Insurance Adviser July 2022 issue

JULY 2022

Meet the state finalists of the 2022 Broker of the Year awards

THE BROKERS LEADING THE INSURANCE BROKING INDUSTRY FORWARD

Also CHANGING COURSE

Challenges and opportunities in the marine cargo insurance market

FINANCIAL LINES BALL BACK IN INSURERS’ COURT

Rising trends in a stabilising D&O and management liability market

2022 NIBA SUMMIT – REGISTRATIONS OPEN THIS MONTH

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

WE ARE YOUR VOICE

CONTENTS July 2022

ACN 006 093 849 ABN 94 006 093 849

FEATURES

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

12 October 2022 — Sydney

Insurance Adviser magazine is published by NIBA

Publisher

YEARS

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

TRUST, PROFESSIONALISM, COMMUNITY

Communications Manager Wendy Martin

NIBA Editor Amy Cai

Editorial enquiries

E: editor@niba.com.au

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

Design

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

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2022 NIBA SUMMIT – REGISTRATIONS OPEN THIS MONTH!

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

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

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

Meet the finalists

22

MEET THE STATE FINALISTS FOR THE 2022 BROKER OF THE YEAR AWARDS

The brokers leading the insurance broking industry forward NIBA.COM.AU / 3

CONTENTS July 2022

FEATURES 32 CHANGING COURSE

Challenges and opportunities in the marine cargo insurance market

40 FINANCIAL LINES

BALL BACK IN INSURERS’ COURT

Rising trends in a stabilising D&O and management liability market

IN EVERY ISSUE

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

NEWS

Industry Bulletin........................................... 17

PROFESSIONALISM

Code of Practice – Vulnerable Clients........ 14 Building Resilience in the Workplace......... 20

REFERENCE

Community Hub........................................... 48 Insurer Strength Ratings.............................. 54 Insurance Journey: Samara Walker............. 56

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

4 / INSURANCE ADVISER JULY 2022

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

2021

Discover more

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CEO / Welcome

A GLOBAL PERSPECTIVE

W

elcome to the July edition of Insurance Adviser. It’s amazing to think that we have already passed the halfway point of the year, and June certainly saw a hive of activity as brokers worked hard to ensure their clients secured the appropriate protection for their personal and business needs. The challenging market continues to highlight how important the role of a broker is. Sometimes we may feel that our challenges are unique to us and our market, but the corresponding trends seem to be consistent worldwide, though with different emphasis, and perhaps different timeframes.

At NIBA, one of the ways we can continue to take a global and holistic approach to our advocacy and advisory efforts is through our membership of the World Federation of Insurance Intermediaries (WFII), whereby similar member associations from around the world share best practice and exchange a level of knowledge beyond our own local markets. This helps us to identify global trends, while separating any issues that may be specific to certain countries.

After a near three year hiatus, the annual WFII World Council was held in Amsterdam in June. Participants included representatives from the United States, Canada, the United Kingdom, Europe, South America and Asia Pacific represented

by Australia. The WFII World Council included presentations from the insurance division of the OECD, Lloyds of London, as well as others. Of significant interest was the ‘Tour De Horizon’, where participating countries or regions prepare a report based on the same question set. These reports are then discussed and information and ideas are exchanged.

Not surprisingly, some of the ongoing and emerging themes are similar throughout world markets, including climate change and the role of governments, insurers and brokers; the increasing use of technology, including the benefits to efficiencies as well as any possible risks to the traditional broking model; hard to place risks and any innovations to address these shortfalls; the lack of new talent, and the ongoing pressure on remuneration models and the threat to commissions. It seems this theme is not limited to Australia, but it was clear that ours has the most imminent threat.

In our June submission to the Quality of Advice Review Issues Paper, in defence of commissions, NIBA included details on commissions and commission disclosure rules from around the world, obtained through the WFII. The evidence was that the role of the broker and their expertise is universally consistent, and that most similar developed insurance markets rely on commissions as a remuneration structure. While rules within countries vary, there is clearly an increasing trend towards disclosure, and in some countries like South Africa, a cap on commissions in certain lines.

The WFII invited NIBA to make a brief presentation outlining the state of the Australian market, the current review into commissions and NIBA’s response, including the 2022 Insurance Brokers Code of Practice. This generated a very robust conversation, particularly in the area of preferential remuneration,

6 / INSURANCE ADVISER JULY 2022

which is still very much commonplace in a number of developed markets. This is potentially an area where Australia is leading the way and may be a precursor to how other markets develop.

Another topic of discussion was the current struggle to find and retain good talent. It was generally recognised that insurance broking is an extremely rewarding career and offers flexibility not found in many other jobs, but from an outsider’s point of view, let’s be honest, as one of the South American delegates put it, “insurance doesn’t look sexy”. Many young brokers love what they do, but our challenge is how to promote the message that brokers and the solutions they provide have a profound impact on people, families, businesses and the community.

I recently attended a Careers night at Knox Grammar, which is a private school in Northern Sydney. Using the Careers in Insurance promotional material, it was great to engage with school leavers, but only those who were prepared to stop and have a chat had the opportunity to understand what brokers did and when they hear it from the brokers themselves, it all comes to life. Thank you to NIBA Director Tim Wedlock, who co-ordinated our promotion, along with NIBA Director Rebecca Wilson. Also a special thank you to Samara Walker from Austbrokers ABS and Max Markey from Hollard Commercial who gave up their time to attend and encourage that next wave of up and coming brokers. Samara has been kind enough to share her story on the first stage of her career in this month’s issue.

Lastly is the issue of climate change, natural disasters and the role of insurance and insurance brokers. I think this is a fitting segue from the last topic. Brokers will play an increasingly critical role in identifying risks and risk mitigation.

The presentation from the Insurance Division of the OECD highlighted that brokers could play a role in building awareness of long-term climate risks and adaption, helping governments assess climate risks and develop optimal risk retention, risk financing and risk transfer options. This would help to identify risks to future insurability and provide risk reduction benefits of low carbon behaviours, including risk management options and funding sources for resilience.

PHILIP KEWIN Chief Executive Officer, NIBA

opportunities bids

acquisitions claims Before & after

challenges insights catastrophes big decisions learnings

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NEWS / Representation

WE ARE YOUR VOICE!

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

TASMANIAN HOME BUILDING WARRANTY CONSULTATION

NIBA has provided a submission to the Tasmanian Government’s Home Warranty Insurance consultation.

The consultation paper sought feedback on the development of a new model for home warranty insurance in Tasmania, putting forward a number of proposals to balance consumer protection with the longterm economic viability of the scheme and building costs. The proposed scheme would use a ‘last resort’ model consistent with most Australian jurisdictions, and provide cover for incomplete or defective building work in the event that a builder dies, disappears or becomes insolvent.

Home warranty insurance was previously abolished in 2008, however, the collapse of two construction firms, Tasmanian Constructions and Inside Out Constructions, has prompted the state government to reintroduce the scheme.

NIBA’s submission supported the reintroduction of the scheme as a last resort model and the proposed maximum claim limit of $200,000. However, NIBA cautioned that complementary reforms to reduce the overall risk of the scheme would be required to ensure the long-term viability of the scheme.

NEW SOUTH WALES SMALL BUSINESS STRATEGY

NIBA has provided a submission as part of the consultation on the New South Wales Small Business Strategy. The consultation will help inform the NSW Government’s strategy and priorities for small businesses in NSW over the next three years.

NIBA’s submission focused on the NSW Emergency Services Levy (ESL) and the disproportionate impact it

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and other insurance-based taxes have on small businesses.

The submission also highlighted the increasing burden the ESL poses to insurance policyholders, with the contribution target (the amount collected by general insurers) rising 48 per cent since the decision to abolish the ESL was delayed in 2017.

QUALITY OF ADVICE REVIEW – MEMBER ADVOCACY

With NIBA’s submission to the Quality of Advice Review now in the hands of the independent reviewer, it is time to look ahead to what will happen when the Review is concluded.

Any recommendations handed down by the Review will be subject to scrutiny by government and ultimately any

legislative changes will need to pass both Houses of Parliament. For these reasons, NIBA aims to have every federal MP and Senator visited by a local broker, who can provide insight on what they do and how their work benefits their clients.

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

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

NIBA / Member Benefits

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

“NIBA’s passion, resilience and determination to represent the interests of insurance brokers and our clients, as well as the work that gets done behind the scenes, is just remarkable.

This is why it’s so important for insurance brokers to be members. I don’t know if we would be where we are today in this industry without such an organisation backing us.”

CARLIE GRIGGS Partner – Corporate Risks, Howden Insurance Brokers

ABOUT NIBA OUR MISSION

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

OUR OBJECTIVES Representation

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

10 / INSURANCE ADVISER JULY 2022

Professionalism

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

Community

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

GET IN TOUCH!

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

ADVERTORIAL / Virtual Broking

THE ‘GREAT RESIGNATION’ ERA IS CHANGING THE WORKFORCE DYNAMIC! Brokers need to respond now with the Automation of their Office Processes.

G

lobally, increased pressure on work/ life balance, spending too much time on administrative tasks, and lack of training to develop or enhance new and existing skills are motivating employees to seek a new position – leading to the so-called ‘Great Resignation’ era.

While there are myriad reasons people leave their jobs, executives surveyed by Uipath Inc. (NYSE: PATH), believe that the greatest contributing factors are: pressures on work/ life balance (58%); low compensation (54%); and lack of advancement opportunities (42%). Most executives surveyed believe employee job performance – and therefore job retention – can improve through a better work-life balance (73%), opportunities to gain experience on the job (60%), and to improve existing skills on the job (53%).

Chief People Officer at UiPath says: “Workers around the world are feeling the stress of labour shortages because their colleagues are quitting. Alarmingly, 83% of global respondents to a survey have had to take on up to six new tasks outside of their job descriptions due to their co-workers resigning and not replaced.

Workers are frustrated by mundane tasks at work, such as responding to emails, taking phone calls, attending meetings, inputting data, and handling documents.

Without a shift toward more meaningful work, businesses will continue to face productivity and competitive pressures.

While this issue is complex, technologies like automation can free workers’ time, enable a better work-life balance, and create vastly improved efficiencies that allow business to be agile and responsive to clients. The world of work has changed and retaining and attracting workers with the aid of emerging technology is a business imperative.”

