Insurance Adviser November issue

NOVEMBER 2021

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WE ARE YOUR VOICE

CONTENTS

November 2021

ACN 006 093 849 ABN 94 006 093 849

FEATURES

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

Insurance Adviser magazine is published by NIBA

Publisher

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

Communications Manager Wendy Martin

NIBA Editor Tanaya Das

Editorial enquiries

E: editor@niba.com.au

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

Design

Citrus Media www.citrusmedia.com.au

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PROFESSIONALISM + RESILIENCE = OPPORTUNITY #NIBA2021: A conference designed specifically to address current challenges

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.

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EXCELLENCE AND PROFESSIONALISM PERSONIFIED Meet the 2021 Stephen Ball Memorial Award finalists

NIBA.COM.AU / 3

CONTENTS

November 2021

FEATURES 28 CHALLENGES GALORE

The M&A sector heating up

36

ADJUSTING TO CHANGING RISKS

Management liability and issues confronting the segment

IN EVERY ISSUE NIBA CEO Welcome ...................................... 6 Representation................................................ 8 Why be a NIBA member?............................ 10 Insurance Journey: Megan Farmer .............. 58

NEWS Industry Bulletin............................................ 12 ANZIIF Report.............................................. 14

PROFESSIONALISM

AFCA Case-study.......................................... 16 Legal Analysis................................................ 18

EVENTS Event Pictorials.............................................. 51 Forthcoming Events...................................... 54

REFERENCE Community Hub........................................... 44 Insurer Strength Ratings............................... 56

4 / INSURANCE ADVISER NOVEMBER 2021

CEO / Welcome

CONGRATULATIONS ARE IN ORDER

I

t is a privilege and an honour to take on the role of NIBA CEO. The significance has become clearer over the past few months while working alongside Dallas Booth, the NIBA Board and the rest of the NIBA team.

Farewell Dallas

Over the past month or so, I have witnessed firsthand the esteem with which Dallas is held, not only locally with brokers, regulators, and insurers, but also globally, through international broker associations.

Thank you to those of you who tuned in to the 2021 NIBA Awards and the farewell event for Dallas, I know I speak for all when I say thank you Dallas and good luck.

Vaccinations mean freedoms - opening borders and ending lockdowns

There is a real sense of optimism around the country.

Vaccination rates are going through the roof and Australia has gone from laggard to leader in just a few short months. Australians are looking towards Christmas with excitement and dare I say a lot more certainty. People are booking local and overseas holidays, something unthinkable only a few months ago. But for most of us, the thing we crave the most is a sense of togetherness and community.

For me personally, it is so nice to be in the office, I still haven’t met all the NIBA team or the Directors face-to-face, but as restrictions ease, I look forward to meeting them and as many of you as possible.

NIBA Convention 2021.2 and 2022

NIBA 2021.2 is a hybrid approach that has been tailored to provide the opportunity for local attendance and networking in your state, as well as live online content. Kicking off in Adelaide on Monday 7 February 2022 and spreading over three weeks until the Convention closes in Sydney on Monday 21 February, this is a great way to kick start your year with technical and motivational speakers for you and your team. Early Bird packages close 20 December 2021, so you can put that in your Christmas stocking.

Meanwhile, plans are well underway to return to a traditional face-to-face Convention when we can all come together again in October 2022.

I must say a big thank you to all our partners and exhibitors who have been extremely understanding and flexible through this changing environment. Also, a big shout out to the NIBA events team; Arianne Bath and Patrick Bourke who, along with Kate Smith and the team at WSM, have recalibrated and rearranged numerous events with constantly changing conditions.

talent. I was also impressed with the role that Vero played in not just sponsoring the Award, but actually investing in our finalists through group exercises, personality profiling and developmental training.

On Thursday 28 October 2021, we announced the winner of this award, along with the winner of the QBE-sponsored Stephen Ball Memorial Award for the 2021 Broker of the Year.

We also presented the all-important General Insurance Company and Underwriting Agency of the Year awards, as voted by you, along with a special presentation of the Lex McKeown Award to a NIBA member for their significant contribution to NIBA and the industry more broadly. Of course, we also made the special farewell presentation to Dallas.

In what has been a challenging year for all, it is so important we stop and acknowledge excellence, be proud of ourselves and our peers.

Congratulations to all our winners

The 2021 QBE-sponsored Stephen Ball Memorial Award for the Broker of the Year is Tony Venning of Crucial Insurance & Risk Advisors in Queensland.

The 2021 Vero-sponsored Warren Tickle Memorial Award for Young Professional Broker of the Year is Mitchell Wight of Integral Insurance Services in Victoria.

The 2021 Lex McKeown Trophy for lifetime achievement was awarded to Tim Wedlock from Austbrokers AEI.

Affordability and accessibility of Insurance

Recently, the Insurance Council of Australia (ICA) released a report from industry expert John Trowbridge on the challenges of affordability and accessibility confronting specific areas in the commercial lines market.

Importantly, in his report, John Trowbridge highlights the value of brokers in helping SMEs procure the cover necessary, but as we know brokers can only help to the extent to which cover is affordable and available, so, as the need arises, I will be seeking feedback from NIBA members to help to provide specific examples.

New shoes

There is still much to talk about in terms of the NIBA Board Strategy, Broking in 2025, the 2022 Remuneration Review and the new NIBA Code of Practice, all of which I will touch on next month. I mentioned earlier that Dallas’ shoes are big ones to fill, and while I am looking forward to working with and for you, I feel the only way forward, is not to try and fill someone else’s, but to buy some new shoes.

Celebrating achievements and excellence

One of my early opportunities at NIBA was to be a judge for the Warren Tickle Memorial Award for the 2021 Young Professional Broker of the Year. What a thrill it was to see such bright, enthusiastic, passionate, and professional

6 / INSURANCE ADVISER NOVEMBER 2021

PHILIP KEWIN Chief Executive Officer, NIBA

opportunities bids

acquisitions claims Before & after

challenges insights catastrophes big decisions learnings

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NEWS / Representation

WE ARE YOUR VOICE!

Quite a lot has happened since the October comments were written. The following is an overview of some of the things NIBA has been examining on behalf of members.

Review of Tasmanian Fire Services Act In keeping with their election commitment, the Tasmanian Government has announced a review of the Fires Service Act (1979). As part of the review, the government will consider alternative funding models for the state’s fire and emergency services.

NIBA is currently finalising its submission to the consultation having previously written to members encouraging them to submit a short statement supporting the abolition of the Fire Services Levy and detailing how the levy has impacted their clients.

NIBA would like to thank members who provided their feedback and support on this issue.

Royal Commission Reforms

While the remaining Royal Commission Reforms took effect last month, there is still a number of outstanding issues for brokers.

NIBA is continuing to engage with ASIC to make sure broker concerns are heard, and exploring opportunities for simplification within the existing regulatory framework.

WA Workers Compensation

NIBA is currently finalising its submission to the proposed WA Workers Compensation and Injury Management Bill 2021.

NIBA’s submission has been heavily influenced by the technical expertise and advice provided by the WA Divisional Committee working group, which included brokers from across the WA broking community, all of whom have considerable experience in the workers’ compensation space.

NIBA would like to thank the members of the working group for providing their feedback and expertise in support of this submission.

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NSW ESL

NIBA previously wrote to the NSW Minister for Finance, Damien Tudehope, in regards to issues surrounding the collection of ESL by brokers for risks placed with foreign insurers.

Last month, NIBA met with the minister to discuss these issues with a view to finding a solution that removes the volatility and risk placed on brokers when placing risks based in NSW with foreign insurers.

While NIBA remains committed to advocating for the abolition of ESL, it is hoped that these issues can be addressed while larger issues around the future of the ESL remain unresolved.

2022 Remuneration Review

NIBA has already begun engaging with Treasury on the 2022 Remuneration Review which will examine, among other things whether the current conflicted remuneration and non-monetary remunerations exemptions for general insurance brokers remain relevant.

NIBA will shortly be providing members with information as to how they can support NIBA’s public policy work ahead of the review. In the meantime, NIBA has brought together key messaging on the role and value of insurance brokers that members may find useful.

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 / Member Benefits

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

“NIBA forms a community of likeminded professionals. It allows every member to have a voice, and at the same time is the one voice for the profession. It provides a safety net of experience, so there is always someone to go to for assistance or help when needed. NIBA provides every member with access to invaluable training and tools to assist us to be the best brokers we can.”

ALISHIA OLIVER Crucial Insurance and Risk Advisors The 2021 Queensland Young Professional Broker of the Year

WELCOME TO NIBA

NIBA is thrilled to have the following new principal member on board: • ACCESS INSURANCE BROKERS PTY LTD – Queensland

ABOUT NIBA OUR MISSION

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

OUR OBJECTIVES Representation

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

10 / INSURANCE ADVISER NOVEMBER 2021

Professionalism

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

Community

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

GET IN TOUCH!

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

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NEWS / Industry Bulletin

CONGRATULATIONS TO THE 2021 NIBA AWARD WINNERS T ony Venning of Crucial Insurance & Risk Advisors in Queensland has been named the winner of this year’s QBE-sponsored Stephen Ball Memorial Award for the Broker of the Year, while Mitch Wight of Integral Insurance Services in Victoria was awarded the Vero-sponsored Warren Tickle Memorial Award for the Young Professional Broker of the Year.

QBE Australia Pacific Chief Customer Officer, Commercial Lines, Jason Clarke, said, “Tony stood out in an impressive pool of finalists for his skilled customer service, client advocacy and extraordinary commitment to professional excellence.”

“Our industry is highly specialised, and at QBE, we believe its success heavily relies on our ability to partner with brokers who use their skill and expertise to help Australians manage their risk. We’re proud to work with NIBA to recognise and celebrate the best in the business and the invaluable contribution made by brokers to help raise the bar across the industry.”

In congratulating Wight on his win as the Young Professional Broker of the Year, Anthony Pagano, Vero’s Head of Commercial Intermediaries said: “Mitch represents the very best of the insurance broking profession. He is a true advocate for his clients, has built a solid reputation for high standards and has a genuine passion for giving back to the community. Mitch’s personal integrity and genuine approach shone through the program, and we’re excited to provide ongoing support to him and other young brokers across the country.”

“Congratulations Mitch on an impressive achievement as the 2021 Warren Tickle Memorial Award winner.”

Former NIBA CEO Dallas Booth said, “Each year, when I have the opportunity

to judge the Broker of the Year award, I am again reminded of the professionalism, dedication and commitment of our leading insurance brokers across Australia, and that happened again this year. Our finalists are the embodiment of true excellence in insurance broking, and it was a very difficult decision to determine this year’s winner.

