Insurance Adviser February 2023 issue

FEBRUARY 2023 FAREWELL FROM DIANNE PHELAN: EXCITING TIMES AHEAD Dianne Phelan reflects on her term as President and the exciting initiatives reshaping insurance broking

THE 2023 NIBA AWARDS Celebrating stellar careers

HEAVY MOTOR INDUSTRY

Driving into the unknown

ACCIDENT AND HEALTH From add-on to essential

WE ARE YOUR VOICE

2021

Thanks for recognising Liberty for the second consecutive year

Lines of Business: ► Professional & Financial Risks ► Casualty ► Energy, Property & Construction ► Crisis Management ► Accident & Health ► Financial Risk Solutions ► Marine ► Global Transaction Solutions ► Surety ► War & Terrorism ► Treaty Reinsurance (LM Re)

Specialisations: ► Directors & Officers ► Professional Indemnity ► Financial Institutions ► IT Liability ► Infrastructure & Construction ► Workers’ Compensation ► Environmental

► ► ► ► ► ► ►

Exploration & Production Renewable Energy Oil, Gas, Petrochemical & Chemical Marine General Liabilities Hull & Cargo Product Recall Weather

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The independent NIBA Broker Market Survey was conducted from July to August 2022 and compared 24 insurers and insurance underwriting agencies in Australia.

Liberty Specialty Markets is a trading name of Liberty Mutual Insurance Company, Australia Branch (ABN 61 086 083 605) incorporated in Massachusetts, USA (the liability of members is limited).

CONTENTS February 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

Editorial enquiries

E: editor@niba.com.au

FEATURES 16 FAREWELL FROM DIANNE PHELAN: EXCITING TIMES AHEAD Dianne Phelan, outgoing NIBA President, reflects on her term as President and the exciting initiatives reshaping insurance broking.

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.

20 THE 2023 NIBA AWARDS – CELEBRATING STELLAR CAREERS In the ongoing quest to attract quality talent, showcasing the excitement, professionalism and opportunities in broking has never been more important.

26 UNDERSTANDING THE IBCCC AND CODE COMPLIANCE

Oscar Shub, Chairperson of the IBCCC shares his vision and purpose of the Committee, as well as insights and advice on Code compliance.

NIBA.COM.AU / 3

CONTENTS February 2023

FEATURES 34

HEAVY MOTOR INDUSTRY

Driving into the unknown

42 ACCIDENT

AND HEALTH

From add-on to essential

28 NIBA MENTORING PROGRAM: A SUPPORT SYSTEM FOR DEVELOPING BROKERS

Mentors and mentees share their experience of the NIBA Mentoring Program, and the support it offers brokers looking to develop their careers.

32 SHARPENING YOUR

PRESENTATION SKILLS

Learn how to develop good presentation and communication skills through the NIBA Presentation Skills Program.

IN EVERY ISSUE

NIBA CEO Welcome..................................... 6 Member Benefits............................................. 8 Representation .............................................. 14

EVENTS

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

Event pictorials ............................................. 58

REFERENCE 4 / INSURANCE ADVISER FEBRUARY 2023

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

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CEO / Welcome

WELCOME TO 2023

W

elcome to 2023, a year that I believe has limitless potential to create new opportunities. For the first time in many years, there are glimpses of clear skies ahead. While there are challenges on the economic front, with high inflation, rising energy costs and resultant rising interest rates, the role of the broker will be more critical in working closely with insurers and underwriting agencies to ensure the right protection is in place for clients, at the most appropriate price. Offsetting these economic challenges is a levelling out in many markets, a relatively clear regulatory environment, evolving technology and the opportunity to think differently.

From a NIBA perspective, strategic thinking comes from the NIBA Board, and I am always appreciative of the voluntary dedication and commitment of all NIBA Directors to the stewardship of NIBA’s strategy and corporate governance. While diverse in their representation, NIBA Directors have a reputation for leaving their brand at the door.

On Thursday 23 February, we will hold the Annual General Meeting followed by a Board meeting where we will see a changing of the guard in terms of NIBA Directors and leadership.

None could be more exemplary than our outgoing President Dianne Phelan who has overseen one of the most transformative periods in NIBA’s history. Di has been an inspiration and I couldn’t think of a better President to initiate me into the NIBA community.

Her unwavering commitment to ensuring that NIBA and brokers are represented positively in the public arena, as best as possible is invaluable. Importantly. the commitment of Di and the current NIBA Board to proactively sets the standards to ensure the longevity of our profession is undeniable.

I would like to take this opportunity to acknowledge Di, and on behalf of all NIBA members, thank her for her contribution to NIBA as President, and remain thankful that she will retain her position on the NIBA Board.

We will also see QLD Divisional Director, Heather Peirano, step down after six years on the NIBA Board.

Heather has always been forthright and offered practical insights, particularly in relation to the nuances of the Queensland market. We thank Heather for her valuable contribution.

One of the new faces on the Board will be Lynette Walsh, representing Aon. Lynette joins the Board to replace Eric Harris, who after 10 years, retired from the NIBA Board at the end of last year. Eric made a significant contribution to the NIBA Board including serving as President from 2019 to 2021 in what would have been a challenging period, navigating NIBA through the uncertainty of the pandemic, while balancing his own role at Aon over different time zones. Eric was always an active participant and offered

6 / INSURANCE ADVISER FEBRUARY 2023

solutions if there was a problem. Eric was always a great confidant for Dallas Booth and was instrumental in assisting me to assimilate into the role. We welcome Lynette and thank Eric for his 10 years of service.

We will also see an additional Director appointed in the newly created additional position representing listed networks. This will expand the representation to add a representative from PSC, in addition to the existing Steadfast and Austbrokers representatives. Voting for the vacant QLD and WA Director roles will be concluded before the AGM and the full Board will be announced at the conclusion of the AGM and subsequent Board meeting.

As we start the year, Representation, Professionalism and Community will remain the core pillars of NIBA. The Quality of Advice Review findings and our response will be paramount. So too will be the delivery of many successful NIBA events and programs this year. We will bring our community together through the state Gala lunches, Mentoring Program and Presentation Skills workshops, as well as the QBE sponsored Broker of the Year and Vero sponsored Young Broker of the Year Awards program. We will also come together to learn and reimagine our thinking in October on the Gold Coast for the NIBA Convention.

As times change, we need to think differently so stay tuned for our webinar series later in the year. There will also be a greater focus on the value and importance of professionalism and the QPIB designation, as well as promoting brokers and broking as a preferred career path to ensure we continue to develop the next generation of insurance brokers.

It promises to be an exciting year.

PHILIP KEWIN Chief Executive Officer, NIBA

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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.

“Through the advocacy work that NIBA does for our industry, it creates a more favourable business environment for brokers which not only benefits myself and our business, but benefits our clients. As a member of NIBA, we have access to a range of benefits and resources that keep our business informed and up-to-date on the latest developments in the insurance industry, as well as opportunities to connect with other insurance professionals. Overall, being a member of NIBA can help you stay informed, connected and give you a voice in the industry.”

WILLIAM THOMPSON Account Manager, Thompson Insurance

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.

8 / INSURANCE ADVISER FEBRUARY 2023

Professionalism

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

Community

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

GET IN TOUCH!

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

2020

INSURANCE BUSINESS AWARDS

2021

INSURANCE BUSINESS AWARDS

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 WA GALA LUNCH WHERE: Crown Perth WHEN: Friday 14 July 2023

2023 NIBA VIC SEMINAR: EYE ON THE HORIZON WHERE: Melbourne, Vic WHEN: Wednesday 1 March 2023

Join us for an insightful panel discussion featuring brokers and lead insurers as they cover the insurance market and what’s in store for 2023.

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

2023 NIBA QLD GALA LUNCH WHERE: Brisbane Convention & Exhibition Centre WHEN: Wednesday 19 July 2023

2023 NIBA CONVENTION WHERE: The Star, Gold Coast WHEN: 8 – 10 October 2023

SAVE THE DATE FOR YOUR STATE’S 2023 GALA LUNCH AND THE NIBA CONVENTION! 2023 NIBA VIC GALA LUNCH WHERE: Crown Melbourne WHEN: Friday 19 May 2023 2023 NIBA NSW GALA LUNCH WHERE: The Fullerton, Sydney WHEN: Wednesday 12 July 2023

NIBA SAYS CONGRATULATIONS NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR RECEIVING THEIR QPIB DESIGNATIONS: Shannon Greenaway, Ludosh Pty Ltd t/a Mezzanine Insurance Alisha Bell, Bracesure Insurance Brokers Pty Ltd Elisa Carter, Trans-West Insurance Brokers Pty Ltd Angela Christodoulides, Trans-West Insurance Brokers Pty Ltd Sandra Connolly, Macey Insurance Brokers Andrew Gaudry, Trans-West Insurance Brokers Pty Ltd Adam Kitson, Trans-West Insurance Brokers Pty Ltd Jessica Wells, The Builders Insurance Broker Gregory Mendelevitz, Colonial Financial Services Pty Ltd Allison Walsh, Macey Insurance Brokers Pty Ltd

Nikia Goers, Webber Insurance Services Pty Ltd Dean Arthur, Sear Insurance Brokers Chris Kourtis, ADK Insurance Brokers Pty Ltd David Mathieson, Agripro Insurance Brokers Pty Ltd Steven Prince, Ovens Valley Insurance Brokers Taani Tongaonevai, Edgewise Insurance Brokers Pty Ltd Katrina Kaushal, Centrewest Insurance Brokers Kari Jennings, EBM Insurance Brokers Melissa Jolly, Pinnacle Insurance Brokers Pty Ltd Shelby Naylor, Elite Insurance Brokers David O’Reilly, GSK Insurance Brokers

Katrina Halliday, Your Insurance Broker Pty Ltd

NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR RECEIVING THEIR QFSR DESIGNATIONS:

Ashleigh Hondow, Northwest Insurance

Rachel Holmes, Hann Insurance Brokers Pty Ltd

Sue Pereira, Clear Insurance Pty Ltd Kylie Renton, AIB Insurance Brokers

NIBA CONGRATULATES THE FOLLOWING MEMBERS FOR BECOMING AN ASSOCIATE MEMBER:

Jessica Dametto, Webber Insurance Services Pty Ltd

Haydn Luck, Arthur J. Gallagher & Co (Aus) Limited

Michelle Allen, AIB Insurance Brokers

10 / INSURANCE ADVISER FEBRUARY 2023

SAVE THE DATE

2023 NIBA CONVENTION 8 – 10 October 2023 The Star, Gold Coast NIBA is delighted to be holding the 2023 NIBA Convention on the Gold Coast. Please save the date and mark it in your calendar. It’s an event not to be missed.

2023 NIBA CONVENTION / Destination: Gold Coast

DESTINATION: GOLD COAST

October will see the 2023 NIBA Convention take place at The Star on Queensland’s Gold Coast. Network with the best in the industry and hear from inspiring speakers plus sun, sea and sand. What more could you wish for?