THE ‘GREAT RESIGNATION’ PROBLEM CAN BE EASILY SOLVED FOR INSURANCE BROKERS The most frustrating part of insurance broking for staff is having to re-key the same data online to insurers multiple times to get new quotes or market renewal terms

for clients. It soaks up hours and hours of staff time and it is costing time, money, and effort.

A new innovative solution created by Virtual Broking powered by Intelligent Automation (IA) is now available for Brokers to facilitate end-to-end automation of manual repetitive processing, such as online quoting, schemes, binders, other manual processes freeing up staff for more satisfying tasks.

The new Virtual Broking office automation system, named Liber-RATE, solves mindless online repetitive data entry, increases business productivity and work satisfaction for employees, builds more efficient operations, offers clients a choice of a range of market products to suit them.

MIKE DONNELLY, CREATOR OF VIRTUAL BROKING, SAYS: “The Liber-RATE name reflects brokers’ freedom from inefficient work practices and systems.

Liber-RATE can perform much faster than a human in activities such as transacting quotes.

It does not lose concentration entering data, does not need a rest, and the data input is always 100% accurate.

Liber-RATE can also perform unattended batch processing of quotation requests, which frees up processors to undertake other higher value tasks and increases their work-life satisfaction through greater time saving.

Liber-RATE can facilitate centralised processing of online quotation requests through the batch queuing process so that brokers’ branches can have their requests processed promptly on their behalf allowing them to concentrate on broking activities.

Liber-RATE can automate manually non-standard processed transactions which are high volume and consistent with their format for greater efficiency and time savings.

Liber-RATE capabilities will evolve through brokers’ feedback to streamline existing documentation and administration processes so that it becomes their ‘holy grail’ business tool.”

LIBER-RATE’S TIME SAVINGS EXAMPLE

Internal Account Executive, Mary has around 90 renewals to review for the next fortnight’s processing cycle. Mary needs to obtain renewal terms from the existing insurer and compare those renewal terms with the market so her client can see that she is looking after their interests.

Mary selects all the upcoming renewals for this cycle to download all the insurers’ renewal terms for comparison with the market. Once downloaded, she uploads the policy information for each renewal in a batch to the Liber-RATE renewal app.

Mary then sends the finalised quotation requests for the upcoming renewals to the batch processing queue monitor. When activated Liber-RATE starts the automated renewal quotation process. The selected insurers download their quotation terms and conditions to the broker’s management system platform, the same as usual for manually input online transactions.

The estimated time savings using the Liber-RATE app to automate the processing of 90 upcoming renewals amount to a total of approximately 30 hours. Because Liber-RATE submissions run unattended, Mary has 30 hours spare time each fortnightly renewal cycle to deal with other higher value tasks leading to increased productivity and improves Mary’s job satisfaction.

By

Liber-RATE – liberates time, liberates money, liberates broking staff!

NIBA.COM.AU / 11

NIBA / Member Benefits

WE WANT TO HEAR FROM YOU

A

s a valued NIBA member, we want to hear from you on your experiences with various member benefits and services, such as the Insurance Adviser magazine, the weekly e-newsletter Broker Buzz, the latest news and regulatory updates via email, and access to educational events and awards.

Your feedback will help NIBA shape our communication and member engagement initiatives going forward, which will ensure that we continue to deliver the most relevant and engaging content and service offerings to you.

To share your feedback, please complete the survey using the relevant QR code below: For Affiliate Members:

The survey will take approximately 10–15 minutes to complete and will be open until Sunday 17 July 2022.

As a way of saying thank you, all NIBA members who complete the survey will go into the draw to win a $500 cash prize.

For all other members including Principal members, NIBA Fellows, QPIB, QIB, QFSR and Associates:

If you have any questions about th e survey, please cont act NIBA’s Communica tions Manager, Wendy M artin, at wmartin@ niba.com.au

NIBA SAYS CONGRATULATIONS

NIBA is thrilled to congratulate the following member for becoming a Fellow: Aaron Bentley, Johansen Insurance Brokers Pty Ltd

NIBA congratulates the following members for receiving their QPIB designations: Selina Fong, United Insurance Group Pty Ltd | Australian Risk Advisers Pty Ltd Matthew Gestier, Aon Risk Services Australia Ltd Eric Pan, Community Broker Network Pty Ltd | Insurise Insurance Brokers Pty Ltd T/As Insurise Judy Vandayar, Aon Risk Services Australia Ltd | HIA Insurance Services Vanessa Hilton, Aon Risk Services Australia Ltd Crystal Chown, Adroit Insurance and Risk Pty Ltd Allana Stuart, Capital Innovation Insurance Group Pty Ltd Brent Campbell, Oracle Group Australia Pty Ltd

NIBA congratulates the following member for receiving their QFSR designation: Shane Thaw, Community Broker Network Pty Ltd | Intuitive Insurance Solutions Pty Limited

NIBA congratulates the following member for becoming an Associate member: Alexandra El-Khishen, Insurance Advisernet Australia Pty Ltd | Pace Insurance Pty Ltd

12 / INSURANCE ADVISER JULY 2022

2020

INSURANCE BUSINESS AWARDS

2021

INSURANCE BUSINESS AWARDS

PROFESSIONALISM / Code of Practice Update

CODE OF PRACTICE: VULNERABLE CLIENTS

T

he 2022 Insurance Brokers Code of Practice introduces new obligations for Subscribers to identify and support vulnerable clients. This brings the Code in line with other financial services industry codes, such as the General Insurance Code of Practice. While these obligations may be new to some members, for others, they will simply formalise steps already taken to support clients.

WHAT IS A VULNERABLE CLIENT?

Vulnerable clients are clients who are especially susceptible to loss or harm as a result of socio-demographic characteristics, behavioural characteristics, personal situation, or market environment.

While vulnerable clients are typically identified as specific groups of people, anyone can experience vulnerability at any stage in their life.

There are a wide variety of reasons a person may be experiencing vulnerability including: • low literacy, numeracy, technological or financial capability skills • disability • severe or long-term illness (including mental health illness) • financial distress, low income and/or high levels of debt • change in circumstances e.g., job loss, divorce, etc.

• experiencing family or domestic violence • culturally and linguistically diverse background • age • remote location • natural disaster • Aboriginal or Torres Strait Islander status.

A client may tell you directly that they are experiencing vulnerability, or their language, behaviour or circumstances may help you recognise that they need assistance.

It is important to note that while a client may fall in to one or more of the categories listed above, this does not mean

14 / INSURANCE ADVISER JULY 2022

that the client is necessarily experiencing vulnerability. Subscribers should ensure that they are cognisant of their own internal biases when identifying and supporting vulnerable clients.

WHAT DOES THE CODE REQUIRE? The Code requires Subscribers to take appropriate steps to identify and support vulnerable clients. When considering whether a broker has taken appropriate steps, the Code will have regard to: • the size of the brokerage; • whether or not the brokerage has dedicated resources to assisting vulnerable clients; • the nature of the client’s vulnerability, etc.

WHAT DO I DO IF I IDENTIFY A VULNERABLE CLIENT, OR IF A CLIENT TELLS ME THEY ARE EXPERIENCING VULNERABILITY?

How you respond in this situation will ultimately depend on the policies in place within your brokerage and the level of support the brokerage is able to provide.

This support may include: • making accommodations to allow for a third-party (such as an interpreter, lawyer, accountant or friend) to assist the client; • allowing extra time to explain the advice provided and answer client questions; • providing advice in a different format; • offering teleconferencing appointments; or • referring clients to specialist services.

To assist brokers in developing a framework to support vulnerable clients, including implementing a vulnerable client policy, NIBA has released a guide for identifying and supporting vulnerable clients. This guide can be accessed by visiting www.niba.com.au/code.

Additional materials to support brokers in implementing the new Code will be made available as we approach the 1 November implementation date.

March 2022 1

Published March 2022

INSURANCE BROKERS

CODE OF PRACTICE

NIBA_Code_of_practice_v11.indd 1

7/3/22 2:13 pm

“Vulnerable clients are clients who are especially susceptible to harm as a result of socio-demographic characteristics, personal situation, or market environment. While vulnerable clients are typically identified as specific groups of people, anyone can experience vulnerability at any stage in their life.”

PROFESSIONALISM / Xxxxxxxxxx

2020 2019 2018 2017 2016

Lisa’s Kangaroo Retreat rescues, rehabilitates and releases wildlife, including injured and orphaned joeys, kangaroos, wallabies and posums in the Port Headland region of Western Australia.

Just one of the fabulous Not for Profit organisations that we have been able to assist with funds from our annual Small Grants Program.

Insuring Not for Profits - it’s all we do NIBA.COM.AU / 15

YEARS

TRUST, PROFESSIONALISM, COMMUNITY Celebrating 40 years of NIBA

For breaking news and updates curated specially for insurance brokers please visit: niba.com.au/articles Thanks to our Principal Partners

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12 October 2022 — Sydney

NEWS / Industry Bulletin

NEWS / Industry Bulletin

REGIST RATIO OPEN NS THIS MO NTH

JOIN US AT THE 2022 NIBA SUMMIT

T

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

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

SUMMIT PROGRAM

2.00PM – 5.00PM The 2022 NIBA Summit will take place in Sydney’s Establishment Ballroom, and include an array of speakers who will cover topical issues affecting the industry, including trust and ethics, professionalism, community, employment, health, as well as the industry’s resilience in the backdrop of a hard market and a climate-impacted environment.

Andrew Klein returns as emcee this year, having previously taken the MC mantle at NIBA’s 2012 Convention, which celebrated 30 years of NIBA. HAPPY HOUR 5.00PM – 6.00PM Join us at the Establishment Rooms II and III for an hour of networking with industry colleagues.

CELEBRATION DINNER 6.30PM – 11.00PM To be held in the spectacular Ivy Ballroom and with catering provided by Merivale, the Celebration Dinner is the setting for a night of celebrations. Join us 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 Warren Tickle Young Broker of the Year award, sponsored by Vero. Both awards celebrate and recognise the achievements of the very best brokers across the country.

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

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

ABOUT ANDREW KLEIN Andrew is highly regarded as one of Australia’s leading professional conference MCs. He is also a trainer and writer, working on conferences around the AsiaPacific region, as well as the US and South Africa, back when overseas travel was allowed. Since March 2020, he has worked from his home office or local studios.

