Insurance Adviser - March issue

MARCH 2022

NIBA LAUNCHES 2022 INSURANCE BROKERS CODE OF PRACTICE

STRATA INSURANCE The importance of industry collaboration

INADVERTENT DANGER New risks affecting hospitality insurance

#NIBA2021

Must-know highlights from the 2021.2 NIBA Convention

WE ARE YOUR VOICE

CONTENTS March 2022

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

Insurance Adviser magazine is published by NIBA

Publisher

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

FEATURES

12

March 2022 1

Published March 2022

NIBA LAUNCHES 2022 INSURANCE BROKERS CODE OF PRACTICE

INSURANCE BROKERS

CODE OF PRACTICE

Communications Manager Wendy Martin

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_Code_of_practice_FA.indd 1

8/3/2022 10:12 am

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

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

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

18

HIGHLIGHTS FROM 2021.2 NIBA CONVENTION

Read all the must-know highlights from this five-day event NIBA.COM.AU / 3

CONTENTS March 2022

FEATURES

30 STRATA

INSURANCE

Why industry collaboration has never been more important

IN EVERY ISSUE NIBA CEO Welcome...................................... 6 Representation ................................................ 8 Why be a NIBA member? ........................... 10

NEWS

Industry bulletin ........................................... 16

PROFESSIONALISM

AFCA Case study ......................................... 14

38 INADVERTENT DANGER

New risks affecting insurance for hospitality businesses

4 / INSURANCE ADVISER MARCH 2022

EVENTS

Forthcoming events ...................................... 53 Event pictorials ............................................. 54

REFERENCE

Community hub ........................................... 46 Insurer Strength Ratings .............................. 56

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CEO / Welcome

A NEW CODE, RETURN TO FACE-TO-FACE AND MORE NATURAL DISASTERS... A BUSY START TO THE YEAR

I

’m proud of two significant achievements since the last issue of Insurance Adviser, but also acknowledge the significant and widespread devastation created by the record rain and resultant flooding across Queensland and Northern NSW. The financial, personal and emotional toll has been widespread as once again homes, businesses and livelihoods have been washed away. And unfortunately, there has also been the loss of life.

The broker community is more attuned to these events than the average Australian, because in many cases, they are at the frontline when it comes to responding and helping clients rebuild. For every disaster, there will be heartbreaking examples of traumatic loss, but likewise tales of heroism and communities rallying to support each other. Its at times like this, people gain the full appreciation of having an insurance broker at a time of heightened stress and anxiety.

For some residents, like those in North Western NSW, they have only just picked themselves up from the last floods only 12 months ago, only to see rebuilt and renovated properties once again under water. So too those in Queensland from the 2011 floods.

The response from the Government and of course the insurance industry will come under immense scrutiny, and as the cleanup commences there will no doubt be a lot of questions and judgement of the ease, timeliness and appropriateness of the response.

We know for some time the issues of risk mitigation and resilience have been discussed, along with urban planning, and I get a sense that when certain areas are subject to a one in one hundred year flood twice in two years, there has to be a more substantial response than just rebuild and move on.

This will be an ongoing discussion that NIBA and its members will participate in, but for now, our hearts go out to all those impacted.

For the first time since 2019, NIBA held a face-to-face annual Convention in February 2022. Aptly renamed NIBA Convention 2021.2 Professionalism + Resilience = Opportunity, the event was originally scheduled for October 2021 but had to be deferred due to the Omicron outbreak. This hybrid event was one of the industry’s first major face to face events in over a year and was spread across all mainland states to avoid the challenges of border restrictions.

NIBA 2021.2 was a celebration of returning to some type of normal, the program highlighting our current challenges while focusing on the future. The program was originally designed by Dallas Booth, with significant input from each host state. I would like to acknowledge Dallas and the state Divisional Committees for their input and support in the development of the program.

Members can still gain access to the entire program by subscribing to the recorded sessions at www.niba.com.au/ convention. Meanwhile, we are assessing the merit in

6 / INSURANCE ADVISER MARCH 2022

returning to a traditional Convention at the Gold Coast Convention Centre on 4 to 6 October 2022, and I encourage you to provide us with your feedback when you receive the survey, if not already done so. This is important in delivering relevant and valuable education, information and networking.

The most significant achievement recently was the release on 1 March 2022, of the revised Insurance Brokers Code of Practice. This is such an important step in our ongoing professionalism and setting standards above the law. While my involvement has been relatively late in the piece, I have been impressed at the meticulous and hands on approach taken by the NIBA Board to deliver a Code we can all be proud of, that is practical to implement.

Our focus to date has been finalising the drafting of the Code, through an independent reviewer, in consultation with key stakeholders. That now moves onto assisting brokers to interpret and implement the Code in time for the effective date of 1 November 2022. While in many cases brokers will be adhering to all or significant components of the Code, I am sure members will have many queries about the practical implications. An Implementation Guide should be available around 1 April and we will be running information webinars in late April and May. One thing certain about the year ahead is uncertainty. For this reason, I am confident the role of the broker will be more important than ever. The Vero SME index showed that the number of people looking to use a broker was increasing, as people realise more and more the importance of having the right insurance for their needs. You only have to look at the exponential growth in queries relating to travel insurance, as most people don’t know what is and isn’t covered. The only way to ensure your risks are adequately protected is through a trusted professional insurance broker.

The implementation of the Code is pivotal in our approach to the Quality of Advice Review, which incorporates the review of general insurance remuneration, and is due no later than 16 December 2022. This also overlaps the Australian Law Reform Commission (ALRC) review of the legislative framework around advice more generally. We have made submissions to the Review’s “Terms of Reference” and the ALRC, interim Report A, which are both on the NIBA website, www.niba.com.au/ government-policy/submissions/

PHILIP KEWIN Chief Executive Officer, NIBA

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NEWS / Representation

WE ARE YOUR VOICE!

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

Treasury Quality of Advice Review

NIBA has provided a submission to the Treasury’s Quality of Advice Review draft Terms of Reference.

The draft Terms of Reference, which were released late last year, highlighted the Quality of Advice Reviews’ focus on issues affecting the affordability and accessibility of advice. In particular, how changes to the regulatory framework could better enable the provision of high quality, accessible and affordable financial advice.

Most notably for brokers, the Terms of Reference confirmed that the review would consider issues such as the concepts of general and personal advice, safe harbour provisions, disclosure requirements and the exemption to the ban on conflicted remuneration for general insurance brokers.

After consulting with members, NIBA identified no major issues with the Reviews’ draft Terms of Reference, however, took the opportunity to encourage a holistic review of the advice sector.

NIBA’s submission noted that previous reviews into various aspects of the provision of advice had neglected to consider issues relating to the provision of insurance and risk management advice. The submission argued that given the increase in the rate of under-insurance in many parts of Australia, and the difficulties consumers face when trying to obtain appropriate insurance, it is vital that risk advice is considered under the general umbrella of financial advice, not just in relation to recommendation 2.6 of the Royal Commission.

In addition to providing a submission, NIBA continues to engage with Treasury and key stakeholders within government,

8 / INSURANCE ADVISER MARCH 2022

enlisting the help of our members to brief Federal MPs on the role insurance brokers play in ensuring all Australians have access to quality risk advice.

ALRC Review of Financial Services Legislation

Last month, NIBA provided a submission to the Australian Law Reform Commission’s interim report on the Review of the Legislative Framework for Corporations and Financial Services Regulation.

The report, which was tabled in Parliament late last year, seeks feedback on 16 proposals, and eight questions for reform. The report also made several recommendations relating to relatively technical matters, which the Government could begin implementing immediately.

NIBA’s submission generally supported the recommendations made by the ALRC, however, noted that a number of policy issues raised in the report, were also the subject of Treasury’s Quality of Advice Review.

NIBA’s submission also cautioned against a one size fits all approach to financial services arguing that while simplification of the law is required, it should not be to the detriment of an entire industry and that carveouts and exemptions contained within the Corporations Act are a reflection of how varied the financial services market is.

To view either submission visit the submissions page on the NIBA website, www.niba.com.au/government-policy/ submissions/

Member feedback required

To support NIBA’s upcoming submission to the Quality of Advice Review, NIBA is working hard to gather success stories from members.

This may be a claim that was originally denied by the insurer but through your advocacy and knowing the policy was eventually accepted. Or it could be a time you went above and beyond to assist a client.

If you would like to provide an example, please do so in writing to NIBA’s Policy and Research Manager at ahextell@niba.com.au

CONTACT NIBA

As always, brokers who have questions about these or any other government or regulatory matters should feel free to contact NIBA CEO Philip Kewin at: pkewin@niba.com.au

2020

INSURANCE BUSINESS AWARDS

2021

INSURANCE BUSINESS AWARDS

NIBA / Member Benefits

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

“Being a member of NIBA gives me confidence through continued professional development and training opportunities, and the commitment to high industry and professional standards. It also provides a platform to collaborate with peers and build a network on a national basis.”

DANIELA ZACCONE Principal I Power & Renewable Energy, Marsh Specialty

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 MARCH 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

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NEWS / Industry Bulletin

NIBA LAUNCHES 2022 INSURANCE BROKERS CODE OF PRACTICE

The 2022 Insurance Brokers Code of Practice aims to enhance and promote the professionalism and standing of NIBA members, and further increase community confidence in insurance brokers.

O

n 1 March 2022, NIBA officially launched the 2022 Insurance Brokers Code of Practice.

The development of the 2022 Insurance Brokers Code of Practice has been a significant project for NIBA requiring extensive stakeholder consultation. Therefore, it is fair to say it has taken longer than expected, but it is now complete.

The NIBA Board is incredibly proud of the final version and the level of engagement with industry, regulators and consumer groups that has gone into producing an industry-leading Code of Practice.

The 2022 Insurance Broker Code of Practice reflects changes in the industry, as well as changes to community and client expectations that have occurred since the Code was last updated.

There are a number of significant changes in areas such as disclosure, remuneration and vulnerable clients that all Code Subscribers will need to know.

NIBA understands that for many Principal Members these changes will simply enforce what they already do on a day-to-day basis, while for others significant changes will need to be made in the way they do business.

To allow members time to implement these changes, the 2022 Insurance Brokers Code of Practice will not take effect until 1 November 2022. The 2014 Insurance Brokers Code of Practice will be in effect until 31 October 2022.

12 / INSURANCE ADVISER MARCH 2022

NEWS / Industry Bulletin

CODE PRINCIPLES

The Code is underpinned by a set of guiding principles. For NIBA members, these principles will already be familiar, as these are principles that members adhere to on a daily basis.

PROFESSIONAL COMMITMENT

Professionalism is one the core pillars of NIBA, so it is only appropriate that the Code Subscribers’ commitment to professionalism is also reflected in the 2022 Code of Practice.

This includes a commitment to increasing professionalism across the industry through ongoing education and professional development, ensuring that services are only delivered by those with the skills and expertise to do so, and embedding the Code Principles within the policies and procedures of Code Subscribers’ organisations.

ETHICAL BEHAVIOUR

The 2022 Code of Practice also includes obligations for Code Subscribers to act in an ethical manner. This includes complying with all relevant laws and obligations, including those set out in the 2022 Code of Practice and not engaging in any conduct with the intent to limit or avoid obligations under the Code.

