Insurance Adviser July 2023

JULY 2023

Meet the state finalists of the 2023 Broker of the Year awards

THE BROKERS LEADING THE INSURANCE BROKING PROFESSION FORWARD

Also CREATING A TECH-BASED FUTURE Tech in insurance RIGHT TIME, RIGHT PLACE Premium funding in insurance NIBA UPDATE A new NIBA online experience for members

WE ARE YOUR VOICE

CONTENTS July 2023

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

Communications Manager Wendy Martin

NIBA Editor Virat Nehru

Editorial enquiries

E: editor@niba.com.au

FEATURES

REGIS T NOW ER Early bird ticket s avai lable

12 YOU HAVE TO BE THERE

Chatting with the Young Professional Chairs & Representatives Why the 2023 NIBA Convention is unmissable for young professionals

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

Design

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

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

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

Meet the finalists

24 MEET THE STATE FINALISTS OF THE 2023 BROKER OF THE YEAR AWARDS The brokers leading the insurance broking profession NIBA.COM.AU / 3

CONTENTS July 2023

FEATURES

34

CREATING A TECH-BASED FUTURE

Tech in insurance

42

IN EVERY ISSUE

NIBA CEO Welcome..................................... 6 Member Benefits............................................. 8 Representation .............................................. 16

RIGHT TIME, RIGHT PLACE

Premium funding in insurance

NIBA UPDATE

A new NIBA online experience .................. 18

NEWS

Industry Bulletin .......................................... 20

EVENTS

Forthcoming Events.................................... 10

NIBA Mentoring Program........................... 58

REFERENCE

Community Hub .......................................... 50 Insurer Strength Ratings .............................. 56

DISPLAY ADVERTISING INDEX – JULY 2023 CHU......................................................... IFC CGU...............................................................5 Allianz............................................................7 CBN.............................................................. 9 NIBA Convention................................... 15 Ebix.............................................................. 17

Vero.............................................................. 21 QPIB........................................................... 23 BAIS............................................................ 37 Technosoft................................................39 Focusnet.....................................................41 Elantis.........................................................45

Simfuni.......................................................49 Code of Practice.................................IBC GT Insurance..................................... OBC

If you’d like to advertise your products and services through NIBA, please contact Tony May today on (02) 9459 4303 4 / INSURANCE ADVISER JULY 2023

WORKERS’ COMPENSATION WITHOUT THE COMPLICATION A simpler broker experience. That’s what you can expect from CGU Workers’ Compensation. You’ll deal with our specialised team end-to-end, across all functions including underwriting and claims. With reduced touchpoints, our process is less complex so together we can reach efficient outcomes for you and your clients.

To chat about Workers’ Compensation for your clients, contact your Broker Relationship Partner.

Always consider the policy wording available from the product issuer; Insurance Australia Limited, ABN 11 000 016 722 trading as CGU Insurance. This advice is general advice only and does not take into account a customer’s individual objectives, contractual obligations, financial situation or needs (‘personal circumstances’). CGU Insurance offers new Workers Compensation policies to customers in WA, TAS, NT and ACT only.

CEO / Welcome

CHALLENGES THAT LIE AHEAD

T

he Australian Government has responded to the Quality of Advice Review, which will now give greater certainty for the broking profession.

The ‘Delivering Better Financial Outcomes’ paper released in June, outlines those recommendations from the Quality of Advice Review that the government is accepting, while some measures have been deferred. The recommendations around transparency and consent, in relation to commissions, have been accepted. While there is no legislation yet to implement these measures, the 2022 Insurance Brokers Code of Practice will introduce similar measures for brokers from 1 November 2023. The focus of the Quality of Advice Review is on retail clients, and as such, the Code will be similarly aligned.

Self-regulation has been a cornerstone of the NIBA strategy – and while we acknowledge the government’s recommendations – as a profession, we have endeavoured to remain a step ahead, to ensure that brokers and their customers have a clear understanding of the value of the professional services provided and the costs to provide those services. The Code of Practice that all NIBA members adhere to, ensures that the highest standards of ethics and professionalism are always maintained.

In NSW, brokers have been having difficult conversations with their employer clients. The recent premium filing from the government agency icare, in relation to workers compensation, has presented some challenging increases. During the pandemic, premium increases were capped, but this year, icare has had to review premiums in light of increasing claims costs.

The headline rate is an average of 8% increase across the board, but the reality is that some employers, depending on their size and claims experience, may experience increases up to 30%. These are massive increases that place an additional burden on small businesses already struggling with increasing running costs. Brokers who oversee approximately 50% of the workers compensation premiums are managing difficult conversations with their employer clients and assisting them to ensure their HR policies and management are recognised in the premium reviews.

From our perspective, there are two issues at play here. Firstly, the effective management of claims, and secondly, the fact that a significant component of the premiums contributes to government taxes and charges. The NSW Emergency Services Levy must be

6 / INSURANCE ADVISER JULY 2023

reviewed, as it is now the only one of its kind in Australia that purely taxes those consumers who are prepared to take out insurance. On the claims side, while supporting employees who suffer injuries or accidents at work is imperative, there also needs to be more diligence in relation to managing those claims, both at the outset and on an ongoing basis.

In this month’s edition of the magazine, we meet the state finalists for the Broker of the Year award. I look forward to unveiling the winners of the state awards as we embark on our Gala Lunches throughout July.

Congratulations to Nick Hodges from Marsh who was recognised as the Vic/Tas Broker of the Year, and in doing so, takes home the Graham ‘Bear’ Stephens Trophy. We look forward to giving away the ultimate prize at the Gala Dinner on 10 October, at the conclusion of the 2023 NIBA ‘Reimagine’ Convention, that will be held at the Star from 8-10 October on the Gold Coast.

PHILIP KEWIN Chief Executive Officer, NIBA

Global experience that drives your local partnership As one of the world’s largest insurers with over 100 years’ experience in Australia, Allianz is here to help when you need it most. With state-based sales and underwriting experts working alongside our dedicated claims team, we’re ready to assist you and your customers, no matter where you are.

For more information, speak to your Account Manager today or visit www.allianzengage.com.au Go Further, Together.

Insurance issued by Allianz Australia Insurance Limited ABN 15 000 122 850, AFS Licence No.234708. This information is general advice only and does not take into account your objectives, financial situation or needs. Consider the relevant PDS in deciding whether to buy or continue to hold any insurance products.

NIBA / Member Benefits

WHY NIBA MATTERS TO ME

Members share why NIBA is important to them, and how their involvement has enabled them to support the broking industry.

“NIBA plays a pivotal role for brokers, supporting our people though professional development as well as being our voice by representing and advocating for our industry.

Over the last 15 years, I have witnessed first-hand the important work that NIBA has done within the community at both a local and national level to ensure continued success of the broking profession.”

JORDYN GILBERT Senior Account Manager Lockton-Zenith, Health and Community Services, Lockton Companies Australia

NIBA SAYS CONGRATULATIONS NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR RECEIVING THEIR QPIB DESIGNATIONS Jennifer Harvey, Aon Risk Services – Townsville

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.

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.

Janice Meredith, So Sydney Pty Ltd Donna Turnbull, Surewise Drew Murphy, Garden State Insurance Brokers Mark Austin, MWA Insurance Andrija Niketic, O’Regan Group Insurance Brokers Davinia Potgieter, EBM – Kalgoorlie Jessica Smith, EBM Francois Etienne du Plessis, Grace Insurance

NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR BECOMING ASSOCIATE MEMBERS Angela Blake, Australian Broker Network Pty Ltd Maxine Baker, Knightcorp Holdings Pty Ltd

8 / INSURANCE ADVISER JULY 2023

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

cbnet.com.au/discover-cbn

NIBA / Events

STAY UPDATED!

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

NIBA EVENTS

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

UPCOMING EVENTS 2023 NIBA NSW GALA LUNCH WHERE: The Fullerton Hotel, Sydney WHEN: Wednesday 12 July 2023 Enjoy a two-course plated lunch, live entertainment and an opportunity to connect with industry peers at the 2023 NIBA NSW Gala Lunch, held at the prestigious Fullerton Hotel Sydney. The event highlights the very best in NSW/ACT broking and will see the announcement of the NSW/ACT Broker of the Year, sponsored by QBE and NSW/ACT Young Broker of the Year, sponsored by Vero.

2023 NIBA WA GALA LUNCH WHERE: Crown Perth WHEN: Friday 14 July 2023 Join us for the 2023 NIBA WA Gala Lunch and unwind after the end of financial year. Enjoy a two-course plated lunch and opportunity to connect with industry peers.

The event also celebrates the very best in WA broking and will see the announcement of the QBE-sponsored WA Broker of the Year and the Vero-sponsored WA Young Broker of the Year state winners.

This event is a sell-out every year, so be sure to secure your tickets early.

10 / INSURANCE ADVISER JULY 2023

2023 NIBA QLD BREAKFAST SEMINAR WHERE: Plaza P1, Brisbane Convention & Exhibition Centre WHEN: Wednesday 19 July Join us for an exploration into AI, what Generative AI offers every organisation, and how to ready your workforce to be AI-integrated.

Our keynote speaker brings a wealth of expertise as the current General Manager of Analytics at RACQ. With over 15 years of experience in establishing and evolving

best-in-class capabilities, Emma Liversidge has empowered decision-making processes and driven business performance through insightful analytics. Her passion lies in harnessing the power of individuals to achieve remarkable outcomes.

2023 NIBA / UAC BRISBANE UNDERWRITING EXPO WHERE: Brisbane Convention & Exhibition Centre

WHEN: Wednesday 19 July 2023

Events / NIBA

2023 NIBA CONVENTION WHERE: The Star,

Gold Coast WHEN: Sunday 8 October to Tuesday 10 October 2023

sponsored by QBE and Qld Young Broker of the Year, sponsored by Vero.

2023 NIBA SA GALA LUNCH WHERE: SkyCity, Adelaide WHEN: Friday 21 July 2023

UAC EXPO – SAVE THE DATES Showcase your latest products and services at the 2023 NIBA/UAC Brisbane Underwriting Expo at Brisbane Convention & Exhibition Centre.

This event offers an exciting opportunity for underwriters to connect with key local decision-makers and generate new business leads.

Are you a member of UAC and interested in exhibiting? Register today to showcase your people and capabilities while connecting with important local decision-makers and creating new business leads.

2023 NIBA QLD GALA LUNCH WHERE: Convention & Exhibition Centre, Brisbane

9 AUGUST 2023 UAC Norwest Sydney Underwriting Expo

WHEN: Wednesday 19 July 2023

14 SEPTEMBER 2023

Registrations are now open for 2023 NIBA Qld Gala Lunch on Wednesday 19 July at Brisbane Convention & Exhibition Centre.

Indulge with a two-course plated meal and live entertainment while networking with industry professionals and make lasting connections.

