR AWARD
36 / INSURANCE ADVISER SEPTEMBER 2022 FEATURE / Insurance Technology: The Next Chapter
NIBA.COM.AU / 37 Insurance technology – insurtech – is gaining real momentum and is an increasingly fundamental part of the industry. However, it’s fair to say that it’s not being used to the best of its abilities in Australia. So, what potential does it have to increase the service levels you can offer your clients, improve your business and support your compliance obligations, too? BY MARTIN WANLESS INSURANCE TECHNOLOGY: THE NEXT CHAPTER
Drew Schnehage, Managing Director of Innovation Group, arrived in Australia from her native South Africa just before the pandemic and sees a significant opportunity for insurance technology here. “In South Africa, we have advanced digital platforms that have integrated policy and claims processes between brokers, insurers, underwriting agencies and suppliers,” she says.
Technology should enable brokers to deliver a better customer experience via a seamless integration with their insurers. Brokers should be focused on building relationships whilst technology takes care of the rest.” With so much data available, insurance is a sector primed to be enabled by technology (note: not disrupted – we’ll come to that later).
“OVER THE PAST COUPLE OF YEARS, I’VE SEEN A HUGE ACCELERATION IN TECHNOLOGY ADOPTION ACROSS THE WHOLE INSURANCE VALUE CHAIN. IF YOU’RE AN ORGANISATION THAT WAS ALREADY ON A TRANSFORMATION JOURNEY, YOU’VE ACCELERATED THE SPEED AT WHICH YOU’RE GOING. IF YOU’RE AN ORGANISATION THAT HASN’T STARTED THAT JOURNEY, YOU’RE DEFINITELY EITHER THINKING SERIOUSLY ABOUT IT, OR YOU’VE ALREADY STARTED.”
FEATURE / Insurance Technology: The Next Chapter T oday, technology is a fundamental part of most business sectors. Fast-tracked by the impact of COVID-19, organisations across the globe have been forced to utilise cloud technology to remove physical restrictions and barriers, and beef up their own risk mitigation strategies to enable a ‘work from anywhere’ environment. Of course, as a sector, insurance has its own complexities. With an increasing onus on compliance and regulation, and the value-add that comes with exceptional client service, finding the right solution is critically important. And, with a raft of start-ups emerging on the scene to complement the more established players, there’s plenty of technology to choose from. “Broking, like the broader insurance industry, has experienced a significant change in the ways of working after two years of the pandemic,” says Simone Dossetor, CEO of Insurtech. “The brokers we speak to are seeking to adopt benefits of flexible and remote working within their businesses to attract and retain talent without sacrificing their customer focus, which has typically beenDalerelationship-driven.”Smith,CEOofJAVLN, agrees. “Over the past couple of years, I’ve seen a huge acceleration in technology adoption across the whole insurance value chain. If you’re an organisation that was already on a transformation journey, you’ve accelerated the speed at which you’re going. If you’re an organisation that hasn’t started that journey, you’re definitely either thinking seriously about it, or you’ve already started, and you’re on your way. “It’s a strategic objective for every insurance business, and technology is a core pillar to growth.”
So, what are the benefits that technology can provide for brokers and clients, and what are some of the key aspects that brokers should consider when choosing technology partners? Over the coming pages, we’ll find out.
– DALE SMITH, CEO, JAVLN
38 / INSURANCE ADVISER SEPTEMBER 2022
“When I arrived in Australia, I was a bit taken aback at how behind the technologies are here compared to South Africa, where the quoting, policy and claims administration platforms are one and the same. “At the moment, brokers either don’t have a technology platform or the process is still manual, especially regarding claims reporting.
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We live in a tech-enabled world today, and as consumers, we expect goods and services to be delivered in a highly efficient way overlaid with exceptional customer experience.
The best that is available is an online form to be completed.
“There have been many psychological studies done into what customers want and don’t want, and there are a number of transactional things in insurance – such as making a claim or renewing a policy – that people want to do themselves, online, without having a conversation with someone.”