Formerly a corporate lawyer, Andrew quit the law in the late 1990s before starting up his own business as a corporate trainer and speaker.

As an MC, Andrew brings his casual yet corporate style to proceedings and is well-known on the conference circuit for his revealing speaker introductions, his improvisational skills and his ability to adapt to different audiences.

Having spent the past few years hosting a wide variety of conferences and events online, he is also very comfortable with saying that he is ‘virtually an MC’.

Apart from emceeing, Andrew also runs workshops and keynotes on presentation skills and pitching for business.

His clients include BT, QBE, Westpac, Aon, Dymocks, McDonalds, NSW Health, KPMG, Austbrokers, MLC, CPA (Australia) Auto One… and his mother-in-law’s bridge club.

BOOK YOUR EARLY BIRD PROGRAM TICKETS BEFORE THEY RUN OUT To keep up to date on the latest Summit event details, and to book your tickets, scan the QR code.

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

NIBA.COM.AU / 17

NEWS / Industry Bulletin

FORMER NIBA CEO DALLAS BOOTH PRESENTED WITH WFII OUTSTANDING ACHIEVEMENT AWARD

O

n 13 and 14 June 2022, after two years of virtual meetings, the World Federation of Insurance Intermediaries (WFII) World Council meeting took place in Amsterdam. The World Council (WOC) is the governing body of WFII, representing professional insurance agents and brokers from five regional Chapters: North America, Latin America, Asia/Pacific Rim, Africa and Europe.

During this annual WOC meeting, 40 representatives from national associations of insurances intermediaries from around the world discussed regulatory developments and the work of international regulatory and standard setting institutions, such as the International Association of Insurance Supervisors (IAIS), the UN and the OECD Insurance

and Private Pensions Committee, in relation to insurance intermediation.

This year, there was special focus on the state of the insurance markets around the globe, climate change, inclusion and diversity. Participants also exchanged information on how the changing economic environment, digitalisation and changing customer expectations have an influence on the intermediation activity globally.

The Australian delegation was led

by NIBA President Dianne Phelan, and included NIBA Past President Eric Harris and NIBA Chief Executive Officer Philip Kewin. The delegation was supported by former NIBA CEO Dallas Booth.

On this occasion, Dallas was awarded the WFII Outstanding Achievement Award in recognition of his dedication,

innovation, diligence and astute diplomacy in the international area of insurance intermediation.

Dallas has been an active participant in WFII for many years and has stimulated significant progress in the areas vital to the development of the insurance intermediation sector at a global level.

“It was a surprise and a very great honour to receive this award,” Booth said.

“WFII plays an important role in representing insurance brokers and intermediaries at international bodies such as IAIS and the OECD, and it has been a privilege to play a part in this work in recent years. Australia (and NIBA) is highly regarded in this work, and I am honoured to see our contribution recognised in this way.”

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

18 / INSURANCE ADVISER JULY 2022

NEWS / Industry Bulletin

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

NIBA.COM.AU / 15

PROFESSIONALISM / Building Resilience in the Workplace

BUILDING RESILIENCE IN THE WORKPLACE

In corporate Australia, a significant emphasis is often placed on talent. As we head into a season of celebrating and recognising the achievements of the nation’s best brokers, it is important to remember that their successes are not solely driven by talent or skill.

In truth, resilience is often the key determiner of success, and it is a trait that all professionals in insurance broking can learn to exemplify.

WHAT IS SO IMPORTANT ABOUT BUILDING RESILIENCE?

Resilience is defined as perseverance and passion for a long-time goal, in spite of adversity.

In the 1940s, Stanford University ran a study, where they asked 100 college sophomores to run on a treadmill.

The study observed the students who persevered through the tough incline and speed of the treadmill, versus those who gave up quickly. They found that the students who lasted the longest were not the fittest or most athletic members of the group, but that they simply had the most ‘grit’.

Stanford subsequently ran a longitudinal study for the next 60 years on the same group of students and found that the very people who lasted the longest on the treadmill were ultimately more successful and adaptive in life.

The study found that talent and physical prowess were not the key factors determining long-term success. Rather, the best predictor of success was resilience.

What’s great to know about grit, or resilience, is that it is a learned behaviour that any individual can work on and develop throughout their lives.

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THE FOUR KEY DRIVERS OF RESILIENCE

1. Interest in the workplace It may seem very obvious that interest in the workplace drives resilience, but according to Gallup’s State of the Global Workplace 2022 Report, in 2021, just 17 per cent of workers in Australia and New Zealand were reported to be engaged at work – a three percentage point drop from 2020.

17%

of workers in Australia and New Zealand reported that they were engaged at work in 2021

60%

of workers worldwide reported that they were emotionally detached from work

19%

of workers reported that they were miserable at work

BY JAMES ‘CAS’ CASTRISSION

Australian adventurer and author

Across the world, Gallup also found that 60 per cent of workers were emotionally detached from work, and a further 19 per cent were ‘miserable’ at work.

To breed a culture of resilience, it’s important for broker leaders to first start by driving engagement at work.

2. The philosophy of practice Rather than focusing on the end goal, being resilient is a commitment to lifelong learning and continual development and improvement.

Brokers who focus solely on an end goal will either feel as if they are winning or they’re not.

In contrast, brokers who can constantly set themselves goals, track their progress and reward themselves along the way will always have something to work towards.

This isn’t about driving huge leaps of improvement - every day, focus instead on being just one per cent better than the day before.

For brokers in leadership positions, consider how to consistently reward your team and celebrate the little victories as a way to constantly encourage your team to improve.

PROFESSIONALISM / Building Resilience in the Workplace

3. Connecting to a higher purpose Imagine that there are three bricklayers laying bricks in front of you. Upon approaching, you ask each bricklayer what they are doing.

The first bricklayer says to you, “I’m laying bricks.” They see only the task ahead.

The second bricklayer says, “I’m building a church.” This bricklayer views their task as a career.

Then finally, the third bricklayer replies, “I’m building a house of God.” When a much more difficult project arises, there is no question that the third bricklayer, who sees a deeper meaning behind their job, is the one most likely to push through and deliver on the project.

The same analogy also applies to brokers.

You can either think “I’m working for a big brokerage”, or “I’m helping people when they’re most in need.”

This is where leaders can make a real difference to their teams. The role of a leader is to connect individuals in their organisations to a higher purpose, so they can understand the bigger impact their day-to-day role has.

This purpose is what will inspire others in the workplace to work with passion and determination throughout challenging times.

ABOUT JAMES ‘CAS’ CASTRISSION OPTIMIST: “I managed my time poorly on this project” = a temporary setback

PESSIMIST: “I’m not good at managing my time” = a permanent issue

4. Embodying optimism The final driver of resilience is an individual’s ability to embody a positive mindset. When presented with a challenge or obstacle, an optimist is likely to see it as a specific, contained problem that they can deal with and move on.

A pessimist will often see the same obstacle as permanent and pervasive, and thus allow the problem to take over everything in their lives.

Being resilient is the ability to understand that there is going to be adversity in the road ahead for any long-term goal, but to view these setbacks as temporary and make a commitment not to give up.

While the past few years have been challenging for brokers, it’s important to view each challenge as an obstacle that can be overcome, and to always look for the solution for clients.

Cas started his career working at a chartered accounting firm in management consultancy and assurance. While he loved his job, Cas had a deep passion for life and yearned for adventure.

In 2008, Cas and his best friend Jonesy made history by becoming the first kayakers to paddle 3,318km across the Tasman Sea without any assistance.

In 2012, the duo completed the longest unsupported polar expedition of all time, completing the first return journey from the coast of Antarctica to the South Pole and back without assistance.

After achieving Guinness World Records for both accomplishments, Cas went on to found MyAdventure Group and become a keynote speaker and corporate leadership coach.

Interested in having Cas present at your next event? Book an obligation-free call with Cas at www.myadventuregroup.com.au

NIBA.COM.AU / 21

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

Meet the state finalists of the 2022 Broker of the Year awards

22 / INSURANCE ADVISER JULY 2022

The Broker of the Year Awards are proudly sponsored by QBE

MEET THE BROKERS LEADING THE INSURANCE BROKING INDUSTRY. The 2022 Broker of the Year Award, sponsored by QBE, celebrates the professional excellence and integrity of passionate brokers who are leading the insurance broking industry forward.

Award finalists from four states and territories share their journeys into insurance broking, their passion for the industry and the valuable lessons they have learnt along the way.

INTERVIEWS BY AMY CAI

Meet the finalists for the Vic/Tas, WA, Qld and NSW/ACT 2022 Broker of the Year awards.

The winner of the SA/NT 2022 Broker of the Year award will be announced at the NIBA SA Gala Lunch on Friday 22 July.

NIBA.COM.AU / 23

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

Victorian/ Tasmanian Award Winner and Finalists

Daniel Quintin

Funnily enough, I still have the meeting notes taken by my careers guidance officer from that day, with ‘insurance broker’ written on it!

How did you get started in the insurance broking industry?

Over 24 years ago, when I was still a high school student in England, I sat down with my careers guidance officer to discuss what I wanted my career to look like after leaving school. I told him that I liked the idea of working in London, in an office environment where I could wear a suit. As an example of a possible career path, he put down ‘insurance broker’.

That conversation ended up being incredibly serendipitous – the following year, I moved to Essex on the outskirts of London to work as a broker and began my lengthy career in the insurance broking profession.

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

With a high degree of confidence, the future of the insurance broking profession remains bright. I actively encourage anyone to consider a career in this field.

We should embrace enhanced analytics, AI, science and technology and to help better shape, guide and inform both the insureds and insurers. Those that are open to and can embrace change will do well.

Young brokers need to be curious. They may not realise at first but over time, if they learn, study, ask questions and understand people’s demands and needs, they can have a great career.

WINNER OF THE VIC/TAS BROKER OF THE YEAR AWARD

Senior Account Executive, Gallagher

24 / INSURANCE ADVISER JULY 2022

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

Being a finalist validates all the work and dedication I put in, not only for my clients, but to the industry as a whole.

As a financial service provider, I’m across the significant change, regulation and market forces that impact my panel of insurers, and my clients.

I like to better understand the changing landscape, this enables me to upskill and act accordingly. NIBA have been instrumental in this process, the work they undertake, the advocacy they provide, really helps demonstrate to the wider community the value that we all provide as brokers.