Sincere congratulations to Tony and to all the finalists.”

“I would also like to pay tribute to the finalists for the Warren Tickle Memorial Award. Again, real role models for the work they do and the support they give to their clients. Congratulations to Mitch and all the finalists. Insurance broking in Australia is in very good hands.”

“NIBA would also like to sincerely thank QBE and Vero for their ongoing sponsorship of the two awards.”

This year, the Lex McKeown Trophy was awarded to Timothy Wedlock, Managing Director at AEI Insurance Brokers. The Lex McKeown Trophy is awarded at the discretion of the NIBA President, in consultation with the NIBA Board of Directors and the Chief Executive Officer.

“Tim has been a long-standing NIBA member who has provided outstanding service to the Association and has made a significant contribution to the broking profession,” Booth said.

Wedlock’s career spans more than 30 years in the insurance broking profession. In 1989, he commenced worked as an Account Manager at Australian European Insurance Brokers (AEI) and in 2006 he founded and became the Principal of Austbrokers AEI Transport Pty Ltd. He is now the Managing Director of the AEI Group incorporating the AEI companies, comprising seven branches across four states (NSW, ACT, Qld and Vic) with 100 employees.

“We’re proud to work with NIBA to recognise and celebrate the best in the business and the invaluable contribution made by brokers to help raise the bar...”

During his career, Wedlock has shown a commitment to studying through the NIBA College, obtaining his Diploma of Financial Services (Insurance Broking) in 2003, his Diploma of Financial Services (Life and Superannuation) in 2005, and his Advanced Diploma of Financial Services (Insurance Broking) in 2008. As a result, he is now a proud QPIB and Fellow of NIBA and ANZIIF. Booth added, “On behalf of the NIBA Board, I would like to congratulate Tim on being the Lex McKeown Trophy winner for 2021 and thank him for his ongoing commitment to the industry”.

Alongside the broking winners, the recipients of the General Insurer of the Year award and Underwriting Agency of the Year award were also announced today.

The 2021 General Insurer of the Year award, which is considered as one of Australia’s most prestigious industry awards for insurers was won by Liberty Specialty Markets.

Booth said, “The General Insurer of the Year award is voted by brokers. Brokers are asked in the annual Broker Market Survey, which is conducted by market research firm Nielsen, a range of questions about their overall experience across a range of important product and service quality criteria. The combination of these results ultimately determines the winner of the General Insurer of the Year.”

The 2021 Underwriting Agency of the Year title was awarded to NTI. “In 2020, NIBA created the Underwriting Agency of the Year award to acknowledge the fact that brokers deal with several underwriting agencies, or managing general agents, as well as dealing with APRA authorised insurance companies operating in the Australian market.”

“I would like to congratulate both Liberty Specialty Markets and NTI on their awards and thank them for their high level of service and outstanding product quality,” Booth concluded.

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

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NEWS / Industry Bulletin

ASBFEO REPORT ON INSURANCE FOR THE ENTERTAINMENT SECTOR

T

he Australian Small Business and Family Enterprise Ombudsman (ASBFEO), Bruce Billson, has released an interim report into the insurance crisis facing Australia’s amusement, leisure, and recreation sector.

The report, The Show Must Go On, explores whether a Discretionary Mutual Fund (DMF) can be a durable solution and discusses required legislative reform by states and territories to ensure it is ‘fit for purpose’. The ASBFEO has been reviewing a proposal by the Australian Amusement, Leisure and Recreation Association (AALRA) to establish a DMF as a solution to the critical and immediate need for insurance in the sector.

The interim report found the lack of affordable insurance was not the fault of the amusement industry but due to

a “hardening” in the global insurance market.

Very few insurers are willing to insure the industry, and premiums – when available – had risen by as much as 200 percent.

Billson said, “The lack of insurance coverage could lead to the closure of businesses in the amusement and leisure sector, significant job losses (particularly in regional areas), stranded assets and loss of economic activity generated by metro and

regional shows and amusement parks.”

“As businesses look to re-open after lockdowns, this issue is a shattering blow for those small and family businesses in the amusement, leisure, and recreation sector which will be forced to stay shut because they can’t get insurance. There is a very real possibility shows won’t go on – something has to be done for the show to go on. A DMF may represent the only workable solution.”

Public liability insurance coverage is a legal requirement for the operation of rides at showgrounds and fixed installations, both through contractual obligations and obligations imposed on councils and other landowners by state and territory governments.

The Show Must Go On interim report and overview can be found online: asbfeo.gov.au/reviews/ discretionary-mutual-fund-review.

NSW TO INTRODUCE DECENNIAL LIABILITY INSURANCE (DLI) INTO THE AUSTRALIAN MARKET

T

he NSW Government has announced a specialist Ministerial Advisory Panel to advise on the introduction of decennial liability insurance (DLI) into the Australian market.

Minister for Better Regulation and Innovation, Kevin Anderson said the Ministerial Advisory Panel will be chaired by past Insurance Council of Australia President Gary Dransfield and is made up of experienced industry leaders from the construction, finance, and insurance sectors.

Anderson said, “We have laid the foundations for DLI over the last 18 months through reforms, such as the Building Assurance Solution and the Risk Rating tool, and now the game is changing. Our nation-leading reforms will explore the potential for insurers and developers to provide an insurance safety net for consumers that is currently lacking in the multi-unit high rise sector.”

“A DLI policy would cover potential serious defects which arise up to 10

years after a project’s completion giving confidence to consumers to buy into multiunit residential construction in NSW.” The introduction of DLI would also tackle the illegal practice of phoenixing, as only developers who demonstrate a commitment to a long-term market presence will be able to acquire an insurance policy.

“Insurers will be assessing developers’ ratings score, their corporate governance, and balance sheets. While good quality work will be underwritten, poor quality developers will find themselves out of the market,” Anderson added.

“Establishing a market for DLI would mean untrustworthy developers are weeded out, creating a stronger, more competitive market where consumers can purchase with confidence.”

The Ministerial Advisory Panel will draw on expertise from key construction industry stakeholders, insurers, strata bodies, and representatives from the NSW Government.

It is expected the Panel will report back to

Government with options stemming from its investigations next year.

Chair of the Ministerial Advisory Panel Gary Dransfield said DLI in Australia would lead to greater protection for consumers against major defects, “I am really pleased to be able to assist the NSW Government and industry participants to develop an insurance proposition that will build on the reforms already delivered and further enhance protection for apartment buyers.”

Andrew Hall, CEO of the Insurance Council of Australia (ICA) also welcomed the announcement of the panel, “The ICA supports the establishment of the Decennial Liability Ministerial Advisory Panel and congratulates the NSW Government on bringing about further leading building reforms, targeted at improving the quality of building product produced in NSW. We welcome the opportunity to work with Government on this important area of consumer protection.”

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

NIBA.COM.AU / 13

NEWS / Industry Bulletin

CHANGING PRIORITIES IN THE WAR FOR TALENT New ANZIIF research examines how employers are holding onto their talent amidst record-breaking candidate shortages.

CANDIDATE’S MARKET

According to the research, titled The Ideal Workplace, insurance is swiftly becoming a candidate’s market, with more jobs available than there are candidates to fill them. Twothirds of employers have found it difficult to fill roles in 2021 and are reporting a lack of experienced and qualified talent, with high salary expectations prevalent.

Within the sector, the most acute skills shortages are in professional indemnity and liability claims at the consultant and manager level, given the increasing number of claims, according to Carl Piesse, director at recruiting experts Hays. Commercial claims consultants are also in great demand for the same reason.

Underwriters with strong relationship development and communication skills are highly sought-after because the automation of manual processes has pushed the function out of the back office and into relationship management, he adds.

“The research also found that with working from home becoming the norm for almost two years, employees expect flexibility in the future.”

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

14 / INSURANCE ADVISER NOVEMBER 2021

NEWS / Industry Bulletin

“A competitive salary and flexible working are the top two factors important to job seekers today.”

THE NEW WORK FROM HOME NORM

With an impressive range of employee initiatives, Zurich is a prime example of an organisation working hard on this. Last year it launched a female sponsorship program to develop future leaders. Each participant is matched with a senior leader with significant influence in the organisation, who advocates and connects them with their networks and potential career-advancing opportunities.

The research also found that with working from home becoming the norm for almost two years, employees expect flexibility in the future. Two-thirds of employees say flexibility is of relatively high importance to them, and 68 per cent want some form of hybrid working arrangement. Only 12 per cent want to work from home exclusively.

TOP FACTORS FOR ATTRACTING TALENT

According to Piesse, a competitive salary and flexible working are the top two factors important to job seekers today.

He says that this is especially true for claims consultants and underwriters, as there is no need for teams to be together to carry out their duties.

‘Candidates now expect working from home or hybrid working to be standard. For suitable roles, employers who fail to offer this flexibility find that candidates quickly lose interest.’

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

NIBA.COM.AU / 15

PROFESSIONALISM / AFCA Case Study

THE PI VS ML CONUNDRUM

This determination involved an allegation that an insurance broker had breached its duty of care to the complainant by recommending an unsuitable professional indemnity (PI) policy that excluded noncompensatory fines. The complainant claimed the broker should have recommended a management liability (ML) policy that would have covered this loss.

Key lessons

In considering such complaints: • AFCA considers whether a broker recommended the most suitable policy based on the circumstance at the relevant time, and not with the benefit of hindsight; and • AFCA considers the various policy benefits and likely end result for the complainant. In this case, superior benefits identified in the PI policy and potential gaps in the ML policy for professional risks led AFCA to the view that the broker had made the right recommendation.

•

•

Background facts

The complainant held a PI policy that had been arranged by the insurance broker. The complainant lodged a claim in relation to a breach of section 29(4)(b) of the Residential Tenancies Act (WA), and the complainant had pleaded guilty and been fined $18,000 and been ordered to pay $684.15 in costs.

The insurer denied the claim on several grounds, which included that there was no ‘claim’ as defined in the policy, and the policy had an exclusion for noncompensatory fines or penalties.

The complainant submitted that the broker had breached its duty of care and caused the complainant to suffer loss because the broker should have arranged a policy that would cover the type of incident above. The complainant identified an ML policy they say should have been brought to their attention, that would have covered the loss i.e., the broker should have presented all options.