“Imagine a policyholder can lodge a claim via their phone instantly, and this claim is reported immediately to the insurer or administrator. The broker is notified simultaneously to proactively contact their client to assist with the claim. What a better customer experience.” The right software can streamline all your communication with clients – and automate much of it – meaning timely, quality communications. “It’s about managing all of the touchpoints you have with a client,” says Dale Smith, CEO of JAVLN. “Technology can help ensure your documents are professional, modern and really look the part. “In our platform, for example, we can tell whether a client is new, and if they are, you can easily produce a welcome pack with all of the nice marketing material at the front. It really enables you to deliver a digital experience that complements the human interactions you have.” More broadly, however, dealing with a business with technology at its core enables a smooth, digital experience – and gives clients confidence in the security and accessibility of their information, too.
Kiersten Lethbridge, System Migration Consultant at Technosoft Solutions, says, “As a customer, you want any information you send to your client to be stored securely, but also easily accessible in the event of a claim. “The right technology can make the whole process smooth and simple for everyone.”
“Technology enables the insurance industry to provide customers with what is a very normal 21st-century experience - one they are used to from the likes of Uber and even Australia Post,” says Tetiana George, Co-Founder and CEO of insurtech start-up Curium, which provides claims and compliance software as a service that improves the broker and customer experience.
Think about it: how many times have you not ordered something online because the website was slow or unclear? Or because the app didn’t work as well as it should have? We have high expectations, and tech can help meet them.
KEEPING CLIENTS SATISFIED TECH BENEFITS FOR YOUR CLIENTS.
40 / INSURANCE ADVISER SEPTEMBER 2022 FEATURE / Insurance Technology: The Next Chapter
Drew Schnehage, Managing Director of Innovation Group, says, “Online lodgement does not exist today for policyholders that procure insurance cover via a broker or an underwriting agency.
“Many of the tasks associated with insurance are prescribed,” says Kiersten Lethbridge, System Migration Consultant at Technosoft Solutions.
“The world has moved along quickly in the last ten years in South Africa, where brokers are purely focusing on what they should be doing – underwriting risks, providing advice to their customers, making sure that they have the right cover and the right products and helping them make those decisions.
“When it comes to claims, the process needs to be more integrated and efficient. Insurers need to collaborate with suppliers and other stakeholders to create a more seamless and integrated digital journey. “However, at the moment here in Australia, brokers have to spend so much time and cost trying to manage claims on behalf of insurers because, unfortunately, our big insurers are not always managing claims efficiently, and brokers have to protect their customers.”
TECH BENEFITS FOR YOUR DAY-TO-DAY.
“For a renewal, for example, there are certain steps that you have to go through, and in that instance, a document management system helps you manage that process flow so you can set up your tasks and finish one before moving on to the next.”
– DREW SCHNEHAGE, MANAGINGINNOVATIONDIRECTOR,GROUP
USING TECHNOLOGY TO GROW YOUR BUSINESS – AND MEET YOUR COMPLIANCE OBLIGATIONS
From a business perspective, having the right technology in place can result in some significant benefits for your operation and ultimately enable you to spend time in the areas you want and need to focus on –areas that technology cannot replace.
The right technology can, however, speed up and streamline those operational processes, reduce admin and help create a significantly more efficient business.
Drew Schnehage, Managing Director of Innovation Group, reflects on the evolution of the broker market in South Africa as a template for what could happen here in Australia over the coming years.
By automating those admin tasks, as well as using technology to speed up sourcing quotes from multiple insurers, standardising documents that are sent out to clients and enabling clients to selfserve aspects of their interactions with you should they wish to do so, brokers can free up time to invest into their clients.
42 / INSURANCE ADVISER SEPTEMBER 2022 FEATURE / Insurance Technology: The Next Chapter
Dossetor says insurtechs are adding value to the sector in several ways. “We have seen several tech-led brokers and agencies launching over the last five years, offering to
“Brokers are incredibly customer-focused and provide customised risk management expertise to their clients. However, their operational processes are often complex and inefficient given they use multiple insurer platforms, and there can be reluctance and an expertise gap when it comes to investing in technology,” says Simone Dossetor, CEO of Insurtech.