The event highlights the very best in Queensland broking and will see the announcement of the Qld Broker of the Year,

UAC Adelaide Underwriting Expo

18 OCTOBER 2023 UAC Wollongong Underwriting Expo

15 NOVEMBER 2023 NIBA UAC WA Underwriting Expo More information is available on the UAC website, www.uac.org.au/events/ NIBA.COM.AU / 11

2023 NIBA CONVENTION / You Have To Be There

YOU HAVE TO

BE THERE The 2023 NIBA Convention will bring the industry together in one place, with a varied lineup of speakers and events that is sure to inspire professionals from a range of backgrounds, expertise areas and experiences.

As the first face-to-face Convention after three years, it’s a unique opportunity for young professionals (YPs) to gain invaluable insights about the future of the broking profession and build strong relationships that may help them in their careers. Insurance Adviser caught up with the YP Chairs and Representatives from across the NIBA Committees to get their thoughts on why the Convention should be a ‘must-attend’ event for YPs.

T

he upcoming NIBA Convention has something for everyone. From a varied and inspiring lineup of speakers that will get you thinking differently about the profession, to networking with peers face-to-face and celebrating the standout talents that are leading the way forward after a gap of three years. As a young professional (YP) trying to find your feet and confidence in this industry, the Convention presents a unique opportunity to walk away with insights and form professional relationships that can last a lifetime.

YP Chairs and Representatives from NIBA Committees – Craig Anderson, Austbrokers ABS, Jodie Krafft, WTW, Joseph Cuzzocrea, Maxton Insurance Brokers, Shweta Nimkar, Marsh, Jasmin Gabrielli, Honan, and Nikita Willis, BMS Risk Solutions Pty Ltd, share their thoughts about what makes the Convention unmissable for YPs.

12 / INSURANCE ADVISER JULY 2023

Challenging conventional wisdom

With the theme of this year’s Convention being ‘Reimagine: Think Differently’, it gives YPs the opportunity to think out of the box and implement new ways of thinking that can help lead the profession into the future.

“This year’s theme encourages YPs to embrace innovation, challenge conventional wisdom and explore new perspectives,” says Ms Willis.

“Instead of merely following established paths, YPs need to envision new possibilities, identify gaps in the market and seize opportunities for growth and success.”

At a time where all businesses are experiencing disruption, being an early adopter of change and innovation can help set you up for success.

“All industries are in a time of accelerated change with the advances in technology and artificial intelligence (AI) and ours in no different,” says Mr Anderson.

“YPs are really at the forefront of embracing this change and using it for their client’s benefit.”

Knowing what sets you apart from your competition and being able to leverage that point of difference is a necessary skill that YPs need to master in this disruptive climate.

“YPs need to think about their point of difference – what sets them apart from every other broker that’s out there,” says Mr Cuzzocrea.

“For example, I know my point of difference is having a family brokerage and giving my clients that personal touch. We treat our clients like family and connect with them on a personal level.

Look to specialise – have areas in your broking skillset that set you apart from others who are doing everything.”

An envious lineup of speakers

The NIBA Convention always has exciting speakers, all of whom are trailblazers in their respective fields, and this year is no different.

“One aspect that stands out at the NIBA Convention is the opportunity to hear from keynote speaker

2023 NIBA CONVENTION / You Have To Be There

JODIE KRAFFT

CRAIG ANDERSON

JOSEPH CUZZOCREA

Gus Balbontin, whose expertise aligns perfectly with the Convention’s theme,” says Ms Gabrielli.

“By sharing his practical experiences and strategies, Balbontin will offer YPs valuable tools and insights to reimagine their roles and contribute to the growth and transformation of the insurance and broking industry.”

However, Balbontin is not the only speaker that’s highly anticipated, with attendees being spoilt for choice with a diverse lineup. It’s hard to pick favourites.

“I’m really looking forward to hearing from Patrick Tiernan, Chief of Markets at Lloyd’s,” says Anderson.

“Lloyd’s has been at the forefront of innovation in our profession since its inception, so I can’t wait to see and learn from that.”

“For me, the biomedical engineer and inventor Dr Jordan Nguyen will be especially exciting,” says Ms Nimkar.

“His take on leveraging futuristic technology to create assistive devices as well as his perspective on social good will be relevant for insurance. Insurance is

JASMIN GABRIELLI

NIKITA WILLIS

often seen as the solution in devastating circumstances and if we can use technology to assist people in need and help our communities above and beyond what they expect, we’ll not only be helping our industry but also looking at the greater good in society.”

A Convention like no other

While there are other conferences that take place at other times of the year, there’s nothing quite like the NIBA Convention.

There are several factors that set it apart, especially when we consider YPs. “Relationships are key to what we do, and the variety of people in attendance, from all over Australia makes this a standout feature of the Convention, compared to other conferences,” says Ms Krafft.

“From a YP’s standpoint, having this opportunity to attend alongside the best in the industry, inspires confidence that we too can achieve successful careers.”

“The Convention does a very good job of encouraging YPs to blossom in our industry,” says Mr Cuzzocrea.

SHWETA NIMKAR

“NIBA creates incentives and opportunities for YPs, such as partnering with Vero for the Young Broker of the Year award. The connections you make as a YP by going to the Convention, just through the Marketplace for example, they’re incredibly valuable. This is where you get to meet people you can learn from – people who can be your mentors and guide you.”

Apart from the opportunity to network and build lasting professional relationships, the relevance of actionable insights and information presented at the Convention holds immense value.

“The NIBA Convention provides a broker-centric perspective, ensuring that the content, discussions, and networking opportunities are directly relevant to the challenges, opportunities, trends, and regulatory updates within the broking profession,” says Ms Willis.

“YPs attending the NIBA Convention can expect to gain practical strategies and actionable takeaways that are directly applicable to our roles and career development.”

NIBA.COM.AU / 13

2023 NIBA CONVENTION / You Have To Be There

The diversity in conversations and connections that are possible in person is really important for young brokers, especially those who only started their careers in the past three years and missed out on this opportunity till now.

Forging a sense of community by coming together

More than anything else, the NIBA Convention is a unique opportunity to come together to cherish our wins and losses, learn from each other and celebrate the achievements of the past twelve months.

Having come through a pandemic, it’s impossible to put a price tag on this sense of community that would resonate amongst everyone when the profession comes together face-to-face once more.

“Since COVID-19, I truly appreciate the amount I learn just by being present with and listening to my colleagues as they go about their day-to-day tasks and conversations,” says Ms Krafft.

“With the convention returning to ‘face-to-face’, it will allow for this on a large scale. When we come together as an industry, we get a real sense of the incredible people you work with, the positive impacts which the industry has, and how wonderful it is to be part of it.”

“The diversity in conversations and connections that are possible in person is really important for young brokers, 14 / INSURANCE ADVISER JULY 2023

especially those who only started their careers in the past three years and missed out on this opportunity till now,” says Ms Nimkar.

“I remember in my younger years, when I was very green in the industry, things could get quite overwhelming as a YP,” says Mr Cuzzocrea.

“This is particularly true in an environment where we have had COVID-19.

We haven’t had a lot of face-to-face interactions in the past three years. Now is the time to reconnect with people on a personal level and talk to them about your growth or what you may need help with.”

“Often young professionals can be overlooked for cluster group conferences, and in an era dominated by virtual interactions, the significance of physical gatherings cannot be overstated,” says Ms Gabrielli.

Staying ahead of the curve

It can be quite a challenge to stay on top of the many changes that are taking place at a swift pace – whether it is the adoption of technology or regulatory changes.

However, it’s a challenge that YPs need to be prepared for as they look towards the future and their own careers.

“As a YP, the first and foremost goal should always be to learn and stay up-todate with what is going on in our industry, be it from a regulatory, market or technical standpoint,” says Mr Anderson.

“This alone helps you stand out from your peers and helps you educate and inform your clients.”

“In a rapidly evolving business landscape, being aware of emerging technologies, market dynamics and industry best practices is essential for career growth and success,” says Ms Gabrielli.

“The NIBA Convention plays a pivotal role in helping YPs achieve this goal, as well as obtaining 10 CPD points over the three days.”

“The nature of risk and resilience is changing more rapidly than ever, so staying up-to-date is important for everyone in our industry, not just YPs,” says Ms Nimkar.

“It keeps us front of mind for our clients and demonstrates that we are dynamic, credible and forward-looking.”

Reimagine: Think Differently

2023 NIBA CONVENTION / You have to be there

8-10 OCTOBER 2023 THE STAR, GOLD COAST REGISTER NOW! Be quick to secure your full NIBA Member Convention registration ticket at the early bird price of $1,140. That’s a $230 saving off the standard price.

Group tickets of eight or more delegates are available. Conditions apply.

EARLY BIRD PRICES APPLY UNTIL 24 JULY

EARN UP TO 10 CPD POINTS

Register at: www.2023nibaconvention.com.au/registration

Proudly sponsored by

NIBA.COM.AU / 15

NIBA / Representation

WE ARE YOUR VOICE!

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

GOVERNMENT RELEASES RESPONSE TO THE QUALITY OF ADVICE REVIEW FINAL REPORT

The Federal Government has released details of their long-awaited response to the Quality of Advice Review Final Report. Assistant Treasurer and Minister for Financial Services Stephen Jones, announced a number of reforms that the government believes will address the high cost of advice, better protect consumers, bolster ethical standards and ensure Australians can access helpful information that could make a meaningful difference to their quality of life.

While a number of recommendations do not directly impact general insurance brokers, a key outcome of today’s announcement is the acceptance of Recommendation 13.8, which recommended that general insurance commissions be retained with greater transparency and client consent. This is a significant win for insurance brokers and their clients and NIBA welcomes the Government’s support for this recommendation.

NIBA Members have already begun to implement greater transparency of commissions through the disclosure requirements of the 2022 Insurance Brokers Code of Practice which will come into effect from 1 November this year.

IMPLEMENTATION OF THE REFORMS

The reforms will be progressed in three streams with legislation being developed over the coming year.

• Stream one: removing red tape that increases the cost of advice; • Stream two: expanding access to retirement income advice; and

16 / INSURANCE ADVISER JULY 2023

• Stream three: exploring new channels for advice.

Stream one – removing onerous red tape that adds to the cost of advice with no benefit to consumers.

• Statements of Advice will be replaced with a record of advice that is fit for purpose. The government has indicated it will undertake consultation to determine the final design and requirements of the replacement document.

• Providers of advice will have greater flexibility around how they can comply with their Financial Services Guide obligations, including by making information publicly available on their website.

• General insurance commissions will be retained with disclosure and consumer consent.

Stream three – exploring new channels for advice.

The government has announced it will undertake further consultation with industry and consumer stakeholders in regard to the following recommendations: • Expanding the definition of personal advice so that all financial advice will be considered to be personal advice if, it is given to a client in a personal interaction or personalised communication by a provider of advice who has (or whose related body corporate has) information about the client’s financial situation or one or more of their objectives or needs.

• Removing the requirement to provide a general advice warning.

• Replacing the current Best Interest Duty with a duty to provide good advice.

A number of the recommendations that will be addressed during stream three will have a significant impact on brokers and the way they provide advice to their clients. NIBA will be working closely with government over the coming months to deliver a positive outcome for members. The government is expected to finalise the details of its Delivering Better Financial Outcomes package later this year.

Members can view the government’s response to the recommendations on the Treasury website at treasury.gov.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

Turns 30!