The broker’s case

The broker submitted that it had not breached its duty of care to the complainant and was not liable for the complainant’s loss because:

16 / INSURANCE ADVISER NOVEMBER 2021

•

its conduct should not be reviewed with the benefit of hindsight, and it is the circumstances at the relevant time that should be considered. The relevant time would have been when the policy was due for renewal. This is because the relevant claim occurred whilst that policy was in force; the PI policy was appropriate for the complainant’s needs and superior to the management liability policy. This was because the PI policy: o was tailored for the real estate industry in which the complainant operated; o had an automatic reinstatement of the aggregate limit of liability if exhausted by claims, which could be relevant if the business had suffered significant losses; o provided seven years of run-off cover at no extra premium (which was useful because it would allow the business to continue being protected if, at any point, it decided to cease offering services), whereas the ML policy only provided one-two years at 100 percent or 150 percent of the premium; and o provided cyber/privacy claims costs and expenses; and the insurer had accepted a previous claim under the professional indemnity policy for almost the exact same circumstances.

The AFCA decision

AFCA held that: • the information provided was not enough to show that the ML policy was more suitable for the complainant as: o several sections of the ML policy contained exclusions for claims involving professional services creating potential gaps. AFCA concluded that any professional business would want

BY MARK RADFORD

Principal, Radford Lawyers

to ensure they were adequately covered for professional services risks; and o the fines were incurred as part of the complainant’s obligation to properly lodge bonds for their clients, and it was possible for the professional services exclusion to be applicable under the Statutory Liability cover, which was the only one that could potentially respond to the type of claim; • as the complainant had been indemnified previously for a claim made in almost the exact same circumstances, AFCA did not accept that a broker exercising reasonable care and skill should be expected to: o identify that this acceptance was made in error; and o recommend the complainant change his policy to the ML policy solely to account for the possibility of the same error not happening again.

Especially as it was not clear that the ML policy would have covered this type of claim; • even if it was accepted that the broker should have presented all the options to the complainant, it would not have been reasonable to expect the broker’s services to end there and instead, a recommendation as to the most suitable policy should be made, as was done in this case; • on the available information, a broker exercising reasonable care and skill would not have recommended the ML policy instead of the PI policy, especially given the superior benefits noted above.

Accordingly, AFCA held that the complainant had failed to show that the broker had breached its duty of care towards the complainant and was not liable to compensate the complainant for the losses incurred due to the rejected claim.

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PROFESSIONALISM / Analysis

UNDERSTANDING ASIC’S INTERNAL DISPUTE RESOLUTION CHANGES

This analysis explains what insurance broking firms must do to have an internal dispute resolution (IDR) system in place that meets ASIC’s latest standards and requirements.

BY MARK RADFORD

Principal, Radford Lawyers

*Current as of 7 October 2021 Overview

Under Chapter 7 of the Corporations Act, for financial services provided to retail clients, Australian Financial Service (AFS) licensees and some non-licenced persons must: • provide a dispute resolution system that consists of: o an IDR procedure that: meets the standards or requirements made or approved by the Australian Securities and Investment Commission (ASIC); and covers complaints made against them by retail clients in connection with the provision of all financial services covered by the licence. o membership of the Australian Financial Complaints Authority (AFCA).

• give ASIC the information specified in any ASIC instrument.

From 5 October 2021 new ASIC standards and requirements apply as set out in ASIC Regulatory Guide 271 Internal dispute resolution (RG 271) to complaints received after that date.

For complaints received before then Regulatory Guide 165 Licensing: Internal and external dispute resolution (RG 165) applies.

This covers changes relevant to insurance.

Details of the main changes are outlined below. Refer to RG 271 for details which identify both enforceable requirements and standards (i.e., civil penalty if breached) and best practice.

New complaint definition

A complaint is now defined as ‘[an expression] of dissatisfaction made to or about an organisation, related to its products, services, staff or the handling of a complaint, where a response or resolution is explicitly or implicitly expected or legally required.’

18 / INSURANCE ADVISER NOVEMBER 2021

ASIC gives examples of what are and are not complaints, for example posts (that meet the definition of a complaint) on a social media channel or account owned or controlled by the firm that is the subject of the post, where the author is both identifiable and contactable can be a complaint. Employment-related complaints raised by a firm’s staff will not be considered complaints.

•

Retail client complaints

Although not enforceable, ASIC notes that a firm acknowledges receipt of each complaint promptly (verbally or in writing) and expects firms will acknowledge the complaint within 24 hours (or one business day) of receiving it, or as soon as practicable.

ASIC has modified (for IDR purposes only) the definition of ‘small business’ in s761G(12) of the Corporations Act to mean: • a business (including a primary production business within the meaning of section 995.1(1) of the Income Tax Assessment Act 1997) that has less than 100 employees at the time of the act or omission that gives rise to the complaint, but not including a body corporate that, at that time, is a member of a group of related body corporates and that group has 100 employees or more [the new part]; • otherwise—a business employing: o if the business is or includes the manufacture of goods—less than 100 people; o otherwise—less than 20 people. [the existing part].

For general insurance purposes this means that if the complaint relates to a person that is an individual or small business as defined above and a retail insurance product of the type defined in the regulations (subject to exemptions), it must meet the new IDR requirements.

Outsourcing IDR processes

IDR processes can be outsourced in whole or part, but if so must:

• •

have measures in place to ensure that due skill and care is taken in choosing suitable service providers; monitor the ongoing performance of service providers; and appropriately deal with any actions by service providers that breach service level agreements or fall short of their IDR obligations.

Acknowledgement of complaint

IDR response content

An IDR response is written communication from a firm to the complainant informing them of: • the final outcome of their complaint at IDR (either confirmation of actions taken by the firm to fully resolve the complaint or reasons for rejection or partial rejection of the complaint); • their right to take the complaint to AFCA if they are not satisfied with the IDR response; and • the contact details for AFCA. If a complaint has been referred to IDR by AFCA, the firm may draft the IDR response to reflect the fact that the customer has already initiated contact with AFCA. For partial or full rejection, the IDR response must (except to the extent it might breach relevant law e.g., privacy) clearly set out the reasons for the decision by: • identifying and addressing the issues raised in the complaint; • setting out the firm’s findings on material questions of fact and referring

PROFESSIONALISM / Analysis

•

to the information that supports those findings; and providing enough detail for the complainant to understand the basis of the decision and to be fully informed when deciding whether to escalate the matter to AFCA or another forum.

When an IDR response must be provided by

Subject to the five day and complaint management delay exceptions below, a firm must provide an IDR response to a complainant no later than 30 calendar days after receiving the complaint.

This timeframe also applies to firms that have multi-tier IDR processes.

It is the complainant’s expression of dissatisfaction (that meets the definition of ‘complaint’ in RG 271.27) that triggers a firm’s obligation to deal with the matter according to the ASIC IDR requirements, not the referral of a complaint to a specialist complaints or IDR team.

Complaints closed within five business days of receipt exception

A firm does not need to provide an IDR response to a complainant within the 30day period if the firm closes the complaint by the end of the fifth business day after receipt because the firm has: • resolved the complaint to the complainant’s satisfaction; or • given the complainant an explanation and/or apology when the firm can take no further action to reasonably address the complaint.

However, a written IDR response is required, even if the complaint is closed by the end of the fifth business day, if: • the complainant requests a written response; or • the complaint is about: o hardship; o a declined insurance claim; or o the value of an insurance claim.

Complaint management delay exception

A firm is not required to provide a complainant with an IDR response within the timeframe, if there is no reasonable opportunity for the firm to provide it within the timeframe because: • the resolution of the individual complaint is particularly complex; and/or

•

the circumstances beyond the firm’s control are causing complaint management delays.

However, before the relevant IDR timeframe expires, the firm must give the complainant an ‘IDR delay notification’ that informs them about: • the reasons for the delay; • their right to complain to AFCA if they are dissatisfied; and • the contact details for AFCA. The above does not: • prevent a complainant from exercising their right to escalate a complaint to AFCA and does not affect AFCA’s ability to register a complaint; or • apply to the refer back timeframes applied by AFCA when a complaint is escalated to AFCA.

Customer advocates

A firm may offer a complainant the option of escalating their complaint to a customer advocate, as an alternative to AFCA, after an IDR response is issued.

When making such an offer, the firm must not prevent complainants from exercising their right to access AFCA. The total time spent must not exceed the maximum IDR timeframe.

Time stops on the date that the IDR response is sent to the complainant and starts again from the date that the complainant notifies the firm that they wish to escalate the complaint to the customer advocate.

Links between the IDR process and AFCA

The IDR process must require the firm in IDR responses and IDR delay notifications to inform the complainant that they have a right to pursue their complaint with AFCA; and provide details about how to access AFCA. ASIC notes that firms should provide details about how a complainant can access AFCA in a range of disclosure documents, including: Financial Services Guides (FSGs) and Product Disclosure Statements (PDSs) and the firms’ broader communications to consumers about their arrangements for managing complaints.

A firm wanting to refer a complaint to AFCA where a firm has given an IDR response to the complainant, but the complaint remains unresolved, and

the complainant has not escalated it to AFCA, must obtain the consent of the complainant(s) to do so.

Systematic issues

Boards must set clear accountabilities for complaints handling functions, including the management of systemic issues identified through consumer complaints. If a firm provides reports to the board and/or executive committees, the reports must include metrics and analysis of consumer complaints as well as information about systemic issues identified through those complaints.

Firms must: • encourage and enable staff to escalate possible systemic issues they identify from individual complaints; • regularly analyse complaint data sets to identify systemic issues; • promptly escalate possible systemic issues to appropriate areas within the firm for investigation and action; and • report internally on the outcome of investigations, including actions taken, in a timely manner.

IDR standards

ASIC RG 271 sets out a number of IDR standards firms must comply with (as well as best/good practice suggestions), as adapted to suit the nature, scale and complexity of their business, in relation to: • top-level commitment to effective, fair and timely complaint management; • enabling complaints; • resourcing; • responsiveness; • objectivity and fairness; • complaint management policies and procedures; • data collection, analysis and internal reporting; and • continuous improvement of the IDR process.

Data collection

ASIC intends to implement data reporting requirements and has released pilot IDR reporting documents which are being tested. More details can be found on the ASIC website.

Firms should consider how to map their own complaints systems to the pilot data dictionary and if issues are identified advise NIBA by emailing ahextell@niba. com.au.

NIBA.COM.AU / 19

COMMUNITY / #NIBA2021

PROFESSIONALISM + RESILIENCE = OPPORTUNITY Join us at the 2021.2 NIBA Convention in February 2022 for first-hand exclusive insights, exciting networking opportunities, and world-class speakers.

T

he following is a tête-à-tête with Mark Carter, an international keynote speaker, trainer and coach. Mark shares his expertise on how businesses and employees can prepare for their return to the office, and insights into post COVID-19 working practices.