A

s we enjoyed all the Gold Coast had to offer at past NIBA Conventions, it’s only fitting that we return to the Gold Coast to get the next chapter of broking underway.

Let’s celebrate our industry together at the Gold Coast. It’s a beautiful, fun part of the country to visit, too.

MAKE A TRIP OF IT!

Whether you’re a seasoned visitor or a Gold Coast newbie, there are so many things to discover. Whether you’re visiting by yourself, with colleagues or your family’s joining you for a few days either side, there’s plenty to do. Here are four of our favourites.

and rejuvenate – you 1 Relax deserve it!

The Gold Coast has a whole host of spa and wellbeing facilities – take a break, relax and recharge your batteries before getting back to the office.

2 Take to the water

Whether it’s a relaxing swim, a highoctane trip out on a Jet Ski or something in between, there’s no shortage of water sports to get your pulse racing. Just remember to pack the swimmers!

3 Watch the whales

There are few things that are as majestic as watching whales up close – and the Gold Coast is one of the best places in the world to do just that.

Getting to the Gold Coast The Star is an approximate 35-minute drive from Gold Coast Airport and around 60-80 minutes if you’re driving from Brisbane Domestic Airport.

Flights arrive at Gold Coast Airport from Sydney, Melbourne, Adelaide, Cairns and Canberra every day, while flights from Perth and an array of regional cities arrive daily at Brisbane Domestic Airport.

12 / INSURANCE ADVISER FEBRUARY 2023

4 Enjoy the natural beauty

The Gold Coast is, of course, on the coast – and it’s stunning. But the beauty of the sea often takes attention away from the beautiful hinterlands that are on the doorstep too. Walk, run, cycle – the choice is yours.

2023 NIBA CONVENTION / Destination: Gold Coast

WHERE TO STAY

The Gold Coast is home to some of the country’s top hotels.

The Star Residences

Another option that’s got a sub-60-second commute to the Convention, The Star Residences are one and two-bedroom resortstyle apartments that will ensure you feel right at home. There’s plenty of living space – and some options offer a study, too – meaning that if you need to keep work ticking over in between the networking and Convention sessions, you can do so in comfort. star.com.au

Dorsett Gold Coast The Star Grand

On the site of the Convention, The Star Grand has 596 luxurious rooms, and offers stunning views of the coast and the hinterland. There are award-winning restaurants, a 24-hour casino, fitness centre, spa, and a pool to kick back in. With a range of rooms – from large suites to deluxe rooms with state-ofthe-art tech – The Star Grand’s going to be a popular choice, so best get in early. star.com.au

Also situated within the Star complex, the Dorsett Gold Coast offers beautifully designed rooms to suit every budget.

Some rooms offer panoramic views of the Gold Coast, while the outdoor deck and pool offer the perfect setting for relaxation after a day at the Convention. dorsetthotels.com/dorsett-gold-coast

The Sofitel

If a touch of French chic is more your style, why not treat yourself to

the wonderfully sophisticated Sofitel.

With stunning restaurant options and an array of sumptuous rooms and suites – including the exclusive Opera Suite – you’ll feel well-rested, as well as well-indulged.

The Sofitel is located just over the road from The Star, meaning another relaxed commute to the Convention. sofitelgoldcoast.com.au

Discounted rates at the hotels will be available to 2023 NIBA Convention delegates. Bookings will be available via the online registration system opening in April 2023.

Save the date

NIBA Convention 2023 The Star, Gold Coast

8-10 October 2023

NIBA.COM.AU / 13

NIBA / Representation

WE ARE YOUR VOICE!

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

2023 is off to a flying start. With the New South Wales state election scheduled to be held late next month, NIBA has been engaging with both the current government and opposition to put the issue of ESL reform back on the agenda. With the Tasmanian Government set to announce details of their new fire and emergency services funding model, New South Wales will soon be the only state to have not abandoned the inequitable insurance-based funding model.

WESTERN AUSTRALIA WORKERS COMPENSATION REFORM

Over the holiday break, NIBA provided feedback to Workcover WA on the Workers Compensation and Injury Management Bill 2022. The Bill, which is expected to be introduced to Parliament early this year will see significant changes to the existing Workers Compensation legislation, including: • removing the exclusion that prevented working directors of public companies from obtaining coverage • allowing for regulations to be made which establish a presumption of work-related injury for prescribed diseases contracted by workers in prescribed employment • introducing a new provision for reducing or discontinuing income compensation payments to a worker based on the worker returning to work and deriving earnings • allowing for the Catastrophic Injuries Support Scheme (CISS) to be extended to cover catastrophically injured workers • extending the point at which income compensation payments step down from 13 to 26 weeks

14 / INSURANCE ADVISER FEBRUARY 2023

• i ntroducing a new requirement for insurers and self-insurers to respond to a worker’s claim for compensation within 14 days of receiving the worker’s claim • requiring insurers and self-insurers to make provisional payments if after a deferred decision notice is given, the insurer has not provided a liability decision notice before the date prescribed in the regulations.

NIBA will provide further information to members on the new legislation and the impact on brokers once the final Bill has passed Parliament.

SENATE REVIEW OF ASIC INVESTIGATION AND ENFORCEMENT

Earlier this month, NIBA provided a submission to the Senate Review of ASIC investigation and enforcement. The Review, which was referred to the Parliamentary Joint Committee on Corporations and Financial Services in October 2022, considered the capacity and capability of ASIC to undertake proportionate investigation and enforcement action arising from reports of alleged misconduct.

In particular, the Review focused on whether ASIC is meeting the expectations of government, business, and the community with respect to regulatory action and enforcement and the range and use of the regulatory tools available to ASIC and their effectiveness in contributing to good market outcomes.

TASMANIAN HOME WARRANTY INSURANCE

Last year, the Tasmanian Government announced its intention to reintroduce home warranty insurance following the high-profile collapse of several builders in the state. The government sought to consult with industry on the development of a new model for the home warranty scheme. As part of the consultation process, a number of proposals were put forward aiming to balance consumer protection with the long-term economic viability of the scheme and building costs.

The scheme will use a ‘last resort’ model consistent with most Australian jurisdictions and provide cover for incomplete or defective building work in the event that a builder dies, disappears or become insolvent.

To enable the reintroduction of the scheme, the Tasmanian Government has prepared a draft Residential Building (Home Warranty Insurance Amendments) Bill 2022.

NIBA will be providing feedback on the draft Bill on behalf of members ahead of the due date on 31 March 2023.

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

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NIBA / Farewell to Dianne Phelan

FAREWELL FROM DIANNE PHELAN

Exciting times ahead

Dianne Phelan, outgoing NIBA President, has shared a long journey with NIBA – one of personal development and finding professional purpose. While her term as President comes to an end this month, her journey is still far from over.

Dianne reflects on her history with NIBA, and the exciting initiatives reshaping insurance broking that she hopes to see in the years to come.

A LONG HISTORY WITH NIBA

I first became involved with NIBA around 30 years ago, when the Under 35 Committee (now called the Young Professionals Committee) was first forming. My manager at the time was a Divisional Committee member and he encouraged me to join the Under 35 Committee.

Back in those days, there were very few women in the industry who had the opportunity to do these things. In the workplace, it was very common for me to walk into a room full of males. The industry has progressed a long way since then but at that time, this was really an opportunity for me to put my hand up.

From there, I went on to the SA Divisional Committee. I eventually took a 10-year break while my children were growing up, then was approached by Martin Luck, Chair of the NIBA SA Divisional Committee at the time, who asked if I’d like to rejoin the Committee. My kids were older by then, so I decided to take up his offer, and the rest is history.

I’ve been involved with NIBA throughout the last 30 years because I’ve always wanted to give back to the industry. To work with NIBA’s Divisional Committees and the young people coming through the industry is a really fulfilling opportunity.

16 / INSURANCE ADVISER FEBRUARY 2023

There is also the satisfaction in knowing I’ve been able to help in some small way, which is the very essence of insurance broking.

Being NIBA President has really reinforced in me the importance of insurance broking and the role of an insurance broker in our daily lives. I always say to people that insurance and the writing of the policy are crucial, but the value of an insurance broker is often only realised when you help someone once something has gone wrong.

Helping others is what we do, all day every day, and our role really requires a desire to help and serve people in crucial times.

It’s what makes insurance broking such a worthy and fulfilling career. Beyond this, I also believe what you learn and get back from others throughout that journey can be far more valuable than what you give.

Committee discussions over the years have given me the opportunity to hear other people’s views on particular topics and issues that I might have never considered before.

Working with different types of brokers on the Committee has also exposed me to the way international brokers work as opposed to local suburban brokers. It has been such a valuable way to build information and knowledge around all facets of insurance, which has in turn inspired me to improve my own work.

Despite working in insurance broking for over 40 years, I still learn things every day from working in our profession and being involved with NIBA.

KEY HIGHLIGHTS THROUGHOUT MY PRESIDENCY

There are several highlights that I’ll be taking away with me through my term as NIBA President.

One of them is seeing Philip Kewin successfully transition into the role of NIBA CEO, and be able to achieve this seamlessly.

Securing Phil was a joint effort shared by all Directors and it’s a credit to everyone that we were able to find such a worthy replacement for Dallas Booth.

Another highlight is having the opportunity to represent the Australian insurance industry at the World Federation of Insurance Intermediaries (WFII) meetings in Amsterdam earlier in June.

The third highlight for me is releasing the updated Insurance Brokers Code of Practice, and now updating the NIBA Constitution. These are the key mechanisms that will ensure we have the right platform to do things better moving forward.

One of the exciting things to come from the new Code is the Terms of Engagement

NIBA / Farewell to Dianne Phelan

template. While some brokers have interpreted this as another compliance document, this was never the intention. While NIBA has released a Terms of Engagement template, using this as a starting point to create a simple document designed to help clarify what we do for our clients will hopefully become something that clients will value in the future.

As insurance brokers, we don’t promote what we do very well. We are humble and like to get the job done with as little fuss as possible.

We often don’t educate our clients on the work that occurs in the background – that we spend hours, sometimes weeks, researching and going to various markets trying to get the best outcome possible, poring over variations and comparisons in policy wordings to make sure the cover is as broad as possible, and securing the most competitive premium.

We tend to stick the end product in front of our clients and tell them that this is what we recommend. A lot of what we do is hidden, and it’s only when clients have a claim that they understand how valuable all that work is.

The Terms of Engagement template is designed to be the vehicle for us to start discussing our value and articulating the work we do for our clients. This is a document for brokers to also understand their own value proposition. I think that if brokers can embrace the Terms of Engagement document, it can be a really powerful way to educate clients and spread the word on what we do.