TRANSPARENCY AND ACCOUNTABILITY

Finally, the 2022 Code of Practice increases existing obligations around transparency and accountability including communicating with clients and prospective clients in a clear and timely manner, assisting regulators, enforcement agencies and

AFCA, and holding other Code Subscribers accountable for their implementation and observance of Code obligations.

WHAT HAS CHANGED?

While the 2022 Code of Practice differs significantly from previous iterations, there are a number of key changes that members should be aware of especially around reporting of breaches, remuneration, disclosure and vulnerable clients.

Unlike the previous Code, anyone can report a Code Subscriber who has breached the Code to the IBCCC. Under the 2022 Code of Practice, Code Subscribers will be obligated to report brokers who have breached the 2022 Code of Practice once they become aware of the breach.

The 2022 Code of Practice includes stronger obligations for disclosure across a number of areas including disclosing who the broker acts for, conflicts of interest, remuneration and requiring the broker to provide their clients with information setting out the terms of engagement.

Under the 2022 Code of Practice brokers will be prohibited from receiving certain types of remuneration including contingent and preferential remuneration except when acting under a Binder arrangement.

The 2022 Code of Practice also mirrors the General Insurance Code of Practice in the introduction of provisions that require brokers to identify and support clients experiencing vulnerability. This will ensure that vulnerable clients are afforded the same protections no matter how they choose to engage with the general insurance market.

IMPLEMENTATION GUIDE AND WEBINARS

The 2022 Code of Practice is a further demonstration of the ‘one voice’ of insurance brokers in continuing to commit to a journey of improved outcomes for broker clients.

Members are encouraged to familiarise themselves with the 2022 Code of Practice and examine their current practices, in light of these new obligations.

Given the significant changes contained in the 2022 Code of Practice, provisions have been made for an eight-month transition period with the 2022 Insurance Brokers Code of Practice coming into effect on 1 November 2022.

This period is to provide Code Subscribers with sufficient time to review their internal policies and procedures, as well as their agreements with insurers and reinsurers.

NIBA will be releasing a Member Implementation Guide on 1 April 2022 to assist members with implementing the 2022 Insurance Brokers Code of Practice, as well as setting out what best practice looks like.

As the 2022 Insurance Brokers Code of Practice is a living document it is expected that both the Code and the accompanying guide will grow and develop to reflect changes in industry and community expectations.

A webinar for Code Subscribers will be held on 27 April and 5 May 2022, which will answer any questions you may have. Details on how to register for either of these webinars will be posted on the NIBA website, www.niba.com.au/code NIBA has also been in discussions with the relevant training organisations who will deliver their own training modules.

NIBA.COM.AU / 13

PROFESSIONALISM / AFCA Case Study

URGENT COVER REQUESTS

This determination is a good example of issues a broker can face when asked to obtain urgent cover.

BY MARK RADFORD

Principal, Radford Lawyers

KEY LESSONS

This determination is a good example of issues broker can face when asked to obtain urgent cover. Key issues to note, especially for urgent cover requests, are: • Ensure you have proof of advising the insured of their duty of disclosure.

AFCA looks to policy documents and contemporaneous file notes of the broker and complainant in forming a view.

• Pass on any matters disclosed by the insured to the insurer and keep good records of disclosures made to counter any assertion you did not.

• If you miss something (e.g., adding the interest of a financier), act promptly to fix this.

• Make sure the cover arranged is appropriate for the client’s urgent needs and be clear with the client on what you can achieve in the time available and that they are happy with this. If further steps are required to improve matters with more time, identify and agree these with the client.

BACKGROUND FACTS

The complainant contacted the broker on 24 December 2019 to urgently arrange a new business insurance policy for his business which had been uninsured for a period of time.

On receipt of the policy documents the complainant advised the broker that they had failed to include the financier in the policy and this was done.

Urgent cover was arranged and upon the broker’s staff member’s return on

14 / INSURANCE ADVISER MARCH 2022

27 December 2019, he undertook a further review of the property. He noticed it could be of mixed construction and attempted to obtain an updated quotation within the insurer’s system. Ultimately the policy was unchanged as the parties agreed to meet in person on 6 January 2020 to conduct a more in-depth review of the cover required.

Arson damaged the property on 1 January 2020 and a claim was made on 2 January 2020.

The insurer denied the claim and cancelled the policy on the basis the complainant failed to comply with his duty of disclosure because he did not disclose prior threats and vandalism against his property, self and business.

The complainant alleged that the broker had breached its duty of care because the broker: • failed to clearly explain the importance of the duty of disclosure to him.

• was advised of the vandalism and threats (the complainant provided a copy of handwritten file notes in support) and did not disclose this to the insurer.

• had not correctly added the financier as an interested party.

• attempted to alter the construction type without permission on 27 December 2019.

• had not provided adequate assistance during the claims process.

• cancelled the policy without authority.

• had not provided options for cover and secured a policy with an excessive premium.

The broker denied all the allegations and argued that: • the complainant was advised of the duty of disclosure which was recorded in a file note.

• its representative was an experienced broker who would not have placed cover had the complainant advised of the prior threats and vandalism.

• the complainant’s hand-written file notes could not be relied upon as they contained no mention of key aspects of the policy, such as the sum insured, the excess and covers taken and instead followed the narrative set out in the insurer’s denial letter for the complainant’s failure to disclose the previous vandalism and threats.

• regarding the alleged policy alteration and construction type issue, as no change was made, this was not or relevance or any impact to the complainant.

• provided adequate assistance during the claims process and acted in the complainant’s best interests.

• the insurer and not the broker had cancelled the policy.

• the complainant had called the broker late on Christmas Eve to arrange the cover and given the short notice and urgency of the situation, it had arranged suitable cover in the circumstances.

The broker provided its own file note as evidence, including an amendment made on 2 January 2020 which had added the financier as an interested party.

PROFESSIONALISM / AFCA Case Study

AFCA DECISION

AFCA concluded in favour of the broker as follows: Duty of disclosure and allegation that the broker was advised of the history of threats and vandalism issues.

AFCA concluded the complainant was aware of the duty, principally because: • the available information showed that the complainant received and reviewed the policy immediately (where he identified the financier was incorrect and immediately contacted the broker) and that the policy clearly outlined his duty of disclosure.

• the broker’s file note recorded that the broker had advised the complainant of his duty of disclosure. It was to be believed because the file note also included the fact the broker sent the updated schedule and a Financial Services Guide (FSG) on 2 January 2020 which was supported by an email sent that day. Further, if the broker wanted to fraudulently place file notes well after the fact, as alleged, they could have simply reconstructed several files notes to better fit the other evidence. The fact they did not, further supports the position that the note is genuine.

AFCA noted that in relation to the complainant’s hand-written notes: • there was no way to verify this was written contemporaneously as they were only presented after nondisclosure was raised by the insurer.

• there were key aspects missing in the notes regarding the sum insured nominated for the building, any

excesses and what covers were not taken out which were key points to capture when arranging the policy.

Instead, the focus of the file notes was setting out the whole which, in other submissions, the complainant said was not relevant to the insurer’s decision to accept the risk.

Based on the above, AFCA also did not accept the allegation that the broker was advised of the history of threats and vandalism.

Late addition of financier issue.

While added late, the error had been promptly fixed and did not affect the policy or claim outcome.

Policy alteration issue. This was not done fraudulently and had only been done to update the materials in the property for a more competitive quotation and did not affect the claim outcome.

Suitable cover issue. The broker had arranged suitable cover on short notice, especially given the fact that the complainant had called the broker late on Christmas Eve to arrange the policy as soon as possible. The information provided showed the broker had advised the complainant that the premium was higher than expected and that a further review could be conducted after the

break. The information also confirmed the complainant had the opportunity to review the policies and elect whether to proceed with cover. The fact that a loss occurred so shortly after the policy was incepted prevented any further review/ meeting as planned. Given the urgent circumstances, it was reasonable for the broker to secure a policy that would cover the complainant’s urgent needs, especially as the complainant had been given the opportunity to review the policies and the information did not show it was inappropriate to the complainant’s needs.

Cancellation issue. The policy had been cancelled by the insurer not the broker as alleged. The broker had acted reasonably in holding the refunded premiums on trust for the complainant whilst he disputed the insurer’s position.

Claims assistance. The claim was complex, thoroughly investigated and the available information showed the broker attempted to assist where it could. The broker provided information to show it assisted the complainant in lodging the claim and presented email communications about the claim. Whilst the complainant was unhappy with the claims process, this was not within the broker’s control.

“Urgent cover was arranged and upon the broker’s staff member’s return on 27 December 2019, he undertook a further review of the property. He noticed it could be of mixed construction and attempted to obtain an updated quotation within the insurer’s system.”

NIBA.COM.AU / 15

NEWS / Industry Bulletin

GOVERNMENT INTRODUCES CYCLONE REINSURANCE LEGISLATION

I

n early February, the Federal Government introduced legislation to establish a reinsurance pool for cyclone and related flood damage in northern Australia.

The pool which is expected to commence from 1 July 2022, will be administered by the Australian Reinsurance Pool Corporation and backed by a $10 billion Government guarantee.

The pool is expected to provide relief for up to 880,000 residential, strata and small business properties across northern Australia. In a statement provided by the Prime Minister, Scott Morrison, it is estimated that homeowners with the most acute cost pressures could benefit from a discount of up to 46 per cent off the premium. Strata properties and SMEs were expected to receive discounts of up to 58 per cent and 34 per cent respectively.

Prime Minister Scott Morrison said the establishment of a reinsurance pool would deliver on the Government’s commitment to maximising northern Australia’s potential and to ensure Australians in cyclone-prone areas have access to affordable insurance. “This is about making northern Australia even more resilient and liveable,” the Prime Minister said.

The legislation takes into account feedback provided by industry groups, including NIBA, throughout the consultation and design process with several key changes introduced in light of concerns raised over the draft exposure legislation.

The final proposed legislation addresses many of the concerns raised by NIBA in its submission including: • increasing the threshold for commercial state building from more than 20% commercial to more than 50% commercial.

•

increasing the sum insured limit for commercial state buildings to $5 million in line with other commercial buildings.

• a commitment to review the pool after 12 months to consider properties not addressed by the legislation.

Assistant Treasurer Michael Sukkar said “The Government has committed to expanding the pool to provide coverage for small business marine property insurance from 1 July 2023. We have also made adjustments to ensure that more strata properties will benefit from the pool,” Minister Sukkar said.

Importantly, the government has already tasked the Australian Consumer and Competition Commission (ACCC) to undertake price monitoring, to ensure savings realised by the pool are passed on to policyholders.

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

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FEATURE / 2021.2 NIBA Convention

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HIGHLIGHTS FROM 2021.2 NIBA CONVENTION Exclusive insights, inspirational speakers, and exciting networking opportunities. Find out all the must-know highlights from this five-day event.

NIBA.COM.AU / 19

FEATURE / 2021.2 NIBA Convention DAY 1

MELBOURNE 8 February 2022

T

he 2021.2 NIBA five-day hybrid Convention kicked off on Tuesday 8 February at Crown Melbourne.