Insurance Adviser: What are your insights into how employers and employees will adapt to post COVID-19 return to the office working arrangements?

Mark Carter: A hybrid-working model for many businesses is part of the return to office arrangements. One of the first considerations is what does hybrid look like for you, your team, and your business?

Make sure to land on an approach that suits your culture and needs. We may well read about businesses (often tech based) leading a trend offering their people the opportunity to work from home indefinitely. This approach won’t work for everyone or all industries. Even when you break down the layers of behavioural science the odds are stacked that you’ll have some people who may well appreciate more time working from home whilst others crave the energy and buzz of the office environment. Take a temperature check, gain your team’s input, have candid conversations and find a hybrid model that will work for you.

It will be great to adopt more patience too! With ourselves as well as each other.

To paraphrase from psychology, we may well have all been in the same storm, but we have been experiencing it from vastly different vessels. We have no idea what 20 / INSURANCE ADVISER NOVEMBER 2021

Registe r now at niba .com.au conven / tio Mark in n to see person virtuall or y on 8 Februa 2022 in ry Melbo urne.

our colleagues or clients have experienced during the last 18 months. Learning to judge less, and not leaping to assumptions is a lifelong quest given that we are, by nature, meaning making machines! Our brains are always churning over giving meaning to messages, situations, scenarios and, well, stuff. Perhaps put a special focus on the skill I often link to being the only one I’d train in sales if limited to a single theme only: learn to ask better questions and be genuinely interested and present to the answers.

As we all get back to the office, hybrid or in person, it’s also a great time to recognise that every individual plays their part towards the culture. Business leaders may well steer the direction through a strong vision, mission values and culture playbook. Yet it is people, all individuals that bring it to life. In order

ABOUT MARK CARTER Mark Carter is an international keynote speaker, trainer and coach. He has over 20 years’ experience as a global learning and development professional.

He is a regular mainstream media contributor and author. His TEDx talk, ‘Paws and effect’, was the movie trailer for his latest book ‘Add Value’. Mark has custom built a bespoke learning academy for SMEs and individuals with a focus on personal and professional development. He has developed unique programs and IP that simultaneously dovetail with a variety of globally recognised behavioural and business tools he’s accredited in. The keynotes and deeper dive learning programs he delivers, from blue chip billion dollar businesses to SMEs, are frequently around key themes such as leadership, culture, customer experience, sales, change or creativity. All have a common thread of people and behaviour.

for the new office environment to be one that is warm, welcoming, easy, successful and fun, I’ve got to be willing to participate, not simply spectate.

IA: What other advice can you share about working practices post COVID-19?

MC: Sharpen your focus and adopt habits that ensure the four primary pillars of culture operate more optimally.

Administration pillar: Every business requires a playbook of processes.

Amidst lockdowns and entire workforces forced to work from home, processes have required updating. Periodically continue to do so bearing in mind the two ends of the administration seesaw. Make sure processes aren’t so complex or convoluted you need multiple science degrees to figure them out. Don’t leave critical ones to interpretative chance.

Performance pillar: Once everyone knows the rules and values, individual performance can be tied to collective targets and results. Make sure everyone knows their own numbers or objectives, and take a holistic approach towards performance achievement through three types of goals.

• Performance goals: KPI, business objective related • Learning goals: continued upskilling, personal and professional development • Fulfilment goals: the feel-good factor substance of life, often not, at first glance, directly linked to business objectives.

Arm people leaders with more sophisticated, personalised, coaching capabilities to ensure meaningful conversations are conducted at an individual level around all three goals not just improvements towards percentages or results. In a post COVID-19 world, one thing many people have learnt perhaps on a deeper level is the precious nature of time with family or friends, living life through experiences and personal fulfilment.

Learning pillar: Keep time on your calendar for continued upskilling. One lesson, no doubt amongst many, that stands out from the last 18 months may well be the need to be ready to adapt. In the same way that change is frequently regarded as a constant, so too is lifelong learning. Don’t sacrifice your development time (personal and professional) from the calendar when things are busy. Your continual learning is as important an activity as other tasks.

Protect your calendar and invest in yourself.

For businesses, develop a robust learning culture beginning with on boarding and engulfing individual learning pathways, including blended and on the job learning.

Innovation pillar: Not all creativity is innovative. Not all innovation is disruption.

Yet all creativity has value. Innovation and disruption are born from time allowed in creative play and pondering ‘what if?’ The innovation pillar is also frequently viewed as a holy grail of sorts. Just don’t confuse the fun stuff (free food, work from home, casual dress or pets in the office) as the substance of innovation or uniqueness. Innovation and fun work in conjunction with the other pillars balanced. Without processes, personal accountability or continual learning, innovation (especially the fun stuff ) is akin to a Hollywood set. A balsa wood facade that may look like the real deal at first glance, has a tendency to crumble or disappoint when put under the microscope.

During the 2021.2 NIBA Convention, I’ll be expanding on other insights relevant to themes, such as personal resilience and the adapting nature of both work and business in a post COVID-19 world, that simultaneously happens to be in the digital age, experience economy.

“Sharpen your focus and adopt habits that ensure the four primary pillars of culture operate more optimally.”

– MARK CARTER, INTERNATIONAL KEYNOTE SPEAKER NIBA.COM.AU / 21

COMMUNITY / #NIBA2021

TOPIC SPEAKER ADELAIDE 7-FEB-22 ADELAIDE MC: Rebecca Morse

1:00pm – 3:00pm ACDT

Welcome from the Master of Ceremonies President’s Address & State of the Industry 2021 ICA project on availability and affordability of insurance 2022 General Insurance Remuneration Review Introducing technology to streamline claims DDO and technology to keep up with regulatory burden

Dianne Phelan, President, NIBA Andrew Hall, CEO, Insurance Council of Australia John Trowbridge Sedgwick Diane Phelan, John Trowbridge, Andrew Hall

MELBOURNE 8-FEB-22

MELBOURNE MC: Jordana Borensztajn 1:00pm – 3:00pm Welcome from the Master of Ceremonies AEST Future of Financial Services Regulation Dr Rhys Bollen, Senior Executive Leader, Insurers, Australian Securities and Investments Commission (ASIC)

Meet the Regulators – ASIC Dr Rhys Bollen, Senior Executive Leader, Insurers, Australian Securities and Investments Commission (ASIC)

Meet the Regulators – AFCA Emma Curtis, Lead Ombudsman Insurance at Australian Financial Complaints Authority (AFCA)

Meet the Regulators – IBCCC Michael Gill, Chairman, Insurance Broker Code Compliance Committee (IBCCC)

Working practices post COVID-19 Mark Carter, Presenter l Author l Trainer l Coach l Igniting Human Potential

Working practices post COVID-19, a HR perspective Mel Costello

PERTH 14-FEB-22

PERTH MC: Chrissy Morrissy 1:00pm – 3:00pm Welcome from the Master of Ceremonies AWST Keynote – Professionalism + Resilience = Opportunity Dr Fiona Wood

Insurance brokers and workers’ compensation system NIBA WA in conjunction with WorkCover WA

COVID-19 related Business Interruption claims and test cases Adam Squire, Gallagher & Ken Wise, Marsh BRISBANE 16-FEB-22

BRISBANE MC: Bill Mcdonald 1:00pm – 3:00pm Welcome from the Master of Ceremonies AEST Storms, floods, fires: insurance for weather related incidents | Ryan Crompton, Risk Frontiers

on the nature and trends on major risks from an insurance perspective

Storms, floods, fires: insurance for weather related incidents | David Henderson Chief Engineer, Cyclone Testing Station,

on mitigation and resilience measures for domestic, strata James Cook University and SME

Storms, floods, fires: insurance for weather related incidents Stephen McShane, Northern Region Technical Property Specialist, CGU

Northern Australia Cyclone reinsurance pool: Presented by Suncorp perspective from insurers

Northern Australia Cyclone reinsurance pool: Steven Hill interview with Ron Bellert

perspective from brokers SYDNEY 21-FEB-22

SYDNEY MC: Andrew Klein 1:00pm – 3:00pm Welcome from the Master of Ceremonies AEDT Personal Advice vs General Advice: The Future of Mark Radford, Dianne Phelan, Ward Dedman Insurance Broking Closing Keynote Chris ‘Boo’ Boucousis Convention Close Philip Kewin

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COVER STORY / Stephen Ball Memorial Award for the 2021 Broker of the Year

This year’s state winners of the QBE-sponsored Stephen Ball Memorial Award are adept at using their expertise to go the extra mile to better serve their clients.

RISING TO THE CHALL

BY TANAYA DAS

24 / INSURANCE ADVISER NOVEMBER 2021

2021 VIC/TAS BROKER OF THE YEAR

Ian Goninon of Capital Innovation Insurance Group

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Ian Goninon: We have been very lucky in Tasmania as everyday life has proceeded as normal. However, as the world has made a shift to the virtual realm, we have learned to use technological advances to our benefit, such as Zoom, over the phone/email to correspond with our interstate clients, something we haven’t done before, as I like to visit clients face-to-face. We have been very lucky that only a small number of our clients have been fully impacted by COVID-19.

the thick of things advising clients regarding the best course of action.

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

IG: I believe the profession itself will be more around risk management. Underwriters will want to see more done by their clients to prevent risk. This will involve businesses being more compliant and showing that they are limiting their risk exposure.

There will be more simplified underwriting processes through advanced insurance platforms. Smaller clients currently looked after by brokers may go to the direct market, leaving intermediaries to fight for a smaller piece of the pie.

G E LENGE IA: What is the most important lesson you have learnt in your career so far?

IG: I have learnt to listen to clients and their needs, to be willing to see the big picture. I think the biggest lesson I have learnt is to only take on what I can “Being a do, to be able to deliver all promises made to the clients, and to show them we are more than just professional insurance broker chasing the dollar. Also, to tackle the hardest things first, so the rest of the day is easier.

IA: What are the biggest challenges facing the insurance broking profession today and how do you think these challenges will evolve going forward?

IG: I believe the biggest issues facing the means giving insurance broking industry are things that we hadn’t previously considered, such as IA: What does professionalism mean to a client the COVID-19, which will be around for a long you? best program time yet – it has impacted travelling, crossing IG: To me, professionalism is everything. It to protect borders and so much more. is how we conduct ourselves to both clients, themselves, their work colleagues and others around us. A lot Another issue would be cyber insurance, hacking is becoming a huge issue for a lot of of new clients talk to us saying that if we can employees, and businesses and each week there seems to be a offer the best premium then they will go with families, not the us, but to me being a professional insurance new virus or error to contend with. I feel that best price.” providing our clients with adequate cover and broker means giving the client the best program making them aware of the frequently changing to protect themselves, their employees, and landscape is of utmost importance. families, not the best price.