Having this document across our profession will also make it much easier for clients to compare the services of brokers. Many clients compare brokers and their recommendations on price alone and think this is the extent of the differentiation. Often when things don’t go right, it’s because clients have moved between brokers who offer different services, not understanding that a broker’s value proposition can be different from another’s, and this can eventually turn into a complaint.

Once it becomes standard practice, I think the Terms of Engagement document will be an important tool for clients to understand exactly what they will receive from different brokers, which will enable them to make informed decisions.

EXCITING OPPORTUNITIES AHEAD FOR NIBA

There are several things I hope to see from NIBA in the coming years.

The outcomes of the Quality of Advice Review are among the most immediate things we need to focus on for next year.

It would also be great for the NIBA Board and incoming President to work more closely 18 / INSURANCE ADVISER FEBRUARY 2023

with Divisional Committees to identify and work together on the state issues they each may be facing.

As a national association, I believe it’s important for us to build greater awareness of these issues that may have implications for insurance broking and in turn, our clients. We have worked really well with Divisional Committees on issues such as the WA workers’ compensation scheme – which is unique to WA – as well as the NSW Emergency Services Levy (ESL). Some of these are long-term projects where the success hasn’t materialised yet, but that doesn’t mean we should give up trying to find new ways to make an impact.

Another initiative I’d love to see is for NIBA to work with stakeholders to provide better outcomes in catastrophe situations moving forward. We’ve started the discussion on this topic and I’m sure we can work together to provide better client outcomes. A

Climate risks are also not going away – it’s good to hear more conversations on alternative solutions such as parametrics, but we still have a long way to go.

For the future of our profession, we need to think more broadly. Historical insurance products aren’t necessarily going to be sustainable in the years to come.

More time also needs to be devoted to entrepreneurial thinking around these products. Brokers are not the supplier of those products, but we need to be able to partner with insurers who are willing to think outside the box. Solutions don’t always need to come from overseas – it can come from here too if we have willing partners.

This is a challenge that also provides a really exciting opportunity for all of us to expand our thinking around how we can continue to add value on clients.

Our profession is in a critical time of change right now.

“The economy at the moment will mean that clients will continue to suffer hardships.

There’s no doubt that this is going to be our biggest challenge over the next 12 months.” few years ago, the NIBA Board had planned a trip to bushfire-affected areas, where we could provide support on the ground. We were all very excited about this initiative, but unfortunately the pandemic soon hit and we had to cancel the trip.

It would be really great to see NIBA take up this initiative again, and for us to work with other industry stakeholders to create better outcomes for when catastrophes hit.

A client’s poor experience arising from a catastrophe is often outside of the broker’s control, but as an industry, I’m confident we can do this better. These catastrophes aren’t going away, and are likely to only increase in the future. The unrelenting floods last year have certainly proved that.

There is great work we can do here by collaborating with other stakeholders, and I’m excited to see NIBA take on a more active role in this space.

RE-WRITING THE NEXT CHAPTER FOR INSURANCE BROKING

The economy at the moment will mean that clients will continue to suffer hardships.

There’s no doubt that this is going to be our biggest challenge over the next 12 months.

When I reflect on the strategic review of insurance broking we completed a couple of years ago, I’m still confident that insurance broking will be very different in 2025 compared to today.

Right now, we’re at a crucial stage of that journey towards 2025, where we have huge opportunities to redefine what we do.

This is our chance to get involved in exciting initiatives and to think outside the box on what risk management will look like in the future.

At the end of the day, our role is to help clients understand and manage their risks.

The insurance policy is simply the end by-product of risk minimisation, and on its own, the policy does not eliminate the risk.

There is still, and there always will be, risk management to be done.

As insurance brokers, we’re here for our clients. This means we aren’t restricted by insurance products. We can be far more entrepreneurial in our thinking around what insurance broking should look like, and the partners we need to help us provide the solutions of the future.

This is what makes this a really exciting time for insurance brokers. If we can do this right, we’ll be far more relevant than we ever have been.

YOUNG BROKER OF THE YEAR AWARDS

ACKNOWLEDGING HIGH PERFORMANCE AND EMPOWERING EMERGING INSURANCE LEADERS FOR 34 YEARS Help us recognise the amazing young talent our industry has to offer.

State winners receive a four-week Professional Development Program combined with a Vero Young Brokers Alumni Experience, an opportunity to support a local community affected by a major weather event with a grant of $25,000 courtesy of Vero and a ticket to the 2023 NIBA Convention in October.

The national winner of Vero-sponsored 2023 Young Broker of the Year receives a tailored learning experience up to $10,000, courtesy of Vero. Previous winners’ prize has included a trip to London to experience the international broking market and a study program at the Yale School of Management in New Haven, Connecticut (USA).

Nominate a high achiever and submit their name for this prestigious award that celebrates their commitment to the insurance broking profession.

Take a few minutes to submit your nomination at niba.com.au/awards

Vero has proudly sponsored the Young Broker of the Year award for 34 years

COVER STORY / The 2023 NIBA Awards – Celebrating Stellar Careers

20 / INSURANCE ADVISER FEBRUARY 2023

The 2023 NIBA Awards –

Celebrating stellar careers

In the ongoing quest to attract quality talent, showcasing the excitement, professionalism and opportunities in broking has never been more important.

NIBA.COM.AU / 21

COVER STORY / The 2023 NIBA Awards – Celebrating Stellar Careers

W

hen John Mutton won the NIBA Broker of the Year award in 2014, it reflected decades of experience in both broking and underwriting, and his commitment to professional development, having put himself through degrees in commercial law, insurance and risk management.

Now the Pacific Head of Corporate, Commercial and Affinity at Marsh, John ran the Victorian operation for what was formerly known as InterRISK at the time of his win. Key to his decision to participate, even after turning down the first approach to be nominated, was a desire to raise InterRISK’s profile. “Whether I was successful or not, I thought it would be good for the brand. We also won some new business afterwards that wouldn’t have found its way to us had I not won,” he recalls.

Far from the awards only having visibility among insurance industry peers and colleagues, John found himself in front of two new clients. Instead of searching for a particular broking firm, or asking their networks for a recommendation, John says these clients found google searches based on his individual profile, rather than brand.

“Both businesses were owned or managed by young people, Gen Xers with no appreciation for any of the ‘big brands’ in the industry. One had a clothing business and the other was a car sharing start-up and, because of the award, they found their way to me.”

More doors opened. “I was asked to present at a NIBA Christmas event that year,” John says. “I was in the NIBA magazine, the ANZIIF magazine, the Vero

“I think any opportunity we can take to raise the bar also leads to better collaboration in developing young talent and attracting more mature age people who may have never considered working in the industry before. One of the things I like about the award is that you are nominated by peers and the winners are awarded by your peers. While we operate in a very competitive environment, this is one area where we collaborate well as a collective under NIBA’s leadership.”

JOHN MUTTON, NIBA Broker of the Year 2014

““We are seeing now, and not just through our graduate program, some very highly educated young people come into the industry, but we still need to work at differentiating ourselves as an amazing career opportunity. The awards process helps the industry not only reward best practice, but always look at what we do through a continuous improvement lens.”

AMANDA MARINIS, NIBA Broker of the Year 2012

22 / INSURANCE ADVISER FEBRUARY 2023

COVER STORY / The 2023 NIBA Awards – Celebrating Stellar Careers

“The win not only raised my profile but helped me solidify what I wanted to do and where I wanted to go.”

CLINT JEURING, NIBA Young Broker of the Year 2005

“We put the world back together when things go wrong. It’s demanding, stressful, rewarding and fulfilling, but not enough people know the amazing things we do. My career has taken me all over the world, doing something I love, and we have to get that message out, so we don’t have to fall in line behind accountancy, actuarial, law and the like.”

DALE HANSEN, NIBA Broker of the Year 2016

“I’d worked in a family business and my exposure to the industry was a bit insular.

What flowed from the process was a realisation that the industry had much more to it.”

BEN GOODALL, NIBA Young Broker of the Year 2002

journal – I also noticed an uptick in people looking at my LinkedIn profile, which I can only put down to winning the award.”

Beyond the respect the awards generate among peers, John says the awards provide a motivator that helps the industry strive for continual improvement. “I think any opportunity we can take to raise the bar also leads to better collaboration in developing young talent and attracting more mature age people who may have never considered working in the industry before. One of the things I like about the award is that you are nominated by peers and the winners are awarded by your peers. While we operate in a very competitive environment, this is one area where we collaborate well as a collective under NIBA’s leadership.”

This is a sentiment also top of mind for 2005 Vero sponsored Young Broker of the Year award winner, Clint Jeuring. “I was 26 when I won and up until then I’d been known as ‘Hank’s son’ – my dad was prominent in the industry. The win not only raised my profile but helped me solidify what I wanted to do and where I wanted to go.”

Regional Director at EBM Insurance and Risk in Perth, Clint says the awards fit into the wider NIBA ecosystem aimed at continuing to build professionalism in broking.

“That’s why I’ve maintained my involvement with NIBA; ongoing learning and development are massive for me and the people around me – I love it. This allows us to develop the skills to deal with increased compliance, tough market conditions and difficult risks to place. We put in the work to bring clients along on a journey that they value.”

Marsh’s Victorian Risk Management Leader Amanda Marinis, who won the 2012 Young Broker of the Year award, finished her business degree craving a role with variety.

Seeing a graduate program advertisement for Marsh with a picture of white-water rafting proved intriguing. “It turned out to be about navigating risk horizons, different industries, different challenges,” Amanda says. She thought she’d try it for 12 months and, now 20 years on, hasn’t looked back.

“We are seeing now, and not just through our graduate program, some very highly educated young people come into the industry, but we still need to work at differentiating ourselves as an amazing career opportunity. The awards process NIBA.COM.AU / 23

COVER STORY / The 2023 NIBA Awards – Celebrating Stellar Careers

helps the industry not only reward best practice, but always look at what we do through a continuous improvement lens.

“The industry is in an exciting period in many ways, as the role of brokers is evolving.

Brokers are seen as trusted advisers, who help educate businesses and facilitate a holistic approach to risk and resilience, and support clients as they have to navigate an increasingly complex and fast-shifting risk environment.”

Gold Coast-based Dale Hansen, the 2016 QBE sponsored Broker of the Year award winner and Chief Executive of Austbrokers Coast to Coast says the win gave him a vehicle to further the cause of insurance brokers as a profession.

“We put the world back together when things go wrong. It’s demanding, stressful, rewarding and fulfilling, but not enough people know the amazing things we do. My career has taken me all over the world, doing something I love, and we have to get that message out, so we don’t have to fall in line behind accountancy, actuarial, law and the like.”

Winning the Vero sponsored Young Broker of the Year award in 2002, Ben Goodall says the experience turned him on to the potential of broking. “I’d worked in a family business and my exposure to the industry was a bit insular. What flowed from the process was a realisation that the industry had much more to it.”

Now the Chief Executive of PSC Insurance Broking, Ben says the awards exposed him to myriad opportunities, culminating in selling the family firm to PSC in 2019. “All the relationships, the connections I’d developed since winning the award meant the process of merging my business wasn’t overwhelming.”