Ebix Australia celebrates our 30th year this July and we would like to extend our gratitude to all clients and partners, past and present.

Without all of you, we would not be celebrating this milestone!

Back in 1993 we were a small private business, today we are part of a global software company with a primary focus on insurance technology.

We cannot wait to see what the next thirty years bring and we look forward to many more years of success together.

Ebix.com.au

NIBA / Update

A NEW NIBA ONLINE EXPERIENCE FOR MEMBERS

N

IBA unveiled a new online experience for members earlier this month. This experience includes an enhanced website and an upgraded member portal that is easy to access, with more tailored communication preferences, while providing an overall enhanced user experience.

A MORE HANDS-ON MEMBER PORTAL

NIBA’s new Member Portal enables you to view and update all your membership details, view your past and upcoming event registrations, and select the information you would like to receive from NIBA. This is the start of many features to come, all with the objective of making your membership experience with NIBA more personalised to your needs.

CENTRALISED PLATFORM

The new Member Portal offers a centralised platform where you can effortlessly manage your profile information, update your subscription preferences and stay informed about the latest updates from the NIBA community.

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SEAMLESS EVENT REGISTRATION

The new member portal makes it a breeze for you to browse, register and manage your participation in events, conferences, webinars and workshops hosted by NIBA.

YOUR MEMBERSHIP AT YOUR FINGERTIPS

You can now access your Member Portal anytime, anywhere at the touch of a button via the My Glue app.

NIBA / Update

A NEW NIBA WEBSITE From streamlined navigation, through to a redesigned interface, the NIBA website will enhance your online membership experience.

Here is a sneak preview of the homepage. Once you’ve explored the new website, make sure to log in to your new Member Portal, if you haven’t done so already.

How can we help you?

NIBA.COM.AU / 19

PROFESSIONALISM / Industry Bulletin

$400 MILLION INVESTMENT IN DISASTER FUNDING MARKS A NEW HIGH

T

he announcement of $400 million in investment in 187 resilience and mitigation projects is a strong indicator that disaster preparedness is of the utmost priority for the Federal Government.

The Federal Government’s $200 million Disaster Ready Fund (DRF), matched by states and territories, is an important milestone towards building stronger community resilience to extreme weather and will have an impact on premium pricing and reducing the protection gap.

The damage bill for extreme weather events since the 2019-20 bushfires has now exceeded $13 billion, including a record year for insurance payouts in 2022, with almost $7 billion in extreme weather claims.

Given the ongoing threat of climate change, the Insurance Council of Australia (ICA) has called for the DRF to be extended to a 10-year rolling program and for the funding to be indexed so it doesn’t fall in real terms.

“We need to see this same level of funding for at least the next 10 years to ensure that Australians receive the full benefits of resilience and mitigation investment, including stabilising insurance premiums in areas at high risk of extreme weather,” said Andrew Hall, CEO of Insurance Council of Australia.

OVER $54 MILLION FOR VICTORIA ANNOUNCED UNDER NEW DISASTER READY FUND Victoria will be better protected and prepared for future natural disasters following today’s announcement of 31 local projects funded under Round One of the Federal Government’s new Disaster Ready Fund.

Through the first round, Victoria will benefit from more than $54 million in combined investment into disaster prevention, through the Federal, State and delivery partner co-contributions.

$84 MILLION FOR QUEENSLAND FOR DISASTER PREPAREDNESS

The Federal Government has allocated $84 million to Queensland out of its $200 million Disaster Ready Fund.

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As one of the State’s leading insurers, RACQ also welcomed the State Government’s decision to match the majority of this funding to pay for 50 large and small disaster resilience projects right across the State, from the Gold Coast up to Pormpuraaw in Far North Queensland.

Big ticket projects include $18 million for a Flood Resilience Program in southeast Queensland, $8.6 million for a reservoir in Gladstone and $4 million for a disaster readiness project in the Lockyer Valley.

There is also a strong focus on coastal protection, including sea wall construction to protect the State’s beaches, and improved stormwater and catchment management.

$70 MILLION FOR NSW UNDER THE NEW DISASTER READY FUND New South Wales has received funding for 19 local projects funded under Round One of the Federal Government’s new Disaster Ready Fund.

NSW will benefit from more than $70 million in combined investment into

disaster prevention, through the Federal, State and delivery partner co-contributions.

The fund will deliver national long-term mitigation support to protect communities from natural disasters. It also includes strategies to partner with Aboriginal communities to improve disaster readiness.

$47 MILLION FOR SOUTH AUSTRALIA PROJECTS ANNOUNCED UNDER THE NEW DISASTER READY FUND

South Australia has received a boost in resilience investment following the announcement of 23 local projects under Round One of the Federal Government’s new Disaster Ready Fund.

Through the first round, South Australia will benefit from nearly $47 million in combined investment into disaster prevention, through the Federal, State and delivery partner co-contributions.

The funding will help protect communities from natural disasters, including through building vital infrastructure like flood levees, seawalls and hazard warning systems.

ADVERTORIAL / Vero

EMPLOYEE CONCERNS TAKE CENTRE STAGE FOR SMES IN 2023 VERO INDEX

T

he 2023 Vero SME Insurance Index research reveals that employee-related matters are a major concern for businesses, overtaking economic concerns as the number one cause for concern for businesses with more than five employees.

The Vero Index highlights businesses are concerned about a range of issues directly relating to their employees including: • 23% – the mental health of those working in and around the business; • 23% – maintaining COVID-safe practices, • 22% – risks related to employee health and safety; • 15% – difficulty of attracting and retaining good staff, and • 11% – offering and facilitating remote working.

Mental health is a concern for around one in four businesses, meaning it’s a relevant area for brokers to consider discussing with clients. While rates of concern are high across business sizes, mental health concerns become even more relevant for larger businesses – increasing to a third.

“Poor mental health can affect a person’s thinking, emotional state and behaviour and disrupt a person’s ability to work and manage daily activities. Employers need to be aware and put in place programs to manage psychosocial risks for their people,” says Theodora Cambouris – Manager, Product Propositions Workers Compensation, GIO. Workplace health and safety is also a key area of focus for 22% of businesses, even in industries such as education and administration; 41% of those who have made a workers compensation claim are very concerned about health and safety. Brokers have an opportunity to lead important discussions with clients about protecting employees from risk, even across more whitecollar industries and especially with businesses who have made a workers compensation claim.

When it comes to insurance, many businesses consider these areas complex, including their responsibilities as an employer and changes to their employee safety guidelines, suggesting an opportunity for

Figure 1.2: Business concerns by business size 90% 80% 70% 60% 50% 40% 30% 20% Total

1-4

5 - 19

20 - 199

200 - 499

500+

Employees Economic concerns

Employee concerns

Market concerns

brokers to demonstrate expertise and support for clients. In particular, businesses with 200-499 employees have major employee responsibilities but may not have large human resources, safety, or risk teams to help, so a broker’s expertise is particularly valuable.

With employee wellbeing of increasing concern for SMEs as well as an area of complexity and confusion this is an opportunity for brokers to help their clients navigate the world of remote work, identify key risks specific to their industry or ways of working, and help put measures in place to reduce those risks.

Opportunities for broker support include: 1. Conduct a risk assessment. Work with your clients to identify key risks associated with their business and industry, including those related to employee health and safety, remote working, and COVID-19.

This will help to determine the appropriate insurance coverage needed to protect their employees and their business.

2. Provide guidance on employee responsibilities and regulations. Help your clients navigate the complex world of employee responsibilities and regulations, including changes to employee safety guidelines. This will demonstrate your expertise and support for clients, and provide them with the confidence to effectively manage their employee-related risks.

Political concerns

Environmental concerns

3. Offer advice on mental health support.

With mental health becoming a key concern for many businesses, offer your clients advice on how to support the mental health of their employees. This could include resources for employee assistance programs, mental health training for managers, and guidance on creating a positive and supportive work culture.

4. Develop a COVID-19 risk management plan. Work with your clients to develop a COVID-19 risk management plan that includes measures to maintain COVIDsafe practices, such as social distancing and sanitisation protocols. This will help to minimize the risk of COVID-19 transmission in the workplace and provide reassurance to employees.

5. Collaborate to reduce employee risks.

Work with your clients to develop and implement measures to reduce employee risks, such as improving workplace safety practices, offering flexible work arrangements to reduce stress and burnout, and creating effective recruitment and retention strategies. This will demonstrate your commitment to supporting your clients and provide them with tangible benefits that can reduce insurance premiums.

Visit vero.com.au/broker/news-insights to read the extended article.

Disclaimer: AAI Limited ABN 48 005 297 807 trading as Vero Insurance (Vero) has prepared the Vero SME Insurance Index Research for general information purposes only. Vero and its related bodies corporate do not assume or accept any liability whatsoever (including liability for special, indirect, consequential, or incidental damages, or damages for loss of profits, revenue, or loss of use) arising out of or relating to the Research or the information it contains. Vero and its related bodies corporate do not invite reliance upon or accept responsibility for the information it provides on or through this Research. Vero and its related bodies corporate do not give any guarantees, undertakings or warranties concerning the accuracy, reliability, completeness, or currency of the information provided. The Research is not a recommendation or statement of opinion about whether a reader should acquire insurance from Vero (or its related bodies corporate) or services from any insurance intermediary or otherwise alter their business arrangements.

These findings are based on commissioned research by Vero and should not be used as the basis for any decision in relation to the acquisition or disposal of insurance products or the use of broker services.

Readers should confirm information and interpretation of information by seeking independent advice

NIBA.COM.AU / 21

PROFESSIONALISM / Industry Bulletin

NIBA WELCOMES ICARE REPAIR

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IBA welcomes the NSW Government’s announcement that it will introduce new laws to improve workers compensation governance.

“This is a positive first step to what needs to be extensive reforms in NSW workers compensation”, said Philip Kewin, NIBA CEO. However, NIBA believes more needs to be done to ensure the ongoing affordability and sustainability of the NSW workers compensation scheme. Spiraling claims costs have resulted in a dramatic increase to the cost of workers compensation insurance for many NSW employers.

In late June, NIBA had written to the NSW Minister for Work Health and Safety Sophie Cotsis, citing serious concerns about the ongoing affordability of workers compensation insurance for NSW employers.

Insurance brokers act on behalf of over 50% of the employers who contribute to the NSW workers compensation scheme.

As brokers have been assisting their clients with the renewal of their workers compensation insurance, it has become clear that the way in which some employers have been reclassified by icare has increased their actual premium well above the quoted average of 8%, with some premium increases reaching as high as 30%. These increases do not take into consideration wage increases, which also have an inflationary effect on premiums.

22 / INSURANCE ADVISER JULY 2023

Mr Kewin says “the recent premium increases will affect some employers dramatically. The review of the Workers Compensation Industry Classification and the removal of the Employer Safety Incentive, in favour of a new Employer Safety Reward, would mean that the real increase for some employers could be upwards of 30%, and that is before taking into consideration higher wage costs.”

“The way employers are being assessed for the Employer Safety Reward will make it impossible for many to meet the hurdles necessary to qualify for the discounts they previously held. This will place significant pressure on businesses to meet their ongoing running costs,” he said.