A key theme of the session, which was MCed by public speaking coach, Jordana Borensztajn, was the future of financial services regulation.

Dr. Rhys Bollen, Senior Executive Leader, Insurers, Australian Securities and Investments Commission (ASIC), Emma Curtis, Lead Ombudsman Insurance at the Australian Financial Complaints Authority (AFCA) and Oscar Shub, Chairperson, Insurance Brokers Code Compliance Committee (IBCCC) came together to share their viewpoints on the current compliance and regulatory environment.

‘WE DON’T WANT TO SEE FURTHER DELAYS TO BUSINESS INTERRUPTION CLAIMS’

Dr. Bollen confirmed that ASIC and APRA are taking a keen interest in the outcome of business interruption test cases, but said it was regrettable that policies weren’t drafted well enough in the first place to be clear on whether or not they covered pandemics.

“We expect brokers and insurers to proactively contact their clients, help them understand the situation and to make a claim, if appropriate,” Dr Bollen said.

“We don’t want to see any further delays to the resolution of these business interruption claims,” he added.

Dr Bollen re-emphasised that the consumer is now firmly in the centre of the insurance process. “Today, the law puts consumers at the centre. The law has changed, and expectations have increased,” he added.

20 / INSURANCE ADVISER MARCH 2022

BROKERS WARNED: ‘ADVERSE INFERENCES CAN BE DRAWN ABOUT THE ABSENCE OF RECORDS’

AFCA’s Emma Curtis shared insights into insurance disputes, and described its role as a ‘circuit breaker’ in the dispute process.

Almost 70,000 complaints are received

by AFCA per year, with 23% of complaints being about general insurance – claim outcomes and processes being the main areas of concern. Insurance brokers were the subject of around 310 complaints in 2020-21, with 29% of complaints being found in favour of the complainant.

Perhaps unsurprisingly, professional indemnity insurance accounted for the majority of complaints (53%), while small business/farm insurance accounted for 17%.

Curtis advised brokers to ensure detailed records are kept.

“We often find broker records are limited, scanned or non-existent,” she said, “and brokers then have to rely on notes based on recollections of something that happened in the past,” Ms Curtis said.

“It’s absolutely in your interest to have contemporaneous records to substantiate your position.”

“There’s a risk adverse inferences can be drawn about the absence of records when there are different versions of events,” she added.

‘INCORRECT TO BELIEVE THAT IF YOU DON’T REPORT YOU’RE OKAY’ SAYS NEW IBCCC CHAIR

Oscar Shub, the new chair of the IBCCC, asked brokers to embrace a cultural change

“The view the IBCCC is that if brokers are not self-reporting very much or anything at all, then they probably have got complaints and breaches. We really want to change that culture and for people to learn from the complaints which other people may experience’’, he added.

‘ALLOW EMPLOYEES TO DISCONNECT AFTER HOURS’ ADVISES WORKPLACE EXPERT

regarding self-reporting to help minimise breach complaints.

Shub shared Breach and Complaints Data from 2020, which showed 3,328 code breaches, around half of which concerned buying insurance.

However, less than half of code subscribers self-reported code breaches – something Shub wants to change.

“There is a general culture in believing it is better to not self-report, as you don’t want to get yourself a bad name,” he said.

A key challenge for many businesses over the coming months is establishing effective COVID-19 working practices, and David Thompson, Principal, Hunt & Hunt Lawyers dissected the key things businesses need to get right when establishing workplaces that will work for employees during and post COVID-19.

Thompson shared statistics from PWC which showed that while 60% of business never or rarely want employees to work from home, 85% of employees do want to continue having some regular flexibility.

“The predictions for 2022 are pretty dire for large scale resignations and there’s a well publicised labour shortage,” said Thompson.

“You need to be ready for resignations and for greater competition for staff.”

The brilliant Mark Carter, an experienced global learning and development pro, from Igniting Human Potential, presented an immersive, cinematic experience that served as a fantastic pep talk to everyone who watched in person and online. It underlined the value we each have, the value we can bring to the industry, as well as the elements that clients truly value.

Most importantly, it focused on how we can get maximum value from ourselves.

It’s one that you simply have to watch!

NIBA.COM.AU / 21

FEATURE / 2021.2 NIBA Convention DAY 2

ADELAIDE 11 February 2022

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he second session of NIBA’s 2021.2 Convention took place in Adelaide on Friday 11 February, following hot on the heels of a successful debut event in Melbourne.

The event, which was MCed by NIBA’s CEO Philip Kewin, featured a presentation from NIBA President Dianne Phelan on the evolving role of the broker, and centred around a discussion on the current State of the Industry, which featured former NIBA CEO Dallas Booth, industry expert John Trowbridge, and Andrew Hall, CEO, of the Insurance Council of Australia (ICA).

WE ALL HAVE A PART TO PLAY IN CONTINUING TO DEMONSTRATE A BROKER’S VALUE

NIBA President, Dianne Phelan talked about excellence in insurance broking, with a focus on what broking needs to look like in 2025.

Over the coming years, said Phelan, there needs to be a focus on risk management and mitigation in addition to the end insurance product. With brokers becoming trusted advisers of clients and communities, and trusted partners of underwriters, capital providers, and governments.

To achieve that, she said, it will need everyone to play a part in educating the wider community – including local members of Parliament – on the true value of a broker.

“While we’re passionate about the importance of using a broker, the role is not always understood,” said Phelan.

“We all have a part to play in continuing to educate and demonstrate a broker’s value. That’s why we have developed the Member Advocacy Pack, so that you can meet and introduce yourself to your local Federal member.

“It’s far better to introduce yourself to them when you’re not asking for something, or there is some type of legislation being debated. If you build a rapport with your local member or senator, they can learn what you do, and they will return to you for information or guidance.”

SME BUSINESS HAVE CHANGED WHAT THEY DO – HAVE THE BROKERS SERVICING THOSE BUSINESSES RECOGNISED THOSE CHANGES? Industry expert and chair of ICA’s new Business Advisory Council, Dallas Booth 22 / INSURANCE ADVISER MARCH 2022

provided an overview of the current state of the industry, covering large falls in industry profits, high claims costs from ongoing weather events and lower investment returns, including problems with affordability and availability, and business interruption issues.

Booth stressed a key issue for brokers currently was not only placing the required insurance, but also ensuring it was suitable for the activities of their clients today.

Referencing Vero’s SME report, Booth said, “Of the businesses surveyed for the report, the great majority of them have changed what they do and how they do it.

My question is, have the brokers servicing and supporting those businesses recognised those changes and, when necessary, rearranged their insurance programs?”

THE INDUSTRY HAS TO INVEST IN LOOKING FOR SOLUTIONS TO AFFORDABILITY AND AVAILABILITY ISSUES

John Trowbridge, who was appointed in 2020 by the ICA to review the affordability and availability of commercial insurance, shared some of the insights he’d gained during his review, which focused on affordability,

availability, market failure, and government intervention. “It’s clear the industry has to invest in looking for solutions – and while that starts with insurers, the industry clearly includes underwriting agencies and brokers. “[The industry] needs to look at ways of collaborating and of meeting each other’s needs in the context of a free, open, and better-informed market.”

Trowbridge also stated the lack of disclosure and incentives around broker remuneration was a problem for the industry.

“If the broking industry doesn’t deal with this then it’s a threat, because you’re at risk of the government coming along and forcing the issue in some way’’, he added.

“The second worst case would be controls over commission, and the worst would be banning commissions, and none of us wants that.”

BUSINESS ADVISORY COUNCIL PRESENTS A ‘REALLY GOOD OPPORTUNITY FOR BETTER ENGAGEMENT AND BETTER UNDERSTANDING’ Andrew Hall joined the ICA as CEO in September 2020, and led a strategy reset

which will include a review of the existing conflicted remuneration exemption for general insurance brokers.

“Consumer groups have continually advocated the fact that they see commissions conflicted remuneration, and therefore it’s not in the clients’ best interests,” Kewin said.

“We know otherwise, but consumer expectations are changing.”

Kewin stressed it has been important for the industry to get on the front foot, highlighting the value of the empirical data created by the Deloitte Access Economics Report on the Economic Value of Insurance Broking, which NIBA commissioned.

In addition, the new Code of Practice, which will be launched on 1 March 2022, places a ban on preferential remuneration, which includes contingent remuneration unless under a binder agreement.

“It’s really important we have our new Code in effect, and everyone up and running before the review is published.”

Kewin also revealed more research was underway to uncover consumer attitudes to commissions, from both consumers who do have a broker and those who don’t, and that discussions with government over remuneration in general insurance are ongoing. for the organisation, which now operates around two key pillars: the role of insurance in the economy, and the role of insurance in the climate.

“We think both of those are understated and not discussed enough at the right level at the moment in the public discourse, particularly given the amount of attention on both the economic state of the pandemic and the discussions around climate.”

One of John Trowbridge’s key recommendations from the ICA review is to facilitate the bringing of different sectors of the industry together and share data to truly understand risk factors, and Hall said he believes the new Business Advisory Council will be key to facilitating this collaboration.

Chair Dallas Booth said, “There’s a really good opportunity for better engagement and better understanding.”

NEW INSURANCE BROKERS CODE OF PRACTICE TO LAUNCH ON 1 MARCH

The new Insurance Brokers Code of Practice is set to launch on 1 March with changes coming into effect on 1 November 2022. NIBA President Dianne Phelan

explained the Code is the product of an extensive review and consultation process undertaken by an independent reviewer.

“We decided a new Code of Practice should be built from the ground up, one which exceeds the law and holds members to a higher standard,” she said.

Under the new Code, brokers will have an obligation to report other brokers who breach the code, there will be a ban on preferential remuneration, increased disclosure requirements and the obligation to identify and support vulnerable clients.

Significant support material will be provided to assist brokers to implement the new obligations into their businesses.

NIBA CEO Philip Kewin said, “We’ll provide guidance and templates, as there will be disclosure requirements. But we want to make that as simple and as clear as possible.”

“We’re on a journey, and it’s entirely up to us as to how we take the next step.”

QUALITY OF ADVICE REVIEW: ‘WE NEED TO STAY ON THE FRONT FOOT’ NIBA CEO Philip Kewin also discussed the upcoming Quality of Advice Review,

TECH CAN HELP CLAIMS HANDLERS MAKE REAL DIFFERENCE TO CLIENTS IN THEIR TIME OF NEED

Also on the agenda today was technology, and Jake Carter, Sedgwick, Project and Implementation, provided an insight into how tech may impact claims in coming years.

“I believe the future is bright for robotics and artificial intelligence [in insurance]. It won’t be long, particularly for low-touch claims, until significant volumes of claims are processed automatically with no human input, or where a robot can read and understand information provided directly from a claim and can request clarification or missing information.”

Carter said that, while there were significant cost savings to be realised, the benefits far exceeded the financial.

“The removal of more mundane functionalities will also free up claims handlers and allow them to spend more time empathising with clients and making a real difference in their time of need – demonstrating that caring really does count.”

