Why are we paying higher premiums?
This is a question that I have been asked many times since moving to Broome. There are a few reasons why the North West is paying more, the main being the inclement weather and lack of Insurers willing to compete in this space.
Currently we have three main Insurers that will look at a property risk above the 26th parallel and those Insurers base their rating structure (mainly) on the following factors:
- Type of risk (occupation/business)
- Construction of risk
- Previous claims history of owner
- Loss history for the area
- Reinsurance costs
What you may not be aware of, is that the Insurers have a backing agent called a Reinsurer. Essentially, the Reinsurer is the insurance companies “insurance company”.
The Reinsurer provides capital to the Insurer and once they have exceeded the claims costs that they have agreed on with the Reinsurer, the Reinsurer will pay the Insurer the remainder. For example, if an Insurer has a maximum limit payable of $2,000,000 on properties in Hay St and a claim occurs for $5,000,000 the Reinsurer(s) will pay the remainder of claims costs to the Insurer.
The Reinsurer does not see Australia in states or areas but as “below and above the 26th parallel” (The 26th parallel south latitude is a circle of latitude that is 26 degrees south of the Earth’s equatorial plane). This means that any claims in the North West – think of the recent claims in Queensland and the East Coast from cyclone Debbie that are likely to cost $2b – affect all towns above the 26th parallel.
The Reinsurer provides a cost to the insurance company who in turn passes on some of this cost to the Insured.
Overall rate increases
Along with ongoing losses incurred by the Insurer this means that rates across the board are increasing (not just in the North West) but as we have incurred the highest percentage of losses to the Insurers; the premiums for the North West have increased comparatively more than the rest of Australia.
We have noted that this year the renewal cycle has started to turn and all property risks have been increasing and this is a trend that is likely to continue until the Insurers have been able to recover some of their losses and return their portfolios back to a profitable and sustainable level.
Ensuring you’re fully covered
Part of my role as a broker and client advocate is ensuring that my clients are not disadvantaged. We are continually in negotiations with Insurers to push them to understand the specific risks in Broome and surrounds and to determine a rating structure that is aligned with the actual risks that these areas face.
Whilst costs are very important to your balance sheet, I would like to impart this last thought – would you prefer to be covered adequately or pay the cheapest premium?
I have many people come to me in a time of great stress when they are fighting to get a claim paid out because they bought a policy online or went for the cheaper option without understanding the risks they actually needed covered. My preference is to discuss all the options with you and advise the relevant cover for your business and then you can decide with an educated mind what is best for you and your business.
This is a question that I am asked often as an insurance broker, along with “what do you do?” People wonder, are brokers just there to get the Insurer’s commission regardless of the client’s needs?
My answer to this is simple – as a professional broker I am here to serve my clients, I want to understand every aspect of your business and develop a program that fits your needs and budget. Above all, I want to make sure that my clients are comfortable with the cover they have taken, the risks that they are willing to take on themselves and to ensure that the overall process is as simple as possible.
It’s all about trust and assurance
At the end of the day, you only receive a piece of paper. You have to trust my ability as a broker to determine that a particular policy will fit your needs and ensure you are not left exposed in the event of claim. One of my main roles is to ensure that if an unfortunate incident occurs that your claims process is as smooth as possible and you are back to the same position prior to the loss.
Our main role as brokers is to be an advocate for our clients and deal with all the technical aspects of insurance so that our clients can get on with running their businesses safe in the knowledge that their insurance needs are covered.
Insurance is complex so a broker ensures you’re properly covered
Insurance can be complex – with endorsements, conditions and exclusions that unless you are aware of all the differences and products that are available in the market you can get caught out quite easily and take out a policy that does not meet your needs. The end result of this could be that in the event of a claim, your claims are declined and you have paid out premiums for nothing.
I look at it in the same way as my taxes – I can do them myself online but I would prefer to involve a tax professional to do them for me. This ensures I haven’t missed anything and I know that I can ask them questions about the process and they have my best interests at heart and will make sure I receive the maximum return based on my individual circumstances.