It is going to get harder to write business for certain industries. I think in the future, organisations may need to IA: How can insurance brokers progress to being seen as change their structure and/or facilities to evolve into new trusted advisers? areas so they can continue to be insured.

IG: By keeping their word to their clients, to find the best Lastly, I believe we have only seen the beginning of insurance program for their needs, to always return calls/ climate change and the knockdown effect this will have on emails when you said you would, even if it is just to say you are businesses, especially small businesses reliant on larger still investigating/working on what they need. To continue to businesses that have been impacted. Perhaps certain areas of learn and train in an ever increasingly changing market.

Australia will become harder to insure and brokers will be in

NIBA.COM.AU / 25

COVER STORY / Stephen Ball Memorial Award for the 2021 Broker of the Year

2021 NSW/ACT BROKER OF THE YEAR

Craig Claughton of Marsh

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Craig Claughton: The biggest takeaway has been harnessing the power of technology. Most of us have been pleasantly surprised at how efficient it’s been at helping us support clients, especially now for such a long period.

And above all, effective communication. To ensure that I touch base with both clients and colleagues, not being able to see each other face-to-face is difficult and it can be hard to know I am meeting my clients’ requirements. I have learnt to check and re-check understanding. Broking clients have been suffering, and it is our job to do all we can to remove ‘insurance’ as one additional headache.

IA: What are the biggest challenges facing senior risk professionals today and how do you think these will evolve going forward?

CC: I believe broking professionals face two main challenges; the move to electronic service delivery and self-service facilities for clients is a major one, because it removes the ability to secure sound advice. Brokers need to remain ‘relevant’ for clients and the challenge is to provide service delivery in a manner/method that clients can both easily and readily access. The second challenge lies in attracting talent “Broking clients and professional development. have been I would like to see us raise the minimum education standard suffering, and it is (tertiary level) and require our job to do all practicing certificates to operate we can to remove as an insurance broker, similar to lawyers, accountants, etcetera. ‘insurance’ as

one additional

IA: What current trend do headache.” you think will have an impact on insurance brokers?

CC: I believe the current access to information we have is at the top of the list. With a few keystrokes today a broker or underwriter is easily able to research a client or core topic. I believe this supports better decision making. An emphasis on data and analytics has become a core element of our service delivery and again assists clients to make sound decisions.

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

CC: The biggest lesson I’ve learnt in my career is the importance of active listening. You learn significantly more by listening than by speaking. This can be applied to broking, with clients, colleagues, and of course outside of work also.

IA: What does professionalism mean to you?

CC: Integrity, without it you have nothing. There are many components to professionalism, education, training, personal development, but working hard on your ‘personal brand’ is the delivery of all these things, and at the core of that is integrity.

26 / INSURANCE ADVISER NOVEMBER 2021

THE 2021 WA BROKER OF THE YEAR

Jeff Booth of GSK Insurance Brokers

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Jeff Booth: The pandemic has emphasised the need to be flexible and to plan ahead. Whether it is a quick change from working in the office to working at home, or dealing with clients who are in rapidly changing circumstances, the need to act quickly and change the way we operate has become even more important.

IA: What are the biggest challenges facing the insurance broking profession today, and how do you think these challenges will evolve going forward?

JB: Remaining relevant to clients, particularly small businesses. People are more and more comfortable shopping online and this applies to insurance for some.

Showing we can provide valued “You must take the time advice and service that will make a difference to their to build the relationship business will differentiate us in order to be trusted, in from the direct insurers.

most cases that will require communication in ways other than just email”

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

THE 2021 SA/NT BROKER OF THE YEAR

Karen Skinner of MGA Insurance Group

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Karen Skinner: For some of our clients who have been affected directly by COVID-19, we offer them empathy and someone they can talk too to help alleviate their stress caused to their business or personal lives.

We are going above and beyond by being their voice, and negotiating with insurers for payment extensions, discounts, or reduction in limits, but still making sure there is still sufficient cover in place.

IA: What are the biggest challenges facing the insurance broking profession today, and how do you think these challenges will evolve going forward?

KS: Currently, I find it to be the limited options we have access to “It is all about your expertise due to the hardening market we are faced with. I think we need and knowledge in the to continue communicating with industry, but also going insurers on market needs so above and beyond to assist underwriters know what clients your clients.” want from their insurance cover.

JB: The use of technology will be key both in being efficient to provide a quality cost effective service but also in our interactions with customers.

IA: What are the major technical advancements you have seen in the profession, and what current trend do you think will have an impact on insurance brokers?

JB: The implementation of new technologies has been significant, but it is also essential to remember that being a broker is much more than processing information in a system, talking to underwriters and clients is still a vital part of the process. Fintech developments will make the industry more efficient and improve service for clients.

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

JB: If you have bad news to deliver it is much better delivered face-to-face, where possible. Most people will appreciate you doing it and it is much easier to explain the issues and maintain the relationship.

IA: What does professionalism mean to you?

JB: Professionalism is all about operating consistently at a high standard of knowledge, ethics, and behaviour.

IA: How can insurance brokers progress to being seen as trusted advisers?

JB: You must take the time to build the relationship in order to be trusted, in most cases that will require communication in ways other than just email.

There will be such a need for insurance brokers in the future and we need to make sure we secure the right people to lead this going forward. We need to sell the opportunities and the diversity a job in the insurance industry can offer.

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

KS: Looking at the big picture, I believe that the profession will need to keep up with the latest technology. The pandemic has taught us that accessible technology that we can trust can help us deliver good service and quick responses.

As brokers we need to work with insurers to obtain a personalised product rather than a ‘one cover suits all’ approach. Brokers need to sell the importance of a broking advice and what we actually do before the need for personalised advice is overtaken by online streams of selling.

2021 QLD BROKER OF THE YEAR

Tony Venning of Crucial Insurance

Insurance Adviser: What has the COVID-19 pandemic taught you about resilience and supporting clients through tough times?

Tony Venning: COVID-19 has impacted businesses and individuals in many ways. The key lessons are to be pro-active in reaching out to clients, teams, and those around you. Empathy has emerged as a core trait of our community throughout the pandemic, and whilst it has been a difficult period, it has been inspiring to see compassion, understanding, and care for each other emerge as a predominant factor in how we look after one another.

IA: What are the biggest challenges facing the insurance broking profession today, and how do you think these challenges will evolve going forward?

TV: I think the biggest challenge lies in providing sustainable risk transfer solutions in the technology sector. The rapid advancement of technology presents a considerable challenge to our industry to develop risk transfer solutions that meet the risks of a digital world.

What we do requires regulation and compliance, however if the regulators overreach it can have the reverse effect.

This happens when brokers elect to withdraw from certain sectors, such as personal insurance or micro-SME insurance, as the compliance requirements make these sectors unviable from a commercial viewpoint. In many cases, this will see consumers buying cover from insurers direct without any advice or advocacy. I’m not sure this outcome is in the best interest of consumers.

“Be authentic. The best version of you is when you are true to yourself.”

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

TV: The insurance broking profession will continue to evolve into a risk-based professional advisory business model. It will be critical that insurance brokers can demonstrate value, as risk advisers over and above being transactional brokers.

This will require expertise in key disciplines such as risk assessment, limit review, and contractual review continue to grow. It is important that as a profession we meet this need by investing in education in these key areas.

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

KS: To listen to what my clients need and educate them along the way whilst showing professionalism and compassion.

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

TV: Be authentic, the best version of you is when you are true to yourself. The more experience you have, the more you realise you never stop learning and above all, mistakes happen, it is how you respond to them that counts.

IA: What does professionalism mean to you?

KS: Professionalism is everything in the insurance industry.

It is all about your expertise and knowledge in the industry, but also going above and beyond to assist your clients. I have learnt to make myself available to my clients 24/7 during emergencies, giving them peace of mind to be able to talk to me rather than a stranger.

IA: What does professionalism mean to you?

TV: Professionalism is always acting in the client’s best interests, seeking to serve the clients’ interests first and foremost, and continuous development of skills and expertise which add value to a client’s business. It is representing the insurance broking profession with authenticity and integrity, and above all treating others as you want them to treat you.

NIBA.COM.AU / 27

FEATURE / Mergers and Acquisitions

28 / INSURANCE ADVISER NOVEMBER 2021

BOOM TIME FOR BUSINESS, AS M&A ACTION HOTS UP It is boom time for mergers and acquisition (M&A) activity, and for M&A insurance… If you’ve not considered dealing in M&A before, now could be the time to explore it.

BY MARTIN WANLESS

NIBA.COM.AU / 29

FEATURE / Mergers and Acquisitions

F

or the past 12 months, there’s been a global M&A boom – and it’s forecast to continue for some time yet.

With the availability of cheap debt, private equity houses having some ‘dry powder’ to invest in good assets, and businesses having had time to review what they do and don’t need during COVID-19, activity has flourished.

As a result, M&A insurance activity has grown, too.

Rory Moriarty of law firm Clayton UTZ, says, “Insurers and brokering companies are looking at how they can use M&A activity to boost their recovery from the shocks of the pandemic.

“The experience of the pandemic has compelled companies to review their strategy and portfolio. This has helped

them identify those areas that need investment — and at speed.

“Customers of both brokers and insurers will be looking at deal-making to quickly meet those requirements, with most deals in the next 12 months targeted at bolt-ons and the acquisition of specific capabilities.”

William Lewis, Head of Asia Pacific, Liberty Global Transaction Solutions, says the business has certainly seen an increase in M&A insurance across Asia Pacific.

“Across the market generally, as the number of M&A deals have increased, insurance capacity has contracted to an extent, because we are in a hard market, so some brokers will have found deals more difficult to place than in previous years.”

That lack of capacity has also led to some insurers unable to support multiple

“INSURERS AND BROKERING COMPANIES ARE LOOKING AT HOW THEY CAN USE M&A ACTIVITY TO BOOST THEIR RECOVERY FROM THE SHOCKS OF THE PANDEMIC.” RORY MORIARTY, CLAYTON UTZ

30 / INSURANCE ADVISER NOVEMBER 2021

bidders throughout an auction process, says Sam Thomas, Client Director – M&A and Transaction Solutions at Aon. “Due to these resource constraints, deals are taking longer to underwrite,” he says.

“Therefore, it becomes increasingly important for the insured and deal teams to engage in the W&I (warranty and indemnity) insurance process sooner and allow for ample time to finalise this process.”