NIBA.COM.AU / 23

FEATURE / 2021.2 NIBA Convention DAY 3

PERTH 14 February 2022

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he third session of NIBA’s 2021.2 Convention took place in Western Australia at the Crown Perth on 14 February.

The event was MCed by TV and radio personality Christina Morrissy, and key topics included workers’ compensation and the COVID-19 related business interruption claims and test cases.

Professor Fiona Wood AM delivered a fantastic keynote presentation on resilience to get the event off to a stunning start.

LEARN FROM TODAY TO MAKE TOMORROW BETTER

In an inspiring keynote speech, world-leading burns specialist surgeon, and 2005 Australian of the Year recipient, Professor Fiona Wood AM, discussed the concept of resilience, sharing experiences from her career in plastic and reconstructive surgery.

“Early on in my career, I learned a very good lesson for resilience: when faced with profound negative, negative without engagement in problem-solving, walk on by.

“The criticism with engagement in problem-solving is life’s blood – that’s what we want, we want to sort out a problem, and that’s absolutely pivotal right here, right now, as we face a future that is so uncertain.”

Throughout her career, Professor Wood has witnessed some horrific scenes and says her desire to learn every day helps her deal with those experiences.

“Fundamentally, I feel that we have to think about today only as a platform for tomorrow. ‘Learn from today to make tomorrow better’ has been my mantra all the way through, and that helps me deal with some of the suffering I see on a daily basis.”

WA WORKERS’ COMPENSATION UNDER THE MICROSCOPE

The first changes to the WA Workers’ Compensation Act in 30 years were put under the microscope by an expert panel of Chris White, Workcover WA, Chief Executive Officer; Ian Maybury, National Manager at Lockton; and Clint Jeuring, Regional Director at EBM, and was chaired by Rebecca Harris, Workcover WA, General Manager.

Chris White said the new Workers Compensation Bill represented the biggest change in the workers’ compensation world in 30 years, and its rollout would be fully supported by relevant materials.

24 / INSURANCE ADVISER MARCH 2022

“The new Act will be supported by extensive education, training and awareness-raising, and it will provide another opportunity for the broker community to participate in that and learn.”

Rebecca Harris, Workcover WA, General Manager, said, “We’re really keen that you [brokers] know your role and we know ours, that we have a good working relationship together – everything doesn’t need to be set in stone through legislation or regulations. It works in those relationships.”

White said the target date for the commencement of the new act is 1 July 2023, and “today, we’re right on track.”

‘IMPORTANT TO LIFT THAT LEVEL OF PROFESSIONALISM THROUGH CONTINUED PROFESSIONAL DEVELOPMENT AND EDUCATION’

The need for good education and communication was highlighted as vital for the workers’ compensation sector, and Clint Jeuring, Regional Director at EBM, said, “Professionalism is a key pillar of NIBA, and it’s super important to lift that level of professionalism through continued professional development and education.”

During his tenure as the NIBA WA

Committee Chair, Jeuring established a micro-credential around workers compensation, and he said: “The aim was to get the endorsement of Workcover WA and then move to an accreditation process.

“Working with Workcover WA, ICA and industry specialists, we’ve developed a package that is a really good basis for understanding the process.”

Harris described it as “a magnificent resource”, adding, “You started an absolutely world-class product. It’s a fantastic resource and sets a great foundation.”

‘THE NEED FOR ADVICE AND SUPPORT IN WORKERS’ COMPENSATION IS CRITICAL’

Ian Maybury outlined the role of the broker in workers’ compensation.

“The need for advice and support is really critical,” he says.

“In the national landscape, the critical role we play can be broken into

three areas: understanding, including education, policy management and premium management.

“Claims equal premiums, so educating clients around the impacts of claims frequency and the severity of losses will drive sustainability over time.”

COVID-19 BUSINESS INTERRUPTION TEST CASE UPDATE

The business interruption test cases resulting from the global pandemic have created major headlines across the globe, and Adam Squire, Head of Claims, Gallagher and Ken Wise, Managing Principal, Marsh, provided an update to the Convention audience.

“The starting position was that insurers never intended to cover pandemic risks, unless there were very specific policies for this, but due to wording ambiguity, it’s left the situation open for policyholders to challenge their cover, and also for brokers to do that on their behalf as well,” said Squires.

Wise said that, in Australia, the first test case – which revolved around the use of the Quarantine Act as a reference in policy wording – was found in favour of insureds.

“It was found that the Quarantine Act couldn’t be relied upon, so insurers can’t rely on that to exclude a claim on its own,” he said.

In the second round of test cases, nine of ten decisions went in favour of the insurers.

Following the decision of the second test case, both parties sought leave to appeal with the Federal Court hearing the appeal in November 2021. At the time, the Court reserved its judgement, with a decision expected in early 2022.

“We’re still waiting for that decision,” said Wise.

There are a number of class actions ongoing at present, too, which will be adjourned until the appeal verdict is released.

“The law from those test cases is likely to be applied to the class actions as well,” said Wise.

NIBA.COM.AU / 25

FEATURE / 2021.2 NIBA Convention DAY 4

BRISBANE 16 February 2022

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he fourth session of the 2021.2 NIBA Convention took place in Brisbane on 16 February and was MCed by media personality Bill McDonald, who hosted a fascinating afternoon delving into all aspects of natural disasters.

Dr Ryan Crompton, Managing Director of Risk Frontiers, David Henderson, Chief Engineer, Cyclone Testing Station, James Cook University, Stephen McShane, Northern Region Technical Property Specialist, CGU, Steven Hill, Qld Director, Capital Innovation Insurance Group and Ron Bellert, Director, North Queensland Insurance Brokers, provided expert insights on a topic that many of us are – unfortunately – only too familiar with.

Here are some of the highlights.

CATASTROPHE LOSS MODELS EXPLAINED

Dr Ryan Crompton, Managing Director of Risk Frontiers, shared an in-depth presentation on catastrophe loss modelling and future weather-related risks.

Risk Frontiers develops complex catastrophe loss models to predict future loss levels, and Dr Crompton said: “We combine our understanding of projected changes in hazards and climate model data more generally to assess future risk levels.”

There are three key components to the catastrophe loss model. The first is a hazard module that uses statistical sampling to generate a much larger synthetic event. This allows a more reliable estimate of low-frequency impacts that aren’t well represented in a much shorter historical record.

“For example, we use it to develop a simulation of plausible tropical cyclone activity that may occur the following season,” says Dr Crompton.

The exposure module describes the spatial distribution of assets at risk, along with relevant attributes such as construction time, age of construction, and sum insured.

“The exposure can be defined at the asset location level or can be aggregated, for example, at a postcode resolution,” he says.

The vulnerability module estimates the likely damage to the exposure for a given hazard intensity – for example, the wind speed in the case of the tropical cyclone.

“These relationships are specific to the particular assets and may vary by age and also across the country according to 26 / INSURANCE ADVISER MARCH 2022

different design standards – as is the case for wind.”

Over the coming years, our weather will evolve, and based on the modelling Dr Crompton presented, tropical cyclone activity is forecast to decrease between 4% and 12% under different scenarios.

However, the frequency of Cat 4 cyclones is expected to experience little change or a slight increase.

Under both a low and high emission scenario, rainfall is expected to increase, and an increase is more likely than a decrease for flooding – particularly coastal flooding.

Fire weather days are forecast to increase by 15%, something Crompton said with medium to high confidence was attributable to climate change.

‘I’M SURE MANY OF US PLAY LOTTO FOR LONGER ODDS THAN THAT’ Going beyond life safety and identifying opportunities to make buildings more resilient should be a key focus of our approach to dealing with weather events, said David Henderson, Chief Engineer, Cyclone Testing Station, James Cook University.

“We need to maintain functionality,” he said. “We want our buildings – whether

that be our houses, shops, where we live and play – to be functional a short time after a major event.

“We need to be able to minimise the dislocation of people in the community, which means we all recover quicker, and hopefully the damage bills are much lower, too.”

The robustness and resilience of buildings was the focus of the presentation, and McShane spoke about building design standards and the need to exceed the minimum “When we look at the frequency of occurrence for what the National Construction Code sets as the minimum design standard, it’s a one in 500-year event, or a 10% chance of happening in 50 years.

“I’m sure many of us play lotto for longer odds than that.”

To ensure our buildings are as resilient as possible, Henderson said, “We’ve got to think of all aspects of the building and the building envelope to mitigate the impact and make our buildings more resilient.”

Henderson also provided a behind the scenes look at some of the testing conducted at the Cyclone Testing Station – including a chunk of timber travelling at 100kms per hour through a roller door.

“It’s a fun test to do,” said Henderson.

TALK TO YOUR UNDERWRITER EARLY’

Stephen McShane, Northern Region Technical Property Specialist, CGU offered valuable insights into what underwriters look for in a submission from brokers and tips for getting clients the right cover.

When considering new policies, underwriters look at several factors, including timing, the information provided, the opportunity and claims history.

“If you’ve got a very difficult account, talk to your underwriter early,” said McShane.

“If you have a discovery meeting, the underwriter will give you a fairly solid opinion of what they are thinking about the risk and if it’s something they can actually assist on.”

“The underwriter is looking to establish if the account is risk-managed and resilient.”

Current surveys, hot and cold work permits (if relevant), thermographic scans, plant and equipment maintenance, skylight maintenance, cleaning regime and debris and vegetation removal were offered as examples of the type of information underwriters are looking for from brokers.

“Also, does the clients have a business continuity plan and have a handle on the cost of current reinstatement?” said McShane.

“I’ve never heard an underwriter complain they had too much information.”

INSURERS NEED TIME TO PUT THE CYCLONE REINSURANCE POOL INTO THEIR PRICING MODEL Steven Hill, Qld Director, Capital Innovation Insurance Group, and Ron Bellert, Director, North Queensland Insurance Brokers, discussed the Northern Australia Cyclone reinsurance pool, which is speculated to come into effective on 1 July 2022.

The lack of clarity over pricing models continues to cause issues for brokers and clients in North Queensland.

It will take six months for insurers to build the reinsurance pool into their pricing model, Hill commented.

Bellert agreed and highlighted a further potential problem if the reinsurance pool, which is to cover home, strata and small business up to $5 million, isn’t finalised soon.

“If it’s not resolved, insurers will probably choose not to write that business – and that presents the biggest danger we face in North Queensland,” added Bellert.

If the cyclone pool is only going to be collecting premiums from certain postcodes, prices are only going to go up,” said Bellert, who raises issues with the risk-based versus broad-based rating.

“It’s a mathematical equation. You’ve got fewer people contributing to the claims cost, the price is going to go up, and that’s a real concern we have about the cyclone reinsurance pool.”

Another detail to be finalised is what happens to the profits from the pool – with an apparent change in direction causing consternation.

“One of the things that was supposed to happen from the reinsurance pool was that any profits – which there will be after a nonevent year – would be put into mitigation strategies.

“However, the draft legislation says it can be put into general revenue. Hopefully, we can change that.”

The potential professional indemnity exposure created for brokers by an unrealistically low $5 million policy limit for SME property insurance was an additional problem that needed to be overcome.