The difference between brokers and agents
There is a difference between brokers and agents as follows:
Brokers work for the clients and are not employed directly by any one Insurer. Our job is to ensure that the client receives the best cover at an affordable price regardless of Insurer chosen. We also determine if the Insurer is reputable and the likelihood of claims being paid.
Agents work directly for one Insurer; they will not approach any other Insurer for quotations and it is questionable if your policy will be tailored to your specific needs. For example Elders is owned and underwritten solely by QBE and Wesfarmers is owned and underwritten solely by IAG (CGU).
The single greatest asset that many of us will own is our home, but how much thought has been placed into the current values? Are you adequately insured and will you be able to rebuild your property to the same standard as it was previously if the worst happened?
Some of the costs that need to be considered are:
- Local building codes and regulations—have they been updated, do you need to add additional fire measures to your property, will you need to change the building materials?
- The current replacement cost of your property (excluding land), taking into account any escalation in costs that may occur due to a catastrophe. Builders tend to increase their labour rates when a catastrophe occurs and the cost of building materials also escalates due to the number of properties that need rebuilding which puts pressure on the manufacturers and the ability to source materials.
Some policies do include an “escalation clause” to cover some of these costs
- The cost to remove all the debris from the site and re-level to start again. Consider any hazardous materials that are on site that will need specialist removal.
- Have you included sheds, outdoor structures, pools and outbuildings in your sum insured?
- The majority of policies have an underinsurance clause which determines how close you need to be to the correct replacement sum insured of your property. Generally this is between 10 and 20%, meaning that if you underinsure by more than this “buffer” you will be penalised in a claim. Please refer to your Product Disclosure Statement or Broker for more information on this.
Did you know that after the Blue Mountains fires many people were not able to rebuild their properties due to underinsurance? This was caused mainly by a change in council regulations which has left a number of insured people more than $200,000 out of pocket.
What should you do?
Check with your local council that the building regulations have not changed. Ask the council if you are in a flood or fire prone area.
Every 1-3 years:
Obtain a valuation on your property or at least speak to a builder about current rebuilding costs.
Some calculators that may assist:
Advisr asked Compliance & Governance Specialist Paul Muir to break down the findings of the royal commission in terms of how it relates to and might affect insurance brokers. While the commission was mainly focussed on the big banks rather than brokers, some of the report findings is likely to affect how brokers operate.
1. The Royal Commission into Financial Services has just been released. For someone who knows very little about it, how would you summarise the purpose and the findings of the royal commission?
Commissioner Hayne succinctly summarises the purpose and findings in the introduction to his final report. The purpose of the Commission was to inquire into, and report on, whether any conduct of financial services entities might have amounted to misconduct and whether any conduct, practices, behaviour or business activities by those entities fell below community standards and expectations. The conduct identified includes conduct by many entities that has taken place over many years causing substantial loss to many customers but yielding substantial profit to the entities concerned. Very often, the conduct has broken the law. And if it has not broken the law, the conduct has fallen short of the kind of behaviour the community not only expects of financial services entities but is also entitled to expect of them.
2. On which financial services did the Royal Commission focus most of its times and attention?
Whilst the Royal Commission focused upon banking, financial advice, superannuation and insurance (and industry regulators) the main focus and certainly media attention was on the misconduct of the big 4 banks and AMP. Having said that, a number of horrendous case studies were told at the insurance public hearings. As an aside, most attention of the Final Report of the Commission has been focused upon Volume 1 of the report containing the 76 recommendations. Volume 2 examines the case studies with Hayne providing his view on what the case study showed and his conclusions. Volume 2 should be read by all to industry participants to understand how certain behaviours and conduct can cause customer detriment. Volume 2 is insightful.
3. How did insurance fit into the Royal Commission? How much attention did Insurance and Insurance Brokers receive?
Insurance was included within the Commissions Terms of Reference under the generic heading of financial services. Initially the Commissioner wrote to 61 financial services entities (including insurers) asking questions on issues of misconduct. The Commissioner also invited regulators and members of the public to make submissions. The Commission proceeded on the basis of case studies through a series of public hearings between February and November 2018. The public hearing into insurance was conducted between 10 and 21 September 2018. The Terms of reference and subsequent public hearings did not specifically focus upon insurance brokers.