“When I updated my email signature to include the win, I received a lot of comments from clients, showing the value they place in the awards.”

ADELE MAY, NIBA Young Broker of the Year 2014

“Until you take part, you don’t realise just how fulfilling it can be, irrespective of the outcome. I remember the day I got my client testimonials; I had asked them to write a few words about me, but I got pages of feedback about how they valued and trusted the advice they got from me and our firm. It was one of those moments that makes your hair stand up.”

WILLIAM THOMPSON, NIBA Young Broker of the Year 2022

“We definitely have a problem in attracting and retaining young talent, so the high calibre of the awards is important in showing them how the work of brokers is respected and the great career they can aspire to.”

SALLY COULTON, NIBA Broker of the Year 2022

24 / INSURANCE ADVISER FEBRUARY 2023

COVER STORY / The 2023 NIBA Awards – Celebrating Stellar Careers

Why nominate for the awards?

The NIBA awards clearly resonate with clients and stakeholders, something widely cited by prior winners. William Thompson, from Maroochydore’s Thompson Insurance, won the Vero sponsored Young Broker of the Year award in 2022, but says he had tracked the career rise of previous winners ahead of his nomination.

“Until you take part, you don’t realise just how fulfilling it can be, irrespective of the outcome,” he says. “I remember the day I got my client testimonials; I had asked them to write a few words about me, but I got pages of feedback about how they valued and trusted the advice they got from me and our firm. It was one of those moments that makes your hair stand up.

“It certainly makes you reflect on what you do, day in and day out, and I felt like a winner at many stages throughout the process.”

WTW Account Director Sally Coulton, the winner of the 2022 QBE sponsored Broker of the Year award, was initially reluctant to participate, but by going through the process and receiving the client testimonials, found it a very valuable experience.

Describing the process as “an investment in your own growth”, Sally says it’s essential for the industry to provide role models. “We definitely have a problem in attracting and retaining young talent, so the high calibre of the awards is important in showing them how the work of brokers is respected and the great career they can aspire to.”

Adele May, based in Melbourne at Gallagher’s Insolvency & Turnaround practice,

says she was also initially reluctant to proceed with the nomination. “Certainly, in this area of broking you don’t often get a pat on the back, so having the confidence to approach clients and underwriters for the referrals was nerve-wracking,” she says. “My clients are accountants and lawyers and everyone I approached immediately said they’d love to support me. That got me thinking, I might actually be able to do this.”

Going through the process to win the Vero sponsored Young Broker of the Year award in 2014 was a defining moment. “I was working in Brisbane at the time which gave me amazing visibility in that market. All my clients, even in big firms such as EY, PwC and Deloitte knew about the award and I would get random emails from people congratulating me despite not having told them about the award.

“When I updated my email signature to include the win, I received a lot of comments from clients, showing the value they place in the awards. I also got invited by insurers to their social functions and education days – something that didn’t really occur previously due to the specialist area I work in.

“People who go through the award process are passionate about insurance, see the value as a career and are in it for the long term. For me, the value of the award comes from the connections you make, and the relationships built on a foundation of mutual respect.

“If someone offers to nominate you, it’s a sign you already have a great deal of respect.

Take it and run with it. Don’t doubt yourself.”

Nominations for the 2023 Broker of the Year award and Young Broker of the Year award are now open. Anyone in the industry can nominate a top professional in the insurance industry.

Simply register your nomination by completing the form at niba.com.au/niba-awards/ by 28 February 2023

NIBA.COM.AU / 25

PROFESSIONALISM / Understanding the IBCCC

UNDERSTANDING THE IBCCC AND CODE COMPLIANCE Insurance Adviser spoke with Oscar Shub, Chairperson of the Insurance Brokers Code Compliance Committee (IBCCC), who shared with us an overview of the vision and purpose of the Committee, as well as insights and advice on Code compliance.

THE ROLE OF THE IBCCC

The Committee’s role is to monitor the adherence of insurance brokers to the Insurance Brokers Code of Practice, which is aimed at delivering high quality service standards to consumers.

Our goal is to have a cooperative environment with brokers. While we are a monitoring body, we aim to monitor in a way that enhances the service provided by brokers and their standing in the community.

We see our role as providing guidance to the broking industry about how to comply with the Code and through the collection and analysis of the data, we seek to identify areas for improvement.

We also provide reports to NIBA and the public on the data and consolidated analysis around Code compliance which Subscribers can use to measure their performance against their peers.

We publish decisions made by the Committee in relation to breaches and where necessary, we advise ASIC on decisions we think are appropriate or where warranted by the behaviour of the Code Subscriber.

We’re not here to punish brokers - we’re here to help them improve.

We believe that by working with NIBA and the insurance broking industry, we can embed a better company culture which will lead to better insurance outcomes for consumers.

ROOM FOR IMPROVEMENT

Based on our current data around self-reported complaints and breaches (which is based on the old Code) we’ve seen that very often breaches were resolved by providing the service requested or an apology. Most complaints were resolved quite quickly and there are very few that proceed to full investigation.

Around 41 per cent of breaches reported in 2021 were due to manual error and about 32 per cent were staff not following correct

26 / INSURANCE ADVISER FEBRUARY 2023

processes and procedures. These statistics show that there is a clear opportunity for improvement through educating and training staff and reducing manual processes, where possible.

One concerning trend that we have seen is the continued under-reporting of breaches and complaints.

From the data that we have, just under half of Code subscribers reported no breaches in 2021, and just over half (55 per cent) reported zero complaints.

This is concerning as there were a number of Code Subscribers, including companies with more than 100 full-time

BY OSCAR SHUB Chairperson, IBCCC

staff members who reported no breaches or complaints in 2021.

That’s not a good record to have.

We do think that the new Code will help with this. It is more specifically worded compared to the old Code, and very clear and precise about when subscribers need to report a breach or complaint. By the end of the first quarter of 2023, we should start to see trends around how brokers are complying with the new Code.

The other good news is that we are already seeing some improvement in breach reporting with the introduction of the detailed breach data report, which asks

IMPROVING BROKING PRACTICES THROUGH BREACH REPORTING

CASE STUDY: BREACH IDENTIFIED THROUGH INTERNAL AUDIT INCIDENT Through an internal audit, an insurance broker was able to identify multiple breaches of the Code caused by the same staff member.

The staff member failed to obtain policy renewals for multiple clients, despite the insurer advising them that cover would not be renewed.

BREACH REMEDIATION While the insurance broker was reviewing its staff member’s conduct, it conducted an audit of all staff files.

It was able to immediately obtain policy renewals for all the affected clients.

The staff member was given training and their files were reviewed by a senior broker.

The insurance broker considered this to be a systemic issue because multiple client files were affected.

OUTLINE OF THE STEPS INVOLVED

1 2

Through an internal audit, the insurance broker identified a breach of the Code.

It identified the root cause of the breach, whether any clients were affected and the potential financial impact.

3

It undertook short-term remediation (it contacted all affected clients, and it rectified errors by arranging insurance cover).

4 5

It undertook long-term remediation (it reviewed its training, it undertook file audits).

The insurance broker then reported the breach in its breach register.

PROFESSIONALISM / Understanding the IBCCC

subscribers to provide detailed information on every breach.

We have been seeing this trend under the old Code, and we expect to see an even greater improvement in breach data over the next 12 months with the new Code now in effect.

NOTIFYING THE COMMITTEE

There was an interesting question put to me at the NIBA Convention in early 2022, where a broker asked if they still had to notify us about a complaint or breach, if they had already sorted it out.

My answer was very simply yes. Just because an issue gets resolved doesn’t mean it shouldn’t be reported.

What the Committee wants is data on breaches. The fact that it is resolved is great, but we want to know what it was and why it occurred so we can use this information to educate other brokers and prevent similar breaches from occurring elsewhere.

We recognise that breach reporting is a concern for brokers, and that brokers may be reticent about notifying us. It’s important to remember that breach reporting is not about getting a bad name – it’s about recognising that something has gone wrong and that it may also be going wrong elsewhere.

Ultimately, what we are looking for is for brokers to work with the Committee and the Code to help change the view that the community may have about broking services.

ADVICE ON CODE COMPLIANCE

What’s important is not to sit there and worry. If a question arises in your head, get up and talk to someone about it.

The Code team is the first port of call if you have questions – they can clarify what sounds like a breach or complaint and will advise if it needs to be reported. There are also a lot of organisations that are running education seminars and teaching brokers about the new Code.

The moment you think there may be a problem, deal with it. Don’t wait for it to become a problem.

PUTTING IT ON THE RECORD

I believe that the best way for brokers to avoid problems under the Code is to ensure

IMPROVING BROKING PRACTICES THROUGH BREACH REPORTING

CASE STUDY: BREACH IDENTIFIED THROUGH CLIENT QUERY OR COMPLAINT INCIDENT A client’s house was damaged by fire. At the time, the client held a comprehensive home and contents policy that they believed covered damage and/or loss as a result of a fire.

The client’s claim was denied by the insurer on the grounds that the policy excluded fire damage. Surprised by this, the client lodged a complaint with their insurance broker as they were certain that they had given instructions to their broker to make sure the policy included fire damage.

The client’s file did not contain any record of these instructions.

The insurance broker resolved the complaint by paying out the client’s claim and the complaint was closed.

BREACH IDENTIFICATION When looking into the complaint, the insurance broker found that the root cause of the breach was human error – the staff member did not write a file note about the instructions from their client.

Following this, the insurance broker reviewed its processes, procedures and training. It made a change that required all staff members to enter file notes after every client interaction.

The insurance broker reviewed this after six months, and conducted a

there is good record-keeping, which is essential to inform clients and brokers about what has happened.

We would encourage brokers to ensure they receive responses in writing. In cases where a client cannot or does not respond in writing, we think it would be valuable for the broker to put something in writing, whether it’s an email or letter to confirm what was agreed with the client.

“What’s important is not to sit there and worry.

If a question arises in your head, get up and talk to someone about it.”

random file audit, to ensure all client files included relevant file notes.

OUTLINE OF THE STEPS INVOLVED:

1 2 3 4 5

A client lodged a complaint.

The complaint was resolved by the insurance broker.

The complaint was closed and recorded in the complaints register.

The insurance broker reviewed the matter to see if it also constituted a breach of the Code.

It identified the root cause of the breach, whether any clients were affected and the potential financial impact.

6 7

It undertook short-term remediation (it amended procedures, it conducted staff training).

It undertook long-term remediation (it reviewed the procedures to check whether they were effective and it conducted file audits).

8

The insurance broker then reported the breach in its breach register.

The record should also be transparent and efficient, so that anyone that picks up the file can make sense out of the records kept.

Modern technology now enables everybody, regardless of the size of organisation, to have an effective framework in place for record-keeping. This should no longer be a concern for any brokers, and no one should be having conversations without a record of what was discussed.