“AT THE MOMENT HERE IN AUSTRALIA, BROKERS HAVE TO SPEND SO MUCH TIME AND COST TRYING TO MANAGE CLAIMS ON BEHALF OF INSURERS BECAUSE, UNFORTUNATELY, OUR BIG INSURERS ARE NOT ALWAYS MANAGING CLAIMS EFFICIENTLY, AND BROKERS HAVE TO PROTECT THEIR CUSTOMERS.”
REQUIREMENTSREGULATORYMEETING
With the implementation date for the new Insurance Brokers Code of Practice set to 1 November 2022, it’s important to consider how technology can help brokers with fulfilling their CodeDaleobligations.Smith,CEO of JAVLN, says, “Most modern technology platforms are workflow-based. Workflow control ensures users of modern technology can only do certain tasks, functions or transactions at a particular point, enforcing compliance and ensuring accuracy, validation and structure of data.”
NIBA.COM.AU / 43
As well as helping to streamline operations and offering an enhanced customer experience, technology can also play a critical part in managing brokers’ compliance and regulatory requirements.
Having that central source of truth, where documents and interactions are recorded in real-time, also saves a significant amount of time and can help brokers meet their recordkeepingKierstenrequirements.Lethbridge, System Migration Consultant at Technosoft Solutions, says, “Technology can securely store information, documents and emails all in the same spot, and it also means that it’s accessible to those who need it. So you don’t have to print out a piece of paper and drop it on someone’s desk, and you don’t have to email it. They can just access it directly in the source“Everysystem.task that you touch, every document that you save, you’re able to add a note –which is not editable – so you’ve got an exact path of what happened when. Everything is dated and timestamped, and everything’s auditable.” service the broker sector with a digital offering that takes advantage of risk data for improved underwriting and client service,” says “InsurtechsDossetor.aredeveloping technology solutions for brokers and underwriting agencies to improve operations by providing more flexibility, faster product launches and improved customer experience at a lower cost. “They are offering services that enhance broker capabilities in specialised ways. For example, supporting cyber risk prevention capabilities, asset inspection process using drone technology and providing buy now pay later options developed for the business insurance sector.”
The training and support aspect is critically important for any technology, so ask questions about this. What training will the vendor deliver? Is it included, or does it come at an additional cost? And in terms of support, how accessible is it? Where is it based, and how is it accessed?
sector, through learning from the mistakes others have made or from a fresh perspective. Talk to the vendor about their perceptions and experiences; it’s important to have some thinking that can challenge your way of doing things. After all, you don’t want a tech provider that just says yes, do you?
Do they have a structured delivery method?
“THE MAJORITY OF OUR STARTUPS ARE STILL SMALL BUSINESSES WITH FEWER THAN 10 EMPLOYEES – JUST LIKE MANY BROKERS – SO THEY CAN BE MORE FLEXIBLE AND ADAPTIVE IN HOW THEY OPERATE.
Simone Dossetor, CEO of Insurtech, says, “One benefit that comes from working with insurance start-ups is the different perspective and experience they bring to the insurance process. Many of our members have come either from the fintech sector or academic research, and they bring a fresh perspective to broking and insurance.
New thinking can come with experience gained from a decade in the WHAT TO CONSIDER WHEN CHOOSING A TECH PARTNER
While most technology solutions today are cloud-based and can be up and running in a matter of minutes, it’s important to understand how the vendor will get the technology working for you. What’s their process? What customisations are needed to meet your workflow? What can you learn from their workflows that will improve how you do things?
AS START-UPS ARE STILL REFINING THEIR PRODUCT FIT AND BUSINESS PROPOSITION, THEY ARE MORE LIKELY TO BE ABLE TO ADAPT.”