As the M&A action hots up in Australia, an increased level of interest naturally comes from foreign buyers, which creates increased need for regulatory approval.

“The regulators are also capacity constrained, and we are seeing deals taking longer to complete and for the conditions precedents to be met,” says Thomas.

“This increases deal risk during signing

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FEATURE / Mergers and Acquisitions

“OFTEN, WE WILL SEE A BASIC FIRST TURN SALE AND PURCHASE AGREEMENT, BUT IT’S NOWHERE NEAR WHAT THE FINAL AGREEMENT WILL LOOK LIKE ...”

WILLIAM LEWIS, LIBERTY GLOBAL TRANSACTION SOLUTIONS and completion for buyers during these interim periods.

“We are also seeing insurers taking a more conservative position on covering breaches of warranties during this elongated interim period – typically, as this period is not diligenced – and in our jurisdiction we do not typically have a bring down disclosure process at completion – insurers view this as a riskier prospect.

“To the extent that the interim period between signing and the deal closing is longer than a month, insurers will generally not cover any future impacts of the pandemic 32 / INSURANCE ADVISER NOVEMBER 2021

during this interim period, therefore we suggest that termination rights and closing adjustments are looked at closely within the SPA to account for any negative impacts to the business before closing.”

RING-FENCING DIFFICULTIES

For brokers working with clients on M&A deals, Lewis says, it’s important to provide insurers with an advanced sale and purchase agreement.

“Often, we will see a basic first turn sale and purchase agreement, but it’s nowhere

near what the final agreement will look like, so we’ll be quoting from something that both parties will know will change,” he says.

Of course, it’s during this process that insurance really comes to the fore.

Moriarty says: “Brokers need to be aware of the importance of W&I insurance when their clients are looking to complete deals. While previously W&I insurance was viewed as too expensive or inflexible, it is now used as a practical solution to cover unexpected issues that arise after a deal has been completed.

“W&I insurance is intended to work in

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FEATURE / Mergers and Acquisitions

parallel with the negotiations and is designed to support (rather than replace) a robust due diligence process. Brokers need to be aware of the transaction process in order to manage the risk profile of the insurance product’.”

The due diligence process, however, is when other products outside of W&I come firmly into play – and it can be invaluable to clients as the deal progresses.

“Clients can find it difficult to ring fence known issues in diligence and find insurance cover for these issues,” says Thomas. “There are products other than just W&I Insurance, such as Tax Liability Insurance and Contingent Liability Insurance that would be able to cover known risks that can be insured at a fraction of the cost, rather than being a price adjustment on a transaction.”

Of course, there are other significant risks that brokers need to be aware of.

Thomas says, “Cyber risks and environmental contamination, for example, are also areas that clients can struggle with and with a combination of insurance diligence and placement of these policies outside the deal context such risks can be alleviated.”

COMMON M&A REQUESTS William Lewis, Head of Asia Pacific, Liberty Global Transaction Solutions, says there are a number of common requests coming through regarding M&A cover.

• Coverage for errors in financial statements • Coverage for errors in stock take and stock • Coverage for errors in employee entitlements • Coverage for errors in the value of material contracts “Material contract issues are a global issue,” says Lewis. “This occurs when there’s a contract with a supplier and the terms have been changed over the course of time, or there’s a different agreement in place, which changes the value of the deal.”

“CLIENTS CAN FIND IT DIFFICULT TO RING FENCE KNOWN ISSUES IN DILIGENCE AND FIND INSURANCE COVER FOR THESE ISSUES.” SAM THOMAS, AON

34 / INSURANCE ADVISER NOVEMBER 2021

Timing, too, is critically important: working in a hard market with reduced capacity, deals can take longer to place.

“Last year, for example, it might take five business days to get a deal done – today, due to capacity constraints with insurers and their legal counsel, it might take ten days, and that’s important for brokers to both understand and to communicate to their clients.”

With increased M&A activity set to continue over the coming months, it presents a strong opportunity for those brokers experienced in the sector, and those who are considering making inroads.

After all, a good broker will add incredible value to any M&A transaction.

Thomas says, “Brokers can also give clients insight into the level of diligence they need to conduct to get an insurer comfortable to get fulsome coverage across warranties and advise on what is market standard. A good broker can also offer bespoke solutions based on their experience to ensure risk transfer through innovative ways and has knowledge of what insurance markets have appetite for.”

FEATURE / Management Liability

Managing change in an everchanging world

36 / INSURANCE ADVISER NOVEMBER 2021

Management liability is set to come under increased scrutiny as clients grapple with the realities of establishing new ways of working in a ‘living with COVID-19’ world.

BY MARTIN WANLESS

NIBA.COM.AU / 37

FEATURE / Management Liability

A

s a global community, navigating a path towards – and through – ‘living with COVID-19’ is going to be as big as any challenge we’ve faced over the past two years. While the ‘new norm’ cliche may now elicit a roll of the eyes more than anything else, establishing how businesses operate in the medium term will be critically important. And, when it comes to management liability insurance, it’s something that insurers are keeping a close watch on.

“The key areas of interest for management liability insurers are driven

by COVID-19 and how companies are managing through the global pandemic,” says Craig Claughton, Managing Director and Head of FINPRO – Pacific at Marsh.

“For many organisations, solvency and employment issues remain a concern with unpredictable lockdowns and new government regulations.”

As a consequence of COVID-19, says Suzanne Craig, Partner, Wotton & Kearney, there’s likely to be increased exposure to Employment Practices Liability (EPL) Claims, too.

“Employers and businesses now face

significant challenges in this area given the much broader opportunity for employmentrelated issues to arise, including mandatory vaccinations, job losses as a result of the pandemic, potential exposure of staff to COVID-19 in the workplace, and providing a safe workplace in circumstances where people work remotely,” she says.

“Given the rapidly shifting workplace environment, clients need assistance in understanding employment rights and obligations arising out of the post COVID-19 world.”

Adrian Kitchin, CEO, Ethos Broking Australia, agrees; “The transition back to the office from home-working arrangements presents issues that employers will need to carefully consider,” he says.

“Employers have a duty to provide a safe workplace for employees, so employers will need to undertake a risk management assessment to determine whether they can reopen the workplace safely and to compel employees to return. There will likely be a number of employees that may refuse to come back to the workplace which may result in disputes, including allegations of bullying, discrimination and unfair dismissal.”

How businesses transition to ‘the new norm’ will be critically important, and ultimately having a robust plan and the ability to adapt is something insurers are increasingly focusing on.

GLOBAL PANDEMIC? TIP OF THE ICEBERG While COVID-19, and the subsequent transition to the new norm, is at the forefront of many concerned with management liability, it’s compounding an existing pricing and capacity issue.

“Pricing for management liability coverage was already increasing prior to the pandemic as insurers sustained losses in a number classes including management liability,” says Kitchin.

“This has been exacerbated by the effects of the pandemic together with insurers either partially or completely withdrawing from writing lines of business that they regard as unprofitable.”

And while the pandemic response is a critically important aspect of management liability considerations in the current climate, other key issues cannot be sidelined.

Local Presence, Global Strength www.brooklynunderwriting.com.au

FEATURE / Management Liability

“THE [OVERALL] IMPACT HAS RESULTED IN CAUTIOUS UNDERWRITING, TIGHTENED TERMS AND CONDITIONS, REDUCED LIMITS AND INCREASED RETENTIONS.” - CRAIG CLAUGHTON, MANAGING DIRECTOR AND HEAD, FINPRO – PACIFIC AT MARSH Cyber, for example, is an ongoing – and continually evolving – concern.

“Cyber risk continues to worry the industry and clients with the increase in ransomware attacks and requirement for organisations of all sizes to continually evolve their cyber risk maturity in line with the ever-changing cyber risk landscape,” says Claughton.

In addition, says Craig, there has been a rise in D&O claims involving SME businesses.

“Oppression claims, shareholder allegations of director misconduct, insolvency risk (particularly as government support comes to an end for businesses) and the increasing exposures to directors and officers generally across health and safety, environment and employment make this area of exposure a volatile space,” she says.

40 / INSURANCE ADVISER NOVEMBER 2021

“The [overall] impact has resulted in cautious underwriting, tightened terms and conditions, reduced limits and increased retentions,” Claughton says.

“Given the scope of cover afforded by these policies, however, they still represent value for money.

THE NEED FOR EDUCATION With such an array of continually evolving – and somewhat unknown – risks, it’s vitally important that clients have a thorough understanding of what management liability covers and how it can offer protection.

In addition, having the correct risk mitigation strategies in place – while always important – has become fundamental in getting the right coverage.

KEY TAKEOUTS •

•

• •

As businesses establish a ‘new norm’, they open themselves up to a multitude of new risks – some of them known, the majority unknown.

Insurers need to see robust risk management strategies in place, and an ability to adapt to the ‘new norm’.

Cautious underwriting and increasing premiums create a challenging environment This presents a significant opportunity for brokers to provide enormous value.

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

ING IS

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QPIB

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

D PRAC IE T F I

IN

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CAITLIN CARSON, 2019 YOUNG PROFESSIONAL BROKER OF THE YEAR

NCE BR

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FEATURE / Management Liability

“A KEY CHALLENGE IS FOR CUSTOMERS TO UNDERSTAND THE DISTINCTION BETWEEN MANAGEMENT LIABILITY AND PROFESSIONAL INDEMNITY COVERAGE.” - ADRIAN KITCHIN, CEO, ETHOS BROKING AUSTRALIA

42 / INSURANCE ADVISER NOVEMBER 2021

“[Clients need to] adopt risk management strategies because a lot of the issues we’re seeing are preventable with the right processes in place,” says Daniel Webber, Director, Webber Insurance Services.

“The fallout from COVID-19 is likely to drag on for a number of years to come, especially in D&O, Employment Practices and Statutory Liability.”

Education is critically important, and it’s always valuable to frequently discuss what management liability covers clients for and, more importantly, what it doesn’t.

“A key challenge is for customers to understand the distinction between management liability and professional indemnity coverage,” says Kitchin.

“Many insureds find it hard to separate their corporate responsibilities from their professional activities.”

Craig Claughton agrees, and says this is another opportunity for a broker to deliver real value.

“Brokers are the experts in insurance and their clients are the experts in their business – it should not be expected that all clients know how these policies operate.

“Policy documents can be long and often go unread by clients. Offering clear and concise explanations of policy terms and conditions will assist clients in understanding their coverage and obligations under the policy.”