As a trusted advisor to my clients, I know that they take comfort in the continuity and stability that I provide them, even when I’m tasked with explaining matters to them that have significant implications to their own insurance programs.

The Broker of the Year Awards are proudly sponsored by QBE

Andrea Porte

Matthew Schinck

How did you get started in the insurance broking industry?

I came to broking after working as a Loss Adjustor, where I saw first-hand the positive impact an informed, well-structured program can have on clients after a significant loss. I also saw the reality of inferior policies and the consequences that followed. Seeing these very different scenarios play out in real life really piqued my interest, and I realised I was in a position where I could contribute in a really positive way to my community.

My entry to the industry itself was somewhat accidental.

I took a job at the local CGU office as a 19 year old, thinking I would use the opportunity to figure out what I wanted to do.

I may have fallen into the industry, but I am infinitely happy that I did.

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

Empathy. Always operate with the client’s best interests at heart and empathise with their position. As an industry, we have a tendency to drown clients in jargon that makes a great deal of sense to us, but not to them. Over the last market cycle, there has been an increasing level of detail required for insurers to determine a response. It can be quite overwhelming for a client to collate that level of data, only to receive an increase in rate and deductible and a reduction in cover.

Clients also often assume that investing in risk mitigation will mean a reduction in insurance costs, however that is not always the case. As such, our ability as brokers to articulate the reasons behind these requirements, whilst having empathy for the difficulties created by this process, is vitally important. It also allows for better client advocacy when negotiating terms on behalf of clients. We are a client delivery industry, and this must remain at the forefront of everything we do.

Client Manager, Aon

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

The insurance industry is ever-evolving. I have no doubt that we shall see new and innovative products for risks that have not yet emerged. I think that the role of an insurance broker will expand to all aspects of risk management, not just insurance.

I encourage young brokers to look out for opportunities to facilitate this, to seek mentoring, and to be unafraid to explore with a fresh perspective and consider new ideas.

What inspires you the most about the insurance broking profession?

A good broker educates and empowers their clients. Their role is not just transactional, it’s one of a trusted adviser. The people I meet and connect with, and the meaningful advice I provide, can have a real impact on how an organisation operates and how they understand risk. Put simply, I can use my skills to help people, and support my community in a tangible way.

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

As brokers, we use data-driven assessments to help our clients be informed and make better decisions, and this provides us a strong position to advocate for our clients. We continually strive to understand our clients’ needs and all aspects of their business to ensure we are best representing them and placing appropriate covers on their behalf.

Head of Placement – National, Aon

What inspires you the most about the insurance broking profession?

I’m inspired most by the ability of brokers to engage with an incredible array of industries. An average day can consist of dealing with anyone between a ‘mum and dad’ business and the CEO of a multinational corporate entity, where the only thing they hold in common is the products we place. It’s an amazingly diverse industry supporting an equally diverse client base – something not enough up-and-coming young professionals know about!

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

It’s incredibly humbling to become a finalist of the Vic/Tas 2022 Broker of the Year award. At 23 years old, I fell into insurance with no idea what I really wanted to do. Over the years, the industry has been incredibly kind to me. Being a finalist provides me with the platform to pay forward the support, guidance and education I’ve received during my 19 years in the industry. I’m fiercely proud of the way I do my job and the purpose we all serve, and I want to instil that passion in as many colleagues, industry-wide, as I can.

NIBA.COM.AU / 25

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

Western Australia Finalists

Sumit Sopori

Managing Director, Imperium Insurance & Financial Solutions How did you get started in the insurance broking industry?

After working with one of the major insurers for over four years in sales and commercial claims management, I was presented with an opportunity to work with one of the internationals. I jumped at the chance, as I’d always wanted to learn and experience the client’s side of the business and offer them solutions to manage and mitigate their risks. From there, I worked with various brokers before starting my own business in 2016. Being a business owner has been challenging and rewarding, especially starting with no client base. There have been times things haven’t gone according to the plan – COVID-19 is a classic example – however, with persistence and resilience, we’ve been able to weather the tough times.

I’m forever thankful to my family, staff and clients for their ongoing support, and for always motivating me to do better.

Through my business, I have been able to provide my clients the same level of exceptional customer service as what I had done prior. It gives me immense satisfaction to see a client’s businesses get back on track following a claim.

What inspires you the most about the insurance broking profession?

For a lot of people, the words ‘insurance broking’ might bring up the image of a boring office worker, or a salesman that sells policies which aren’t required. Being able to break this myth and make insurance simple for my clients is what inspires me the most. A career in insurance broking includes meaningful work and community involvement. At its roots, the industry is about protecting the members of a community. There are plenty of career opportunities and an individual can develop a broad skillset, whilst dealing with a diverse range of customers from different cultural backgrounds.

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

I am honoured and humbled to be a finalist of the WA 2022 Broker of the Year award. To me, it is a recognition of my hard work and the consistent effort that my team and I have put towards our clients. It is an honour to contribute towards the industry and work alongside like-minded professionals.

26 / INSURANCE ADVISER JULY 2022

Derek Ford

Director, FordSure Pty Ltd How did you get started in the insurance broking industry?

Most kids decide they either want to follow in their parents’ footsteps, or they definitely don’t want to. I was of the latter mindset. My dad had worked in insurance for 40 years and I had never thought much of his profession growing up – even though he was probably doing amazing work.

Unfortunately, I left university during a recession in the UK. I sent out multiple job applications and the only one to reply was the underwriter my dad worked for – so by accident, I fell into insurance. At the time, I didn’t understand the magnitude of impact that insurance has on everything.

I certainly didn’t ever think that it would be a profession I would become very passionate about.

In 2000, I relocated to Perth and made the switch to the broker side. I have stayed in insurance broking ever since.

Funnily enough, I now have four children, two of whom also work in insurance!

What inspires you the most about the insurance broking profession? ` There are so many things you simply can’t do legally without insurance. You can’t drive a car, or build a road, or fly an airplane, or build a building. The scope and breadth of insurance is what makes this such an amazing occupation.

On the general broking side, you have to be a master of all trades with an understanding of what various businesses do.

I absolutely love it and find it so fascinating. It inspires me that I’m able to do something of value and have such a broad impact across various industries.

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

This award isn’t just about me – it’s a celebration on the industry, and a culmination of hard work from so many individuals. I hope that by becoming a finalist of the WA Broker of the Year award, I can use my voice to celebrate the award, not just within the industry but outside of it as well.

The awards are a fantastic opportunity for us to show off the broking industry to the rest of the country. They allow those outside of broking to see just what makes our profession so rewarding and so valuable to society.

The Broker of the Year Awards are proudly sponsored by QBE

Jade Lyons

Frans du Plessis

How did you get started in the insurance broking industry?

I started my career fresh out of high school, as a receptionist at a local insurance company. It didn’t take long before I discovered that insurance really motivated me, and I decided to pursue a career in the industry. I strongly believed that doing something I loved would lead to a successful career.

In 2019, I decided to take the next step and exponentially develop my career by starting my own insurance brokerage and going out into the market as an authorised representative. Then, in 2021, I decided to back myself and put my name on the door, creating JL Insurance Brokers.

I am proud of my career and my achievements so far. My grit and strength of character drove me to never give up on my dreams throughout the 19 years in my career in insurance.

Without these vital qualities, I wouldn’t be where I am today.

How did you get started in the insurance broking industry?

My career in insurance began while I was studying law in South Africa. Needing to pay my university fees, I started working part-time as a junior broker. Eventually, university became so expensive I decided to turn broking into my full-time career. In 2008, I immigrated to Australia and after 16 years in broking, I decided to change career paths and own a few clothing stores instead. I soon realised working in retail was not for me. Tending to a shop every day from nine to five felt like being stuck in a jail with an open cell door, performing the same tasks over and over. In insurance, there are so many challenges constantly presenting themselves, so many different people to engage with, and you never know what tomorrow may bring. So, I decided to get back into insurance. I worked for an insurer for two years, before moving to a premium funder. Unfortunately, after seven months, I was made redundant along with 50% of the company. Being forced to find a new job, I eventually decided to start my own brokerage, Grace Insurance.

Director, JL Insurance Brokers

What inspires you the most about the insurance broking profession?

I really enjoy helping my clients by taking the complexities out of arranging and understanding insurance. The appreciation I receive from them makes the hard work I put in all worth it.

Throughout my career, I have surrounded myself with incredible mentors – these people inspire and motivate me to reach for my goals and push myself to my full potential.

Watching my staff learn and grow with my guidance and support is truly the most rewarding experience.

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

The WA 2022 Broker of the Year Award has provided a platform for me to share my success story as a female role model.

Through being a finalist for this award, I hope to motivate other professionals to strive towards their goals, and to support and mentor others within the industry. I am very passionate about mentoring and collaborating with other women to help them build confidence and achieve their own success. I believe that this is instrumental to me achieving my own success, and it furthermore sets an example for my daughter, showing her that anything is possible when you apply yourself.

Director, Grace Insurance

What inspires you the most about the insurance broking profession?

Insurance broking has a very high standard for professionalism in Australia. It’s fantastic that brokers continue to uphold these standards every year. I’m inspired by organisations like NIBA, which play a vital role in setting the standard for professionalism in our industry. To me, professionalism means treating clients with respect, and it is crucial in driving trust so that clients are comfortable disclosing confidential information about their business.

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

Becoming a finalist of the WA 2022 Broker of the Year award proves to me that I am on the right career path. It also means so much to my business, giving me an uplift in recognition across new markets that I’m hoping to expand my business to. I also hope that this award will allow the younger generation to be inspired by the recognition and achievements of others, to see the opportunities in this industry, and to strive for excellence as well.

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

NIBA.COM.AU / 27

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

Queensland Finalists

Vanessa Hilton Team Leader, Aon

Can you share with us a story on the biggest challenge you’ve had to face in insurance broking, and how you overcame this?

One of the biggest challenges I have faced was when I moved from Canberra to Brisbane within Aon. The Canberra office had roughly 20 people and I had been there for nine years, so I knew everyone. In comparison, the Brisbane office has approximately 120 people working across all segments within Aon. I had left my family, friends and clients behind and essentially had to ‘start again’.

In 2019, I made it my goal for the year to build relationships within the office with as many people as I could – and I did this by introducing myself to two new people every single week.