4. What were some of the areas where Insurance (insurance brokers) performed well?
It is important to understand this was a Royal Commission into misconduct in the financial services industry. It was not a Royal Commission into the financial services Industry per se and the focus was not on good conduct. Due to the absence of specific reference to insurance brokers it can be accepted that there was nothing in the submissions that required the Commission to specifically call out insurance brokers for misconduct of a nature that other sectors of the industry engaged in. That could be interpreted as a good outcome.
5. What were some of the question marks that the Royal Commission raised about Insurance Brokers?
In the 76 Commission recommendations there was no specific reference to insurance brokers however that does not mean they are untouched by the recommendations. There are a number of recommendations that touch upon the activities of insurance brokers. The most obvious is recommendation 2.6 where, by 2022, a Government review should consider whether the general insurance exemption on conflicted remuneration is justified. Hayne adopts a strong position on conflicted remuneration. He states this in terms of his sixth norm of conduct ”when acting for another, act in the best interests of that other.” The Government in their written response has agreed with this recommendation. In context of those recommendations applying to financial planners and mortgage brokers it appears this is a clear message to general insurance brokers that they have 3 years to develop a fairer remuneration model. The challenge will be to develop a model where independent and affordable insurance advice is provided to retail clients excluding commissions.
Other recommendations potentially having impact upon insurance brokers are recommendations 4.5 (pre-contractual non-disclosure and misrepresentations); 4.7 (Unfair contract terms); 4.8 (claims handling) and 4.6 (External dispute resolution). As an AFSL holder, insurance brokers should be aware of the heightened scrutiny of the industry by ASIC especially recommendation 6.2 where in its approach to enforcement ASIC’s starting point will be to consider whether a court should determine the consequences of a contravention.
6. What findings or recommendations do you think definitely need to be adopted?
I’m going to consider this question from a different perspective. All 76 recommendations are proposed to be implemented through either existing laws or industry codes. We already have a strong regulatory framework so more needs to be done rather than simply complying with black letter law. Insurance brokers and other financial services entities need to consider how they will meet community standards and expectations through their behaviours and conduct not just compliance with black letter law. This requires a conduct and behavioural change approach utilising existing compliance frameworks. Its worth repeating Hayne’s 6 norms of conduct as guiding principles in meeting community standards and expectations:
1. Obey the law;
2. Do not mislead or deceive;
3. Act fairly;
4. Provide services that are fit for purpose;
5. Deliver services with reasonable care and skill; and
6. When acting for another, act in the best interests of that other.
In short those recommendations that achieve the 6 norms of conduct should be adopted.
7: What is next for insurance and for insurance brokers?
It will take time for recommendations to flow through to regulatory change. However, Insurers and insurance brokers should already be acting in a manner that embraces the principles underlying the recommendations. They need to develop positions and business models that adequately manage issues such as conflicted remuneration adopting solutions that recognise the inherent conflict and is in the best interests of consumers. Boards and senior executives need to drive the tone from the top in setting expectations of desired conduct and behaviours. The organisations purpose needs to permeate through all levels of the business with remuneration rewarding good behaviour. Industry Codes need to be considered and amended to reflect community standards and expectations.
8: With trust in financial service providers at a low level, what can institutions and brokers do to rebuild trust with customers?
Act fairly from the customers perspective of fairness and deliver fairness through products, services and conduct and do so consistently. At an individual level act ethically and with regard to professional standards of conduct and call out those who do not, without fear or favour. We are all custodians of the reputation of our industry.
9: The compliance regime will certainly change, how can businesses within Insurance benefit by engaging external experts like you?
The insurance industry is complex and the proposed regulatory change will only add additional layers of complexity. External experts such as myself bring a wealth of experience (in my case 35 years) together with independence to assist businesses to respond in a customer focused manner. A deep understanding of the insurance ecosystem enables a quick response to the changing landscape tailored to the unique customer value proposition of the business.
Summarised list of key Insurance & Insurtech Events in Australia in 2019
We’ve listed all the key Insurance, Insurtech and Fintech events, awards and conferences in Australia in 2019 to help you stay up to speed with industry trends and networking. Be sure to add them to your calendar and sign up.