With the legislation not on the agenda for the current sitting of Parliament, there is a strong possibility it could be put in front of a new parliament to pass.

“I think it’ll be high on the agenda regardless,” said Bellert. “Both Liberals and Labor are pretty much partisan on these insurance costs anyway.”

NIBA.COM.AU / 27

FEATURE / 2021.2 NIBA Convention DAY 5

SYDNEY 21 February 2022

A

fantastic five days of insurance inspiration and insight came to a close on Monday, as NIBA’s hybrid 2021.2 NIBA Convention rounded off its fivestate tour with another stellar event, this time taking place at the ICC Sydney.

The event was MCed by Andrew Klein and was focused firmly on the future, with the topic of personal advice versus general advice taking centre stage.

Legal expert Mark Radford, Principal Solicitor at Radford Lawyers, Tim Wedlock, Managing Director at AEI Broking Group and NIBA President, Dianne Phelan explored offering personal advice from every angle, while fighter pilot turned business expert Chris ‘Boo’ Boucousis delivered a spectacular keynote and NIBA CEO Philip Kewin shared a wrap-up of the event.

REVIEWS WILL SIMPLIFY PROVIDING PERSONAL ADVICE

Mark Radford updated the audience on two major industry reviews that are currently or scheduled to take place this year. The Treasury Quality of Advice Review will consider a range of issues relating to the provision of financial advice (including insurance advice) to retail clients. As part of the review, existing exemptions to the ban on conflicted remuneration will also be placed under the microscope. At the same time, the Australian Law Reform Commission will also review the existing legislative framework surrounding the provision of advice, with the aim to simplify the law. While this review will obviously impact brokers, Radford pinpointed the Quality of Advice Review as holding greater significance for brokers.

The report for the Quality of Advice Review is due on 16 December 2022 and will focus on enabling high-quality, accessible and affordable advice.

“It’s about simplifying what’s there, which will enable those who want to give personal advice to do it more effectively,” said Radford.

“It’s all good news. Everything is going to be simplified. It’s going to make it easier for you to give personal advice. It’s going to make it easier for consumers to understand it, and it’s in line with us in terms of adding value to customers as trusted advisors.” he added.

‘GENERAL ADVICE? GENERAL INFORMATION’ While some brokers may operate under a general licence, Radford likened general

28 / INSURANCE ADVISER MARCH 2022

advice to marketing and warned that brokers need to be explicit if they are providing general advice as clients will expect personalised information from their broker.

“Basically, general advice is marketing – it’s an influence, it’s essentially advertising a product’s benefits.”

“If you’re offering general advice, you need to have a robust process that makes it really clear that the advice isn’t specific to the individual.”

“The mental mindset of a consumer is that you’re an insurance broker – you’re not an insurer or an agent of the insurer – you act for me, you act in my interest.”

Radford said that the reviews will examine whether the term ‘general advice’ is misleading and whether a more suitable term could provide greater clarity to clients.

‘PERSONAL ADVICE IS ACTUALLY WHAT MOST RETAIL CLIENTS WOULD EXPECT’

Further establishing insurance brokers as trusted advisors delivering personal advice – where it’s possible to do so – was highlighted by Dianne Phelan, NIBA President, as a key component of the NIBA Strategic Review to 2025.

“Customers expect us to be competent, professional, ethical, and people who act with high integrity and so, therefore, delivering personal advice is actually what most retail clients would expect – and what we prefer brokers to be delivering where it’s possible to do so,” added Phelan.

Former NIBA President Tim Wedlock said that he was very proud that, when representing the profession to ASIC, there was no evidence of any systemic wrongdoing

and highlighted the benefits of the QPIB (Qualified Professional Insurance Broker) nomination in further advancing the professionalism of the industry.

“The minimum standard of broking, tier one, is something that – as a broking community and working with industry leaders and the NIBA Board – we believe we should be exceeding.”

PROFESSIONALISM EQUALS RESILIENCE

Chris ‘Boo’ Boucousis, one of only 400 trained fighter pilots in the country, and the creator of four successful startups delivered a memorable keynote – the theme of which was deep performance, a journey beyond high performance.

Boo described a situation in the wake of 9/11, during which he was deployed to fly a fighter jet to potentially take down a civilian plane that had been identified as a potential threat to London.

After following the plane and preparing to engage, it was ascertained that the plane wasn’t a threat and allowed to land.

“What was really important about that moment was, somehow, three men and a woman ran out to our jets, turned them on and got airborne within four minutes. We flew out to that civilian aircraft executed the mission absolutely flawlessly, despite all of that emotional turmoil, and that’s because of the amount of professionalism that was instilled in us as fighter pilots,” Boucousis said.

“To me, professionalism equals resilience because when we have the basics covered, when we are able to do the simple things well, when we’re tested, we are able to do things very effectively.”

normality at some stage, and that’s why I’m proud that we’ve been able to deliver an event that our members, sponsors and exhibitors have supported and deserve. The calibre of the speakers has been of the highest quality.”

Kewin also reinforced the opportunities for brokers and said that the new Code of Practice was “the cornerstone for our ongoing professionalism”.

THANK YOU FOR SUPPORTING YOUR INDUSTRY

‘YOUR BODY AND BRAIN DOESN’T KNOW THE DIFFERENCE BETWEEN WINNING FOR REAL AND WINNING FOR PRETEND’

Boucousis highlighted a daily debriefing culture as one that can set businesses on the course of significant growth – but only if you first have a plan.

Boucousis, who now works with businesses to help them improve said, “if you compound a 1% improvement every day over a year, and you work 225 days, that’s theoretically a 900% improvement”.

Significant change can be achieved by spending time every day analysing performance, giving feedback and taking positive criticism.

“To go and have a conversation [with an unhappy client] and a debrief with them is the fastest way to make that relationship and actually enhance it,” he said. “When we say ‘hey, he’s where we want to be, here’s where we are’ and we talk about the gap, and we come up with a new solution together, you feel good.

“It’s a mental hack. It’s called the dose reaction. Your body and brain don’t know the difference between winning for real and winning for pretend.

Boucousis said it was impossible to debrief without a plan, however.

“Without the structure to say, here’s this purposeful thing we’re going to do and here’s the outcome we have to achieve, it does become personal.”

He said you need to have absolute clarity on three things every day, week, month and year that you want to achieve – all connected but of different sizes.

Those three things form the foundation of a five-minute daily debrief, and by focusing on them, you can achieve excellent results.

NIBA CEO THANKS ALL INVOLVED FOR A SUCCESSFUL HYBRID EVENT

Towards the end of the session, NIBA CEO Phil Kewin thanked all of the speakers who have taken part in the five-day event, in addition to the NIBA Board and staff, and sponsors, for helping to bring the hybrid NIBA Conference to life.

“We always knew the broker community wanted an opportunity to get back together.

We had to come back to some sort of

The Sydney event wrapped up our five-day 2021.2 NIBA Convention, and the industry enjoyed an exhibition and networking drinks.

Over the course of the five days, we’ve heard from 24 speakers delivering a wide range of perspectives directly and indirectly related to our day-to-day lives.

The theme for the Convention was Professionalism + Resilience = Opportunity, and we hope the insights and inspiration shared by our speakers will help you to succeed over the next 12 months. If you’d like to watch any of the sessions again, or missed out on them the first time around, you can access recordings on the NIBA Convention page, www.niba.com.au/convention.

Thank you again for your support, and here’s to seizing those opportunities.

THANK YOU TO OUR PRINCIPAL PARTNERS, SPONSORS AND EXHIBITORS We would like to thank our Principal Partners – Allianz, CGU, QBE, Vero and Zurich – and our Technology Sponsor, Macquarie Bank, Networking Drinks Sponsor CGU Insurance, our Keynote Speaker Sponsor Chubb, our Name Badge and Lanyard Sponsor JBHIFI and all exhibitors for their support of the 2021.2 NIBA Convention.

Thank you to all the sponsors and exhibitors who supported the 2021.2 NIBA Convention. Some of the wonderful organisations included: • Allianz • Ansvar • ANZIIF • ARAG • Axis Underwriting • Back2work solutions • BAIS • Berkley Insurance • BizCover • Blue Zebra Insurance • BOQ Finance • CGU • CHU • Community Underwriting • DriverCare • Dual • Elantis Premium Funding

• Executive Mentoring • Financial Education • FTA Insurance • Gallagher Bassett • GT Insurance • HMIA • Hollard • iQumulate • Kaplan Professional • Liberty Specialty Markets • Lion Underwriting • Manser Fire and Marine • Martinminett • Mecon Insurance • MSM • NSRA • Next Health

• NTI • OrganiseIt • Pointinsurance • QBE • Sedgwick • SLE • SUU • Steamatic • Sura • Tego • The Barn • UAA • Vero • Virtual Broking • We are_savvy • Ydr • Zurich

WITH THANKS TO OUR PRINCIPAL SPONSORS

NIBA.COM.AU / 29

FEATURE / Strata Insurance

SPONSORED BY

STRATA INSURANCE – WHY INDUSTRY COLLABORATION HAS NEVER BEEN MORE IMPORTANT

A combined effort is needed to navigate the ever-complex world of strata insurance.

BY MARTIN WANLESS

SPONSORED BY FEATURE / Strata Insurance

C

oncerns over cladding and the headline-grabbing building defects discovered in some high-profile buildings continue to rumble on, but from a strata insurance perspective those issues have also been a catalyst for a focus on quality – as well as deepening the challenges around placement and capacity.

“Cladding and building defects continue to place significant pressures and burdens on owners’ corporations with respect to insurance. Insurers still playing in the strata market are tightening capacity, resulting in fewer options for insureds,” confirms Steve Tchepak, National Underwriting Manager at CHU. These two major issues resulted in something of a crisis of confidence that affected the strata insurance industry more generally, and focused – quite rightly, says Chris Duggan, President of the Strata Community Association – around the way underwriters approach risk management for strata insurance.

“WE SAW THE STRATA INSURANCE MARKET SET THE TEMPO WITH THE EXPECTATION OF HOW WORKS WOULD BE RECTIFIED AND WHAT LEVEL OF CLADDING COVER THEY WERE HAPPY TO EXIST WITH.”

– CHRIS DUGGAN, PRESIDENT OF THE STRATA COMMUNITY ASSOCIATION “We saw the strata insurance market set the tempo with the expectation of how works would be rectified and what level of cladding cover they were happy to exist with,” added Duggan.

“While there was criticism of the government acting slowly in terms of getting onto cladding in New South Wales and other states, the strata insurance market grappled with it far quicker because they could, with their pre-renewal declarations, manage the risks on those buildings,” he added.

32 / INSURANCE ADVISER MARCH 2022

“As a consequence, the relationship between strata managers, brokers and underwriters became intrinsically linked,” said Duggan.

THE COST OF CLAIMS KEEPS ON RISING

Of course, the challenge for insurers is the volume and magnitude of claims that

WHAT IS COVERED?