In response to concerns raised by the industry and the business sector, the NSW Government announced that it will focus on improving workers compensation governance by appointing an employer and employee nominee to the icare Board.

The Minister for Work Health and Safety, Sophie Cotsis said it was critical that injured workers and premium-paying businesses were given a seat at the board table to support ongoing reform.

Two suitably qualified employer and employee directors will be nominated by employer and employee bodies and will also replace two non-executive directors, leaving the size and cost of the icare Board unchanged with nine directors.

Employers and Unions NSW will have a formal say in the process, with both groups nominating a non-executive director.

“Return-to-work rates and the dissatisfaction felt by many injured workers highlight the need for a diversity of views and more robust decision-making on the icare Board,” said Minister Cotsis.

“Appointing employer and employee nominees to the icare Board will ensure these important perspectives are heard in the icare boardroom. icare knows that this improvement and reform journey is ongoing. There will be more steps to come.”

The premium increases are said to be attributed to a high inflationary environment driving up claim costs, market volatility and increasing psychological claims, however, NIBA believes some claims management practices and administration inefficiencies, are contributing to increasing claims costs. icare provides workers compensation for about 330,000 businesses and 3.4 million workers in New South Wales, managing about 60,000 new claims each year.

NIBA acknowledges the Government’s announcement that the improvement and reform journey regarding workers compensation is ongoing. NIBA looks forward to the opportunity to have necessary conversations about wider reform, as the urgency around the sustainability of the workers compensation scheme in NSW cannot be overstated.

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

ING IS

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QPIB

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Apply online at niba.com.au or email the NIBA Membership Team at info@niba.com.au

D PRAC IE T F I

IN

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

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

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COVER STORY / Meet the State Finalists of the 2023 Broker of the Year Awards

Meet the state finalists of the 2023 Broker of theYear awards

24 / INSURANCE ADVISER JULY 2023

The Broker of the Year Awards are proudly sponsored by QBE

MEET THE BROKERS LEADING THE INSURANCE BROKING PROFESSION. THE 2023 BROKER OF THE YEAR AWARD, SPONSORED BY QBE, CELEBRATES THE EXCELLENCE AND INTEGRITY OF PASSIONATE BROKERS WHO ARE LEADING THE INSURANCE BROKING PROFESSION. GET TO KNOW THIS YEAR’S STATE FINALISTS BETTER AND DISCOVER WHERE THEY FEEL THE FUTURE OF BROKING IS HEADED. INTERVIEWS BY VIRAT NEHRU

NIBA.COM.AU / 25

COVER STORY / Meet the State Finalists of the 2023 Broker of the Year Awards

Aimee Henderson

WA State Manager, Grace Insurance How did you get started in the insurance broking profession?

I joined the insurance industry in 2007 in New Zealand, beginning in a processing role before moving into a broker support position with a large global firm in Wellington. I moved from the health and benefits team into commercial property, learning and developing on the job to become a broker in my own right. I spent my formative years learning through the Christchurch earthquake disaster and by learning in such a difficult market, it set the groundwork for being able to successfully operate in other market conditions. I relocated to Perth late in 2018 and after taking time to settle in, I turned my focus back to my insurance career, moving to Grace Insurance in June 2020. I took up the challenge and rapidly expanded my skills to win new clients.

What do you think the insurance broking profession will look like in the future?

Insurance is becoming increasingly more technological, with a lot of insurers building and relying on online portals to transact business. There is less and less real-life underwriters underwriting the risk, so the onus to ensure the client is insured correctly is falling more to brokers. This is going to change the role of a broker. Brokers will need to understand their clients in more depth as they are required to not only provide advice but also write policies themselves, ensuring that the policy has been structured correctly.

This will also bring in more risk management strategies to the role of a broker. They will need to provide sound advice where clients can mitigate risk and reflect this in the policy coverage.

Clients still value a broker who not only speaks to them but spends faceto-face time with them, learning about their business. This builds trust and strong connections with your clients. Human connection underlies the basis of every relationship – for people to be seen, heard and understood.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

Being named as a state finalist is an opportunity to share my passion for insurance and to connect even further with clients and business communities. It’s another way to let my clients know that I won’t stop going above and beyond for them. It demonstrates that I walk the talk and connect personally in authentic ways to solve their problems and ensure their cover is just right. It underlines for clients that I am always working to find the best and tailor-made policies that deliver peace of mind for them. I believe this nomination lets clients know I will go the extra mile, so they don’t have to.

I am also very passionate about promoting women in the insurance industry and being named a state finalist allows me to continue to help shine a light on women in leadership within the industry, with the number of women in C-suite roles still minimal.

26 / INSURANCE ADVISER JULY 2023

Nick Hodges

Corporate and Commercial Leader, Marsh How did you get started in the insurance broking profession?

I completed high school in 1994 and had no idea what I wanted to do and I wasn’t interested in doing any further study. I thought getting a job and seeing what happens would be the way to go and applied for an Office Junior position at a local business in Geelong, Associated Insurance Brokers. This was the first job I applied for. I was successful, and the rest, as they say, is history. I have no idea what I would be doing now if I didn’t get that job, but I am so thankful that luck was on my side.

I had no clue what a broker did or anything about insurance. I literally started at the ground level with my first six months spent filing, doing the mail and banking. I eventually progressed to providing some relief on reception, taking calls and greeting clients. After a while, I was providing quotes for car and home insurance. Looking back, I learned so much in the first 18 months. I was lucky to have a couple of experienced brokers take me under their wing, show me the ropes and instill some strong principles.

What do you think the insurance broking profession will look like in the future?

Whilst the industry has changed over my career, the fundamentals of what we do as brokers and the value we bring to clients has remained at the forefront. Technology has changed how we do certain things, how we interact and how some clients buy insurance. But, I’m a strong believer the role of a broker as a trusted advisor will always be here and as the world continues to change and new risks emerge, our industry has never been as important.

The Broker of the Year Awards are proudly sponsored by QBE

WINNER

of the V ic/Tas 2 023 Broker of the Year aw ard

Bespoke service, innovation, adding value, trust and relationship form the backbone of our industry and young brokers should always have these elements at the forefront. Our industry is built on relationships and as we move more and more towards hybrid working, Zoom/Teams meetings, I am concerned the personal aspect or ‘personal skills’ could suffer. I embrace technology and am definitely an advocate for flexible working arrangements, we just have to ensure there is a balance and that we continue to get in-front of each other, whether it be our colleagues, underwriters and of course, our clients.

What does becoming a finalist and winner of the Vic/Tas 2023 Broker of the Year mean to you?

Just to be nominated as a state finalist was a huge achievement, let alone win the award and then be a finalist for the national award.

Having been in the industry for quite a few years now, I have worked with and know a number of previous winners at both state and national level. For me, to be considered in the same category was both a surprise and a privilege. The day I received the award at the Victorian Gala Lunch was one of the highlights of my career. One of the most enjoyable parts of the day was seeing so many people that I have had an association with over the years, many of which I had not seen since pre-COVID. To be recognised in front of them – my peers, current and former colleagues, underwriters – was such an honour.

Sharing the award with my family was very special. My wife Suzanne and daughters Chelsea and Emma are the most important people in my life. Their support and patience over the years has been phenomenal. There have been many occasions (probably too many) where I have sacrificed time spent with them due to work commitments and I have always had their support. To me the award is just as much about them as it is about me.

Frans du Plessis

Director, Grace Insurance How did you get started in the insurance broking profession?

I’m the Founder and Director of Grace Insurance which has operated in Perth since 2015. My career began in South Africa in 1991, where I started my career as a life insurance broker and ended up leading a team of 27 staff members by the age of 24, with advancement into general insurance, broking and business development management. My career was built within several major insurance companies in South Africa (Metropolitan Life, Old Mutual, Rentmeester) and a role that also covered the Swaziland operation.

Moving to Australia in 2008, I owned and operated three retail clothing stores before selling these and returning to the insurance industry with a notable role as Business Development Manager for CGU Insurance among others. I established Grace Insurance in a committed effort to achieve what I have always considered my strength as a broker: helping clients by treating them and their businesses as friends, ensuring they are properly covered, never letting them down and understanding what can go wrong.

What inspires you the most about the insurance broking profession?

Insurance brokers play a crucial role in helping individuals and businesses protect themselves against unforeseen risks. We have the opportunity to provide valuable guidance and support to clients, ensuring they have the right insurance coverage to safeguard their assets, finances and well-being.

This ability to make a positive impact on people’s lives can be inspiring for many professionals in the industry.

As brokers, we regularly face unique challenges and complex situations.

We need to assess risks, analyse insurance policies, negotiate with insurers, and design comprehensive coverage plans tailored to clients’ specific needs. This requires strong problem-solving skills, critical thinking and strategic decision-making. The opportunity to tackle these challenges and find innovative solutions can be intellectually stimulating and inspiring for professionals in the field.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

It acknowledges my commitment to excellence and distinguishes me as a top tier broker. This recognition can be a source of pride and motivation, affirming that our efforts are valued and respected. Achieving recognition as a state finalist for a prestigious award like the 2023 Broker of the Year can inspire others in the insurance broking profession. It can serve as a role model for aspiring brokers, showcasing what can be accomplished through dedication, hard work, and a commitment to excellence. It may encourage others to strive for their own professional goals and contribute to the advancement of the industry.

NIBA.COM.AU / 27

COVER STORY / Meet the State Finalists of the 2023 Broker of the Year Awards

Shannan Gardner

Account Executive, Guardian Insurance Brokers How did you get started in the insurance broking profession?

I started in insurance at the age of 18 and worked in a call centre, servicing home and motor clients.

From there, I saw a job advertised for a trainee broker support role.

I didn’t know what a broker was, but I thought it looked like a great career opportunity, so I applied, and broking has now become part of my life. I have worked in different roles, from a trainee Broker Assistant to Claims Coordinator and eventually Account Executive, managing my own portfolio of clients.

What do you think the insurance broking profession will look like in the future?

I believe there will be a lot more focus on direct insurers, particularly with the online presence and people becoming more technologically savvy. I think young brokers need to be on the front foot and provide customers with a point of difference against the online market. Building solid relationships with clients and ensuring that they have their trust in you as their broker is important.

Young brokers need to keep up-to-date with their product training and have great business acumen skills. I believe that risk mitigation knowledge also helps younger brokers to provide an extra service that an online market cannot achieve.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

I am honoured to be a state finalist for such a highly respected award and am thankful to QBE and NIBA for making this possible. Being a finalist for this award highlights what I have achieved over the years, from the young 18-year-old trainee to the well-respected Account Executive that I am today.

I have worked hard to get to the position I am in today.

I feel grateful that my peers have recognised this and nominated me for the award.

28 / INSURANCE ADVISER JULY 2023

Gary Thomas

Managing Director, Thomas Insurance Brokers How did you get started in the insurance broking profession?