With the world in a constant state of flux, management liability is certainly going to be an area of insurance that needs particular attention over the coming months and years – and it presents a significant opportunity for brokers to once again demonstrate genuine value.

COMMUNITY HUB

COMMUNITY HUB NOVEMBER 2021

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

INDEX AB Phillips ..................................................... 44 ASR Underwriting...................................... 45 Affinity Insurance Brokers...................... 46 Newline Group............................................ 46 Wellington Underwriting......................... 47

AIBI................................................................... 47 Australasia Underwriting........................ 47 Pollard Insurance Brokers........................ 47 Tudor Insurance Brokers..........................48 Liberty Specialty Markets....................... 48

Moran Insurance Brokers........................ 49 MGA Insurance Group............................. 49 Marsh & McLennan.................................... 50 NIBA advertising......................................... 50

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

Exclusive timber and sawmill insurance facility AB Phillips has been insuring the Timber and Sawmilling industry for more than 25 years. We have an exclusive underwriting facility which is available to select brokers.

Our insurance facility is for clients in the following sectors: • • • • •

Timber yards Timber storage Timber processors Sawmills Roof truss and wall frame manufacturers

Commission is paid on placements.

For more information please contact Rose Dee on:

Phone: 1800 819 394 | Direct: 03 8586 9316 | Email: rose@abphillips.com.au AB Phillips Pty Ltd. Australian Financial Services Licence No. 234457. ABN: 91 007 075 934. PO Box 832 Moorabbin VIC 3189. 445 Warrigal Rd Moorabin VIC 3189. e: info@abphillips.com.au t: 03 8586 9333 f: 03 8586 9394 w: www.abphillips.com.au

COMMUNITY HUB Key Liability Industries:

Key PI Occupations:

Key FI Occupations:

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

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

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

Chief Executive Officer / Underwriting Manager – Liability

Underwriting Manager - PI

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

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

Linda Sepala Underwriting Manager – D&O & FI

PH: 03 9998 1900

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

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

Sports Sports Associations Associations Mountain Biking Biking Equine Equine Associations Associations Mountain Abseiling Abseiling Sports Sports Associations Associations Mountain Mountain Biking Biking Equine Equine Associations Associations Abseiling Abseiling SeaSea Kayaking Kayaking Orienteering/Rogaining Orienteering/Rogaining Equine Equine Events Events Accommodation Accommodation Sea Kayaking Sea Kayaking Orienteering/Rogaining Orienteering/Rogaining Equine Equine Events Events Accommodation Accommodation Scuba Scuba Paddle Paddle Boarding Boarding Equine Equine Therapists Therapists Agistment Agistment Scuba Scuba Paddle Boarding Boarding Equine Therapists Agistment Agistment Snorkelling Snorkelling Pony Pony Rides Rides Farriers Farriers & Therapists Dentists & Dentists Paddle Animal Animal & Petting & Petting Zoo ZooEquine Snorkelling Snorkelling Pony Pony Rides Rides Farriers Farriers & Dentists & Dentists Animal Animal & Petting & Petting Zoo Zoo Snow Skiing Skiing Paintball & Skirmish & Skirmish Snow Fishing Fishing & Boat & Boat Cruises CruisesPaintball Archery Archery Snow Snow Skiing Paintball Paintball & Skirmish & Skirmish Fishing Fishing & Boat & Boat Cruises Cruises Archery Archery Surfing SurfingSkiing Riding Schools Schools Four Four Wheel Wheel Driving Driving Riding Bush Bush Walking Walking Surfing Surfing Riding Schools Schools Four Four Wheel Wheel Driving Driving Riding Bush Bush Walking Walking Swimming Swimming River River Rafting Rafting Flying Flying Fox Fox Camping Camping Swimming Swimming River River Rafting Rafting Flying Flying Fox Fox Camping Camping Trail Trail Running Running Rock Climbing Climbing Horse Horse Carriage Carriage Driving DrivingRock Campsites Campsites Trail Trail Running Running Rock Rock Climbing Climbing Horse Horse Carriage Carriage Driving Driving Campsites Campsites Ropes Ropes Course Course Horse Horse Trainers Trainers Canyoning Canyoning Ropes Ropes Course Course Horse Horse Trainers Trainers Canyoning Canyoning Rowing Rowing Initiatives Initiatives Caving Caving Rowing Rowing Initiatives Initiatives Caving Caving Sailing Sailing Kayaking Kayaking Team Team Building Building Sailing Sailing Kayaking Kayaking TeamTeam Building Building

46 / INSURANCE ADVISER AUGUST 2021

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

COMMUNITY HUB

�aibi

Adult Industry Business Insurance

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

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

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

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

Property Liability Underwriting

03 9559 3316 03 9559 3310 03 9559 3317

Email Contact: firstname@australasiaunderwriting.com.au For full appetite details please visit our website: AustralasiaUnderwriting.com.au

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 NIBA.COM.AU / 47

COMMUNITY HUB

“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 IF

ING IS

QPIB – A STATEMENT OF PROFESSIONALISM

• QUA L

– CRAIG ANDERSON, 2018 YOUNG PROFESSIONAL BROKER OF THE YEAR

RA

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QPIB NCE BR

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QPIB Campaign Print.indd 4

22/3/21 10:34 am

Benefits of dealing with LSM:

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

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

service@tudorinsurance.com.au

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

(03) 9707 3033

15% commission of all placements

Tudor Insurance Australia Cameron McKerchar tudorinsurance.com.au

48 / INSURANCE ADVISER NOVEMBER 2021

COMMUNITY HUB

NIBA.COM.AU / 49

COMMUNITY HUB

MARSH& MCLENNAN A G E N C Y OUR INSURANCE PRODUCTS INCLUDE:

■ ■ ■ ■ ■ ■ ■

Demolition & Asbestos Liability - demolition, asbestos removal and transport, asbestos and environmental consultancies and similar occupations Kidnap, Ransom & Extortion Personal Accident & Illness Income Protection Motor Trades - public and products liability Tyre Retailers - property Window Cleaners - public and products liability

PLEASE VISIT OUR WEBSITE, AND CLICK ON "PRODUCTS AND SERVICES" FOR MORE DETAILS www.marshmc.com.au

CONTACT Michael Beveridge

08 8385 3630 or

Tara Nadge

08 8385 3583 enquiries@marshmc.com

Advertise with the most influential and trusted voice in the Australian intermediated insurance industry · Insurance Adviser · Insurance and Risk website · Broker Buzz · Need a Broker website · Targeted eDMs · NIBA events (Annual Convention)

Marsh and McLennan Agency Pty Ltd ABN 33 000 668 584 / AFSL 238984

517-3776

50 / INSURANCE ADVISER NOVEMBER 2021

Contact Tony May National Advertising Sales Manager T: 02 9459 4303 E: tmay@niba.com.au

NIBA / Events

THE 2021 NIBA AWARDS

The 2021 NIBA Award winners were announced in a live virtual ceremony hosted by NIBA CEO Philip Kewin and attended by professionals across the country.

NIBA.COM.AU / 51

NIBA / Events

NIBA UAC QLD UNDERWRITING EXPO AND LUNCH The National Insurance Brokers Association (NIBA) and Underwriting Agency Council (UAC) Queensland Underwriting Expo and Lunch saw over 300 insurance brokers participate. The NIBA Team has thanked all of the attendees for making this event a resounding success.

52 / INSURANCE ADVISER NOVEMBER 2021

NIBA / Events

NIBA.COM.AU / 53

NIBA / Forthcoming Events

STAY UPDATED!

NIBA EVENTS

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

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

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

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

2021 NIBA QLD CHRISTMAS BOWLS & BBQ WHERE: The Boo, Newstead WHEN: Thursday 25 November Come along to celebrate the end of the year with the intermediated insurance industry. Featuring a friendly tournament of lawn bowls and a BBQ inclusive of drinks, this event is one not to be missed.

2021 NIBA NSW GALA LUNCH 2021 NIBA UAC WA UNDERWRITING EXPO

2021 NIBA SA CHRISTMAS COCKTAILS

WHERE: Crown Perth WHEN: Thursday 11 November NIBA and UAC are committed to provide this experience to the local WA market.

The event will be open to a limited number of exhibitors, and we welcome all insurance brokers to walk through the room free of charge.

WHERE: Peter Rabbit, Adelaide WHEN: Friday 12 November The highly anticipated NIBA SA Christmas Cocktails couldn’t proceed in 2020 but is sure to return in 2021 with a bang to celebrate the end-of-theyear in style.

WHERE: Doltone House, Jones Bay Wharf WHEN: Thursday 3 February The rescheduled NSW Gala Lunch will take place on 3 February 2022 and is held in conjunction with Wheelchair Sports NSW.

2021 NIBA SA GALA LUNCH WHERE: Panorama Ballroom, Adelaide Convention Centre WHEN: Friday 11 February The deferred luncheon heads to the Panorama Ballroom at Adelaide Convention Centre and will bring together the SA insurance community for an afternoon of celebrations.

DISPLAY ADVERTISING INDEX – NOVEMBER 2021 BAIS......................................................... IFC Vero................................................................5 QBE................................................................7 CGU.............................................................. 9 Innovation Group..................................... 11

Technosoft................................................. 17 Focusnet.................................................... 23 CBN............................................................. 31 ANZIIF.......................................................33 UAC............................................................. 35

Brooklyn....................................................39 QPIB............................................................41 Ebix.............................................................43 Mentoring................................................. 55 CHU...................................................... OBC

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

54 / INSURANCE ADVISER NOVEMBER 2021

MENTORING

NIBA Mentoring – Promoting Professional Development for 10 Years

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

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 at 1 October 2021.

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

RATING

NON-LIFE INSURERS AAI Ltd.

A+/POSITIVE

AIG Australia Limited

A/CreditWatch Negative

Allianz Australia Insurance Ltd.

AA-/STABLE

BHP Billiton Marine & General Insurances Pty Ltd. A/STABLE Chubb Insurance Australia Ltd.

AA-/STABLE

Great Lakes Insurance S.E (Australia Branch)

AA-/STABLE

Hallmark General Insurance Co. Ltd.

BBB+/STABLE

Insurance Australia Ltd.

AA-/STABLE

Society of Lloyd's

A+/STABLE

Medical Insurance Australia Pty Ltd.

A-/STABLE

QBE Insurance (Australia) Ltd.

A+/STABLE

QBE Insurance (International) Ltd.

A+/STABLE

Hallmark General Insurance Co. Ltd. (NZ Branch) BBB+/STABLE

Zurich Australian Insurance Ltd.

AA-/STABLE

IAG New Zealand Ltd.