SPONSORED BY FEATURE / Strata Insurance

STRATA INSURANCE SNAPSHOT*

AVERAGE STRATA PREMIUM INCREASE 2016

$3,305 2020

$5,017 TOP 5 MOST PREVALENT STRATA CLAIMS 2016-2020

1. Water damage (including leaks) 2. Storm damage 3. Impact damage 4. Burst water pipes 5. Malicious damage

COSTLIEST STRATA CLAIMS 2016-2020 STORM DAMAGE

$438m

WATER DAMAGE

$362m FIRE DAMAGE

“ARMED WITH THIS ADVANCED PRICING DATA, INSURERS NOW HAVE A MORE ACCURATE PICTURE OF THE PREMIUMS REQUIRED TO MEET BOTH CLAIMS AND REINSURANCE COSTS, AND REMAIN VIABLE MOVING FORWARD.”

$249m BURST WATER PIPES

$160m

* From a data-driven holistic understanding of Strata Insurance Report, published by the Strata Community Association and Deakin University, 2021

– ANDREW ROBSON, MANAGER, STRATEGIC INITIATIVES & PARTNERSHIPS, SUU result from strata insurance – and Andrew Robson, Manager, Strategic Initiatives & Partnerships, SUU, says, “Over the past 12 months, we have seen a large increase in average claim size. This has resulted from the increased cost of building materials, availability of trades and access to the site, along with delays.”

Risk mitigation strategies are, naturally, increasingly important in terms of simply placing insurance, as well as

34 / INSURANCE ADVISER MARCH 2022

minimising costs. And, when you consider the average strata insurance premium has increased from $3,305 in 2016 to $5,017 in 2020 (according to research conducted by the Strata Community Association and Deakin University), it’s easy to see the importance of the symbiotic relationship Duggan refers to.

“One way to minimise the increase in costs is by implementing a well thought out risk management/mitigation and

maintenance program, as well as an emergency management protocol,” says Robson.

The increasing use of big data and computing power to price risk has identified that previous pricing cycles were unrealistic and unsustainable, says Tchepak.

“This view seems to be supported by fewer insurers now playing in this space,” he says.

SPONSORED BY

“Armed with this advanced pricing data, insurers now have a more accurate picture of the premiums required to meet both claims and reinsurance costs, and remain viable moving forward,” Robson added.

How the market progresses over the coming years is critically important, with challenges on all sides of the fence.

Duggan says how those challenges are communicated is imperative to eventually find long-term solutions.

“The path forward for us is to park some of the hysteria and emotive reactions – people in a hardening market such as North Queensland assume they’re being taken advantage of either by strata managers or brokers because of the difficulties in placing insurance, however, the data doesn’t support that – there are very few cases of people opportunistically taking advantage over owners’ corporations or body corporates,” Duggan added.

“There is a pressing need for the strata industry and the brokerage market to align ourselves to make sure we

PEACE OF MIND & STABILITY FOR OVER 2 DECADES Insurance Business Magazine's Strata Cover Gold medal two years running

1300 668 066 | info@suu.com.au | www.suu.com.au

SPONSORED BY FEATURE / Strata Insurance

“INSURERS UNDERSTAND THAT THESE ISSUES CAN TAKE YEARS TO RESOLVE, BUT PROACTIVITY AND A CLEAR AND CONCISE FORMAL PLAN DETAILING STEPS TO RESOLVE ANY ISSUES WILL BE LOOKED AT FAR MORE FAVOURABLY

BY AN INSURER.”

– STEVE TCHEPAK, NATIONAL UNDERWRITING MANAGER, CHU

have a consistent front so that with the regulators and with consumers we’re all on the same page. If we can get on the same page about what best practice disclosure and remuneration models look like, I think we can take that to both consumers and government and support the equally important role that we play,” he added.

“I actually think we’re very much on the way there.”

36 / INSURANCE ADVISER MARCH 2022

Steve Tchepak of CHU agrees it’s important for brokers and owners’ corporations to work closely together.

“Brokers can encourage owners’ corporations to be proactive with risk management, including progressing cladding remediation and/or defect works.

“Insurers understand that these issues can take years to resolve, but proactivity and a clear and concise formal plan detailing

steps to resolve any issues will be viewed far more favourably by an insurer. Owners’ corporations need to ensure they still remain adequately covered during the remediation process.’’

Once those risk management steps are put in place, Robson says, it’s vitally important that the strategy is delivered upon.

“Once that risk mitigation and management plan is developed and rolled out, clients should ensure that the action items within the program are completed as outlined. Proactively managing and controlling risks will reduce the possibility and severity of loss, reducing the pressure on costs.”

There are no quick fixes with strata insurance, and with the demand for increasingly more complex, billion-dollar, multi-purpose buildings across the country, it’s an issue that’s going to continue for an awfully long time yet, which is why that collaborative relationship between all stakeholders – brokers, strata managers and underwriters – which Duggan advocates, is worthwhile investing time in.

“There is an absolutely critical role for both industries to play here,” he says. “This is not a one or the other type of outcome. It’s actually a genuine relationship that values the customer and recognises the complexity of placing strata insurance today.”

STRATA PROPERTY | ENGINEERING | LIABILITY | STRATA | MOTOR

One of the largest growing markets in insurance is the strata and body corporate sector, particularly apartment buildings. The ASTA Property Team specialises in this unique area providing high-level services to strata and property managers, with key focus on communication, effective project management and innovation to manage claims that often involve multiple parties, interrelating damage and complexity in building design.

CHAR TERED LOSS ADJUSTERS claims@astagroup.com.au

www.astagroup.com.au

FEATURE / Insurance for the Hospitality Sector

38 / INSURANCE ADVISER MARCH 2022

INADVERTENT DANGER

Hospitality businesses have had to do whatever it takes to survive over recent times. But new risks they may have inadvertently introduced are only the tip of the iceberg for an increasingly complex area of insurance.

BY MARTIN WANLESS NIBA.COM.AU / 39

FEATURE / Insurance for the Hospitality Sector

N

o one needs reminding just how tough the past two and a half years – and counting – have been for businesses across the country, and indeed the world.

From lockdowns to border closures, density capacities to check-ins, a continual stream of challenges and changes have been enforced with a moment’s notice, impacting the way we live and the way we can earn money.

Fortunately – at the time of writing at least – things seem to be on the up, cautiously at least. But the shockwaves of the pandemic are going to be felt for a while yet – and the hospitality sector is one that will feel it more than most.

It’s been one of the industries most heavily affected by the pandemic restrictions, and as a consequence has ‘pivoted’ and ‘innovated’ with the best of them. From introducing takeaways or deliveries to taking online orders, businesses have done whatever it takes, and as a consequence, opened up a whole host of new risk.

As Dallas Booth, former CEO of NIBA, said during the 2021.2 NIBA Convention, “Of the businesses surveyed for the [Vero SME] Report, the great majority of them have changed what they do and 40 / INSURANCE ADVISER MARCH 2022

how they do it. My question is, have the brokers servicing and supporting those businesses recognised those changes and, when necessary, rearranged their insurance programs?”

And it’s a question that needs to be asked.

“Hospitality businesses have been diversifying into new activities such as takeaway drinks service or hiring out their venue to third parties for events,” says Jane Mason, Head of Product, Channels and Risk for BizCover for Brokers.

“It is important that if insureds perform any business activities outside of the insured occupation – or that may cause a change in their original declaration – that they are communicating with their broker to ensure they are covered.”

Anthony Pagano, Head of Commercial Intermediaries at Vero, says, “Changing business models or ways of working aren’t necessarily an issue and can be for the betterment of the business. However, when the catalyst for those changes is a global pandemic, there are always valid concerns.

“One of the most important things for business owners to consider whenever making changes to their business – whether it be to pivot during a pandemic, or to simply capitalise on a new opportunity – is to consider the risks,” Pagano added.

“I’ve definitely seen a lot of other insurers’ appetites dry up for new operators because they haven’t been in the business before and there’s not a history of claims or history of running venues.”

– JANE MASON, HEAD OF PRODUCT, CHANNELS AND RISK FOR BIZCOVER FOR BROKERS

And new risks are something that insurers are increasingly wary of in hospitality, particularly for new entrants to the market.

Benn Robinson, Underwriter at SLE Worldwide, says, “Most insurers now are a bit hesitant to write new operators of hospitality venues without experience.”

“I’ve definitely seen a lot of other insurers’ appetites dry up for new operators because they haven’t been in the business before and there’s not a history of claims or history of running venues,” Robinson added.

FEATURE / Insurance for the Hospitality Sector

THE PERFECT STORM

Dale Hansen, CEO of Austbrokers Coast to Coast, says, “For hospitality businesses, it’s been a perfect storm. Not only have they been one of the hardest-hit sectors due to COVID-19, with density limits and lockdowns, but capacity is down, rates are increasing, and competition is decreasing.

“On many occasions now, it’s not a matter of going out to market, seeing what capacity is out there, going through a list of quotes

and the different terms and conditions and endorsements – it’s take what you can get.

“Insurers are now asking what risk management the client has, what risk management enhancements they have done, what are they looking to do in the future, as well as some very detailed requirements on COVID-19 exposure and how their business has been affected by the pandemic.”

With prices of premiums – when available – soaring, smaller businesses,

in particular, can be tempted to tread a dangerous path.

“Given the impact of COVID-19 on the turnover of small businesses in the hospitality sector, insureds are extremely price-focused,” says Mason.

“An effect of this is under insurance. We are seeing insureds reducing sums insured or removing coverage to reduce costs. This can result in under insurance clauses being applied to claims and higher uninsured losses.”

“Given the impact of COVID-19 on the turnover of small businesses in the hospitality sector, insureds are extremely price-focused.”

– JANE MASON, HEAD OF PRODUCT, CHANNELS AND RISK FOR BIZCOVER FOR BROKERS 42 / INSURANCE ADVISER MARCH 2022

ADVERTORIAL / etika

FINTECH STREAMLINES A MARINE AGENCY’S PREMIUM FUNDING PROCESS

I

t’s hard to think beyond the time consuming and cumbersome processes involved around insurance, but when a premium funder can make things happen instantly, you’ve got to sit up and take notice.

One of our partners specialises in providing recreational marine, commercial marine and logistics industry insurance products. They use an automated online underwriting platform to bring instant boat insurance quotations and coverage to Australian boat owners.

CHOOSING ETIKA

Already using premium funders, the agency was looking for a better solution to offer clients, one that was quick and seamless.

They didn’t want another finance option to add to the already complex insurance processes. etika’s premium funding solution ticked all the boxes – literally.

In fact, they soon realised by changing their premium finance partner, they were able to reduce some of the previously cumbersome processes involved in clients arranging premium finance – and the agency received next day settlement!

THE EXPERIENCE

The agency found the set-up of the premium funding APIs quick and easy with the supportive Australian tech support and customer service team. etika’s team were quick to respond to any concerns or requests for changes and had an impressive ability to adapt and customise the solution.

Once implemented, etika’s technology proved its worth.

The capability of their premium funding solution to connect completely with their automated quoting and binding platform means all transactions along the insurance policy lifecycle are fully automated.

Mid-term endorsement premium reductions are also automated through the etika APIs. It means a new efficiency with no emails or paperwork needing to be raised.

“The payment process has been smooth and quick with reliable next day settlement. Other premium funders lag on settlement. The daily reports provide all the information for our accounts team to quickly reconcile.