Date 14 February 2019
Location Ashurst, Level 9, 5 Martin Place, Sydney
Overview A snapshot of important 2018 court decisions and legislation together with commentary on developments affecting the general insurance industry for 2019.
Date 26-27 February 2019
Location Sofitel Sydney Wentworth, Sydney
Overview The ANZIIF (The Australian and New Zealand Institute of Insurance and Finance) Insurtech Conference cultivates true collaboration by providing a platform for the entire insurtech ecosystem to unite and push the boundaries within the insurance industry. The industry is undergoing incredible transformation and this is only the beginning. Over two days, Insurtech Conference 2019 will provide delegates with unparalleled opportunities to transform thinking, influence digital innovation and drive new customer value.
Date 27 February 2019
Location Hilton Sydney
Overview The 2019 Annual Forum will discuss the outcomes of the Hayne Royal Commission into financial services and implications for the general insurance sector. APRA and ASIC will also share their views on the industry. RSVP by 21 February.
Date 28 February 2019
Location The Westin, Sydney
Overview Gain insight into global forces shaping the insurance industry and the state of the Australian insurtech landscape. Explore how to use insurtech to meet changing customer demands and transform the customer experience
Overcome the challenges of integrating insurtech with legacy IT systems and drive cultural change
Understand the skills you need to build in the insurance workforce
Date 07 March, 2019
Location Hilton Sydney
Overview Hear exciting case stories on new possibilities in AI, cloud tech, IoT, blockchain, and Open APIs. Learn how to drive better value for customers via InsurTech partnerships and new digital ecosystem. Share ideas with colleagues on the implications of the Royal Commission for customer-centricity and how to rebuild trust in the era of elevated customer expectations. Hear from international and local industry thought-leaders and digital tech leaders on how they are innovating their digital strategy, learning to embrace disruption and thriving on change.
Date Friday 8 March 2019
Location Hyatt Regency Hotel, Sydney
Overview This breakfast event run by the Underwriting Agencies Council is free to attend for brokers. It will feature guest speaker Andrew Gurney, Head of International Regulatory Affairs at Lloyd’s. Andrew Gurney is responsible for Lloyd’s international trading rights in more than 75 jurisdictions and leads Lloyd’s international and regulatory relationships. He is also responsible for developing and implementing Lloyd’s global regulatory affairs strategy in support of Lloyd’s strategic priorities.
Date 24 – 26 March 2019
Location Gold Coast
Overview This year is the 21st Steadfast Convention. The event brings together the thinkers and leaders of our industry and beyond to educate, inspire and entertain. Join for opportunities to build your network and connect with your peers.
Date 28 March, 2019
Overview The Fintech Business Awards seeks to recognise the leading individuals and organisations who display outstanding innovation and entrepreneurship. As the Australian fintech ecosystem becomes increasingly diverse, the third annual awards program will showcase a broad range of innovative technologies, from mature fintech areas, such as payments and lending, to new areas of fintech innovation, including regtech and insurtech.
Date 3 May
Location The Star, Sydney
Overview The Australian Insurance Business Awards define excellence in the Insurance profession, recognising leading companies and individuals for their outstanding achievements over the past 12 months. Mark your calendars to join over 600 of your industry peers for an evening of celebration when the prestigious event returns in May.
Fintech Australia Finnies Awards
Date June 6
Location Victorian Innovation Hub, Melbourne
Overview Each year, FinTech Australia run the Finnie Awards to bring everyone together and celebrate the success of the industry. Last year’s event had over 350 attendees from startups, corporates and relevant industry partners gather for the awards. This year we will be celebrating our relaunched ethos towards collaboration and again recognising standout businesses.
Date 7 August 2019
Location InterContinental, Sydney
Overview Did you know that companies with the highest representation of women on boards attain significantly higher performance, on average, than those with lower representation of women? Find out how to overcome unconscious bias and attract the best employees. Create a workplace of the future. Explore ways to improve pay equity, and incorporate flexible work practices. Discover the tools and techniques to foster women leaders. Drive workplace innovation.