– SIMONE DOSSETOR, CEO, INSURTECH
Make sure you know what you’re wanting to get out of your new software solution before you speak to vendors – after all, it can be easy to overlook something if you get too far down the track.
What does their track record look like?
Can they solve your problem? Seems like an obvious one, but it’s good to get clarity on the problem you want to solve. Do you want to reduce admin tasks? Gain efficiencies? Improve the experience you deliver to clients?
44 / INSURANCE ADVISER SEPTEMBER 2022 FEATURE / Insurance Technology: The Next Chapter
“Also, the majority of our start-ups (72 per cent) are still small businesses with fewer than 10 employees – just like many brokers – so they can be more flexible and adaptive in how they operate. As start-ups are still refining their product fit and business proposition, they are more likely to be able to adapt to the specific needs of insurance brokers and their customer segments.”
The broker community is a great source of information and knowledge, so ask around. What have other brokers found when working with different providers? If it’s a newcomer to the sector, they may not have a direct track record. That doesn’t mean you shouldn’t work with them, of course, but ask around all the same –organisations such as Insurtech will be able to give you information to help make your decision.
CHOOSING A TECH PARTNER IS SERIOUS BUSINESS – SO MAKE SURE YOU DO YOUR DUE DILIGENCE.
What training and support will they offer?
Do they bring some new thinking to the business?
THE NATURE OF TECHNOLOGY AND HOW IT CHANGES Rewind a decade or two, and the word technology went hand in hand with ‘disruption’. ‘Digital disruption’ was the topic on everyone’s lips – and in some respects, left many tech start-ups and platforms at a disadvantage.
“There are disruptive technologies out there and enabling technologies,” says Tetiana George, Co-Founder and CEO of claims and compliance insurtech start-up Curium.
“Ultimately, if they’re targeting you [as a broker] as a customer, it can probably enhance your business by helping you provide a better customer experience, spend less time on admin, and stand out from the crowd when it comes to winning new business or retaining existing clients.”
What’s also changed in recent times is the cost of technology. We’re all used to subscribing to platforms – Netflix, for example – every month, and that can make it an awful lot easier for businesses to justify from a financial perspective. “It moves the cost from a CAPEX (capital expenditure) to OPEX (operating expenditure). Paying a monthly subscription fee that will scale up as your business grows, rather than being charged a large fee at the outset, makes technology far more accessible than before,” says George.
“Disruptors want to take away your share of the market, while the enablers want to help you get more of it, and at present, I’d estimate 70 per cent of insurance technology is enabling.
Tetianabother?George,
EMBEDDING TECHNOLOGY IN YOUR BROKERAGE
46 / INSURANCE ADVISER SEPTEMBER 2022 FEATURE / Insurance Technology: The Next Chapter
The right approach is vital for tech success. Technology, of course, is merely an enabler. As the adage goes, it’s only as good as the information that’s put into it and the people using it. Implementing new technologies can be time-consuming; it’s a big commitment and does require change. And if it’s not broken, why Co-Founder and CEO of insurtech start-up Curium, says, “Two common objections always come up. The first is, ‘why would I break a working process, even if it’s slow, expensive and inefficient?’ People know they’ll need to seriously look at it, but it’s always“The‘later’.second reason is that people have already had their fingers burnt by tech in the past. Either it was too expensive or was sold as cheap and transparent and then became big and unmanageable. So many people have just had negative experiences and say, ‘I’m not touching this’.” It’s no surprise, therefore, that some hesitation exists. However, technology is vitally important for businesses across all sectors to survive, if not flourish, and Dale Smith, CEO of JAVLN, says building trust is “Weessential.knowittakes time, but the first thing we do is build trust. At a platform level, we comply with the best global standards and international security standards, which gives a level of comfort.
Smith says the difficulty that comes with change is sometimes overestimated.“Thereisaperception that moving systems is difficult, and I don’t want to dumb it down because it is complex, but it’s not as hard as you think. Typically, the hardest piece is the change management process.” And for that to work successfully, says Kiersten Lethbridge, System Migration Consultant at Technosoft Solutions, you need to invest the time upfront to do it properly.