The Committee is focused on avoiding disputes and having a record of transparent communication between the broker and the client, which will prevent a lot of issues from arising.

NIBA.COM.AU / 27

PROFESSIONALISM / NIBA Mentoring Program

NIBA MENTORING PROGRAM: A SUPPORT SYSTEM FOR DEVELOPING BROKERS Every year, the NIBA Mentoring Program brings together seasoned industry leaders and young professionals for 12 weeks of professional support and development.

With the program commencing in August 2023, we spoke to mentors and mentees about their experience in the program, and the support it offers brokers looking to develop their careers.

MENTEE

MENTOR

Account Executive, DKG Insurance Brokers

Regional Manager, Blue Zebra Insurance

JESSICA POTTER

What made you decide to take part in the NIBA Mentoring Program?

I wanted to develop myself professionally and saw the NIBA Mentoring Program as a great opportunity to do so. I also thought it would be fantastic to discuss my goals with a mentor to have a better sense of direction.

My manager also said the program was extremely valuable for anyone relatively new to the industry who wanted to learn more.

She recommended that I give it a go, so I decided to sign up.

What has your experience in the NIBA Mentoring Program been like?

I think NIBA was very good at matching together mentors and mentees, as Ingrid and I were a great fit!

We met up once a week for coffee every Thursday. Each week we would tackle a goal or topic I’ve picked, and she would share her extensive experience and knowledge. Her advice and guidance have helped me make decisions with more confidence. She has also introduced me to her network, which I am grateful for.

The program was 12 weeks in total. Even though the program is over, our relationship continues and I know I will carry her guidance and advice throughout my career.

Along the way, it was also very enjoyable to meet the other mentees who are at a similar stage in their careers. The program has influenced me to become even more passionate about the insurance industry.

The 2023 program will run from August to October in NSW, VIC, QLD, WA and SA. Applications for the program will open on Monday 1 May. For further information, go to www.niba.com.au/niba-mentoring-program

28 / INSURANCE ADVISER FEBRUARY 2023

INGRID IBBOTSON

What made you decide to take part in the NIBA Mentoring Program?

I decided that I wanted to take part in the NIBA Mentoring Program as there have been so many people that have helped me over the years and I wanted to give something back to the industry that has given me so much.

What has your experience in the NIBA Mentoring Program been like?

I’ve been lucky to have some great mentees who are relatively new to the industry and excited to learn as much as they can. We often take some of the simple things for granted when training new staff and they may be unsure about things that we just assume everybody knows, such as what all the acronyms stand for i.e. ROE, LR, GWP, etc.

I love that our discussions are a safe place where the mentees can ask questions with no judgement and are encouraged to work out what they like and are good at, which helps to give them more confidence.

It has been such a pleasure to meet and have the opportunity to work with my newest mentee, Jessica Potter. Jess is a breath of fresh air and I am really excited to see what she does with her career. The dedication and excitement that the next generation in insurance are bringing to the industry is very refreshing and having the opportunity to support people like Jess through the NIBA Mentoring Program is a great privilege. I am also lucky enough to continue to support Jess and other previous mentees into their futures and enjoy being able to encourage and help them find their happiest work life.

Have you also personally benefited from being a mentor in the NIBA Mentoring Program?

I’ve learned a lot about myself and the NIBA Mentoring Program has made me stop and think about how I, too, do things and approach different situations.

I have a great job at Blue Zebra Insurance and the program has made me realise what I love about the work that I do. It’s not just the role you have that makes a job good or bad but the company, culture and people and when it’s good (like it is at Blue Zebra) then it makes you want to get up and do the best job that you can each day.

PROFESSIONALISM / NIBA Mentoring Program

MENTEE

MENTOR

Principal, Marsh

Partner, Hall & Wilcox

LYDIA WU

What made you decide to take part in the NIBA Mentoring Program?

I have been working in insurance for about 17 years now, and in that time, we have seen so many changes that have had a huge impact on many industries, such as the technological revolution.

Insurance may be a relatively conservative industry, but the world is changing. It’s important for us to learn and adapt to new things, and talk to new people and absorb new concepts.

In this ever-changing environment, I wanted to be proactive rather than reactive in learning more about the industry and getting external advice. Even though I have been in the industry for so long, I believe that learning never stops. It doesn’t matter what age you are, there are always new things to learn from different people.

What has your experience in the NIBA Mentoring Program been like, with Gemma as your mentor?

The NIBA Mentoring Program was a very memorable experience for me. My mentor Gemma was amazing – she shared her knowledge and experience with me, and she worked with me to determine my goals and helped me develop strategies to achieve them.

For example, we worked together to position my gender and cultural background as positive attributes. As I come from a different country and can speak multiple languages, we spoke about how I can use this as an advantage both in the workplace and in our industry.

We also worked on updating my profile on LinkedIn and using social media as a tool to connect with the wider industry. What was most important for me was that Gemma spent the time getting to know me. We had many regular meetings, even a catch-up when she was on holiday in England. Her level of dedication was incredible.

The Mentoring Program was 12 weeks in total, but I still have a lot of learning to do and room for improvement. Gemma and I will continue to catch up regularly in the future and keep the relationship going.

My biggest learning coming out of the NIBA Mentoring Program is to be brave.

I really appreciate NIBA for providing this opportunity, because it gives many brokers, in particular juniors and new entrants, a platform to progress in the industry. It’s really encouraging for brokers to know that there is a support system out there that they can rely on.

“Gemma shared her knowledge and experience with me, and she worked with me to determine my goals and helped me develop strategies to achieve them.”

GEMMA DEHN

What made you decide to take part in the NIBA Mentoring Program?

I became a partner recently in July and, having had an excellent mentor who supported me through the entire process, I wanted to give back and help others make their way in the industry. Also, in my practice as an insurance lawyer, I work closely with brokers and other industry professionals. I saw this as a great opportunity for me to hopefully learn something along the way.

What has your experience in the NIBA Mentoring Program been like?

Really valuable. It was great to see a variety of mentees in different stages of their careers getting involved in the program for different reasons.

The direction of the program is different for each mentee and my observation was that its success is really contingent on what the mentee (and mentor) wants to put in and what they want to get out. My mentee Lydia was an experienced broker who was looking for some quite specific direction and guidance in her career journey. In Lydia’s case, she was very organised and proactive and put a lot of effort into prioritising working on her goals. As a result, her progress and achievements throughout the duration of the program were very tangible.

The program was also very flexible, which meant that Lydia and I could work out a schedule that suited both of us, our work commitments and our busy lives.

Looking back, I wasn’t prepared for how invested I would become in my mentee’s progress. It was really rewarding to mentor someone who put her all into the program and see her progress and work towards achieving her goals because of her efforts.

The mentees’ presentations at the end of the program were also a highlight. Seeing the mentees present so well, despite how nervous they were, was wonderful and it was quite touching to see that the program really meant something to them.

I would highly recommend the program to mentees and mentors. My advice for mentees is to come in with an open mind, be fearless, and use the program as an opportunity to learn from the mentors and other mentees, network and also ask the questions that you may not be comfortable asking in your workplace.

Have you also personally benefited from being a mentor in the program?

I found the experience of being a mentor extremely rewarding. I look forward to staying in touch with my mentee and following her continued growth and progression.

I also learnt a lot from Lydia. Watching her journey caused me to reflect on my own goals and ambitions and I was humbled by Lydia’s patience, resilience and drive. Lydia also shared with me the influence that her cultural background has had on her career, which has made me much more aware and appreciative of different cultural experiences in the workplace and insurance industry.

NIBA.COM.AU / 29

PROFESSIONALISM / NIBA Mentoring Program

Cameron Sheild (second from left) with his group of mentees

THE ONGOING VALUE FOR MENTORS AND MENTEES A MENTOR FOR LIFE I have supported five mentees through the NIBA Mentoring Program and every now and again, I drop them a note to say that I’m here. Some mentees have written to me quite regularly asking for advice, and there are others that I sometimes catch up with.

Coming out of COVID-19, I didn’t want the mentoring relationship to end once the program finished, so I decided to organise an annual networking event for my mentees going forward.

A lot of younger people lost three years of their lives due to lockdown. With everything now done online, the connection that comes from face-to-face broking is something that many of us have lost.

Bringing everyone together is an opportunity to encourage conversations – but it’s also fun to go out, speak to people and establish new relationships.

Our profession trades on risk to get the optimal outcome for a client. Negotiating and trading on risk means that you are influencing an individual. The more time brokers and underwriters spend speaking to each other, the better the outcome is for the client.

Beyond this, you will come across situations where you may need a favour from someone in your network, and that’s where having relationships becomes invaluable.

PROMOTING INSURANCE AS A CAREER In addition to having my mentees network with each other, I also wanted them to spread the word about insurance broking.

I took my mentees to lunch and used the opportunity to introduce ourselves and talk about what we do, how we trade on risks and the fun part of what we do.

30 / INSURANCE ADVISER FEBRUARY 2023

Being involved in promoting insurance as a career with NIBA, I want younger people to hear about broking not just from senior brokers like myself, but also from young people who are early in their careers.

Looking back at the lunch meeting, it was actually the mentees who were controlling the conversation.

We talked about different aspects of their jobs, and how it differs between brokers and underwriters and across different countries.

By encouraging these conversations, I hope to inspire my mentees to talk about the benefits and offerings of the industry with their networks.

THE VALUE FOR MENTORS The program isn’t just about mentees learning from senior brokers. As a mentor, I’m also learning from them.

Mentoring has been hugely rewarding in teaching me how younger brokers think and how they use technology.

It has also helped me by making me revisit the concepts I learnt years ago.

Sometimes mentees don’t know what they want and as a mentor, you need to throw out ideas to help them figure out what they need to improve on. It teaches you to listen and structure open questions.

I encourage brokers who haven’t been involved to join the program. I hope to demonstrate how rewarding it is to put in just an hour a week, and to see that they can obtain something really valuable and rewarding in return.

CAMERON SHEILD

Strategic Risk Advisor, Corporate Lockton Companies Australia

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PROFESSIONALISM / Sharpening Your Presentation Skills

SHARPENING YOUR PRESENTATION SKILLS

To apply for the NIBA Presentation Skills Program and for further information vi sit

The very mention of public speaking is enough to strike fear into many of us, but good presentation and communication skills are essential for career progression – particularly in a relationship-driven business such as insurance. Fortunately, there’s a tried-and-tested solution that will arm you with the skills and confidence you need.

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hether you’re delivering a session at a conference, taking clients through the intricacies of a proposal, sharing some information with a group of people in the office, or simply attending a networking event, presenting and communicating information is a frequent part of our daily life.

However, whether you – and the information you’re sharing – will live long in the memory bank or disappear quicker than you can say ‘PowerPoint’ is determined by just how well you present the information.