Having worked with multiple premium funders, I have finally found one that delivers a fully automated and integrated process. I am very impressed with their systems. Working with etika has significantly reduced our team’s daily operational burden.“ said the agency’s director.

Treating customers with respect was an important factor in the agency’s choice of finance solution. The customer journey through etika premium finance is transparent to clients. Clear instructions and easy to understand documentation ensure clients know exactly what they are signing up for.

THE RESULT

The new on-brand premium funding solution, offers customers a seamless checkout process within its quote and bind system.

ABOUT ETIKA

etika is a privately owned fintech company, whose aim is to offer affordable, fair finance without surprises. etika currently operates in the UK, Australia and New Zealand. etika’s platform is built in-house, with full control over its core systems, allowing for customisation of solutions.

In Australia, etika offers B2B2C interest-free Finance Solutions and Insurance Premium Funding, all with no set-up, cancellation or late fees. We also offer customised solutions.

For further information head to www.etika.com/au/business/for-business or call our team on 1300 FAIRER (324 737).

NIBA.COM.AU / 43

FEATURE / Insurance for the Hospitality Sector

HOSPITALITY RISKS TO WATCH OUT FOR

HOSPITALITY: AT A LOSS

Of course, price hikes are a consequence of other things going on in the market, and Robinson says he’s seen some substantial losses over recent times.

“There have been some large liability losses in the space recently and hence why capacity’s drying up. In the past six months, I’ve seen two seven-figure losses come through for personal injury – broken necks and broken backs falling off balustrades or falling over ledges.

“It’s hard to see these types of claims, and that’s sent shockwaves through the hospitality market.”

Of course, in any scenario such as this, the opportunity is there for brokers to provide expert guidance that far exceeds the taking of an insurance offer.

Whether it’s new risks to be identified, underinsurance to be avoided or placement to be found, the broker’s role is more important than ever before.

Pagano says, “It’s important brokers regularly check in with their clients to discuss any changes to their business and 44 / INSURANCE ADVISER MARCH 2022

industry, and identify and discuss what potential impacts those changes may have on their insurance needs.

“Conversely, what advice and support can the broker recommend to assist those customers experiencing difficulty, to ensure they are best protected within their financial means. For example, a review of deductibles, covers and payment plans in place.

“Brokers should also undertake risk assessments and proactively recommend improvements at renewal time to demonstrate their expertise and added value,” Pagano added.

The theme of the 2021.2 NIBA Convention was professionalism plus resilience equals opportunity, and Hansen says, “It really is the time for us as an industry to stop aggregating and get into the advice space.”

“The way we’ve seen businesses pivot, these new exposures that they’ve opened themselves up to – that change is going to be a constant, and we should be their one-stop shop for risk management advice,” he added.

Anthony Pagano, Head of Commercial Intermediaries at Vero, says hospitality businesses may have inadvertently opened themselves up to a number of risks, including: • Increased machinery exposures when restarting ‘idle’ equipment after an extended period of non-use • Risk controls for the temporary closure of premises • Safe return to premises and business operations, including the resumption of utilities, security, fire and IT systems • Worker training and engagement • Reducing/availability of staff and/or operating hours • Moving from in-house to online • Reviewing and altering menus/product offerings (to align more with demand and availability from suppliers) • A surge in retail of food and culinary products • Adequate food preparation, handling and/or disposal due to unforeseen lockdowns or restrictions • Changes to marketing activity (increasing/ decreasing or changing approach) such as external seating on footpaths, laneways and rooftops to comply with density ratios • Opportunity to renovate premises with no/reduced activity and contractor controls in place • Hybrid of dine-in, takeaway and delivery options to serve customer needs • Creating or refreshing online business presence (website, online store, social media channels), including adequate cyber protection.

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

ING IS

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QPIB

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

D PRAC IE T F I

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QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CAITLIN CARSON, 2019 YOUNG PROFESSIONAL BROKER OF THE YEAR

NCE BR

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COMMUNITY HUB

COMMUNITY HUB MARCH 2022

INDEX

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

AB Phillips .................................................... 46 ASR Underwriting ..................................... 47 Newline Group ........................................... 48 Affinity Insurance Brokers ..................... 48 AIBI .................................................................. 49

Australasia Underwriting ....................... 49 Tudor Insurance Brokers .........................49 Liberty Special Markets...........................49 Pollard Insurance Brokers.......................50 Wellington Underwriting ........................50

QPIB .................................................................50 Moran Insurance Brokers......................... 51 MGA Insurance Group.............................. 51 NIBA advertising......................................... 52

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

COMMUNITY HUB Key Liability Industries:

Key PI Occupations:

Key FI Occupations:

• Alternate & Complementary medicines • Automotive • Biotechnology • Clinical Trials / Research • Defence – machinery, weaponry & protective equipment • Life Science / Pharmaceuticals • Medical & Surgical Devices (including invasive implants) • Medical Cannabis • Medical Equipment / Products • Mining • Rail, Products, Maintenance, Locomotive Engineering, operators, Rolling Stocks & Engine Manufacturers • Tyres – new, re-threading, lugging, repair & sales • Universities • Veterinary Medicines

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

• Fund Managers/Investment Managers • Insurance Companies • Managed Investment Schemes • Excess lines for Financial Planners

Key D&O • Insured firms can be not-for-profit, privately held or publicly traded • Side A/DIC placements • Medical Cannabis risks • All industry sectors, both commercial and financial, are underwritten

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

Linda Sepala Underwriting Manager – D&O & FI

Underwriting Manager - PI

PH: 03 9998 1900

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

AFFINITY AFFINITYEQUINE, EQUINE,ADVENTURE ADVENTURE AFFINITY AFFINITY EQUINE, EQUINE, ADVENTURE ADVENTURE &&LEISURE LEISURELIABILITY LIABILITY & LEISURE & LEISURE LIABILITY LIABILITY

Untitled-2 1 NIBA_Newline_Sep20.indd 1

Abseiling Abseiling Abseiling Abseiling Agistment Agistment Agistment Agistment Archery Archery Archery Archery Bush Bush Walking Walking Bush Bush Walking Walking Camping Camping Camping Camping Campsites Campsites Campsites Campsites Canyoning Canyoning Canyoning Canyoning Caving Caving Caving Caving Team Team Building Building TeamTeam Building Building

17/5/21 15/9/2012:40 3:54pm pm

Mountain Mountain Biking Biking Mountain Mountain Biking Biking SeaSea Kayaking Kayaking Orienteering/Rogaining Orienteering/Rogaining Equine Equine Events Events Sea Kayaking Sea Kayaking Orienteering/Rogaining Orienteering/Rogaining Equine Equine Events Events Scuba Scuba Paddle Paddle Boarding Boarding Equine Equine Therapists Therapists Scuba Scuba Paddle Boarding Boarding Equine Equine Therapists Therapists Paddle Snorkelling Snorkelling Pony Pony Rides Rides Snorkelling Snorkelling Pony Pony Rides Rides Snow Skiing Skiing Paintball & Skirmish & Skirmish Snow Fishing Fishing & Boat & Boat Cruises CruisesPaintball Snow Snow Skiing Skiing Paintball Paintball & Skirmish & Skirmish Fishing Fishing & Boat & Boat Cruises Cruises Riding Schools Schools Four Four Wheel Wheel Driving Driving Riding Riding Schools Schools Four Four Wheel Wheel Driving Driving Riding Swimming Swimming Flying Flying Fox Fox Swimming Swimming Flying Flying Fox Fox Trail Trail Running Running Rock Climbing Climbing Horse Horse Carriage Carriage Driving DrivingRock Trail Trail Running Running Rock Rock Climbing Climbing Horse Horse Carriage Carriage Driving Driving Ropes Ropes Course Course Horse Horse Trainers Trainers Ropes Ropes Course Course Horse Horse Trainers Trainers Rowing Rowing Rowing Rowing Sailing Sailing Kayaking Kayaking Sailing Sailing Kayaking Kayaking

1300 1300 130 130 535 535 1300 1300 130 130 535 535 48 / INSURANCE ADVISER AUGUST 2021

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 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 Mackay Frank Van Rooy Simon Bidey

Property Liability Underwriting

03 9559 3316 03 9559 3310 03 9559 3317

Email Contact: firstname@australasiaunderwriting.com.au isit our AustralasiaUnderwriting.com.au

ebsite:

Benefits of dealing with LSM:

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

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

service@tudorinsurance.com.au

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

(03) 9707 3033

15% commission of all placements

Tudor Insurance Australia Cameron McKerchar tudorinsurance.com.au

NIBA.COM.AU / 49

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

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

Contact our Underwriters today or visit our website at

www.wellingtonu.com.au

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

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

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50 / INSURANCE ADVISER MARCH 2022

D PRAC IE T F I

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QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CRAIG ANDERSON, 2018 YOUNG BROKER OF THE YEAR

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NIBA.COM.AU / 51

NIBA / Forthcoming Events

STAY UPDATED!

NIBA EVENTS

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

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

PROTECSURE NIBA PRESENTATION SKILLS PROGRAM WHERE: Sydney CBD WHEN: Wednesday 6 April, Tuesday 12 April, Thursday 28 April, Tuesday 3 May The Protecsure NIBA Presentation Skills Program offers a holistic approach to presentation skills, promoting technical awareness of the art of communication, and the importance of effective networking. Presented by Nikki Heald and Michael Kelly, it aims to develop young professionals’ skills and performance in the art of verbal and non-verbal communication.

Program structure Workshop 1 Nikki Heald (an introduction to networking): Wednesday 6 April from 4:00pm – 6:00pm Workshop 2 Michael Kelly (unspoken technics to engage your audience): Tuesday 12 April from 9:00am – 1:00pm Workshop 3 Nikki Heald (language techniques and building your hook): Thursday 28 April from 9:00am – 1:00pm Workshop 4 Final presentations: Tuesday 3 May from 4:00pm – 6:00pm

Nikki Heald Nikki Heald is the Managing Director of Corptraining, established to provide dynamic and modern presentations appropriate to the business needs of today. Her programs focus on developing interpersonal skills that enhance business relationships and professional visibility, resulting in increased credibility and sales.

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

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

Michael Kelly

2022 NIBA Qld Gala Lunch

Michael is a leading body language and speech expert and holds a Master of Science degree in speech pathology. His programs help leaders communicate ideas and vision with confidence, energy and certainty. Leaders who work with Michael deliver influential presentations, win more pitches and grow thriving careers.

SAVE THE DATE FOR YOUR STATE’S 2022 GALA LUNCH!

WHERE: Brisbane Convention and Exhibition Centre (BCEC) WHEN: Wednesday 13 July BCEC will play host to this year’s NIBA Qld Gala Lunch which will offer brokers the chance to reconnect and celebrate the best talent in the Qld market. Before the lunch, kickstart your day at the NIBA breakfast before walking through the NIBA UAC Qld expo.

2022 NIBA Vic Gala Lunch

2022 NIBA NSW Gala Lunch

WHERE: Crown Melbourne WHEN: Friday 20 May This year’s NIBA Vic Gala Lunch returns to Crown Melbourne and follows up on last year’s sold-out lunch. Keynote will be delivered by famed Australian Explored, James Castrission.