“If you can invest the time to learn and set it up well at the start, it pays off a thousand times over, further down the track,” she says. “TWO COMMON OBJECTIONS ALWAYS COME UP. THE FIRST IS, ‘WHY WOULD I BREAK A WORKING PROCESS, EVEN IF IT’S SLOW, EXPENSIVE AND INEFFICIENT?’ PEOPLE KNOW THEY’LL NEED TO SERIOUSLY LOOK AT IT, BUT IT’S ALWAYS ‘LATER’.”
– TETIANA GEORGE, CO-FOUNDER AND CEO, CURIUM
“Then, typically, a broker will have a particular pain point that they want to solve – they might have lost a client because of X, Y and Z, or they’re finding that the only way they can grow is to keep putting on people. There’ll be something driving them towards a technology decision, so it’s really important that we spend the time to truly understand what they need from a platform.”
The COMMUNITY HUB is your space to showcase your products and services to a specialist audience. COMMUNITY HUB INDEX AB Phillips 47 ASR Underwriting 48 AIBI 49 Australasia Underwriting ........................ 49 Tudor Insurance Brokers 49 Liberty Special Markets 49 Moran Insurance Brokers 50 MGA Insurance Group 50 Affinity Insurance Brokers ....................... 51 Newline Group 51 Wellington Underwriting 52 Pollard 52 QPIB 52 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 SEPTEMBER 2022 COMMUNITY HUB
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“My QPIB designation gives my clients peace of mind that I’m a trusted professional.” – CRAIG ANDERSON, 2018 YOUNG BROKER OF THE YEAR QPIB – A STATEMENT OF PROFESSIONALISM Apply online at niba.com.au or email NIBA Memberships Manager Audi Witsen –awitsen@niba.com.au • QUALIFIED PRACTISIN G INSURANCE BROKERQPIB QPIB Campaign Print.indd 4 25/1/22 12:48 pm 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 atnichecomplexlabourAgenciesWellingtonwww.wellingtonu.com.auUnderwritingspecialiseinhire/recruitment,liabilityrisksandpropertysolutions. COMMUNITY HUB 52 / INSURANCE ADVISER SEPTEMBER 2022
DIVEINFESTIVAL.COM
NIB NZ Ltd. A-/STABLE Southern Cross Medical Care Society A+/STABLE LENDERS MORTGAGE INSURERS
HDI Global Specialty SE A+/STABLE
54 / INSURANCE ADVISER SEPTEMBER 2022
* See page 57 for S&P Global disclaimers and additional information
Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch) A/STABLE QBE Lenders’ Mortgage Insurance Ltd. A/STABLE LIFE INSURERS Asteron Life Ltd. AA-/STABLE Hallmark Life Insurance Co. Ltd. BBB+/CreditWatch Negative Medical Life Assurance Society Ltd. A-/POSITIVE Resolution Life New Zealand Ltd. A-/STABLE Resolution Life Australasia Ltd. (New Zealand Branch) A-/STABLE
S&P GLOBAL
REINSURERS
INSURER STRENGTH RATINGS AUSTRALIA RATING NON-LIFE INSURERS AAI Ltd. AA-/STABLE Achmea Schadeverzekeringen N.V. A/STABLE AIG Australia Limited A/NEGATIVE Allianz Australia Insurance Ltd. AA-/STABLE Allied World Assurance Co. Ltd. A/STABLE Berkshire Hathaway Specialty Insurance Company AA+/STABLE 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+/CreditWatch Negative Insurance Australia Ltd. AA-/STABLE 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 QBE Insurance (International) Ltd. A+/STABLE Society of Lloyd’s 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 XL Insurance Company SE AA-/STABLE Zurich Australian Insurance Ltd. AA-/STABLE LENDERS MORTGAGE INSURERS
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
NEW ZEALAND RATING
Contact: Craig Bennett, S&P Global Ratings, 03 9631 2197