From starting my career in April of 1979, it was apparent immediately that to build a successful career it was necessary to engage in tertiary studies. I was also encouraged by my father Tom Thomas, who was the first insurance TAFE lecturer in South Australia. I consulted my father who was running his own brokerage (Thomas Insurance Brokers), and it was decided I would join his firm for six months. If I enjoyed the work, I would stay and if not, I would reevaluate other career options. Well, as they say, the rest is history. Dad is long time retired and 39 years later I’m still here enjoying what I’m doing.

What do you think the insurance broking profession will look like in the future?

I believe there will always be a need for insurance brokers.

The increase in market share of direct underwriters is not necessarily improving the level of service, advice and support that clients need. Brokers have always been able to provide their clients with a range of options of cover, price, and suitability and this breeds loyalty and strong retention rates. The key for brokers in the future must be knowledge and empathy especially as artificial intelligence (AI) creates a greater footprint in our industry.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

I feel blessed to have worked in an industry that I love for over 40 years. I have been a strong supporter and proud member of NIBA for many years. I feel privileged and proud to have been nominated by my peers and relish attending functions and conferences, and enjoy rubbing shoulders with other likeminded professionals, whilst discussing both our successes and issues. I expect that becoming a finalist will provide a wonderful lift to the team at the brokerage, and in some way, thank the underwriters who have supported me. Many clients will see it as a wonderful recognition for the work and dedication I have shown to them over many years of service. I hope I can inspire younger brokers to be advocates of what we do.

The Broker of the Year Awards are proudly sponsored by QBE

Barry Sonter

Senior Account Manager, Finsura Insurance Broking How did you get started in the insurance broking profession?

I joined a small brokerage in Auburn in the early 1980s, having worked previously for a small motor vehicle underwriter. I immediately understood that they key to being successful in this sector was relationships and this principle has certainly withstood the test of time.

I developed working relationships with many local underwriters, in particular Mercantile Mutual, Sun Alliance and Commercial Union. I am very grateful to my apprenticeship in broking. Understanding a clients’ business remains a cornerstone principle of my broking practice.

Know your clients and take an interest in their story and you will develop longstanding and rewarding relationships.

What do you think the insurance broking profession will look like in the future?

Insurance broking will continue to evolve, especially with technology, however, I believe that the role of an insurance broker will be more relevant than ever. When we consider changes that have occurred in recent years such as climate emergencies, cyber instances and restrictive market capacities for various industries and locations, customers will become reliant on their broker to provide guidance for future placements.

I believe our industry is becoming more complex and skilled brokers will be considered ‘essential partners’ for all businesses who need broker expertise to evaluate risks and negotiate the correct covers. My advice to any young broker is that it is important to develop relationships with your clients, understand their business, and listen to their story in order to become a valued partner.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

I have dedicated four decades of my life to general broking.

I have developed relationships that have endured for over three decades. I take pride in my profession and understand that these clients have placed their trust in my expertise and rely on me to cover their assets and lifestyles. This award is very special as it’s dedicated to the services of professional brokers. Being nominated as a state finalist is very satisfying and very much appreciated.

Samantha Yates

Managing Director, New Generation Insurance Solutions How did you get started in the insurance broking profession?

I actually started in the insurance industry when I was eighteen as a Junior Accounts Clerk for FAI insurance.

It was a time when insurance was heavily dominated by men and women mostly worked as assistants. It was my role within the accounts department to reconcile the broker accounts at month end. We did not have this computerised, there was simply a sheet of paper with the account and transactions and a calculator. Whilst at FAI, I also did relief work within the call centre which provided me with valuable experience both in underwriting and claims. I learnt a lot at FAI, which was then a footing for other things to come.

What inspires you the most about the insurance broking profession?

I am inspired by the industry, as I get to help people on different levels. Many people have no idea the level of help we provide until they need to make a claim.

From my experience, most people do not like taking out insurance as it is considered a bit of a grudge purchase, but we help to educate and have the client understand what they are purchasing. We work really hard to help make the process as easy as possible for the client to finalise their insurances.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

Becoming a state finalist means the world to me, as I pride myself on the work that we do for our clients. We work really hard to educate and ensure that the task of looking after the client’s insurance is simplified, to ensure that it is not a stressful time. We work extremely hard to deliver a really great service and experience when it comes to insurance. Further, I personally love to teach and mentor my colleagues in the industry and becoming a finalist is an acknowledgement of the work that I have put into my clients, the business, the staff and the education.

NIBA.COM.AU / 29

COVER STORY / Meet the State Finalists of the 2023 Broker of the Year Awards

Helen Bullock

Director, Gow-Gates Insurance Brokers How did you get started in the insurance broking profession?

My journey in the insurance broking industry began unintentionally. I had no clue about this career path, nor did I have any insight into the depth of what we do. My first job was with Zurich Insurance as a customer service representative in their direct personal lines division, back when their office was still located in Chatswood. We were taught to know the policy wordings page by page and to determine an underwriting response and solution before pitching for a referral clearance. Combined with the direct client interaction, I loved it. Two years later, I moved across to insurance broking and found it equally fantastic.

What do you think the insurance broking profession will look like in the future?

The insurance broking profession is evolving rapidly and will be transformed through advancements in technology and in changing customer expectations. I believe that data analytics will play an increasing role in understanding risks and in the methods adopted by brokers to better inform our clients and underwriters. With the emerging emphasis on artificial intelligence, I envision insurers will utilise this technology heavily to expedite the current underwriting process. It will allow for a far more tailored solution that aligns to the evolving needs of our clients and could reduce some of the inherent complexities that exist across the different classes.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

Being nominated for 2023 Broker of the Year award was a surprise and threw me out of my comfort zone. Reading the recommendations from colleagues and clients has been incredibly humbling, but has also allowed me time to reflect on what it is I love about our job. The process has been thoroughly enjoyable, and I’d recommend everyone to nominate those around them who you think are deserving.

Being named a state finalist is a real honour – it is a testament to the amazing and inspirational people I’ve had the benefit of working with over the years and who have taught me everything I know. My goal is to pay it forward and help the next generation of brokers grow and develop.

30 / INSURANCE ADVISER JULY 2023

Lisa Shanta

Director, SB Protect Insurance How did you get started in the insurance broking profession?

I have worked within the insurance industry for over 25 years. My career started as an Assistant Broker where I was given the opportunity to learn all aspects of the industry. I very quickly fell in love with the industry and knew that I had found the industry that I wanted to work in for the rest of my life. Over the years, I worked in many different brokerages, first as an Assistant Broker, and then as an Account Executive. During this time, I was able to improve my skills, product knowledge and social skills. While I always loved my work, I still felt that I could be making a greater difference to my client’s lives.

In 2019, I finally took the leap and stepped away from working within a large, corporate brokerage with the hopes of starting my own, intimate brokerage through which I could provide the care, customer service and compassion that I knew each of my clients deserved.

What do you think the insurance broking profession will look like in the future?

I believe the insurance broking profession will continue to change and adapt to social, economic, national and international conditions as it has in the past. There will continue to be changes in compliance, product services and client needs. I believe that young brokers of the future will need

The Broker of the Year Awards are proudly sponsored by QBE

John Kay

Director, Quantaco Insurance Brokers

to be very fluid and aware of changes as they occur. They will need to decipher their clients’ needs and have great social skills when conversing with their clients.

Looking to the future of insurance broking, I believe that customer service will only become more and more important to ensure customer retention and satisfaction. With continuously rising premiums, clients are looking for a broker who is knowledgeable, approachable and who is genuinely looking out for their best interests.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

I never expected to be nominated and I did not expect to become a state finalist. The entire process has been so uplifting and inspiring. The testimonies that I received from my clients during the process were so beautiful, they made my year.

To be a finalist and stand alongside some of the most inspirational professionals within the industry is truly humbling and remarkable. I am forever grateful to my clients, my staff, my business partners, and my family who gave me the confidence and trust to venture out into having my own brokerage. I believe this award is so important because it is about celebrating excellence and professionalism within the insurance broking industry and raises the standard for clients and brokers.

How did you get started in the insurance broking profession?

Like many insurance brokers, I did not grow up dreaming of reviewing risk portfolios and negotiating with underwriters to provide insurance solutions to clients. I fell into this career. I started out in January 2006 as a cadet at the newly formed Austbrokers ABS, based in Hurstville. It was a great starting point. I moved from division to division over a two-year period, learning about general insurance, strata, workers compensation and claims management. Working in many different business units provided an opportunity to learn from a number of different brokers who had different broking styles.

What do you think the insurance broking profession will look like in the future?

Insurance broking has changed significantly over the past few decades, moving from fax to emails on your mobile phone, and we can be certain there is much more change on the way. Technology is a major driver, as well as a change to the client landscape.

Technology has been a fantastic tool in allowing companies to streamline processes, stay compliant, increase communication channels with clients and ultimately grow their business. As technology becomes more readily available, the industry will automate further, and this may lead to a portion of the current market not being available to brokers, as placement with direct markets increase. With company acquisitions, the client pool will also continue to diminish in certain industries, putting more pressure on insurance brokers and a need to stay ahead of the competitors to continue to grow.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

The Broker of The Year award has always been a goal of mine. To be selected as a state finalist for this award is extremely humbling. It has given me the confidence that what I’m doing, the work I’m putting in and the trajectory of my career is on the right path.

It energises me to keep pushing and has given me a drive to want to do better. I want to ensure I can represent the insurance industry in the best light possible. Being nominated has prompted me to stop and reflect on my career and really think about how I can give back to the industry that has given me a lot.

NIBA.COM.AU / 31

COVER STORY / Meet the State Finalists of the 2023 Broker of the Year Awards

Lisa Bowles Tanushree Arora-Sopori

Account Director, Imperium Insurance and Financial Solutions How did you get started in the insurance broking profession?

I started in a personal lines call centre role with SGIO and never looked back. From being an underwriter to a broker, like many others, I didn’t choose insurance, I fell into it. 17 years later, I love what I do, and I’m glad to be a part of this industry.

What do you think the insurance broking profession will look like in the future?

The insurance broking profession is likely to undergo significant changes in the future due to advancements in technology and shifts in the insurance industry, mainly with AI and algorithms streamlining administrative tasks of data entry, allowing brokers to focus on client relationship and advice.

The brokers will have to increasingly focus on proactive risk management and prevention strategies. Brokers will need to adapt to evolving regulatory requirements, such as data privacy and cybersecurity regulations.

Given the dynamic nature of the insurance industry, insurance brokers will need to undertake continued learning and professional development.

Staying up-to-date with emerging trends, technologies and regulations will be essential to remain competitive and deliver value to clients.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

I am humbled and honoured to reach this stage, amongst so many great people and talent in the industry. This award is not just for me, it is about my team, my fellow colleagues and a celebration of the industry itself.

This award is a great opportunity to promote the insurance broking industry to the wider world. As a state finalist, it is also a great mentoring opportunity to mentor young brokers and to value the potential the industry is capable of.

32 / INSURANCE ADVISER JULY 2023

Senior Account Executive, Master Builders Insurance How did you get started in the insurance broking profession?

Fresh out of TAFE college my first role was through an employment agent in a small office in Ipswich, Queensland with NZI Insurance.

Coming through the merger of NZI Insurance and Commercial Union, I soon understood the idea of gaining knowledge in a specialised field was more attractive to me.