AA-/STABLE

LENDERS MORTGAGE INSURERS

Society of Lloyd's

A+/STABLE

Genworth Financial Mortgage Insurance Pty Ltd.

A/NEGATIVE

Medical Insurance Society Ltd.

A-/POSITIVE

QBE Lenders' Mortgage Insurance Ltd.

A/STABLE

Southern Cross Benefits Ltd.

A/STABLE

Southern Cross Pet Insurance Ltd.

A/STABLE

Westpac Lenders Mortgage Insurance Ltd.

A/Negative

Teleco Insurance (NZ) Ltd.

BBB+/STABLE

Vero Insurance New Zealand Ltd.

A+/POSITIVE

Vero Liability Insurance Ltd.

A+/POSITIVE

NEW ZEALAND

RATING

NON-LIFE INSURERS AA Insurance Ltd.

A+/POSITIVE

AIG Insurance New Zealand Ltd.

A/CreditWatch Negative

Chubb Insurance New Zealand Ltd.

AA-/STABLE

QBE Insurance (Australia) Ltd. (New Zealand Branch) A-/STABLE

HEALTH INSURERS Southern Cross Medical Care Society

A+/STABLE

NIB NZ Ltd.

A-/STABLE

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

A/NEGATIVE

LIFE INSURERS

LIFE INSURERS AIA Australia Ltd.

A+/STABLE

AMP Life Ltd.

A-/STABLE

Challenger Life Company Ltd.

A/STABLE

Hallmark Life Insurance Co. Ltd.

BBB+/STABLE

MetLife Insurance Ltd.

A+/STABLE

Westpac Life Insurance Services Ltd.

A+/STABLE

REINSURERS General Reinsurance Australia Ltd.

AA+/STABLE

General Reinsurance Life Australia Ltd.

AA+/STABLE

Hannover Life Re of Australasia Ltd.

AA-/STABLE

Asteron Life Ltd.

A+/POSITIVE

Munich Reinsurance Co. of Australasia Ltd.

AA-/STABLE

Hallmark Life Insurance Co. Ltd. (NZ Branch)

BBB+/STABLE

RGA Reinsurance Co. of Australia Ltd.

AA-/STABLE

Medical Life Assurance Society Ltd.

A-/POSITIVE

Westpac Life-NZ-Ltd.

A+/NEGATIVE

SCOR Global Life Australia Pty Ltd.

AA-/STABLE

Resolution Life New Zealand Ltd.

A-/NEGATIVE

Swiss Re Life & Health Australia Ltd.

AA-/NEGATIVE

*For the S&P Global Insurer Financial Strength Ratings Definitions visit: https://www.niba.com.au/resource/standardandpoors.pdf Copyright © 2021 S&P. This material is reproduced with the permission of S&P. Reproduction of this the S&P Information in any form is prohibited without S&P’s prior written permission. Neither S&P, its affiliates nor any of their thirdparty 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

56 / INSURANCE ADVISER NOVEMBER 2021

cause, in the S&P information or for any damages, whether direct or indirect or consequential, punitive or exemplary resulting therefrom.

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

INSURER STRENGTH RATINGS

NEW ZEALAND

BEST’S

FINANCIAL STRENGTH RATINGS

RATING

COMPOSITE Quest Insurance Group Limited

B/STABLE

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

A/STABLE

BNZ Life Insurance Limited

A u/NEGATIVE

CIGNA Life Insurance New Zealand Limited

A u/POSITIVE

Co-operative Life Limited

B++/STABLE

DPL Insurance Limited

B++/STABLE

Fidelity Life Assurance Company Limited

A- u/DEVELOPING

Foundation Life (NZ) Limited

A-/STABLE

General Reinsurance Life Australia Limited (New Zealand Branch)

A++/STABLE

LIFE, ANNUITY AND ACCIDENT

Kiwi Insurance Limited

A-/STABLE

General Reinsurance Life Australia Ltd.

Momentum Life Limited

B++/STABLE

Partners Life Limited

A- u/DEVELOPING

Pinnacle Life Limited

B/STABLE

The following is a list of AM Best Financial Strength Ratings (FSRs) assigned to insurance companies in Australia and New Zealand. Ratings as at 13 October 2021.

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

AUSTRALIA

RATING A++/STABLE

PROPERTY/CASUALTY Ansvar Insurance Limited

A-/NEGATIVE

First American Title Insurance Company of Australia Pty Limited

A/STABLE

General Reinsurance Australia Ltd

A++/STABLE

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

A+/STABLE

Guild Insurance Limited

A-/NEGATIVE

Beneficial Insurance Limited

B++/STABLE

Pacific International Insurance Pty Limited

B++/NEGATIVE

Brightsideco Insurance Limited

B/STABLE

The Hollard Insurance Company Pty Ltd

A-/STABLE

Consumer Insurance Services Limited

B+/STABLE

The New India Assurance Company Limited (Australia Branch)

B++/STABLE

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

A/STABLE

FMG Insurance Limited

A/STABLE

General Reinsurance Australia Ltd (New Zealand Branch)

A++/STABLE

Health Services Welfare Society Limited

B+/NEGATIVE

Mitsui Sumitomo Insurance Company Limited (New Zealand Branch)

A+/STABLE

Rating Disclosure: Use and Limitations: A Best’s Credit Rating (BCR) is a forward-looking independent and objective opinion regarding an insurer’s, issuer’s, or financial obligation’s relative creditworthiness. The opinion represents a comprehensive analysis consisting of a quantitative and qualitative evaluation of balance sheet strength, operating performance and business profile or, where appropriate, the specific nature and details of a security. Because a BCR is a forward-looking opinion as of the date it is released, it cannot be considered as a fact or guarantee of future credit quality and therefore cannot be described as accurate or inaccurate. A BCR is a relative measure of risk that implies credit quality and is assigned using a scale with a defined population of categories and notches. Entities or obligations assigned the same BCR symbol developed using the same scale, should not be viewed as completely identical in terms of credit quality.

Alternatively, they are alike in category (or notches within a category), but given there is a prescribed progression of categories (and notches) used in assigning the ratings of a much larger population of entities or obligations, the categories (notches) cannot mirror the precise subtleties of risk that are inherent within similarly rated entities or obligations. While a BCR reflects the opinion of A.M. Best Rating Services, Inc. (AMBRS) of relative creditworthiness, it is not an indicator or predictor of defined impairment or default probability with respect to any specific insurer, issuer, or financial obligation. A BCR is not investment advice, nor should it be construed as a consulting or advisory service, as such; it is not intended to be utilised as a recommendation to purchase, hold or terminate any insurance policy, contract, security, or any other financial obligation, nor does it address the suitability of any particular policy or contract for a specific purpose or purchaser. Users of a BCR should not rely on it in making any investment decision; however, if used, the BCR must be considered as only one factor.

Users must make their own evaluation of each investment decision. A BCR opinion is provided on an “as is” basis without any expressed or implied warranty. In addition, a BCR may be changed, suspended, or withdrawn at any time for any reason at the sole discretion of AMBRS.

PROPERTY/CASUALTY

New Zealand Medical Indemnity Insurance Limited B+/STABLE Pacific International Insurance Pty Ltd (New Zealand Branch)

B++/NEGATIVE

Police Health Plan Limited

A-/STABLE

Provident Insurance Corporation Limited

B /STABLE

The Hollard Insurance Company Pty Ltd (New Zealand Branch)

A-/STABLE

The New India Assurance Company Limited (New Zealand Branch)

B++/STABLE

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

A++/STABLE

Tower Insurance Limited

A-/STABLE

Union Medical Benefits Society Limited

A/STABLE

Virginia Surety Company, Inc. (New Zealand Branch)

A/STABLE

NIBA.COM.AU / 57

INSURANCE JOURNEY / Megan Farmer

CONTINUOUS LEARNING AND CONSTANT EXPANSION OF SKILLS: DEVELOPMENT THAT BENEFITS CLIENTS The 2021 Young Professional of the Year for NSW/ACT Megan Farmer of Markey Insurance & Risk gives us a glimpse into her journey into insurance broking.

“A

fter completing the HSC, I deferred University. A family member in the industry suggested that I consider getting office experience at an insurance brokerage. After entering in an administration role, I was immediately fascinated by the industry and fixated on the depth of the insurance world.

I was intent on making this my career, with a focus on servicing clients. Insurance is full of twists and turns, in addition, we need to have great understanding of our clients’ activities and operations which essentially allows us an in-depth experience of varying industries.

I have learnt that having a great mentor can help you develop your skills, network and be a great sounding board when discussing ideas and outcomes. Mentors can share their experiences and vice versa. The whole process really allows for a mutually beneficial relationship. Right now, I feel we are all facing challenges in our careers, with the combination of the pandemic, a multitude of weather events, and all of that on top of being in a hard market. During these times, I have focused on the importance of relationships, effectively communicating, and managing expectations, and bringing more value to my role as a broker.

COVID-19 has obviously had a huge impact on the way we do business, not just in our industry, but for Australia as a whole. I think it has highlighted the importance of strong customer service, active communication, and supporting our communities. The biggest lesson I have learnt in my career so far is that delaying a difficult discussion won’t make it any less difficult.

PROUDLY SUPPORTING

58 / INSURANCE ADVISER NOVEMBER 2021

“No matter what stage you are in your career, you are continually learning and developing skills that engage you mentally.”

offer great perspective and we should certainly take something from that, I wouldn’t have learnt all of the lessons I have without each one of the highs and the lows that I’ve experienced throughout my career thus far.”

I constantly encourage people to give the insurance industry a go. Personally, the depth of our industry continues to engross me daily. No matter what stage you are in your career, you are continually learning and developing skills that engage you mentally.

Insurance is a key facet in rebuilding communities following devastation and being able to support our communities and assist them in the event of a loss occurring is a unique position and one that is certainly rewarding.

I would not change anything in my career journey. Although hindsight can always

FIVE RAPID FIRE QUESTIONS Secret ambition? To learn another language.

Favourite film? I’ll go TV Series instead – I’m a big fan of Survivor.

Favourite book? The Alchemist.

Favourite past-time? Travel.

Favourite food? Greek cuisine.

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

2021.2 NIBA Convention

PROFESSIONALISM + RESILIENCE = OPPORTUNITY

This year we are bringing the NIBA Convention to you. Delegates will have the option of attending one day face-to-face and four days virtually, or all five days virtually.

7 February Adelaide 8 February Melbourne 14 February Perth 16 February Brisbane 21 February Sydney THANKS TO OUR PRINCIPAL PARTNERS

WHAT IS COVERED?