NON-LIFE INSURERS AA Insurance Ltd. AA-/STABLE AIG Insurance New Zealand Ltd. A/NEGATIVE Aioi Nissay Dowa Insurance Co., Ltd A+/STABLE Allianz Australia Insurance Limited AA-/STABLE Berkshire Hathaway Specialty Insurance Company AA+/STABLE Chubb Insurance New Zealand Ltd. AA-/STABLE Factory Mutual Insurance Company A+/STABLE Great Lakes Insurance SE AA-/STABLE Hallmark General Insurance Co. Ltd. BBB+/CreditWatch Negative Hannover Life Re of Australasia Ltd. AA-/STABLE IAG New Zealand Ltd. AA-/STABLE Medical Insurance Society Ltd. A-/POSITIVE Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch) A+/STABLE QBE Insurance (Australia) Ltd. A+/STABLE Society of Lloyd’s A+/STABLE Southern Cross Benefits Ltd. A/STABLE Southern Cross Pet Insurance Ltd. A/STABLE Teleco Insurance (NZ) Ltd. BBB+/STABLE The North of England Protecting and Indemnity Association Ltd. 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 24 August 2022
Arch Lenders Mortgage Indemnity Ltd. A/STABLE Genworth Financial Mortgage Insurance Pty Ltd. A/STABLE QBE Lenders' Mortgage Insurance Ltd. A/STABLE LIFE INSURERS AIA Australia Ltd. A+/STABLE Challenger Life Company Ltd. A/STABLE Hallmark Life Insurance Co. Ltd. BBB+/CreditWatch Negative MetLife Insurance Ltd. A+/STABLE Resolution Life Australasia Ltd. A-/STABLE Westpac Life Insurance Services Ltd. A+/STABLE 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 SCOR Global Life Australia Pty Ltd. AA-/NEGATIVE SCOR Reinsurance Asia Pacific Pte Ltd. AA-/NEGATIVE 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
INSURER STRENGTHFINANCIALRATINGS
LIFE, ANNUITY AND ACCIDENT
Ansvar Insurance Limited A-/STABLE First American Title Insurance Company of Australia Pty Limited A/STABLE General Reinsurance Australia Ltd A++/STABLE Guild Insurance Limited A-/STABLE Pacific International Insurance Pty Limited B++/NEGATIVE The Hollard Insurance Company Pty Ltd A-/STABLE The New India Assurance Company Limited (Australia Branch) B++/STABLE
BEST’S STRENGTHFINANCIAL RATINGS
Accuro Health Insurance Society Limited B+/NEGATIVE Aioi Nissay Dowa Insurance Company, Limited (New Zealand Branch) A+/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 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 Veterinary Professional Insurance Society Incorporated B/STABLE Virginia Surety Company, Inc. (New Zealand Branch) A/STABLE
The following is a list of AM Best Financial Strength Ratings (FSRs) assigned to insurance companies in Australia and New Zealand. Ratings as at 24 August 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
NEW ZEALAND RATING COMPOSITE Quest Insurance Group Limited B/STABLE LIFE, ANNUITY AND ACCIDENT
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.
NIBA.COM.AU / 55
AUSTRALIA RATING
INSURER STRENGTH RATINGS
General Reinsurance Life Australia Ltd. A++/STABLE PROPERTY/CASUALTY
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 Momentum Life Limited B++/STABLE Partners Life Limited A- u/POSITIVE Pinnacle Life Limited B/POSITIVE PROPERTY/CASUALTY
I faced several challenges in leaving Spain and settling into Australia. Firstly, having a strong Spanish accent, and with English not being my first language, I was less confident when talking on the phone. I have been actively working at this by joining groups to practice speaking in public. Secondly, I needed to learn how the Perth market worked, who the key stakeholders were, and start building connections from scratch. What really helped me was attending NIBA events and signing up for the NIBA Mentoring Program. These initiatives offered great opportunities for me to develop good relationships with insurers. One thing I have learnt is that it’s so important to build strong relationships with insurers, to work with them and understand what their needs are. Three years ago, I decided to join the NIBA WA Committee. By working on various projects like the NIBA Mentoring Program, where I am one of the organisers, I hope to give back to the industry what it has given me.