I found that with a broader understanding of specific types of insurance, I could be of more value to clients.

An opportunity arose through another broker specialising in motor trades insurance. A few years’ break from the industry to enjoy motherhood led me back into the broking field to Master Builders Insurance Services.

What do you think the insurance broking profession will look like in the future?

I believe there will always be a place for insurance brokers as consumers generally find insurance quite daunting.

I have found through assisting clients with the understanding of their purchase that we, as brokers, can help bring more awareness.

The Broker of the Year Awards are proudly sponsored by QBE

Creating a great relationship with clients has, and will always be, of benefit not only to them but also for the broker and the insurer to ensure smooth transactions of business, including the claims process.

I have found that most uncomfortable situations have been initiated by the misunderstanding of cover. The importance of open honest communication with consumers is the only way to operate.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

I have always felt that those deserving of awards accomplish outstanding achievements by going above and beyond.

It is humbling to realise my contribution is appreciated and acknowledged. My gratefulness at purely being nominated for such an award cannot be expressed in words.

After more than 30 years of learning and experiences, I’m pleased to share my knowledge and understanding gained along the way and I’m always open to learning more.

If my contribution can encourage young brokers or attract new brokers to the industry, then being a state finalist has been extremely rewarding.

Skie Mitchell

Senior Account Executive, Tasmanian Insurance Brokers How did you get started in the insurance broking profession?

My family lost their home to a house fire, caused by a chicken incubator in the garage in 2005, and were not insured. At the time, there was confusion as my family thought our farm broker had insurance in place, and it turns out that they did not. We were fortunate enough to have a wonderful community who banded together to provide furniture, clothing and other necessities and tradesmen who donated their time and materials to start a rebuild. For a period of time my family lived in a bus, like Priscilla Queen of the Desert.

It was not home but we were together. Since then, I was obsessed with ‘insurance’ and wanted to know what the point of it was and why we didn’t have it in place.

What do you think the insurance broking profession will look like in the future?

I think there will be a fast shift relating to AI and technology in general.

Brokers will need to ensure that the use and knowledge of different technologies, platforms and processing systems are maintained and upgraded regularly.

We will see two things happen: the clients who can adapt or have grown with technology and those who have not. Just like a good insurance program, we will need to tailor our approach to our audience’s skillset for technology, language and life moving forward.

What does becoming a finalist of the 2023 Broker of the Year mean to you?

Being recognised by the industry for your commitment (or obsession, in my case) is very rewarding. To represent Tasmania was a real privilege.

I was able to meet professionals that I would not have otherwise had the opportunity to meet in Tasmania. I’m grateful for the clients and industry leaders who supported me throughout this process.

NIBA.COM.AU / 33

FEATURE / Tech

CREATING A

TECH-BASED FUTURE While technology is moving at breakneck speed, it’s imperative to take a nimble yet considered approach.

By MARTIN WANLESS

FEATURE / Tech

I

n our professional and personal lives, we’ve all witnessed the adoption of technology by almost every business we deal with over the past decade – and over the past 12 months, it certainly seems to have ramped up a notch or two.

It’s completely understandable.

Coming off the back of a global pandemic, which mercilessly highlighted any tech shortcomings a business had, organisations have spent the past few years implementing systems and processes to minimise any future disruption.

Of course, smart implementation of tech can have significant benefits for a business, staff and customers, and in insurance, the opportunities cannot be underestimated.

From improving the customer experience and streamlining administration tasks for increased efficiency to enhancing underwriting ability, technology is playing an ever-increasing role.

“Technology is constantly evolving and impacting every aspect of the insurance process. Two of the more obvious ones are the use of underwriting data and reducing administration resources,” says David Hampton, CEO of BAIS Insurance Technology.

“Harnessing the power of underwriting data can help revolutionise the way the 36 / INSURANCE ADVISER JULY 2023

industry does business, from pricing to risk management.

“One of the main advantages of enhanced underwriting data is that it allows underwriters and brokers to better understand their customers.

By analysing customer data such as demographic information, spending patterns, and insurance claims history, you can gain a deeper understanding of customer behaviour and preferences. This information can then be used to tailor insurance products to better meet the needs of specific customer segments.”

AVOIDING THE ‘BAND-AID’ APPROACH

While on a theoretical level, the opportunities that technology presents for insurance are clear, the challenge for the industry at large has been implementation and adoption.

And it’s a challenge that companies are going to have to meet head-on – and with the right ‘long game’, says Colin Fagen, Managing Director of BZI. “There’s a multi-speed race underway at the moment when it comes to the adoption of technology in insurance.

“The larger organisations aren’t necessarily picking up the speed that

“A MAJOR RISK IS THAT YOU LEAVE IT TO DO EVERYTHING AND DON’T CHECK WHETHER IT IS MEETING THE NEEDS OF YOUR CLIENTS. ARE YOU CONFIDENT THE MACHINE LEARNING ALGORITHMS ARE BEING ‘TAUGHT’ CORRECTLY?” – DAVID HAMPTON, CEO OF BAIS INSURANCE TECHNOLOGY

FEATURE / Tech

“TECHNOLOGY FOR TECHNOLOGY’S SAKE IS NEVER THE ANSWER, BUT THE JUDICIOUS USE OF TECHNOLOGY WHERE THE BENEFITS TO THE BROKER AND/OR CLIENT ARE CLEARLY DISCERNIBLE SHOULD BE THE GOAL.” – ADAM ARKWRIGHT, OPERATIONS MANAGER AT FOCUSNET TECHNOLOGY

38 / INSURANCE ADVISER JULY 2023

much, while the nimble ones continue to move forward. We’re seeing some ‘band-aid’ fixes being applied at present, which will help improve productivity in the short term, but aren’t necessarily right for the medium term.

“The larger organisations have major projects that won’t be delivered for a number of years, and it’s a dynamic environment in which things are changing quickly where short-term delivery is very important.”

Keeping up with the rate of change for people actively using new tech is another challenge, identifies Adam Arkwright, Operations Manager at FocusNet Technology.

“From a user’s perspective, the challenge is keeping up with the rapid change to their working environment and workflow. Whilst the traditional role of the broker remains basically the same, the way they work day-to-day is changing. Effectively communicating the benefits of the technology to an industry that’s historically been pretty static, can be a challenge. We try to tackle this issue by ensuring the technology fits within traditional workflow where it makes sense.

“Technology changes very quickly and the two biggest challenges we’re seeing are

keeping up-to-date with what is available to ensure you stay relevant, as well as ensuring that with the quickly changing tech, the associated cyber risks are accounted for.”

It’s important, too, that tech isn’t seen as a complete ‘solution’ in itself. It’s not a ‘set and forget’ and you need to work with the tech constantly.

“A major risk is that you leave it to do everything and don’t check whether it is meeting the needs of your clients,” says Hampton. “Are you confident the machine learning algorithms are being ‘taught’ correctly?”

MANAGING THE RISKS

As Arkwright identified, it’s incredibly important to be across the cyber risks that unfortunately come hand in hand with tech.

As with any platform, keeping systems and patches up-to-date is imperative.

However, Fagen says security concerns are a key reason to avoid taking that ‘band-aid’ approach to tech.

“When cybersecurity has been ineffective, it’s often because there’s been a patchwork approach, retrofitting

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FEATURE / Tech

WHAT’S ON THE HORIZON? As we’ve seen, technology is moving ever faster. But what’s coming up on the rails?

Adam Arkwright, Operations Manager, FocusNet Technology: “Traditional systems such as WinBEAT have required businesses to retain some sort of server, whether it’s in their office or hosted by a cloud service provider. With technology moving towards more ‘as a service’ type solutions (such as web-based systems), this opens up a more hybrid-cloud service, where there may still be a requirement for a traditional server, but with the added flexibility that users needn’t be office-based, providing the flexibility to work from anywhere whilst maintaining security.”

David Hampton, CEO, BAIS Insurance Technology: “I think artificial intelligence (AI) is definitely one of the areas to watch. There are some interesting solutions out there and working out how to harness and manage AI will be important. By using predictive analytics and machine learning algorithms, underwriters can analyse vast amounts of data to identify potential risks and make more accurate predictions about future claims.”

Colin Fagen, Managing Director, BZI: “I believe that there’ll be a much greater use of AI – the ability to apply AI to new questions, new queries, new issues, and the ability to direct process in both claims and underwriting. And then when also used more extensively by brokers, they’ll have the opportunity to automate which markets they use, knowing why they use them with readily accessible real-time data, and build on the most important new relationships. “

“THERE’S A MULTI-SPEED RACE UNDERWAY AT THE MOMENT WHEN IT COMES TO THE ADOPTION OF TECHNOLOGY IN INSURANCE.” – COLIN FAGEN, MANAGING DIRECTOR OF BZI

new technology over older technology and not using API connectivity optimally – this can actually cause weaknesses in the systems.

“Organisations on legacy systems have to spend enormous amounts of time, effort and money building layers over the top of what are very old tools.”

THE EVOLUTION OF ‘INSURETECH’

So, where to from here? It’s clear that technology is going to be key at almost every 40 / INSURANCE ADVISER JULY 2023

step of the insurance process, and Arkwright has the following advice for brokers: “Historically, tech and insurance have never really been good partners, but the frost is thawing here. We’re now seeing the insurance industry embracing the benefits they gain in cost reduction and productivity via automation tools, and self-service portal offerings that also positively impact the client experience.

“However, technology for technology’s sake is never the answer, but the judicious

use of technology where the benefits to the broker and/or the client are clearly discernible should be the goal.

“No one is saying that tech will replace the role of the traditional insurance broker, but there are aspects of that role that don’t necessarily require a consultative approach or engagement – and those aspects are where tech and insurance can form strong bonds for the mutual benefit of the broker and client alike.”

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RIGHT TIME, RIGHT PLACE? With inflation up, premiums rising and risks increasing, premium funding is set to be in demand.

Building premium funding options into sales processes could not only help clients, but also give you a competitive advantage.

By MARTIN WANLESS

42 / INSURANCE ADVISER JULY 2023

FEATURE / Premium Funding

NIBA.COM.AU / 43

FEATURE / Premium Funding

“ON AVERAGE, JUST OVER 35% OF PREMIUMS ARE ESTIMATED TO BE FUNDED IN AUSTRALIA, MEANING THE REMAINING PREMIUMS ARE FUNDED BY CASH OR OTHER BANKING PRODUCTS.” – CHRIS CARUSO, STATE SALES MANAGER AT ELANTIS PREMIUM FUNDING

I

t’s not exactly news that budgets are tight at present. And, from experience, we all know that when budgets are tight, insurance is a line item that gets scrutinised.

As interest rates and the cost of goods and services increase, premiums are increasing across many product lines, too – so it’s no surprise that premium funding is proving an increasingly attractive proposition.

“As interest rates continue to increase on the back of official cash rate rises, so too are insurance premiums across most product lines, increasing the demand for premium funding as businesses seek ways to better manage their cash flow,” says Graeme Gordon, Head of Sales – Australia & New Zealand, at premium funder IQumulate.