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

The most important lesson I have learned so far is to be kind. No matter who you are talking to, whether it be a client, colleague, insurer or assessor, you should always be kind.

Too often, people focus their attention on those with the right title or those they think are better to know.

The reality is that if you treat everyone with respect, you will get it back.

I learnt this at the start of my working life, and it is something I am passionate about and promote within my team.

The last few years with COVID-19 have been challenging for everyone, and this has resonated with me in every interaction I have had, both in my day-to-day role and in my personal life.

You never know what other people are going through, so just be kind.

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

I am so honoured to have been one of the three finalists for the Queensland 2022 Broker of the Year award.

This award is a recognition of the commitment I have shown to my clients over the last 20 years and also the passion and integrity that I display every day.

I hope that by becoming a finalist, I inspire others within the insurance broking industry to be the best that they can be each and every day.

28 / INSURANCE ADVISER JULY 2022

Rebecca Gilbert

Divisional Insurance Manager – North Queensland, Nutrien Ag Solutions How did you get started in the insurance broking industry?

My insurance broking career started in 2002 working for a local broking firm based in Townsville, after completing a traineeship program at the tender age of 17.

Over the years, I have had the privilege of gaining exposure across all lines of general insurance, which has enabled me to flourish into a senior insurance professional.

In 2016, I commenced working for Nutrien Ag Solutions Insurance and am now the Divisional Insurance Manager of North Queensland, managing 12 staff across five branches.

I am very proud to have been in the insurance broking industry for over 20 years now.

From these work experiences, I continue to provide mentoring and leadership programs for brokers in my division to ensure continued succession of brokers in our industry.

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

The role of an insurance broker is vital in creating a positive impact to our communities.

It can’t be underestimated how significant it is to be there to support clients through thick and thin, and help them navigate through challenging events, such as catastrophes or the effects of COVID. As a broker, I have learnt that we play a vital role in listening to our customers,

The Broker of the Year Awards are proudly sponsored by QBE

Sally Coulton Account Director – Property and Casualty, WTW

helping them rebuild and creating a positive experience from their loss or damage to their insured assets.

In my hometown, I saw firsthand the devastation that flooding can bring with the 2019 Townsville floods. Being there with clients and the community from day one cleaning, organising accommodation and simply listening to their needs is an event that I will never forget. It has shaped me into the insurance professional I am today and I am committed to ensuring that I can continue to contribute to the community in this way.

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

I feel very privileged to be named as a finalist for the Queensland 2022 Broker of the Year award. Being a finalist provides recognition of my 20-year contribution to the industry and the achievements throughout those years.

The award is also meaningful because it recognises the important role that brokers have. I am immensely passionate about my customers, colleagues and the insurance industry and have a lifelong ambition to continue to be a contributing member.

To be a finalist in Queensland for this award is very exciting and is certainly the highlight of my career.

How did you get started in the insurance broking industry?

My father was an insurance broker and I saw firsthand the wonderful career he had and the relationships he had made along the way. During my university studies, I worked part-time in the mail room and reception at Sedgwick MacDermott where he was the Chief Executive Officer. Through this work and my father’s experiences, I was exposed to the industry and saw the possibility of an exciting career in broking.

After graduating from university, I commenced my career as an Account Executive at Glencairn MacDermott and worked my way up to more senior broking positions. Today, I am an Account Director and team leader in the Corporate Risk and Broking division of the Queensland office of WTW. I have had incredible opportunities to work with large, complex clients from a range of industries. The diversity of clients in my portfolio has always kept my role interesting and engaging.

I have also been fortunate to have had the opportunity to travel overseas with clients to visit their operations or present to overseas markets.

These experiences have allowed me to thoroughly enjoy my journey as an insurance broker over the past 20 years.

What inspires you the most about the insurance broking profession?

Supporting our clients. We work with client to understand their business, work through their risk exposures and advise them on risk transfer solutions.

These solutions enable our clients to continue with their operations following an adverse event, and that is a rewarding experience to be a part of.

Our industry is constantly changing and being able to adapt and advise clients, so that they are protected and make informed decisions, makes it both a rewarding and challenging profession. I also enjoy working with my colleagues and carrying out my people management responsibilities, encouraging new brokers to progress in this profession.

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

The insurance broking profession is rewarding and interesting and I enjoy being a part of the industry, working with clients to achieve their risk transfer requirements. I feel humbled to be recognised and privileged to be nominated to represent Queensland for this prestigious national industry award.

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

NIBA.COM.AU / 29

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

Shane Thaw Managing Director, Intuitive Insurance Solutions How did you get started in the insurance broking insurance?

After finishing my HSC in 2001, I decided to spend a gap year in Europe.

Needing money to pay for the airfare, I applied for a junior broking position I found in a local newspaper.

I was offered the role and immediately fell in love with the work. I’ve been involved in and fascinated by the industry ever since.

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

With a push towards digital transformation of the insurance process and commoditisation of products, I think there will be a greater emphasis on the value-add brokers provide to the insurance transaction.

I think young brokers need to recognise and confidently communicate the role of the broker; that we don’t “sell” insurance, but we are a trusted adviser who can assist our clients to identify the risks they face, which risks can be transferred to insurance, and advocate to achieve the best possible outcome (both in negotiating terms of cover and claim outcomes).

What inspires you the most about the insurance broking profession?

The challenge of finding solutions for emerging industries, or seeking to create new solutions where none exist, is extremely motivating.

It is also inspiring to work with companies that are developing cutting edge technologies.

With the support of the insurance market, these companies know they are protected from unprecedented events and can confidently innovate, bringing new products and services to market.

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

I am passionate about delivering superior outcomes for my clients, and try my utmost to remove ambiguity, establishing a clear understanding between insured and insurer.

To have my hard work and dedication recognised by my industry peers gives me immense gratitude, and I’m proud of the positive affirmation being a finalist provides.

30 / INSURANCE ADVISER JULY 2022

Nicholas Bedggood Director, Citadel Insurance Services Pty Ltd

How did you get started in the insurance broking industry?

I had an epiphany moment while speaking to a friend who was an insurance broker and doing very well for himself.

After working as a boat broker for more than 20 years, it suddenly hit me that everyone needs insurance – but not everyone needs a boat.

I approached a broker from whom I’d previously purchased insurance, and he gave me my start.

Two years later, after learning everything from great mentors at the firm, I decided to start my own business.

It was daunting stepping away from my comfort zone.

Thankfully, I met so many people who said, “Nick, if you have any questions, just call me” – and some of them were competitors.

I found it very promising how everyone in the industry helps each other.

In the boating industry, everyone hates each other!

I felt incredibly supported, so I picked up the phone and just got on with it.

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

This is an industry where the fundamentals have and will ultimately stay the same.

Hard work won’t change. If you put in an under-cooked submission and

The Broker of the Year Awards are proudly sponsored by QBE

Sarah Worpole Placement Director – Property, Aon

quote it to an underwriter, they will spit it back out.

Whereas if you spend time in submitting a proper submission, you’ll get the result.

Relationships also won’t change, ever!

My biggest advice for young brokers: if you don’t get a response, don’t send the second email – pick up the phone.

Access to underwriting platforms through technology may have made our roles more efficient, but young brokers still need to learn how to build relationships.

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

Becoming a finalist of the NSW/ACT 2022 Broker of the Year award just means that it’s all been worth it.

The past few years have been extremely tough, not just for me.

I’ve had to deal with clients being very upset and emotional on the other end of the phone, I’ve dealt with people about to lose their business.

I’ve lost count of the number of people I’ve talked back off the wall from getting rid of their insurance.

To be recognised as a finalist is a real pat in the back, and it means all of the hours I’ve put in has been worth it.

I don’t often give myself a rap, but I’m going to take this and enjoy it.

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

The world is more volatile than ever before. We are facing increased global challenges economically, environmentally, demographically, and geopolitically. These dynamics create unique opportunity but also unprecedented demand on our industry.

Over the past 10 years, natural disasters have caused damage averaging more than $160 billion a year globally with only 37% of it being insured. In Australia, the nation’s protection gap was at just 43% in 2021.

Young brokers need to be inquisitive about the ways we can address ever-changing client needs. We need to be willing to share our ideas and encourage more collaboration and innovative thinking.

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

It is crucial for me to continue developing my knowledge and professional skills, in addition to encouraging and assisting others to do the same.

Insurance is diverse and offers so many opportunities to learn. I specialise in certain areas and rely on the expertise of my colleagues for others. By working collectively and with integrity, I believe that we can achieve better results and create an environment that encourages growth and stability.

I am passionate about reinvesting into others what I have received from colleagues, managers and mentors. We should work collaboratively as an industry to attract new talent and foster existing talent. I am currently mentoring a promising young professional in the Aon graduate scheme. I’m grateful to be part of her journey and excited to see her career progress.

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

It is a great privilege to be part of such a dynamic, professional practice and to be nominated to represent NSW and ACT for such a prestigious, reputable award fills me with a great sense of honour. To be a finalist provides me the opportunity to demonstrate some of the key attributes of the insurance broking profession, and share insights on what I personally bring to the broking community. I strive to inspire others in the industry to pursue or develop their own career with a sense of professionalism, integrity, respect and community spirit.

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

NIBA.COM.AU / 31

FEATURE / Marine Cargo Insurance

32 / INSURANCE ADVISER JULY 2022

Changing course Logistics globally continues to be subject to major turmoil, significantly impacting cargo – and making changes to delivery routes and supply chains without the correct consultation can pile on the pressure.

BY MARTIN WANLESS NIBA.COM.AU / 33

FEATURE / Marine Cargo Insurance

I

t’ll come as no surprise to anyone reading this – regardless of whether you’re directly involved in the sector or not – that marine insurance has been enduring some, let’s just say, stormy times.

COVID-19 induced supply chain issues have made global headlines – and still continue to cause significant delays and problems – while the war in Ukraine

and the tensions between China and Australia have certainly highlighted that this area of insurance requires careful handling.

“Tensions from both events are exacerbating the significant supply issues already faced by shippers of cargo by sea over the last couple of years,” says James Butchart, Head of Marine at Zurich.