“Public speaking is one of the biggest fears across the globe,” says Nikki Heald, Managing Director of Corptraining and a presentation trainer who’s presented sessions nationally and internationally.

“However, insurance is a relationship business, and the reality is that as you’re developing your career you need to be able to communicate effectively.”

Public speaking and presenting has got a bit of a stigma about it, however, and Gabriele McDonald, Managing Director of Protecsure, says it is common to hear professionals voicing their dislike at presenting and how it is one of their greatest challenges.

“Many roles in our industry require us to ‘present’ to others, whether it’s to a client, insurer, peers, project stakeholders or leaders, so communicating your message in a professional manner is crucial.”

For many years, Protecsure has been a sponsor of NIBA’s Presentation Skills Program, a series of hands-on and practical workshops designed to arm insurance professionals with the skills and knowledge to present to audiences effectively.

The interactive program, which will begin on Wednesday 12 April in Sydney CBD, is split into four workshops which run through until Thursday 4 May. The first session is a networking event for participants, and the second is a presentation skills session, both led by Nikki Heald. The third session is titled ‘Unspoken Techniques to Engage your

32 / INSURANCE ADVISER FEBRUARY 2023

Audience’ and will be hosted by leadership communications expert Michael Kelly.

“Communication is about far more than the words you say,” says Michael Kelly. “There are a number of elements, including body language, the cadence of your speech and your voice energy, that are hugely important.

“By the end of that session, people will have one or two action areas to work on in the longer term, and it’ll begin to impact how they communicate.”

The fourth and final session, meanwhile, will involve participants making a short presentation to a panel of industry experts.

“Some people get a bit of a shock when they realise they’ll have to do a presentation, but it’s the perfect way to put the skills and knowledge gained over the weeks into practice,” says Heald.

“We create a safe, comfortable and supportive environment, and it’s perfect to practise and develop those newly acquired skills.”

WHY FIRST IMPRESSIONS COUNT

Whether you’re attending a networking event, making a presentation or going through a proposal with a client, first impressions count – and they’re formed before a word is uttered.

“People begin forming impressions as soon as you enter a room,” says Heald. “From what you’re wearing and how you interact with people to your body language, impressions are being formed instantly.”

As well as sharing tips about how to ensure that first impression is as positive as possible, the course also includes everything you need to know about how to communicate and present effectively – including making the strongest possible start.

“It’s really important to plan for success,” says Heald.

“That means having a really strong opener to your presentation or when you’re introducing yourself at a networking event – we help people to find their opening hook, and that can enable them to get off to a strong and powerful start.

www.niba.com .au/ events

“Once you’ve started strongly, you relax, you engage with the audience more quickly, and everything becomes much easier.”

After living through a global pandemic, which took virtually every meeting online, we’re getting back to more face-to-face interaction – which means practising and honing those communication skills is vital.

“It’s especially important in insurance, and if you have aspirations of developing your career,” says Heald.

“Knowing the science behind good strong and effective communication is incredibly powerful, and the more you progress, the more important being able to communicate well, influence and persuade becomes.”

Kelly says that the benefit of improving your communication skills can be seismic.

“Behavioural change doesn’t happen overnight, it takes time, but by learning and practising communication skills, I’ve seen people project more seniority, they don’t rush when they speak, they’ve landed promotions and new positions, and they’ve won more business, because of how they communicate.”

The four-session program is a tried-andtested format, and McDonald says, “The program is designed to be comprehensive with great presenters who create a relaxed and fun environment where no one is judged.

Participants are always surprised at how nonconfrontational the sessions are, how much fun they have and the level of skills they learn.”

Workshop 1 Nikki Heald (an introduction to networking): Wednesday 12 April, 4:00pm – 6:00pm Workshop 2 Michael Kelly (unspoken techniques to engage your audience): Thursday 20 April, 9:00am – 1:00pm Workshop 3 Nikki Heald (language techniques and building your hook): Wednesday 26 April, 9:00am – 1:00pm Workshop 4 Final Presentations: Thursday, 4 May, 4:00pm – 6:00pm

ADVERTORIAL / Innovation Group

HOW WE ASSIST BROKERS IN HEAVY MOTOR VEHICLE AND FLEET CLAIMS MANAGEMENT

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t is vital that you choose the right third-party administrator to manage your motor claims.

The hidden cost of managing a motor claim is hard to measure. It takes time, focus, resources and skyrockets if there was a fatality. Fleet drivers are on the road far more often than the average person; therefore, it is imperative to be aware of all associated costs and issues.

At Innovation Group Australia, our accident and claims management teams harness the latest technology to deliver to you a simplistic and successful claims experience. We are focused on connectivity, collaboration, communication, and transparency with proven client satisfactory results.

The service we provide will have a positive impact on your business. By freeing you up from managing complicated, time-consuming claims you can focus on the more important aspects of your business, service offering, clientele or fleet management.

We remain transparent in all our communications especially when navigating the minefields of costs involved, both direct and indirect.

We help you to better perform in your role.

Our specialist claims consultants support you, the broker or fleet manager, throughout the claims process which leads to a better outcome for all stakeholders. The result for brokers, insurance practitioners and fleet managers who understand the intricacies of a claim and cost management, is what will set them apart from other players when it comes to superior service provision.

We provide outright cost and time savings with the efficient management of our skilled staff in sync with of our advanced technological platform. It has been noted that the ‘claims process’ was phenomenally alleviated with the support of claims management specialists especially when it comes to arranging quotations, scheduling repair work, reducing or managing costs and return to ‘road ready’ as quickly as possible. Time is saved when stakeholders are fully educated in using our easy to access online lodgement and instant image upload platforms.

We believe that drivers are the most important element in the entire endeavour.

Drivers are the people experiencing the service. What experience would you like your driver or client to have if an unforeseen incident should occur? This is why we take

claims management to heart. We not only ensure a superior claims experience but also place great emphasis on the driver’s state at the time of the accident. We prefer to take immediate control of the driver at the scene of the accident to ensure they are guided to achieve the best customer experience.

One of our more important duties is to navigate our brokers and all stakeholders through the process. Our skilled staff, assist in completing online claim forms where needed and guiding the broker or stakeholder down the right path. We assist to collate the correct documentation and information needed to accompany the claim.

The increasing complexity of claims management in an environment fraught with a skills draught, supply chain shortages and the rise in costs, means it has become a role for an expert.

Our experienced professionals make a point of building a close and strong relationship with all our clients, stakeholders and suppliers.

This allows for leverage when managing a complicated claim and often, even, achieves a better claims experience and outcome for all.

We understand that claims management at its core is about people; and so, we bring both skill and compassion to the process once a claim has been lodged.

We are the experts, with years of experience, skills, and innovation to back us. Our combined knowledge and industry prowess set us apart from all others in the business. We offer you, the Broker, a full end-to-end accident and claims management process, including risk management and driver behaviour monitoring and training.

Your business will absolutely benefit from Innovation Group Australia’s economies of scale and investment in our highly trained staff, leaving you to invest more time in yours.

Our Australian digital platform IGConnectTech creates a stress-free claims environment where all the claimants’ needs are met. Not only will you be connected with a network of our and insurer approved repairers, but you will also be cared for by one of our highly skilled claims specialists. Our clients and stakeholders agree – the claims processed using Innovation Group Australia tend to come to a pleasing conclusion and receive higher customer satisfaction ratings.

We offer a fully branded white labelled online lodgement and client portal to protect and enhance your brand. Our strong and effective process and systems support aggregated and self-insured retention expertise while our notification and reporting protocols are structured to report deductable breach levels.

Our robust corporate governance framework ensures compliance with the Australian General Insurance Code of Conduct and APRA. Our teams’ services across the entirety of Australia with dedicated relationship managers and a performance management network second to none.

This also includes proven operational and peer auditing that ensures consistency and agreed objectives.

We are the experts in Heavy Vehicle and Fleet claims management and our long standing large corporate clients are happy to provide a testimony to back our statements.

NIBA.COM.AU / 33

FEATURE / Heavy Motor Industry

34 / INSURANCE ADVISER FEBRUARY 2023

FEATURE / Heavy Motor Industry

DRIVING INTO THE UNKNOWN The benefits brought to the heavy motor industry by increased demand and technological advancements have been offset somewhat by rising costs and staff and vehicle shortages. For brokers, it looks like the same game – but today there are different rules.

BY MARTIN WANLESS

NIBA.COM.AU / 35

FEATURE / Heavy Motor Industry

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he heavy motor industry has undergone tremendous change over recent years. Some good, some not so good. And it’s created an evolved set of risks for businesses to tackle.

On the positive side, increases in productivity and advancements in technology have brought about greater efficiencies, as well as enhanced safety nets. On the other, rising costs and driver shortages have all but negated the benefits.

Over the past three years, we’ve seen an exponential increase in the number of trucks on the roads. The ecommerce model we all had to become accustomed to has meant there are more heavy vehicles on our roads than ever before – with estimates of a 50 per cent increase seeming accurate.

“Despite the disruption of the ongoing COVID-19 crisis, the transport industry has experienced significant growth, which is forecast to increase,” says Darryl Martin, Western Australia Manager at GT Insurance.

“In Australia, more freight is moved by trucks than by sea or rail. The growth in

“DESPITE THE DISRUPTION OF THE ONGOING COVID-19 CRISIS, THE TRANSPORT INDUSTRY HAS EXPERIENCED SIGNIFICANT GROWTH, WHICH IS FORECAST TO INCREASE” – DARRYL MARTIN, GT INSURANCE

road freight transport is being stimulated by production and consumption demand.

Changes in buying behaviour, such as online retail spending, and the frequency of natural disasters have put considerable pressure on road transport operators, and this is expected to continue.”

WANTED: DRIVERS

A key source of that stress has come from a shortage of drivers. As was the case in many industries, the pandemic prompted a career rethink for some, while border closures meant a new talent flow from overseas was stifled.

“Because of all the lockdowns, almost every transport company grew exponentially,” says Nick Dendrinos, Head of Motor Portfolio at NTI. “There was an explosion, a huge amount of pent-up demand, and to meet that demand, transport operators had to order a lot more trucks and they had to put on drivers. However, I’ve never seen such an acute situation. We’ve always had a

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by The Hollard Insurance Company Pty Ltd |ABN 78 090 584 473 |AFSL 241436 36 /underwritten INSURANCE ADVISER FEBRUARY 2023 Please read and consider the relevant Product Disclosure Statement and Target Market Determination before you make any decisions about insurance products.

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Insurance products are issued by Global Transport & Automotive Insurance Solutions Pty Ltd trading as GT Insurance ABN 93 069 048 255 AFS Licence No 240714 as agent for the Insurer Allianz Australia Insurance Limited ABN 15 000 122 850 AFS Licence No 234708. Neither we nor the Insurer provide any advice on this insurance based on any consideration of your objectives, financial situation or needs.