“With government support packages concluding post-pandemic, coupled with increases to insurance premiums across a range of products, and with the recent impacts from environmental disasters thrown into the mix, business and household 44 / INSURANCE ADVISER JULY 2023

premiums have increased significantly – to a point that has seen many rethink the way they spread their cash flow payments and consider a premium funding solution.”

BUILDING PREMIUM FUNDING OPTIONS INTO THE EVERYDAY

Interest in and demand for premium funding has, anecdotally at least, increased over recent months – however, market education is still needed, says Chris Caruso, State Sales Manager at Elantis Premium Funding.

“Demand has definitely picked up.

However, premium funders need to continue actively educating the market on the benefits of offering premium funding to every client as part of an insurance broker’s holistic service offering.

“On average, just over 35% of premiums are estimated to be funded in Australia, meaning the remaining premiums are funded by cash or other banking products.

“Premium funding frees up usage of these other banking products to give businesses the opportunity to meet other costs or reinvest back into their business and earn a higher rate of return than the cost of the premium funding.”

It’s statistics like those that attracted Shaun Quincey, CEO and Co-Founder of Simfuni to help the premium funding market. Quincey was part of the team that launched and established one of Australia’s best-known buy-now-pay-later businesses – and has launched Simfuni to help brokers and premium funders easily distribute premium funding for their clients.

“From our research, only 10 per cent or so of policy owners were being offered premium funding by brokers because the application process was viewed as cumbersome,” says Quincey.

“Our software enables brokers to offer premium funding instantly to every single client, which removes the

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FEATURE / Premium Funding

friction between the client and the broker, making it far easier for both parties.

Essentially, we connect brokers with premium funders to help clients access funding quickly and simply.”

HELPING CLIENTS MANAGE THEIR CASH FLOW

Over the past decade or so, insurance brokers have made huge strides towards becoming genuinely trusted advisers, often being seen as a critically important component of the business’s extended team.

While issues such as cash flow may not typically be in a broker’s remit, the fact is that cash flow difficulties are often identified as a key reason businesses fail – and having an instant solution to smooth that cash flow is an important tool to have while illustrating a rounded and holistic view of a business.

Premium funding isn’t just for businesses in financial strife.

“In times of uncertainty, business owners will tend to err on the side of conservation, which is where premium funding resonates even more. We have seen and heard anecdotally that funding enquiries and quoting rates continue to increase,” says Gordon.

“Premium funding allows our customers to spread the cost of their insurance premiums over time, usually eight, ten or twelve months, providing them with better cash flow management and budgeting

capabilities. It also may allow businesses to use capital that might otherwise have been allocated to a lump insurance payment to invest in other areas of their business.”

And, regardless of whether a client’s experiencing financial or cash flow difficulties or simply wants to manage their outgoings more smartly, Caruso says it’s a good move to offer the option to everyone.

“Best practice is to ensure you are offering premium funding to every one of your clients. You may not always know when a client is experiencing financial difficulty and it is an indirect opportunity to offer

“AS INTEREST RATES CONTINUE TO INCREASE ON THE BACK OF OFFICIAL CASH RATE RISES, SO TOO ARE INSURANCE PREMIUMS ACROSS MOST PRODUCT LINES, INCREASING THE DEMAND FOR PREMIUM FUNDING AS BUSINESSES SEEK WAYS TO BETTER MANAGE THEIR CASH FLOW.” – GRAEME GORDON, HEAD OF SALES – AUSTRALIA & NEW ZEALAND, IQUMULATE

46 / INSURANCE ADVISER JULY 2023

Multiply when you simplify.

The manual processes involved with premium funding applications often mean insurance brokers don’t have time to offer it to their customers. Simfuni removes that task for brokers and funders by instantly generating premium funding options presented in a digital checkout with every invoice. Saving brokers time and increasing loan origination.

Find out how at simfuni.com

FEATURE / Premium Funding

financial help without necessarily having a difficult conversation.”

Of course, some clients will be encountering financial hardship, and if so, it’s important to tackle that delicately.

Gordon says, “We work with our brokers to ensure open and honest communication channels are available for customers and encourage our brokers to take the time to listen and understand their customers’ financial situation in order to provide the most suitable payment solution.

“We stress the benefits of our clients informing us of any financial concerns early so we can actively engage and recognise if they are experiencing financial hardship.”

CREATING A COMPETITIVE ADVANTAGE Moving forward, Quincey sees premium funding as a competitive

advantage for brokers who build it into their sales process.

“I think premium funding, delivered in the right way to every customer, is the key to brokers becoming more and more competitive with direct insurers.

“The opportunity is to create a worldclass insurance experience – combining the knowledge and advice from a broker with leading digital payment tech is almost impossible to beat.

“Brokers are superb at giving the right advice, getting the right policy and then going in to fight for the customer when they need to.

“And if you can combine that with a leading omnichannel ecommerce experience that includes being able to easily offer premium funding, then the value of that experience is just going to keep increasing.”

HELPING AVOID UNDERINSURANCE Underinsurance is still a major problem in Australia, and when clients are looking at every line item on their outgoings, it’s tempting for them to reduce cover in areas they are more prepared to take a risk.

This is naturally dangerous – and something premium funding can help avoid.

Caruso says: “Premium funding is a tool that gives clients the ability to take out the appropriate level of insurance cover while packaging it up into one affordable pay-by-the-month amount, which eliminates the high upfront cost of paying their annual insurances in one lump sum. Taking out the appropriate level of cover could be a critical decision for the life span of any business.”

“FROM OUR RESEARCH, ONLY 10 PER CENT OR SO OF POLICY OWNERS WERE BEING OFFERED PREMIUM FUNDING BY BROKERS BECAUSE THE APPLICATION PROCESS WAS VIEWED AS CUMBERSOME.” – SHAUN QUINCEY, CEO AND CO-FOUNDER OF SIMFUNI

48 / INSURANCE ADVISER JULY 2023

Help your clients unlock cash flow

Today, strong businesses need easy access to cash flow. Hunter Premium Funding, one of Australia and New Zealand’s leading specialist premium funders is here to help your clients when they need it the most.

Visit HPF.com.au to find out how Hunter can help your clients today.

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COMMUNITY HUB

COMMUNITY HUB JULY 2023

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

INDEX AB Phillips ......................................................50 AIBI..................................................................... 51 Australasia Underwriting.......................... 51 NIBA Mentoring............................................ 51

Moran Insurance Brokers......................... 52 MGA Insurance Group.............................. 52 Affinity Insurance Brokers....................... 53 Newline Group............................................. 53

Wellington Underwriting......................... 54 Pollard............................................................... 54 QPIB.................................................................. 54 ASR.................................................................... 55

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

50 / INSURANCE ADVISER JULY 2023

COMMUNITY HUB

The difficult The The Thedifficult difficult difficult made easy made easy

�aibi

made madeeasy easy

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Adult Industry Business Insurance

Deliveringinsurance insurance differently Delivering differently Delivering Delivering insurance insurancedifferently differently with a solutions-first approach. with aasolutions-first approach. with with asolutions-first solutions-firstapproach. approach.

Delivering insurance differently Target Liability Risks with aOccupations solutions-first approach.

Target Property Risks Liability Risks •Target Asbestos RemovalRisks / Risks Demolition / Target Property Property Risks Risks Target Target Liability Liability •Target Distressed or Difficult Target Property Risks

Contractors • Vacant Properties incl Heritage •• Earthmoving Asbestos Removal • Distressed ororDifficult Occupations Asbestos • Asbestos Removal Removal / /Demolition /Demolition Demolition / // • Distressed • Distressed or Difficult Difficult Occupations Occupations • Abattoirs / Seafood Processing / Target Propertyincl Risks Target Liability Risks listed properties.

Earthmoving Contractors • Vacant Properties Heritage Earthmoving Earthmoving Contractors Contractors • Vacant • Vacant Properties Properties incl incl Heritage Heritage & Beverage •• EPS Risks / or Food & Beverage ••• Food Asbestos Removal / Demolition / / // Abattoirs Seafood Processing Distressed Difficult Occupations listed properties.

Abattoirs • Abattoirs //Seafood / Seafood Processing Processing listed listed properties. properties.

• Civil Engineers & Construction Manufacture / Distribution Earthmoving Contractors • Vacant Properties incl Heritage Food & Beverage Beverage Food Food & & Beverage • EPS Risks / Food & Beverage • EPS • EPS Risks Risks / Food / Food & Beverage & Beverage (+10m t/o) • Remote & Timber Pubs / Wineries / •• Abattoirs / Seafood / listed properties.

Civil Engineers Construction Civil • Civil Engineers Engineers &&Construction &Processing Construction Manufacture / Distribution Manufacture Manufacture / Distribution / Distribution • Plumbing & Electrical Contracting Food & Beverage •• Distilleries EPS Risks / Food & Beverage (+10m (+10m t/o) t/o) (+10m t/o) • Remote Remote Timber & Timber Pubs Pubs Wineries / Wineries • Remote && Timber Pubs / /Wineries // / • Plastics / Timber Manufacturing • Service to Mining Industry • Civil Engineers & Construction Manufacture / Distribution Distilleries Distilleries storage – Chemicals, Plumbing • Plumbing &&Electrical &Electrical Electrical Contracting Contracting Distilleries Plumbing Contracting •• High-hazard •• Welding & Fabrication (+10m t/o) Remote & Timber Pubs / Wineries / • Plastics • Tyres Plastics / Timber / Timber Manufacturing Manufacturing Service • Service to to Mining Mining Industry Industry • Plastics / Timber Manufacturing Service to Industry •••• Chemicals Fertiliser Distilleries Plumbing &&Mining Electrical Contracting • High-hazard High-hazard storage storage Chemicals, – Chemicals, Welding • Welding &&Fabrication & Fabrication ••• North – Manufacturing Traditional & •••• Railside exposure • High-hazard storage – –Chemicals, Welding Fabrication PlasticsAustralia / Timber Service to Mining Industry Tyres Tyres Chemicals • Chemicals &&Fertiliser &Fertiliser Fertiliser •••• Waste && Recycling Tyres Chemicals • Parametric High-hazardoptions storage – Chemicals, Welding Fabrication • North • North Australia Australia – Traditional – Traditional & & • Railside • Railside exposure exposure • Waste & Recycling • North Australia – Traditional & Railside exposure Tyres •• Chemicals & Fertiliser •• Renewable Energy Storage && Parametric Parametric options options Waste • Waste &exposure & Recycling North Australia – Traditional ••• Railside Parametric options Waste &Recycling Recycling • Waste • Production Waste & Recycling & Recycling Parametric options • Waste & Recycling • Waste &/Recycling ••• CAR Erection All Risks (+10M) • Renewable Renewable Energy Energy Storage Storage && Waste &Energy Recycling • Renewable Storage & Production ProductionEnergy Storage & • Renewable Production • CAR / Erection AllAll Risks (+10M) • Production CAR / Erection Risks (+10M) • CAR / Erection Risks (+10M)today on 1300 988 643 or visit our website: Contact ourAllunderwriters • CAR / Erection All Risks (+10M) AIBI is a registered trading name of Thurston Insurance Brokers Pty Ltd. Thurston Insurance Brokers Pty Ltd is a Corporate Authorised Representative of McLardy McShane Partners Pty Ltd, Australian Financial Services Licence No 232987 ABN 14 064 465 309.