James’ keynotes and workshops emotionally engage audiences through metaphor, creating a powerful platform to explore mindset, leadership, team dynamics and decisionmaking in a VUCA environment. Before lunch, there will be the NIBA UAC Vic expo and NIBA breakfast offering attendees plenty of opportunities for learning and networking.

WHERE: Doltone House Hyde Park, Sydney WHEN: Thursday 21 July Join us at Doltone House Hyde Park for a magical afternoon celebrating the industry’s best in broking. The event’s keynote will be delivered by Australian paralympic wheelchair racer and leading coach Louise Sauvage OAM, who is often regarded as the most renowned disabled sportswoman in Australia. Louise has won nine gold and four silver medals at four Paralympic Games and eleven gold and two silver medals at three IPC Athletics World Championships.

2022 NIBA WA Gala Lunch

2022 NIBA SA Gala Lunch

WHERE: Crown Perth WHEN: Friday 8 July The annual NIBA WA Gala Lunch usually attracts around 500 members of the WA insurance community and is a chance to celebrate and unwind after the end of the financial year.

WHERE: Adelaide WHEN: Friday 22 July NIBA’s SA Gala Lunch will bring together all facets of the intermediated insurance industry to celebrate the end of the financial year and look forward to the year ahead.

DISPLAY ADVERTISING INDEX – MARCH 2022 Vero ......................................................... IFC CGU ..............................................................5 NTI .................................................................7 Insurance Advisernet ............................ 9 Technosoft ................................................. 11

Focusnet.................................................... 17 CHU ...........................................................33 SUU ............................................................ 35 ASTA .......................................................... 37 Ebix..............................................................41

Etika ...........................................................43 QPIB ..........................................................45 NIBA Advertising ...............................IBC CGU ..................................................... OBC

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

MARCH 2022 INSURANCE ADVISER / 53

NIBA / Events

NIBA SA GALA LUNCH The SA Gala Lunch on Friday 11 February at the Adelaide Convention Centre brought together all facets of the intermediated insurance industry to celebrate the year that has passed.

54 / INSURANCE ADVISER MARCH 2022

NIBA / Events

NIBA / Events

2021.2 NIBA CONVENTION The hybrid 2021.2 NIBA Convention was held over five days from 8 – 21 February in Melbourne, Adelaide, Perth, Brisbane and Sydney respectively.

The Convention showcased outstanding speakers, important industry highlights and exciting networking opportunities.

NIBA.COM.AU / 55

INSURER STRENGTH RATINGS

S&P GLOBAL

INSURER FINANCIAL STRENGTH RATINGS

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

Ratings at 1 March 2022.

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

NEW ZEALAND

RATING

NON-LIFE INSURERS

AUSTRALIA

RATING

NON-LIFE INSURERS AAI Ltd.

AA-/STABLE

AIG Australia Limited

A/CreditWatch Negative

Allianz Australia Insurance Ltd.

AA-/STABLE

BHP Marine & General Insurances Pty Ltd.

A/CreditWatch Negative

Chubb Insurance Australia Ltd.

AA-/STABLE

Great Lakes Insurance S.E (Australia Branch)

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

Insurance Australia Ltd.

AA-/STABLE

Society of Lloyd's

A+/STABLE

Medical Insurance Australia Pty Ltd.

A-/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

AA Insurance Ltd.

AA-/STABLE

AIG Insurance New Zealand Ltd.

A/CreditWatch Negative

Aioi Nissay Dowa Insurance Co., Ltd

A+/STABLE

Allianz Australia Insurance Limited

AA-/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

Chubb Insurance New Zealand Ltd.

AA-/STABLE

Factory Mutual Insurance Company

A+/STABLE

Great Lakes Insurance SE

AA-/STABLE

LENDERS MORTGAGE INSURERS

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

Arch Lenders Mortgage Indemnity Ltd.

A/NEGATIVE

Hannover Life Re of Australasia Co. Ltd.

AA-/STABLE

Genworth Financial Mortgage Insurance Pty Ltd.

A/STABLE

IAG New Zealand Ltd.

AA-/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

Society of Lloyd's

A+/STABLE

LIFE INSURERS

Medical Insurance Society Ltd.

A-/POSITIVE

AIA Australia Ltd.

A+/STABLE

Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)

A+/STABLE

Resolution Life Australasia Ltd.

A-/STABLE

Southern Cross Benefits Ltd.

A/STABLE

Challenger Life Company Ltd.

A/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/STABLE

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

MetLife Insurance Ltd.

A+/STABLE

The North of England Protecting and Indemnity Association Limited A/NEGATIVE

Westpac Life Insurance Services Ltd.

A+/STABLE

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

REINSURERS

Vero Insurance New Zealand Ltd.

AA-/STABLE

Vero Liability Insurance Ltd.

AA-/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

HEALTH INSURERS

General Reinsurance Australia Ltd.

AA+/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Munich Reinsurance Co. of Australasia Ltd.

AA-/STABLE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

Southern Cross Medical Care Society

A+/STABLE

QBE Blue Ocean Re Ltd.

A+/STABLE

NIB NZ Ltd.

A-/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

SCOR Global Life Australia Pty Ltd.

AA-/NEGATIVE

Genworth Financial Mortgage Insurance Pty Ltd. (NZ Branch) A/STABLE

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

AA-/NEGATIVE

QBE Lenders’ Mortgage Insurance Ltd.

A/STABLE

Swiss Re Life & Health Australia Ltd.

AA-/NEGATIVE

Asteron Life Ltd.

AA-/STABLE

*For the S&P Global Insurer Financial Strength Ratings Definitions visit: https:// www.niba.com.au/resource/standardandpoors.pdf

Hallmark Life Insurance Co. Ltd. (NZ Branch)

BBB+/STABLE

Medical Life Assurance Society Ltd.

A-/POSITIVE

Westpac Life-NZ-Ltd.

A/STABLE

Resolution Life New Zealand Ltd.

A-/STABLE

Resolution Life Australasia Ltd. (New Zealand Branch)

A-/STABLE

LENDERS MORTGAGE INSURERS

LIFE INSURERS

REINSURERS HDI Global Specialty SE

56 / INSURANCE ADVISER MARCH 2022

A+/STABLE

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.

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 4 March 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 General Reinsurance Life Australia Ltd.

A++/STABLE

PROPERTY/CASUALTY

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

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

A/STABLE

BNZ Life Insurance Limited

A u/NEGATIVE

CIGNA Life Insurance New Zealand Limited

A 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

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

Kiwi Insurance Limited

A- u/DEVELOPING

Momentum Life Limited

B++/STABLE

Partners Life Limited

A- u/DEVELOPING

Pinnacle Life Limited

B/STABLE

Ansvar Insurance Limited

A-/NEGATIVE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

General Reinsurance Australia Ltd

A++/STABLE

Guild Insurance Limited

A-/NEGATIVE

PROPERTY/CASUALTY

Pacific International Insurance Pty Limited

B++/NEGATIVE

A+/STABLE

The Hollard Insurance Company Pty Ltd

A-/STABLE

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

The New India Assurance Company Limited (Australia Branch)

Beneficial Insurance Limited

B++/STABLE

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

Health Services Welfare Society Limited

B+/NEGATIVE

Mitsui Sumitomo Insurance Company Limited (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.

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

NIBA.COM.AU / 57

INSURANCE JOURNEY / Daniela Zaccone

TAKING ON THE WORLD

M

y first job wasn’t in insurance. I started a hair apprenticeship, but quickly discovered I preferred having my hair done rather than doing other people’s. There was a job opening as a receptionist at a local family-owned broking firm and it was a real step into the unknown.

I had no idea what insurance was, but it didn’t take me long to understand this was the career for me and I’ve now been in the industry for 16 years.

In my second year, I started assisting one of the senior brokers, who taught me the fundamentals. I then started studying with NIBA to attain my QPIB certification and that was really the start of my career pathway.

I’ve never looked back. The opportunities are truly endless – from multi-faceted roles in almost any city you could dream of, exposure to weird and wonderful risks, site visits to some incredibly remote places and, of course, meeting and collaborating with professionals all over the globe.

One of my mentors told me he had done a two-year secondment in the London market and thought it was something I should look into. With my sights firmly set on Lloyd’s, so I could live and breathe insurance, I bought a one-way plane ticket. Coming from Adelaide, I wasn’t really prepared for the magnitude of the London market, and I needed to step things up very quickly. I was thrown into the deep end with large, complex accounts I had not had the chance to deal with in Australia.

I’ve worked for all four major broking firms, with some of those coming about because of acquisitions. I outgrew local broking and yearned for a more challenging experience and opportunities through exposure to big, complex risks in unique areas of the world. That’s why I’ve stayed in the international space.

But I wouldn’t be where I am today without the influence and support from a handful of special people. One of those was my boss at DeConno and Blanco in Adelaide, David Blanco who I worked closely with in the first years of my career. He encouraged me to take the leap to London because it was an essential experience for an insurance geek like me. For that, I will be forever grateful.

PROUDLY SUPPORTING

58 / INSURANCE ADVISER MARCH 2022

The great thing about working as an insurance professional is that I learn something new every single day – it may be from our clients and their business, or from an industry or technical perspective. Not one day is the same as another and that’s what gets me going every morning. I’m now specialising in power and renewable energy. The renewables sector aligns with me personally and it feels rewarding to contribute to very hot issues – pardon the pun – like global warming and climate change. Much of my background has been in construction and London gave me the chance to turn my focus to power and renewables.

FOUR QUICK QUESTIONS What would you eat for your last meal? Vegetarian pizza with hot salami on top. I know it sounds weird, but I love that combination.

Best live show you’ve ever seen?

Bryan Adams – access to so many live shows was the best thing about living in London.

What three things would you take with you to a desert island?

Sun tan lotion, a book to read and a pen to write.

Dream holiday destination?

Anywhere in South America.

“The great thing about working as an insurance professional is that I learn something new every day – it may be from our clients and their business, or from an industry or technical perspective. Not one day is the same as another and that’s what gets me going every morning.”

I love my work, but finding balance is important. We’ve all experienced a change in work/life during the pandemic and I’ve always made a conscious effort to leave work at work, and home at home. A key for me is creating a structure and routine, part of which is carving out ‘deep focus’ time in my diary. When I don’t have a commute to the office, I leave home and go for a long beach walk before returning home to work. At the end of the day, I try to do something active whether a run or gym class to make the transition back to being ‘at home’.

I play netball a few times a week and my dog loves a trip to the dog park. Keeping active helps, given I enjoy supporting new local restaurants/bars and hanging out with my friends, sipping on delicious South Australian wine. I love travelling too, so that’s also making a slow return.

If I could give my younger self a piece of advice, I’d say an investment in knowledge always pays the best interest. I wish I’d learned that earlier and today, I’d tell any young professional the same thing.

This industry has so much to offer – if you want it. Having a thirst for knowledge will assist in infinite opportunities and fantastic career paths – even outside traditional broking where you can move into other areas such as sales, risk engineering, advisory, claims, forensics and so much more.

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

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