“INCREASED FREIGHT COSTS, LONG TRANSIT DELAYS AND PORT CONGESTION HAVE SUBSTANTIALLY INCREASED THE COST OF BUSINESS AND COMMERCIAL RISK FOR THE GLOBAL MOVEMENT OF MARINE CARGO.” – JAMES BUTCHART, HEAD OF MARINE, ZURICH

“Increased freight costs, long transit delays and port congestion have substantially increased the cost of business and commercial risk for the global movement of marine cargo.”

While Australia’s trade with Ukraine is limited, the current situation has seen insurers move quickly to introduce broad restrictions. “​We’re seeing a lot more focus on restrictions and restrictive language for cargo policies in that part of the world,” says Daniel Morrison, Acting Head of Marine at NTI. “In the past, when a conflict arose, insurers and reinsurers would withdraw war risks cover or strike risks cover only.

But now with what’s going on in Ukraine, we’re seeing much broader exclusionary language being applied to policies restricting all cover for cargo, from or to that part of the world. Lack of insurance cover could

KEEPING TRACK WITH TECHNOLOGY Technology is increasingly playing a part in keeping track of not only the whereabouts of cargo, but also its environment and condition. And this information can be of significant benefit in the event of a claim.

Daniel Morrison, Acting Head of Marine at NTI, says, “Shipping and logistics is really coming into the 21st century, and there’s a lot of digitisation in the industry and investment in technology.

“We’re talking more and more with customers about container monitoring and tracking technology – some of them are geolocators, others monitor all sorts of things, including temperature and impact.

“Having this information, and understanding the supply chain and the conditions the goods are experiencing through the voyage, is hugely beneficial from an insurance perspective, and can be of great assistance in the event of a claim. It can also help us provide a more accurate insurance policy too, as we have a greater understanding of the supply chain and the reality of the journey.”

34 / INSURANCE ADVISER JULY 2022

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NIBA.COM.AU / 35

FEATURE / Marine Cargo Insurance

mean customers need to find alternate import/export markets, or trade routes or ship goods without insurance protection.”

This just illustrates the importance of reviewing a client’s supply chain operation to ensure that coverage is still valid, should something in the supply chain have changed.

For example, if goods are being offloaded at a port and moved by road to avoid delays, or if they are being transported by a different method, it’s vitally important to ensure that the insurance policy is still valid. Policies will often include a number of exclusions, including transport through certain countries, which underlines the importance of reviewing your clients’ logistical operations today, in line with their cover.

“WITH WHAT’S GOING ON IN UKRAINE, WE’RE SEEING MUCH BROADER EXCLUSIONARY LANGUAGE BEING APPLIED TO POLICIES RESTRICTING ALL COVER FOR CARGO, FROM OR TO THAT PART OF THE WORLD.” – DANIEL MORRISON, ACTING HEAD OF MARINE, NTI

36 / INSURANCE ADVISER JULY 2022

TIPS FOR A SMOOTH CLAIMS PROCESS James Butchart, Head of Marine at Zurich, says that given the supply chain capacity issues being experienced, a claims trend being presented is that of goods getting lost – this includes the loss of entire pallets, and not just small packaged boxes.

He advises the following: “Our simple and practical suggestion is that clients take photos of the packaged parcels or pallets prior to shipment to assist airlines and carriers in locating their goods.

This is a key piece of information that transport operators use to try and locate lost items, and tracking numbers unfortunately become less relevant in those scenarios.”

Safe transit with the masters in marine.

Zurich’s expert marine team has over 300 years of combined experience across marine liability, logistics and cargo insurance.

For tailored marine insurance solutions no matter how complex, talk to the experts at Zurich.

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Zurich Insurance.

For businesses great and small.

This information is general advice only and does not take into account your objectives, financial situations or needs. You should obtain and consider the relevant Product Disclosure Statement and Policy Wording (as applicable) from zurich.com.au before making a decision. A Target Market Determination is available at zurich.com.au/GI-TMDs. The issuer of general insurance products is Zurich Australian Insurance Limited (ZAIL), ABN 13 000 296 640, AFS Licence Number 232507 of 118 Mount Street, North Sydney NSW 2060. ZU23774 V3 06/22 - LEWG-017741-2021

NIBA.COM.AU / 37

FEATURE / Marine Cargo Insurance

DELAYS, DELAYS, DELAYS

Of course, one of the major problems over recent years has been the delay of goods as ports struggle with a backlog of containers, and subsequently the industry has a shortage of containers to contend with, too.

“We have seen a knock-on effect around the world throughout the pandemic. In fact, in June 2021, it was estimated that there was a record total of 300 freighters waiting to enter overcrowded ports,” says Steve Amey, Head of Distribution at AM&T, a company of Allianz.

“This in turn means that container ships are spending more time waiting for port berths, and it has been reported that these wait times have doubled since 2019.”

Amey says another important area to consider when talking about delayed shipping and its knock-on effect is refrigerated cargo, and temperature and time-sensitive cargo.

“With shipping times being critical in some instances for certain products, and with these documented changes in berth wait times increasing, there now needs to be more consideration around the possibility of a reduced shelf-life for certain goods and/or spoilage exposures due to the extended periods for journeys.

“THERE NOW NEEDS TO BE MORE CONSIDERATION AROUND THE POSSIBILITY OF A REDUCED SHELF-LIFE FOR CERTAIN GOODS AND/OR SPOILAGE EXPOSURES DUE TO THE EXTENDED PERIODS FOR JOURNEYS.” – STEVE AMEY, HEAD OF DISTRIBUTION, AM&T

38 / INSURANCE ADVISER JULY 2022

“Further thought should be given around alternative modes of transport in these cases, with shipping by air to assist in reducing travel times being considered as an appropriate alternative in certain situations.”

Which, once again, brings the conversation back around to ensuring that clients have the right cover for their journeys today – rather than six or 12 months ago.

And this will also include valuations – easy to overlook, perhaps, but with the rising costs of just about everything today, it’s one area you simply can’t afford to not focus on.

“One of the larger impacts to marine cargo insurance is likely to be via the dramatically increased freight costs,” says Butchart. “As these are often included in the basis of valuation for lost or damaged goods, the resulting claims inflation is likely to lead to higher loss costs for insurers and increased premium requirements to support these inflated costs.”

It’s certainly a turbulent time out there on the ocean waves – or on roads, and in the skies – but by having proactive conversations with clients about changes to their supply chain and the value of their goods, those challenges can certainly be smoothed out – but probably not eradicated altogether.

A LOCAL FOCUS Local cover for financial loss that isn’t caused by an insured peril could be an interesting avenue for insurers to explore, believes Steve Amey, Head of Distribution at AM&T. And, while it would be a major challenge, it could be one worth tackling.

“It would be difficult to price, really test utmost good faith and cause some headaches in the claims department, but I think it is wanted locally for road transport operators who get a lot of pressure from the big supermarkets – particularly when they haven’t actually done anything wrong,” he says.

“Warehousing and the care, custody and control of third party goods are also adjuncts to this, particularly in a La Niña environment. In a similar territory are losses that can’t be substantiated, or aren’t covered by standard clauses or even a move to international Plain English wordings for overseas cargo.”

NIBA.COM.AU / 39

FEATURE / Financial Lines

Financial Lines ball back in insurers’ court With the D&O and management liability market becoming more stable and consistent, the onus is on insurers to keep pace with inflation.

BY MARTIN WANLESS

40 / INSURANCE ADVISER JULY 2022

NIBA.COM.AU / 41

FEATURE / Financial Lines

O

ver the past two or three years, directors and officers (D&O) and management liability insurance have seen significant increases in rates, tightening terms and reduced capacity.

In recent months, however, that has begun to stabilise. Some green shoots of recovery have been seen in the London market, which hopefully spells good news for brokers and clients alike.

“From a client perspective, the challenges have dissipated quite a lot,” says Christian Garling, Managing Director of FTA Insurance.

“The challenge that is now rising from the insurer side of things is to keep pace with inflation.

“Those premiums will have to keep nudging up and not just rolling over because all the costs that go into D&O insurance will be rising.

“Claims costs will be rising, solicitor fees will be rising, rents will be rising, and salaries will be rising, too.

“I think the insured will be okay with inflationary increases and premiums going up by a few percentage points, year on year – boards would be happy with that, because they can budget for it.”

42 / INSURANCE ADVISER JULY 2022

“I THINK THE INSURED WILL BE OKAY WITH INFLATIONARY INCREASES AND PREMIUMS GOING UP BY A FEW PERCENTAGE POINTS, YEAR ON YEAR –BOARDS WOULD BE HAPPY WITH THAT, BECAUSE THEY CAN BUDGET FOR IT.” – CHRISTIAN GARLING, MANAGING DIRECTOR, FTA INSURANCE

CLAIMS ON THE RISE Christian Garling, Managing Director of FTA Insurance, says there are two areas that are seeing an increasing number of claims: sexual harassment and IT. “We continue to see sexual harassment claims against CEOs and senior management within organisations,” he says.

“Sometimes, those relationships have been consensual, but sexual harassment or employment practices liability claims still arise.

“There needs to be an increased awareness in the workplace as to the effect that relationships between people in a company can have, as we’re seeing a lot of claims.”

The second area to watch for is claims against an insured, where an IT provider may have been hacked.

“It’s resulted in a liability for the insured from a privacy perspective, or from a social engineering fraud perspective, and it’s not actually the insured themselves being hacked,” says Garling.

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FEATURE / Financial Lines

LITIGATION CONTINUES “BAR THE UNITED TO DOMINATE STATES, THE LITIGIOUS Regardless of premium increases, however, the litigious environment remains – and ENVIRONMENT IN will likely only grow with new areas of AUSTRALIA IS THE MOST litigation on the horizon.

“The number of cases being brought PLAINTIFF–FRIENDLY against companies and directors has IN THE WORLD increased significantly over the past decade, and defence costs and settlements have FOR SECURITY been rising,” says Josh Luk, Portfolio CLASS ACTIONS.” Manager, Financial Institutions and D&O at – JOSH LUK, PORTFOLIO MANAGER, FINANCIAL INSTITUTIONS AND D&O, LIBERTY SPECIAL MARKETS

44 / INSURANCE ADVISER JULY 2022

Liberty Specialty Markets.

“Bar the United States, the litigious environment in Australia is the most plaintifffriendly in the world for security class actions.”

The current cost of living crisis and inflationary environment could spur a raft of financial crime claims, too, says Garling.