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

Australasiaunderwriting.com.au

Contact Contact our our underwriters underwriters today today onon 1300 1300 988 988 643 643 oror visit visit our our website: website:

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MENTORING

NIBA Mentoring – Promoting Professional Development for 10 Years

WHAT WILL THE PROGRAM DO FOR YOU? For more information and to express interest visit www.niba.com.au/ mentoring

NIBA Mentoring 2018 FP HP.indd 2

NIBA.COM.AU / 51 20/11/18 10:11 am

COMMUNITY HUB

52 / INSURANCE ADVISER JULY 2023

SPECIALISTS IN COMMUNITY HUB EQUINE LIABILITY

COMMUNITY HUB

Accommodation

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Petting Zoo

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Pony Rides

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Equine Events

Pre-training & Breaking

Carriage Driving

Facility Hire

Rehabilitation

Clinic Organisers

Farriers

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Clinics

Horse Carriage Driving

Riding Schools

Coaching

Horse Trainers

Saddle Fitters

Dentists

Massage Therapists

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

Untitled-3 1

24/6/2022 12:24 pm

At Newline Australia, we underwrite:

Life Science, Clinical Trials, Public & Products Liability insurance, Professional Indemnity (PI) insurance, Financial Institutions insurance, Directors & Officers insurance and Crime insurance

Key Liability Occupations:

Key PI Occupations:

Key FI Occupations:

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

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

• Fund Managers/Investment Managers • Stock Brokers • Managed Investment Schemes • Excess lines for Financial Planners

Will Clarke

Stephen Mullaly

Linda Sepala

Senior Underwriter – Liability

Underwriting Manager – PI

Underwriting Manager – D&O & FI

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

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

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

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

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

Newline Australia Insurance Pty Ltd ABN 81 118 089 651 PO Box 16208 Collins St West VIC 8007 PH: 03 9999 1901 FAX: 03 9670 0045 newlinegroup.com.au info@newlinegroup.com.au NIBA.COM.AU / 43

Newline Australia Insurance Pty Ltd is wholly owned by Newline Underwriting Management Ltd and 100% secured by Newline Syndicate 1218 at Lloyd’s (NWL1218)

COMMUNITY HUB

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

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

Contact our Underwriters today or visit our website at

www.wellingtonu.com.au

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

Apply online at niba.com.au or email the NIBA Membership Team at info@niba.com.au

IN

D PRAC IE T F I

ING IS

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CRAIG ANDERSON, 2018 YOUNG BROKER OF THE YEAR

RA

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QPIB NCE BR

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54 / INSURANCE ADVISER JUNE 2023 QPIB Campaign Print.indd 4

6/6/23 12:46 PM

COMMUNITY HUB

NIBA.COM.AU / 55

INSURER STRENGTH RATINGS

BEST’S

NEW ZEALAND

FINANCIAL STRENGTH RATINGS

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

Ratings as at 21 June 2023.

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

AUSTRALIA

RATING

LIFE, ANNUITY AND ACCIDENT General Reinsurance Life Australia Ltd.

A++/STABLE

PROPERTY/CASUALTY

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

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

A/STABLE

Chubb Life Insurance New Zealand Limited

A/STABLE

Co-operative Life Limited

B++/STABLE

DPL Insurance Limited

B++/STABLE

Fidelity Insurance Limited

A-/STABLE

Fidelity Life Assurance Company Limited

A-/STABLE

Foundation Life (NZ) Limited

A-/STABLE

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

Momentum Life Limited

B++/STABLE

Ansvar Insurance Limited

A-/STABLE

Partners Life Limited

A/STABLE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

Pinnacle Life Limited

B+/STABLE

General Reinsurance Australia Ltd

A++/STABLE

Guild Insurance Limited

A-/STABLE

Pacific International Insurance Pty Limited

B++/STABLE

The Hollard Insurance Company Pty Ltd

A-/STABLE

The New India Assurance Company Limited (Australia Branch)

B++/STABLE

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

56 / INSURANCE ADVISER JULY 2023

PROPERTY/CASUALTY Accuro Health Insurance Society Limited

B/STABLE

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

A+/STABLE

Beneficial Insurance Limited

B++/STABLE

Consumer Insurance Services Limited

B+/STABLE

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

A/STABLE

FMG Insurance Limited

A/STABLE

General Reinsurance Australia Ltd (New Zealand Branch)

A++/STABLE

Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)

A+/STABLE

New Zealand Medical Indemnity Insurance Limited

B+/STABLE

Pacific International Insurance Pty Ltd (New Zealand Branch)

B++/STABLE

Police Health Plan Limited

A-/STABLE

Provident Insurance Corporation Limited

B /POSITIVE

The Hollard Insurance Company Pty Ltd (New Zealand Branch) A-/STABLE The New India Assurance Company Limited (New Zealand Branch)

B++/STABLE

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

A++/STABLE

Tower Limited

A-/STABLE

Union Medical Benefits Society Limited

A/STABLE

Veterinary Professional Insurance Society Incorporated

B/STABLE

Virginia Surety Company, Inc. (New Zealand Branch)

A/POSITIVE

S&P GLOBAL

AUSTRALIA

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 as at 21 June 2023.

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

NEW ZEALAND

RATING

NON-LIFE INSURERS

RATING

NON-LIFE INSURERS AAI Ltd.

AA-/STABLE

Achmea Schadeverzekeringen N.V.

A/STABLE

AIG Australia Limited

A/NEGATIVE

Allianz Australia Insurance Ltd.

AA-/STABLE

Allied World Assurance Co. Ltd.

A/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

BHP Marine & General Insurances Pty Ltd.

A-/STABLE

Chubb Insurance Australia Ltd.

AA-/STABLE

Factory Mutual Insurance Company

A+/STABLE

Great Lakes Insurance S.E (Australia Branch)

AA-/STABLE

Insurance Australia Ltd.

AA-/STABLE

Liberty Mutual Insurance Company Limited

A/STABLE

AA Insurance Ltd.

AA-/STABLE

Medical Insurance Australia Pty Ltd.

A-/STABLE

AIG Insurance New Zealand Ltd.

A/NEGATIVE

Mitsui Sumitomo Insurance Company Limited

A+/STABLE

A+/STABLE

NorthStandard Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Society of Lloyd’s

A+/STABLE

Sompo Japan Insurance Inc.

A+/STABLE

Southern Cross Benefits Limited

A/STABLE

Aioi Nissay Dowa Insurance Co., Ltd 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

Tokio Marine & Nichido Fire Insurance Co., Ltd.

A+/STABLE

Hallmark General Insurance Co. Ltd.

BBB/STABLE

XL Insurance Company SE

AA-/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

IAG New Zealand Ltd.

AA-/STABLE

LENDERS MORTGAGE INSURERS

Medical Insurance Society Ltd.

A/STABLE

Arch Lenders Mortgage Indemnity Ltd.

A/STABLE

Helia Insurance Pty Ltd.

A/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)

A+/STABLE

NorthStandard Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Society of Lloyd’s

A+/STABLE

Southern Cross Benefits Ltd.

LIFE INSURERS AIA Australia Ltd.

A+/STABLE

Challenger Life Company Ltd.

A/STABLE

A/STABLE

MetLife Insurance Ltd.

A+/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

REINSURERS

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

Aspen Insurance UK Ltd.

A-/STABLE

Berkley Insurance Company

A+/STABLE

General Reinsurance Australia Ltd.

AA+/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Hannover Rück SE

AA-/STABLE

HDI Global SE

A+/STABLE

HDI Global Specialty SE

A+/STABLE

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

AA-/STABLE

Vero Liability Insurance Ltd.

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

HEALTH INSURERS NIB NZ Ltd.

A-/STABLE

Southern Cross Medical Care Society

A+/STABLE

LENDERS MORTGAGE INSURERS Helia Insurance Pty Ltd. (New Zealand Branch) QBE Lenders’ Mortgage Insurance Ltd.

A/STABLE A/STABLE

LIFE INSURERS

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

AA-/STABLE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

QBE Blue Ocean Re Ltd.

A+/STABLE

RenaissanceRe Europe AG

A+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

SCOR Global Life Australia Pty Ltd.

A+/STABLE

Asteron Life Ltd.

AA-/STABLE

SCOR Reinsurance Asia Pacific Pte Ltd.

A+/STABLE

Medical Life Assurance Society Ltd.

A/STABLE

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

AA-/NEGATIVE

A-/STABLE

Swiss Re International SE

AA-/NEGATIVE

Swiss Re Life & Health Australia Ltd.

AA-/NEGATIVE

Transatlantic Reinsurance Company

AA+/STABLE

NIB NZ Insurance Ltd.

REINSURERS HDI Global Specialty SE

A+ /STABLE

* See page 59 for S&P Global disclaimers and additional information

NIBA.COM.AU / 57

NIBA / Events

NIBA MENTORING PROGRAM Last chance to register for the 2023 NIBA Mentoring Program This is your last chance to be a part of the 2023 NIBA Mentoring Program.

Applications to be a mentor or a mentee are closing soon, on Friday 14 July.

The NIBA Mentoring Program caters to young professionals in the general insurance industry, offering them a platform to grow and excel.

The program empowers young professionals to enhance their industry knowledge, establish clear development objectives, and reach new heights of achievement by engaging

58 / INSURANCE ADVISER JULY 2023

in dynamic mentoring partnerships with experienced industry leaders.

Spanning over 12 weeks, the program offers a range of learning and development opportunities. Participants will engage in three interactive face-to-face group workshops, benefit from two insightful webinars, and participate in seven dedicated mentee/mentor sessions.

The program will kick off in August.

Review the NIBA Mentoring Program page on NIBA’s website for the full schedule and key dates.

Who can be a mentor?

NIBA mentors have a broad range of life and work experiences and display a strong understanding of industry issues. It is vital that mentors are committed to the personal and professional development of their

mentee and are prepared to be involved in all aspects of the program. Mentors are required to abide by the NIBA Mentoring Code of Practice at all times.

Who can be a mentee?

NIBA identifies mentees as young professionals already working within the industry. For the mentoring process to succeed, mentees must: •T ake responsibility for their own learning and development; •B e open to different perspectives; •T ake on the challenges and tasks set as part of the program; •B e able to accept appropriate feedback and coaching .

For more information on how to register, please contact NIBA Mentoring via email at mentoring@niba.com.au.

INSURANCE BROKERS

CODE OF PRACTICE NIBA launched the 2022 Insurance Brokers Code of Practice on 1 March 2022, and it came into effect on 1 November 2022. It is important that all members have implemented the necessary policies and procedures to comply with their new Code obligations. A number of resources are available on the NIBA website to assist members in implementing the Code.

For a copy of the Code, visit niba.com.au/code S&P GLOBAL RATINGS

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

Copyright © 2023 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 affi liates 25/7/2022 1:40 pm 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.

IA0722p58-60 Events Pictorial.indd 59

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

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.

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