What is your advice for young brokers entering the industry?
You will always learn something new from someone, whether it’s from the CEO or administration staff. Don’t compare yourself with anyone else. You have your own career path. Don’t pressure yourself about where you have to be in five, 10 years’ time. Learn, get the best out of it, and take your time with figuring out what you want to do and developing your own skillset and niche. Also take the time to find the right work environment and the right people for you. I’m currently working at KBI Insurance Brokers, a specialist insurance brokerage. KBI started around seven years ago with just two or three people, and now there are about 15 of us. The business grew by focusing on specific, niche areas of insurance such as property, mining, financial lines, cyber and technology risks. Coming from a commercial broking background, I really wanted to work with people who share the same values and vision for the Australian insurance market. Normally when someone excels at a certain area, they’re passionate about sharing it with others. For a generalist broker, this was my opportunity to not only learn from them, but also add to what we’ve already built by making a difference to theI’mindustry.notsure what the future holds, and whether I’ll one day specialise in an area, but right now I just want to work hard at improving myself every day and becoming a better broker. / Pablo Narvaez Share your insurance journey. Email editor@niba.com.au YOUNG BROKER’S JOURNEY INTO A NEW
The Italian film Life is Beautiful, or La Vita è Bella. A great story about how to approach things in life, even in the worst of times.
What is your favourite book? The Pillars of the Earth by Ken Follett. What’s your favourite pastime? Organising a gathering with friends and family and cooking for them. I love to experiment in the kitchen! What’s your favourite food? My favourite is a type of Spanish tapas called croquetas.
Be humble and try to learn from everyone.
My career in insurance started in Spain. After working for a financial advisory company for three years, I aspired to move to a bigger company. I really wanted to work for CAF, which is the biggest train manufacturing company in Spain and one of the biggest in Europe. This company had excellent working conditions and offered many great perks for its workers. It was a company where the employees never left. Unfortunately, the company was also extremely competitive to get into – some of the job positions attracted thousands of applicants. An acquaintance who worked there suggested I apply for an insurance role. Unlike the more popular roles, there was an opening they were struggling to fill and he suggested that I would be a good fit. I saw an opportunity to join a great company and that’s how I ended up in the insurance industry. The team was very small. Between my boss and I, there was always a lot of work to do. Over the years, we built the company’s insurance program from scratch. We worked very closely with our broker, who trained me in everything to do with insurance. When I first started, the company was only in a few countries. By the time I left, we were in over 50Aftercountries.seven years with the company, I decided to follow my partner and move to Australia. My move was quite smooth as an opportunity became available with a global insurance brokerage in Perth. Before then, I had been working in insurance for seven years but only on the client side. My knowledge of broking was zero to none, so there was a lot to learn. Broking was a very different job, and what’s more, I was starting it in a very different country. In Spain, while I had enjoyed my role and the company, my role wasn’t so technical.
In Australia, I found every day so interesting in my broking role. There were many different insurance products, a variety of clients, and a lot of technical skills to master. That was the first time where I felt like this was a job I wanted to do for the rest of my life.
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56 / INSURANCE ADVISER SEPTEMBER 2022 INSURANCE JOURNEY
How did you get started in the insurance industry?
PROUDLY SUPPORTING A
How did you find your feet in the Australian broking market?
S&P GLOBAL RATINGS
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MENTORING
For more information and to express interest visit www.niba.com.au/mentoring
WHAT WILL THE PROGRAM DO FOR YOU?
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NIBA Mentoring – Promoting Professional Development for 10 Years
NIBA Mentoring 2018 FP.indd 1 16/8/18 11:12 am
For more information and to express interest visit www.niba.com.au/mentoring
WHAT WILL THE PROGRAM DO FOR YOU?