“Crime is always a concern for management liability because we can’t underwrite for crime. There are no factors or characteristics of the insured that you can look at and see that they will be subject to crime. All you can do is check that they have the correct audit processes in place and security arrangements.

“Crime, particularly financial crime, is an invisible one for an underwriter, and one we have to continually be aware of by keeping limits low.

“I think we will see an increase in crime as businesses’ profit margins come under pressure because of rising interest rates. People in their own homes are enduring increased financial pressure, and therefore might possibly be more likely to engage in fraud.”

From a broker’s perspective, it’s as important as ever to demonstrate the financial viability of the insured in this environment of increasing interest rates, and to show insurers that the client has appropriate employment practices liability (EPL) procedures, fraud controls and risk management controls in place.

For insurers though, the challenge is to keep any rate rises in line with inflation. Although, this may be easier said than done.

“QPIB has never been more relevant than right now.”

ING IS

U

RA

K

ER

QPIB

S

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

P ED RACT I IF

IN

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– JORDYN GILBERT, 2019 WA YOUNG PROFESSIONAL BROKER OF THE YEAR

NCE BR

O

NIBA.COM.AU / 45

FEATURE / Financial Lines

Engineering a future for hard-to-place professional indemnity A

s everyone knows, professional indemnity insurance has become increasingly difficult to place for certain professions over the past few years, with engineering particularly hard hit.

Engineering is a broad profession, but often the many disciplines are viewed together – making it difficult for engineers to get the requisite cover at an affordable price, and for insurers to understand the risks actually being faced.

“Engineering is often viewed as a homogeneous profession by non-engineers, but there are many types of engineers,” says Baoying Tong, Senior Manager – Building Reform and Projects, at Engineers Australia.

“Even within the remit of a mechanical engineer, for example, there are huge differences between what a mechanical engineer in the building industry does compared to one that works in defence.”

To help address the problem, national body Engineers Australia is working closely 46 / INSURANCE ADVISER JULY 2022

with industry bodies and sees a significant role for brokers to play.

“We’re working on short, medium and long-term projects to help educate engineers about insurance, and support insurers to have better knowledge of the engineering profession,” says Jane MacMaster, Chief Engineer at Engineers Australia.

“We’re holding webinars to help inform our members about this issue and how to navigate it, and we’re producing joint practice guides to help engineers understand insurance procurement practices a little more, giving them tips on how to have conversations with brokers about the risks they face and the importance of managing those risks and communicating those practices to insurers.

“Ultimately, however, we want to instigate longer-term cultural shifts within industries that face significant insurance challenges, and that will only happen through wider education and being

able to look at a more granular level at the many disciplines within engineering and the specific risks they face.”

Dallas Booth, former NIBA CEO and now Chair of the Business Advisory Council, says that collaboration between the insurance and engineering industries is critically important in resolving this issue, and he sees a huge opportunity for brokers to work closely with engineers to help them secure affordable and suitable cover.

“The role of the broker is to really work with their client to understand their business, their risks and their risk exposure, and help them manage those risks as best they can,” says Booth.

“An engineer’s view of risk is different to that of a broker, so it’s important for brokers to talk about risk and risk exposure from an insurance perspective.

Brokers can understand the risks engineers are facing and then tell the story of that risk to insurers.”

FEATURE / Construction Insurance

“AN ENGINEER’S VIEW OF RISK IS DIFFERENT TO THAT OF A BROKER, SO IT’S IMPORTANT FOR BROKERS TO TALK ABOUT RISK AND RISK EXPOSURE FROM AN INSURANCE PERSPECTIVE.” – DALLAS BOOTH, FORMER NIBA CEO AND NOW CHAIR OF THE BUSINESS ADVISORY COUNCIL

NIBA.COM.AU / 47

COMMUNITY HUB

COMMUNITY HUB JULY 2022

INDEX

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

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

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

Wellington Underwriting......................... 53 NIBA Advertising......................................... 53 QPIB.................................................................. 53

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

COMMUNITY HUB

NIBA.COM.AU / 49

COMMUNITY HUB

�aibi

Adult Industry Business Insurance

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

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

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

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

03 9559 3316 03 9559 3317 03 9559 3310

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

Benefits of dealing with LSM:

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

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

(03) 9707 3033

15% commission of all placements

Tudor Insurance Australia Cameron McKerchar

50 / INSURANCE ADVISER JULY 2022

tudorinsurance.com.au

COMMUNITY HUB

NIBA.COM.AU / 51

SPECIALISTS IN EQUINE LIABILITY Accommodation

Equine Assisted Learning

Petting Zoo

Agistment

Equine Assisted Therapy

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Animal & Petting Zoo

Equine Associations

Pony Rides

Breeding & Studs

Equine Events

Pre-training & Breaking

Carriage Driving

Facility Hire

Rehabilitation

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Riding Clubs

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Horse Carriage Driving

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Horse Trainers

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

Untitled-3 1

24/6/2022 12:24 pm

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

Key Liability Occupations:

Key PI Occupations:

Key FI Occupations:

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

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

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

Will Clarke

Stephen Mullaly

Linda Sepala

Senior Underwriter – Liability

Underwriting Manager – PI

Underwriting Manager – D&O & FI

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

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

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

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

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

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

COMMUNITY HUB

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Advertise with the most influential and trusted voice in the Australian intermediated insurance industry

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

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Wellington’s Property capabilities are focussed on niche exposures including: • catastrophe-exposed properties • mining sector

Contact our Underwriters today or visit our website at

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

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IA0420.indb 55

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

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

IN

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U

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QPIB Campaign Print.indd 4

D PRAC IE T IF

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QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CRAIG ANDERSON, 2018 YOUNG BROKER OF THE YEAR

NCE BR

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25/1/22 12:48 pm

NIBA.COM.AU / 53

INSURER STRENGTH RATINGS

S&P GLOBAL

INSURER FINANCIAL STRENGTH RATINGS

AUSTRALIA

RATING

NON-LIFE INSURERS AAI Ltd.

AA-/STABLE

Achmea Schadeverzekeringen N.V.

A/STABLE

AIG Australia Limited

A/NEGATIVE

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

Ratings as at 23 June 2022.

Allianz Australia Insurance Ltd.

AA-/STABLE

Allied World Assurance Co. Ltd.

A/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

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

BHP Marine & General Insurances Pty Ltd.

A-/STABLE

Chubb Insurance Australia Ltd.

AA-/STABLE

Factory Mutual Insurance Company

A+/STABLE

Great Lakes Insurance S.E (Australia Branch)

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

NEW ZEALAND

RATING

NON-LIFE INSURERS AA Insurance Ltd.

AA-/STABLE

Insurance Australia Ltd.

AA-/STABLE

AIG Insurance New Zealand Ltd.

A/NEGATIVE

Liberty Mutual Insurance Company Limited

A/STABLE

Medical Insurance Australia Pty Ltd.

A-/STABLE

Mitsui Sumitomo Insurance Company Limited

A+/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Aioi Nissay Dowa Insurance Co., Ltd

A+/STABLE

Allianz Australia Insurance Limited

AA-/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Chubb Insurance New Zealand Ltd.

AA-/STABLE

Society of Lloyd’s

A+/STABLE

Factory Mutual Insurance Company

A+/STABLE

Sompo Japan Insurance Inc.

A+/STABLE

Southern Cross Benefits Limited

A/STABLE

The North of England Protecting and Indemnity Association Ltd.

A/NEGATIVE

Tokio Marine & Nichido Fire Insurance Co., Ltd.

A+/STABLE

Great Lakes Insurance SE

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

XL Insurance Company SE

AA-/STABLE

IAG New Zealand Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

Medical Insurance Society Ltd.

A-/POSITIVE

LENDERS MORTGAGE INSURERS

Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)

A+/STABLE

Arch Lenders Mortgage Indemnity Ltd.

A/NEGATIVE

Genworth Financial Mortgage Insurance Pty Ltd.

A/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Society of Lloyd’s

A+/STABLE

Southern Cross Benefits Ltd.

A/STABLE

AIA Australia Ltd.

A+/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

Challenger Life Company Ltd.

A/STABLE

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/STABLE

A/NEGATIVE

MetLife Insurance Ltd.

A+/STABLE

Resolution Life Australasia Ltd.

A-/STABLE

Westpac Life Insurance Services Ltd.

A+/STABLE

The North of England Protecting and Indemnity Association Ltd.

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

AA-/STABLE

Vero Liability Insurance Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

HEALTH INSURERS NIB NZ Ltd.

A-/STABLE

Southern Cross Medical Care Society

A+/STABLE

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

A/STABLE

QBE Lenders’ Mortgage Insurance Ltd.

A/STABLE

LIFE INSURERS

LIFE INSURERS

REINSURERS Aspen Insurance UK Ltd.

A-/STABLE

Berkley Insurance Company

A+/STABLE

General Reinsurance Australia Ltd.

AA+/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Hannover Rück SE

AA-/STABLE

HDI Global SE

A+/STABLE

HDI Global Specialty SE

A+/STABLE

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

AA-/STABLE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

QBE Blue Ocean Re Ltd.

A+/STABLE

RenaissanceRe Europe AG

A+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

Asteron Life Ltd.

AA-/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/STABLE

Medical Life Assurance Society Ltd.

A-/POSITIVE

SCOR Global Life Australia Pty Ltd.

AA-/NEGATIVE

Resolution Life New Zealand Ltd.

A-/STABLE

SCOR Reinsurance Asia Pacific Pte Ltd.

AA-/NEGATIVE

A-/STABLE

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

AA-/NEGATIVE

Swiss Re International SE

AA-/NEGATIVE

Swiss Re Life & Health Australia Ltd.

AA-/NEGATIVE

Transatlantic Reinsurance Company

A+/CreditWatch Positive

Resolution Life Australasia Ltd. (New Zealand Branch)

REINSURERS HDI Global Specialty SE

54 / INSURANCE ADVISER JULY 2022

A+/STABLE

INSURER STRENGTH RATINGS

BEST’S

NEW ZEALAND

FINANCIAL STRENGTH RATINGS

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

Ratings as at 21 June 2022.