Policy terms, conditions, limits, exclusions and underwriting criteria apply. Before making a decision about it please refer to the relevant Product Disclosure Statement or Policy wording available from our website (www.gtins.com.au) or by calling us. A Target Market Determination for each product is available from our website (www.gtins.com.au). If you purchase this insurance, we will receive a commission that is a percentage of the premium. Ask us for more details before we provide you with any services.

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FEATURE / Heavy Motor Industry

THE BENEFIT OF TECHNOLOGY Of course, safety technology has become increasingly vital in reducing risk and helping manage driver safety over recent years. Nick Dendrinos of NTI shares a story of an incident that underlines just how critical safety technology is.

“A long haul driver was driving a truck that was fitted with safety technology – facial recognition, realtime fatigue monitoring awareness, that sort of thing. If you have a microsleep, which is a huge risk in long haul, it buzzes to wake you up.

“A young driver was doing a big run from Far North Queensland all the way down to Sydney. He had a microsleep, the seat buzzed and woke him up. He went into the side rail, but woke up in time and was able to really control it. It was an accident, but he didn’t roll it over.

“That particular driver said that if it wasn’t for the equipment that his transport operator put in their truck, he would have been dead.

“Subsequently, that person’s mother rang up the transport operator and said ‘thank you for saving my son’s life by putting this kit in the truck’.”

38 / INSURANCE ADVISER FEBRUARY 2023

In Australia, more freight is moved by trucks than by sea or rail.

shortage of drivers – the average age of a truck driver used to be 55, now it’s close to 60 years old, and it’s getting older.

“That’s created massive issues with regards to meeting the demand and getting skilled drivers in trucks. Not only is it incredibly difficult finding people, but to get them, you now need to pay them more, too.”

And, of course, that brings with it its own risks.

“Staff shortages have resulted in cases of incomplete contracted work, which can create company reputation risk,” says Fran de Sanary, Senior Risk Engineer at Zurich Resilience Solutions.

Martin says, “The skilled driver shortage and ongoing pressure on drivers present many potential risks. Fatigue and wellbeing issues of existing drivers, and employment of lesser experienced drivers creates safety risks for drivers, business owners and society. With constant demand, time

pressures and supply chain disruption across every industry, access to maintenance providers, parts, new trucks and trailers is challenging.”

As well as needing to pay premium salaries to attract drivers, the inflationary environment we’re all living in is impacting businesses too – which has a knock-on effect on the fleet.

“Increased operational costs have resulted in price rises for end customers and vehicles being held onto for longer than desired, resulting in repair and maintenance risk,” says de Sanary.

BEWARE OF RISING VALUATIONS

In addition to rising costs, a lack of vehicle availability is also at play. As anyone who’s experienced attempting to buy a new vehicle in recent years will testify, you could well

“BECAUSE OF ALL THE LOCKDOWNS, ALMOST EVERY TRANSPORT COMPANY GREW EXPONENTIALLY.” – NICK DENDRINOS, NTI

Much more than truck insurance.

Zurich seeks to improve safety in the trucking industry through its fleet risk management services.

We work closely with customers on request and aim to optimise business processes and driver behaviour. This can help to reduce claims, keeping trucks on the road.

Contact your Zurich representative today.

This information is general advice only and does not take into account your objectives, financial situations or needs. You should obtain and consider the relevant Product Disclosure Statement and Policy Wording (as applicable) from zurich.com.au before making a decision. A target market determination is available at zurich.com.au/GI-TMDs or by calling us on 132 687. The issuer of general insurance products is Zurich Australian Insurance Limited (ZAIL), ABN 13 000 296 640, AFS Licence Number 232507 of 118 Mount Street, North Sydney NSW 2060. ZU233775 V4 12/22 LEWG-019393-2022

FEATURE / Heavy Motor Industry

be waiting for 12 months or more – and the same story applies here.

Of course, the impact of that is the value of second-hand vehicle increases.

“It’s a strange situation as we’re all used to driving out of a car yard in a brand new car or truck and it losing 10 per cent in value straightaway,” says Dendrinos.

“Who would have ever thought that we would see increases in values of 20-40 per cent? Actually, in some specialised heavy items, and even mobile plant machinery, we’re seeing 80-100 per cent increase of that value for a used vehicle.”

It’s a critically important point for brokers – after all, businesses in this sector rely entirely on their vehicles and machinery. If the declared value of assets isn’t in line with today’s replacement valuation, then there could be some serious problems come claims time.

MIXING ART AND SCIENCE

For brokers operating in this market, it’s important to have strong conversations with clients about the huge changes the industry has gone through. The increasing availability and accessibility of data is crucial to inform those conversations.

THREE QUESTIONS TO ASK

1

How is the client managing their growth?

Businesses experiencing significant growth need advice – work with risk engineers to help clients understand the true risks they face and what they need to do to mitigate them.

2

Are assets protected?

Make sure insured fleet values are realistic and aligned with today’s replacement costs.

3

How can the program be tailored to the precise business needs?

By understanding operational triggers and the key drivers in the business, you can help tailor programs that will help safeguard the business.

40 / INSURANCE ADVISER FEBRUARY 2023

“One of the most important focus areas is data, which helps clients to understand where costs are proportioned (insurance, fuel, tyres, repair and maintenance, service schedules and wages) and potential efficiencies for route,” says de Sanary.

“Data can also help clients understand worker and driver competencies such as their driving style and the dynamics of management communication. Information can come from vehicle telematics, fuel data or maintenance data. In short, data analytics is one of the new areas that fleet operators can maximise operational and environmental efficiencies.”

And, as always, it all comes down to people, says Martin.

“Brokers should spend time with their clients to intimately understand the multitude of challenges a transport company faces.

“Despite a client’s best efforts in managing risk, the human element cannot be ignored. Disciplined recruitment and maintenance practices, driver training, constant support and advocating the chain of responsibility has always been at the core of sound risk management.”

“IN SHORT, DATA ANALYTICS IS ONE OF THE NEW AREAS THAT FLEET OPERATORS CAN MAXIMISE OPERATIONAL AND ENVIRONMENTAL EFFICIENCIES.” – FRAN DE SANARY, ZURICH RESILIENCE SOLUTIONS

We know what it takes to keep Australia moving.

NTI is Australia’s leading specialist insurer for trucks, big and small; mobile plant and equipment; marine, cargo and parcels; plus Roadside Assistance for trucks. For decades, we’ve provided businesses with expert knowledge, first class repair networks, and superior claims service. With a vision to keep Australian industry working towards a safer and more sustainable future, we’re here to help keep you moving.

nti.com.au Terms and Conditions apply. You should read the PDS when choosing whether or not to acquire or continue holding a policy. Insurance products are provided by National Transport Insurance, a joint venture of the insurers Insurance Australia Limited trading as CGU Insurance ABN 11 000 016 722 AFSL 227681 and AAI Limited Trading as Vero Insurance ABN 48 005 297 807 AFSL 230859 each holding a 50% share. National Transport Insurance is administered on behalf of the insurers by its manager NTI Limited ABN 84 000 746 109 AFSL 237246. NTI.M015.1.29062021

FEATURE / Accident and Health

42 / INSURANCE ADVISER FEBRUARY 2023

FEATURE / Accident and Health

FROM ADD-ON TO ESSENTIAL With mental health claims increasing and the need to build resilience uppermost in the minds of business leaders, accident and health insurance has moved from ‘nice to have’ to ‘critically important’.

By MARTIN WANLESS

NIBA.COM.AU / 43

FEATURE / Accident and Health

T

he experiences we all went through during the pandemic have affected the way we approach a number of aspects of our lives.

In a professional context, flexible working has become a norm and combined with staff shortages, is now a fundamental part of the way many businesses operate.

Of course, offering incentives such as flexible working, where possible, is just one way in which businesses are putting staff at the centre of their operations.

The pandemic brought home just how reliant businesses are on their people, and in turn just how vulnerable many of those people are.

“COVID-19 really highlighted the importance of companies looking after employees’ health and wellbeing,” says David Foote, National Development Manager at AHI.

“We’re seeing a lot more enquiries around understanding how comprehensive cover is, and what additional value-add tools are available to ensure employee safety – for example, no mental health exclusions.”

And as a result, the role of accident and health insurance has increased in significance.

Foote continues, “A&H has previously been seen as an add-on to corporate programs, whereas now it has become one of the most critical risk management insurance portfolios.”

COVERING MENTAL HEALTH – AS WELL AS PHYSICAL

The way that mental health is viewed in society has changed dramatically over the past couple of decades, and COVID-19 firmly underlined that mental health should be given the attention it’s always required.

We’re now far more aware of the impact of mental health; for businesses, there’s far more onus than ever before to take responsibility for employees’ mental health.

ACCIDENT AND HEALTH TIPS FOR BROKERS

Robyn Hassell, Claims Manager, Accident & Health, Liberty Specialty Markets, shares the following tips for brokers.

Encourage clients to develop broad support programs.

Promote early intervention and support.

Encourage more openness and acceptance of mental health issues. nsure processes are in place to E support employees via EAP, training and education. here employees are travelling, W have pre-travel advice information and support to best prepare employees to travel.

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44 / INSURANCE ADVISER FEBRUARY 2023 Newmarket Grandwest Pty Ltd ACN 072 168 588, ABN 42 072 168 588, AFS License Number 296193 trading as SUREWiSE

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FEATURE / Accident and Health

CASE STUDY: PRE-EXISTING CONDITIONS Pre-existing conditions are always a challenge in accident and health. David Fogarty, Managing Director of Point Underwriting Agency.

“We do a large scheme in the allied health space, and we had a lady who had a prior mental health condition – which certainly isn’t uncommon in that space – and had made a successful claim for PTSD. Due to a death in the family, she suffered another mental health issue and lodged a new claim. I think traditionally that claim may have been declined because it was another mental health claim. However, because it was a new mental health condition, that claim was accepted and paid out.”

“THE STIGMA OF LODGING A MENTAL HEALTH CLAIM IS NO LONGER THERE, LIKE IT USED TO BE.” – DAVID FOGARTY, POINT UNDERWRITING AGENCY

46 / INSURANCE ADVISER FEBRUARY 2023

“There’s much more awareness of mental health needs and much more acceptance – as it should be,” says David Fogarty, Managing Director of Point Underwriting Agency.

“The stigma of lodging a mental health claim is no longer there, like it used to be.”

With good reason, too. Mental health is a hugely important issue, and organisations and accident and health insurance providers are responding.

“We are all reading about how COVID-19 has affected resilience and driven higher rates of mental illness,” says Robyn Hassell, Claims Manager, Accident & Health, Liberty Specialty Markets.

“Mental health conditions are the most common driver of workers compensation claims and, as accident and health insurance focuses on people’s wellbeing, the issue has always been prominent, and COVID-19 has further negatively impacted this.”

However, it’s an area the industry as a whole is already doing more in.