NIBA Mentoring – Promoting Professional Development for 10 Years
MENTORING
Adelaide CBD WHEN: Friday 4 November 2022 NIBA WHERE:CHRISTMASWACOCKTAILS
Perth CBD WHEN: Wednesday 9 November 2022 NIBA WHERE:CHRISTMASQLDBOWLS
2022 NIBA SUMMIT | CELEBRATION DINNER WHERE: Ivy Ballroom, Level 1/320 George St, Sydney 2000 WHEN: Wednesday 12 October | 6:30pm – 11:00pm After the program concludes, join us for the Celebration Dinner as we toast to NIBA’s 40th year anniversary and honour the very best in insurance and in broking. At the dinner, we will announce the national winners of the 2022 Stephen Ball Broker of the Year award, sponsored by QBE, and the 2022 Warren Tickle Young Broker of the Year award, sponsored by Vero.
2022 NIBA WHERE:CHRISTMASSACOCKTAILS
The Boo, 126 Breakfast Creek Rd, Newstead QLD 4006 WHEN: Thursday 24 November
WHERE: UQ Brisbane City, The Auditorium Room, Ground Floor, 293 Queen St, Brisbane 4000 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 AICLA KNOWING ME, KNOWING YOU WHERE: CGU, 181 William St, Melbourne 3000 WHEN: Thursday 8 September CPD: 1 point on completion Come along to this intimate panel discussion, which will feature two prominent loss adjusters from the Australian Institute of Chartered Loss Adjusters (AICLA) and two NIBA insurance brokers. The panel will delve into case studies of claims where loss adjusters have been appointed with discussion around best practice, lessons learned and how insurance brokers and loss adjusters can work best together.
2022 NIBA UAC WA UNDERWRITING WHERE:EXPO Crown Perth, Great Eastern Hwy, Burswood 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 SAVEmarket.THE DATE FOR YOUR STATE’S END OF FUNCTION!YEAR
2022 NIBA QLD SEMINAR | THE CYBER THREAT LANDSCAPE
happening close to youand register via theevents calendar atniba.com.au/events
If you’d like to advertise your products and services through NIBA, please contact Tony May today on (02) 9459 4303
2022 NIBA SUMMIT | PROGRAM WHERE: The Establishment, 252 George St, Sydney 2000 WHEN: Wednesday 12 October | 2:00pm – 5:00pm The 2022 NIBA Summit will celebrate 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.
58 / INSURANCE ADVISER SEPTEMBER 2022 NIBA / Events DISPLAY ADVERTISING INDEX – SEPTEMBER 2022 NIBA EVENTS NIBA stages a variety of educational and social events across Australia for the whole intermediated insurance community. EVENTS UPDATE Brooklyn IFC Vero 5 CGU 7 QBE 9 Liberty 11 Ebix 13 NIBA Summit 14 Liberty 18 Technosoft 21 UAC 23 Focusnet 39 BAIS 41 Code of Practice IBC GT Insurance OBC UPDATED!STAY
Check out what’s
INSURANCE BROKERS CODE PRACTICEOF
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
March 2022
SHIFTING UP AUSTRALIAN BROKERS ARE WHEN WILL YOU JOIN THEM? TRANSMISSION@GTISAVAILABLERIGHT NOW ACCESS THE NEW PLATFORM AT gtins.com.au/broker-hub Or contact your GT Insurance Relationship & Development Manager to find out more. QUICKER QUOTING ONLINE BINDING EASIER SUPERIORREFERRALSSELF-SERVICE Insurance products are issued by Global Transport & Automotive Insurance Solutions Pty Ltd trading as GT Insurance ABN 93 069 048 255 AFS Licence No 240714 as agent for the Insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No 234708. Neither we nor the Insurer provide any advice on this insurance based on any consideration of your objectives, financial situation or needs. Policy terms, conditions, limits, exclusions and underwriting criteria apply. Before making a decision about it please refer to the relevant Product Disclosure Statement or Policy wording available from our website (www.gtins.com.au) or by calling us. A Target Market Determination for each product is available from our website (www.gtins.com.au). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with any services.