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

AUSTRALIA

RATING

LIFE, ANNUITY AND ACCIDENT

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

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

A/STABLE

BNZ Life Insurance Limited

A u/NEGATIVE

CIGNA Life Insurance New Zealand Limited

A u/POSITIVE

Co-operative Life Limited

B++/STABLE

DPL Insurance Limited

B++/STABLE

Fidelity Insurance Limited

A-/STABLE

Fidelity Life Assurance Company Limited

A-/STABLE

Foundation Life (NZ) Limited

A-/STABLE

A++/STABLE

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

Ansvar Insurance Limited

A-/STABLE

Momentum Life Limited

B++/STABLE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

Partners Life Limited

A- u/DEVELOPING

General Reinsurance Australia Ltd

A++/STABLE

Pinnacle Life Limited

B/POSITIVE

Guild Insurance Limited

A-/STABLE

Pacific International Insurance Pty Limited

B++/NEGATIVE

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

General Reinsurance Life Australia Ltd. PROPERTY/CASUALTY

PROPERTY/CASUALTY Accuro Health Insurance Society Limited

B+/NEGATIVE

A-/STABLE

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

A+/STABLE

B++/STABLE

Beneficial Insurance Limited

B++/STABLE

Brightsideco Insurance Limited

B/STABLE

Consumer Insurance Services Limited

B+/STABLE

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

A/STABLE

FMG Insurance Limited

A/STABLE

General Reinsurance Australia Ltd (New Zealand Branch)

A++/STABLE

Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)

A+/STABLE

New Zealand Medical Indemnity Insurance Limited

B+/STABLE

Pacific International Insurance Pty Ltd (New Zealand Branch)

B++/NEGATIVE

Police Health Plan Limited

A-/STABLE

Provident Insurance Corporation Limited

B /STABLE

The Hollard Insurance Company Pty Ltd (New Zealand Branch)

A-/STABLE

The New India Assurance Company Limited (New Zealand Branch)

B++/STABLE

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

A++/STABLE

Tower Limited

A-/STABLE

Union Medical Benefits Society Limited

A/STABLE

Virginia Surety Company, Inc. (New Zealand Branch)

A/STABLE

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

S&P GLOBAL RATINGS

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

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

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

NIBA.COM.AU / 55

INSURANCE JOURNEY / Samara Walker

THE FIRST PAGE OF MY CAREER JOURNEY

I

was only 18 when I started working in insurance. At 18, you don’t put a whole heap of thought on where you end up. At the time, my sister was working in insurance at a contact centre, so I decided to join her.

I didn’t really know what I wanted to do in my career, but the knowledge that insurance is a very secure industry really enticed me.

I very quickly realised that working in insurance doesn’t have to be just a job this can also be a career path. The avenues offered in contact centres and in the direct market are so rewarding, let alone in broking.

About 14 to 16 months ago, I decided to move from the insurance side into broking.

My partner is in insurance as well and his parents own two brokerages. One day, his mum said to me, “You would be fantastic in broking.”

I’d never thought about it before then, but with her support, I decided to move to a broking role at Austbrokers in February of last year.

It’s still very early on in my career and I’m still learning all the time. Having entered into a hard market, it’s probably been one of the most difficult times to start in insurance broking, and I’ve definitely experienced plenty of challenges.

As a major relationships person, I love that I’m allowed to have really good connections and relationships with my colleagues and clients in this profession, however COVID-19 has definitely made it difficult to have face-to-face interactions. I know that this is going to come eventually.

I believe that if you can come into broking at this point, especially with the challenges of COVID-19 and working from home, there’s really nothing you can’t do.

THE ROLE OF BROKERS IS CRUCIAL

Recently, I went on holiday to northern NSW around the time of the floods. It was an extremely eye-opening experience.

You don’t realise how impactful our job is until you see the impact that natural events have on people. It was heart-wrenching to see firsthand such mass loss and destruction in communities.

PROUDLY SUPPORTING

56 / INSURANCE ADVISER JULY 2022

It made me realise how important it is for us brokers to do our job, because people’s livelihoods and businesses can fall on us if we don’t get our job done correctly.

Not a lot of people give insurance much thought. It’s only those who have used it, or really needed it, that understand the significance of it. That’s what makes it even more important for us to do our job well.

WHAT’S NEXT?

I would love to be a voice for the insurance industry.

I recently participated in a NIBA development course on presentation skills, and I had chosen to present on diversity in our industry. It really opened me up to thinking about how we can make our industry more diverse. I think there’s absolutely room for growth and plenty of opportunity in our industry.

Everything starts with a conversation. You need to be open to having that conversation with people, especially when you’re given a platform to be heard.

I have no doubt that any manager or leader in insurance would be supportive, and I’m excited to use my voice more in the future.

I’m also really passionate about encouraging young people to enter the insurance broking profession.

While I haven’t been in the industry for very long, I’ve seen that there are so many people who are under-educated about what insurance is, and never really taken on the thought of having insurance as a career path.

I can’t even imagine the amount of people who would love this industry, if only they knew what it has to offer. People so often will go to university to study business or law degrees, with the expectation that they will pursue a career in either business or law. They don’t consider the avenue of insurance, and they miss so much opportunity. Our industry needs younger people. We’re going to be the next generation of insurance professionals.

For my career looking forward, I definitely want to stay in broking and one day I would love to work with my partner.

I personally think broking is probably one of the hardest jobs you can have in the insurance industry. It’s very challenging, and never boring. I don’t know where I will end up, but I’m going to really enjoy the years ahead.

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

I come from quite a large family – my family has five kids, so there are seven of us in total!

What is your favourite book?

The Space Between by the ladies behind the Shameless podcast, Zara McDonald and Michelle Andrews.

What’s your favourite past-time?

Sketching – I’m horrible at it, but it’s a really great way to get offline.

What’s your favourite food?

Italian food – you just can’t go past carbs.

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

Events / NIBA

STAY UPDATED!

NIBA EVENTS

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

EVENTS UPDATE 2022 NIBA CGU LEARNING SERIES | AUSTRALIA’S CHANGING WEATHER WHERE: On demand hosted by GoTo webinar WHEN: This webinar will give attendees on

demand access until 20 July 2022 CPD: 2 CPD points on completion of the quiz.

This webinar will share key weather insights and provide guidance on how to apply the learnings into conversations with your clients, so to help them protect their wealth and livelihoods across their homes, businesses, farms, and communities.

After watching the webinar, complete the 10-question multiple choice quiz. A pass rate of 80% will award you 2 CPD points!

CELEBRATE THE BEST IN BROKING AROUND THE COUNTRY AT YOUR STATE’S GALA LUNCH! 2022 NIBA QLD BREAKFAST, EXPO AND LUNCH WHERE: Mezzanine M1, Brisbane

Convention and Exhibition Centre WHEN: Wednesday 13 July | 8am – 3:30am CPD: 1 CPD point Join us in for a hot plated meal and panel discussion on the new Insurance Brokers Code of Practice. The panel will also be answering questions on the new Code obligations for insurance brokers on the ground. Featuring NIBA CEO Philip Kewin, NIBA President Dianne Phelan, and the Queensland 2021 Young Broker of the Year award winner, Alishia Oliver, this session is not to be missed!

After the breakfast concludes, head through to the NIBA / UAC Qld Underwriting Expo. At the Expo, underwriters will exhibit their services to the local broker market and network with fellow industry colleagues. The exhibition is free to attend and offers 2 CPD points to attendees.

This year’s NIBA Qld Gala Lunch will offer brokers the chance to reconnect and celebrate after the end of financial year.

Join us for a two-course menu, beverage package, entertainment, and a celebration of the best in insurance broking. This event is always in high demand. Register now to avoid missing out!

2022 NIBA NSW GALA LUNCH WHERE: Hyde Park Ballroom, Doltone

House Hyde Park WHEN: Thursday 21 July Postponed from 2020 and finally in fruition! Join us at for a magical afternoon celebrating the industry’s best in insurance broking. This event will be held in conjunction with Wheelchair Sports NSW, where $5 from every ticket purchased will be donated.

2022 NIBA SA GALA LUNCH WHERE: Panorama Ballroom, Adelaide

Convention Centre WHEN: Friday 22 July NIBA’s SA ‘Winter Wonderland’ Gala Lunch will bring together all facets of the intermediated insurance industry to celebrate the end of the financial year and look forward to the year ahead. With a comedic spot from Sam Taunton, you

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

will not want to miss this event! One of Australia’s most exciting comedic voices, Sam Taunton was the winner of the Pinder Prize at the 2019 Melbourne Comedy Festival. His TV and radio credits include The Project, Comedy Up Late, MTV, SBS, Channel [V], ABC Radio, HIT Networks, NOVA and triple j.

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

The NIBA SA Young Professionals Committee are holding a seminar and networking drinks. The seminar will provide a deep dive into claims examples, their outcomes and highlight the importance of insurance brokers in the process.

2022 NIBA WEBINAR | MARKETING TIPS TO DEMONSTRATE YOUR VALUE WHERE: Zoom WHEN: Thursday, 11 August Customer needs continuously evolve, and expectations are higher than ever.

So, in order to win businesses and retain customers, insurance brokers need to demonstrate that they are more than a trusted adviser. They need to demonstrate the value they provide. But how do you know what customers value? And how do you show the value you provide when the market is so crowded?

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

DISPLAY ADVERTISING INDEX – JULY 2022 CHU......................................................... IFC Liberty...........................................................5 QBE................................................................7 CBN.............................................................. 9 Liber-RATE Virtual Broking................. 11

Insurance Advisernet............................ 13 Community Underwriting................... 15 Ebix..............................................................19 NTI............................................................... 35 Zurich......................................................... 37

FTA..............................................................43 QPIB...........................................................45 Code of Practice.................................IBC CGU...................................................... OBC

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

NIBA.COM.AU / 57

NIBA / Events

KNOX COMMUNITY CAREERS NIGHT Last month, NIBA CEO Philip Kewin attended the Knox Community Careers Night, together with Rebecca Wilson and Samara Walker from Austbrokers ABS, Max Markey from Hollard Commercial and Tim Wedlock from Austbrokers AEI Transport. They spent the evening promoting careers in insurance to parents and students from Knox Grammar and neighbouring schools.

NIBA QLD MENTORING PROGRAM Last month, the NIBA Mentoring Program in Brisbane ran its final workshop for mentees and mentors, as the 12-week program came to an end.

58 / INSURANCE ADVISER JULY 2022

March 2022

INSURANCE BROKERS

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

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

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

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

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

Speak to your Broker Relationship Partner to find out more.

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