“Brokers, insurers and clients are more active in promoting mental health issues than ever before, including supporting mental health charities and support groups,” says Hassell.

“We’re also seeing a number of highprofile Australian sports stars talking about their mental health challenges, and this is opening up discussions on the issues.”

MENTAL HEALTH – A PRIMARY OR SECONDARY CONDITION?

While the challenges of the past few years have naturally impacted workers’ mental health, data shows that the majority of mental health claims are a consequence of another event.

“Our claims data is showing mental health claims are increasing but appear

cbnet.com.au/discover-cbn

FEATURE / Accident and Health

“A&H PROVIDERS HAVE HAD TO ADAPT THEIR COVER AND ENGAGEMENT STYLE TO ACCOMMODATE THEIR CLIENTS’ CHANGING NEEDS AND EXPECTATIONS.” – DAVID FOOTE, AHI

to be a secondary condition,” says Foote. “For example, serious injury or illness that has extended recovery or delayed return-to-work leads to increased mental health impact.”

And this creates a challenge for the industry, says Hassell.

“The insurance industry has traditionally lacked comprehensive data to adequately understand the true impact of mental health on policy pricing. Part of the challenge of this is whether you have mental health claims on their own, or mental health claims that are secondary to other conditions, such as bodily injury claims. This makes it difficult to assess the true impact of mental health conditions in a portfolio.”

Foote says the industry has had to respond accordingly.

“A&H providers have had to adapt their cover and engagement style to accommodate their clients’ changing needs and expectations.”

increasingly desirable environment for them to work in, accident and health insurance offers significant opportunities.

“The statistics show that about 80 per cent of Australians don’t have income protection cover, so the opportunity is huge for brokers to work with clients to add accident and health to their insurance mix,” says Fogarty, whose business works primarily with brokers to provide cover for self-employed tradespeople.

“I think it’s the old analogy – people will insure their car, but they won’t insure themselves. I think the way the economy is going at the moment, there’s uncertainty, and people need to have their income protected.”

It’s an increasingly important way for businesses to not only look after their employees but increase business resilience.

And with the uncertainty and volatility that surrounds us every day, that’s surely a win-win.

AN OPPORTUNITY FOR BROKERS

With increased understanding and appreciation of not only mental health, but also the broader need to look after workers and create an

CASE STUDY: BUILDER SUFFERS BRAIN INJURY AND LOSES LIVELIHOOD A builder running his own company bumped his head while working under a house, and immediately suffered from a stiff neck and severe headaches, which doctors couldn’t diagnose. After noticing behavioural changes, his family encouraged him to seek a second opinion, and he was directed to emergency, where it was discovered that he had a suspected brain injury and potentially life-threatening bleeding on the brain.

After emergency surgery, he spent more than two months in hospital, and the brain injury meant he lost the executive functions to run his business.

Thanks to the policy his broker had encouraged taking out upon the birth of his first child, AHI Assist was able to support the family through the crisis, providing weekly injury benefit payments totalling more than $210,000 to ensure his wife could undertake retraining and become the family’s primary income earner.

CASE STUDY PROVIDED BY AHI

48 / INSURANCE ADVISER FEBRUARY 2023

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

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

D PRAC IE T F I

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QPIB – A STATEMENT OF PROFESSIONALISM

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

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COMMUNITY HUB

COMMUNITY HUB FEBRUARY 2023

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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

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15% commission of all placements

Tudor Insurance Australia Cameron McKerchar tudorinsurance.com.au

52 / INSURANCE ADVISER FEBRUARY 2023

COMMUNITY HUB

NIBA.COM.AU / 53

SPECIALISTS IN EQUINE LIABILITY

COMMUNITY HUB

Accommodation

Equine Assisted Learning

Petting Zoo

Agistment

Equine Assisted Therapy

Pony Parties

Animal & Petting Zoo

Equine Associations

Pony Rides

Breeding & Studs

Equine Events

Pre-training & Breaking

Carriage Driving

Facility Hire

Rehabilitation

Clinic Organisers

Farriers

Riding Clubs

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 NIBA Memberships Manager Audi Witsen – awitsen@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

K

S

U

ER

QPIB NCE BR

O

NIBA.COM.AU / 55 QPIB Campaign Print.indd 4

25/1/22 12:48 pm

INSURER STRENGTH RATINGS

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 23 January 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

Hallmark General Insurance Co. Ltd.

BBB+/CreditWatch Negative

Insurance Australia Ltd.

AA-/STABLE

AA Insurance Ltd.

AA-/STABLE

Liberty Mutual Insurance Company Limited

A/STABLE

AIG Insurance New Zealand Ltd.

A/NEGATIVE

Medical Insurance Australia Pty Ltd.

A-/STABLE

Mitsui Sumitomo Insurance Company Limited

A+/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Society of Lloyd’s

A+/STABLE

Aioi Nissay Dowa Insurance Co., Ltd

A+/STABLE

Allianz Australia Insurance Limited

AA-/STABLE

Berkshire Hathaway Specialty Insurance Company

AA+/STABLE

Chubb Insurance New Zealand Ltd.

AA-/STABLE

Sompo Japan Insurance Inc.

A+/STABLE

A+/STABLE

Southern Cross Benefits Limited

A/STABLE

The North of England Protecting and Indemnity Association Ltd.

A/NEGATIVE

Tokio Marine & Nichido Fire Insurance Co., Ltd.

A+/STABLE

XL Insurance Company SE

AA-/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

Factory Mutual Insurance Company Great Lakes Insurance SE

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/CreditWatch Negative

Hannover Life Re of Australasia Ltd.

AA-/STABLE

IAG New Zealand Ltd.

AA-/STABLE

LENDERS MORTGAGE INSURERS

Medical Insurance Society Ltd.

A/STABLE

Arch Lenders Mortgage Indemnity Ltd.

A/STABLE

Mitsui Sumitomo Insurance Co. Ltd (New Zealand Branch)

A+/STABLE

Helia Insurance Pty Ltd.

A/STABLE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

Society of Lloyd’s

A+/STABLE

AIA Australia Ltd.

A+/STABLE

Southern Cross Benefits Ltd.

A/STABLE

Challenger Life Company Ltd.

A/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/CreditWatch Negative

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

MetLife Insurance Ltd.

A+/STABLE

The North of England Protecting and Indemnity Association Ltd.

A/NEGATIVE

Vero Liability Insurance Ltd. Zurich Australian Insurance Ltd.

A-/STABLE

Berkley Insurance Company

A+/STABLE

AA-/STABLE

General Reinsurance Australia Ltd.

AA+/STABLE

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

AA-/STABLE

HEALTH INSURERS NIB NZ Ltd. Southern Cross Medical Care Society

A-/STABLE A+/STABLE

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

A/STABLE A/STABLE

LIFE INSURERS Asteron Life Ltd.

REINSURERS Aspen Insurance UK Ltd.

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

LIFE INSURERS

AA-/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/CreditWatch Negative

Medical Life Assurance Society Ltd.

A/STABLE

NIB NZ Insurance Ltd.

A-/STABLE

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

AA-/STABLE

Pacific Life Re (Australia) Pty Ltd

AA-/STABLE

QBE Blue Ocean Re Ltd.

A+/STABLE

RenaissanceRe Europe AG

A+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

SCOR Global Life Australia Pty Ltd.

A+/STABLE

SCOR Reinsurance Asia Pacific Pte Ltd.

A+/STABLE

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

AA-/NEGATIVE

Swiss Re International SE

AA-/NEGATIVE

Swiss Re Life & Health Australia Ltd.

AA-/NEGATIVE

Transatlantic Reinsurance Company

AA+/STABLE

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

56 / INSURANCE ADVISER FEBRUARY 2023

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 24 January 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 Ansvar Insurance Limited

A-/STABLE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

General Reinsurance Australia Ltd

A++/STABLE

Guild Insurance Limited

A-/STABLE

Pacific International Insurance Pty Limited

B++/NEGATIVE

The Hollard Insurance Company Pty Ltd

A-/STABLE

The New India Assurance Company Limited (Australia Branch)

B++/STABLE

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.

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

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

A/STABLE

CIGNA Life Insurance New Zealand Limited

A/STABLE

Co-operative Life Limited

B++/STABLE

DPL Insurance Limited

B++/STABLE

Fidelity Insurance Limited

A-/STABLE

Fidelity Life Assurance Company Limited

A-/STABLE

Foundation Life (NZ) Limited

A-/STABLE

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

Momentum Life Limited

B++/STABLE

Partners Life Limited

A/STABLE

Pinnacle Life Limited

B/POSITIVE

PROPERTY/CASUALTY Accuro Health Insurance Society Limited

B+/NEGATIVE

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

A+/STABLE

Beneficial Insurance Limited

B++/STABLE

Brightsideco Insurance Limited

B u/NEGATIVE

Consumer Insurance Services Limited

B+/STABLE

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

A/STABLE

FMG Insurance Limited

A/STABLE

General Reinsurance Australia Ltd (New Zealand Branch)

A++/STABLE

Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)

A+/STABLE

New Zealand Medical Indemnity Insurance Limited

B+/STABLE

Pacific International Insurance Pty Ltd (New Zealand Branch)

B++/NEGATIVE

Police Health Plan Limited

A-/STABLE

Provident Insurance Corporation Limited

B /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

NIBA.COM.AU / 57

NIBA / Events

EVENT PICTORIALS Facilitated by the NIBA Queensland Divisional Committee, the end-of-year NIBA Qld Christmas Bowls event was held at The Boo on 24 November 2022.

The event was a fun and festive occasion where attendees enjoyed a day of bowls, food, and drinks while networking with their peers. It was a great opportunity to celebrate the festive season with colleagues from the industry.

DISPLAY ADVERTISING INDEX – FEBRUARY 2023 Liberty...............................................................IFC Vero.........................................................................5 Allianz..................................................................... 7 Insurance Advisernet....................................... 7 NIBA Convention..............................................11 Young Broker of the Year..............................15

Focusnet...............................................................21 Ebix....................................................................... 31 Innovation Group............................................ 33 GT Insurance.....................................................37 Zurich.................................................................. 39 NTI......................................................................... 41

Point Insurance................................................ 45 CBN......................................................................47 QPIB.................................................................... 49 Code of Practice.......................................... IBC CGU................................................................OBC

If you’d like to advertise your products and services through NIBA, please contact Tony May today on (02) 9459 4303 58 / INSURANCE ADVISER FEBRUARY 2023

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 © 2022 S&P. This material is reproduced with the permission of S&P. Reproduction of this the S&P Information in any form is prohibited without S&P’s prior written permission. Neither S&P, its 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.

XXL

PROPERTY COVER Whether your clients are looking to insure a small commercial property or a large corporate risk, CGU has it covered. Backed by of one of Australia’s largest general insurers, coupled with a strong, sustainable approach to risk and long term stability, your clients can be confident that we have a commercial property solution that fits their needs.

For more information, contact your Broker Relationship Partner.

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