Date 22 August
Overview This special event is designed as part of life insurance professionals’ ongoing professional development. Sessions will be provided that are relevant and thought provoking with interactive audience sessions. It’s also an opportunity to catch up with industry colleagues, make new friends and talk with the WA ALUCA committee.
Date 4-5 September
Location Grand Chancellor Hotel, Hobart
Overview Brokers from all areas come together, regardless of cluster group allegiances, brokerage size and reach, and age of delegates. This year the theme is Shaping the Future. As technology infiltrates all aspects of our life, including our profession, it has never been more important for brokers to understand developments, work through challenges, and find the best way to shape their approach to their clients, their business and the community. Whether you’re an account manager, principal or young professional, you’ll have the opportunity to listen, learn, share and discuss, celebrate and (at night) relax with your industry colleagues and our key partners and supporters.
Date 12 September
Location The Sheraton, Sydney
Overview Incorporated as an association in 1995, the purpose of the Australian Professional Indemnity Group Inc. is to provide educational and networking opportunities for insurance professionals and others involved in the professional and financial risks insurance market in Australia. This popular full-day event is designed to bring together key industry participants to educate, debate, network and explore new ideas and emerging risks.
Date 14-15 October
Location The Star, Gold Coast
Overview This annual event offers brokers a chance to network with colleagues from across the nation, and develop relationships with insurers, underwriters and exhibitors.
Date 22 November 2019
Location RACV Club, 501 Bourke St, Melbourne
Overview Celebrate Christmas and enjoy some lunchtime festivities with your colleagues at the Melbourne Marine Insurance Forum Inc Christmas Luncheon.
Date 28 November 2019
Overview Don’t miss out on this special end of year event designed exclusively for life insurance professionals. Organised by the Australasian Life Underwriting and Claims Association Incorporated. This is a great opportunity to connect and catch-up with industry colleagues, talk to the ALUCA committee and share what you would like to see in Perth in 2020.
Date 5 December 2019
Location Level 1, Crown Towers, 8 Whiteman St, Southbank, Melbourne
Overview The Australasian Institute of Chartered Loss Adjusters annual event will acknowledge the Victorian Loss Adjuster of the Year, Trainee Loss Adjuster of the Year, Claims Support Person of the Year, Builder of the Year and Service Provider of the Year.
The insurance market can at times, be a tough nut to crack, especially when it fluctuates from a soft insurance market to a hard one. When the hard market drops, we see insurers tighten underwriting criteria, coverages become more difficult to secure, premiums aren’t as easy to negotiate on and coverage when it isn’t expensive, can become completely unavailable.
Preparation is the key to success, and while you can prepare yourself for some rate increases in the next few years, it’s often better to take a more proactive approach.
The following three steps will help you minimize the impact of those stringent insurance rating criteria.
1 – Understand the Importance of an Insurance Broker during a hard market
Following advice will only get you so far if you don’t understand why you’re doing what you’re doing. Insurance brokers during a hard market will become your saving grace. Their role is to fight your battles and continuously source competitive services to suit your needs.
In a hard market, it can feel like an insurer is attempting to block your every step with their stringent standards, so having an insurance broker that understands the changes and is prepared to seek out the best result for your business, can ensure your policy will be tailored to your needs and remove the burden from your own shoulders.
This not only makes the process smoother but allows you to focus on your business and do the job you know how to do best, saving you time and frustration.
2 – Develop a good relationship with your insurance broker
Teamwork makes the dream work and a great relationship with your insurance broker will only result in the best outcomes for your business. An insurance broker can only work to the best of their ability if they understand what you want and are hoping to achieve. If either you or your broker aren’t on the same page, it might be best to try another book.
Make sure that your insurance broker understands the impact of the hard market on your business and that they understand your actual business, the industry and its potential risks. A hard insurance market brings new clients to brokers, so take advantage of the competitive arena and make sure your broker has proven their capability to you, above all the rest.
With the right broker and a trustworthy partnership, you will be guaranteed to receive the best price, coverage and policy to secure your business’ future.
3 – Prepare the business for increased insurance costs
“By failing to prepare, you are preparing to fail.” ― Benjamin Franklin
Being aware of the potential for increased insurance costs isn’t the same as actually preparing for the occasion. Insurers need to be proactive and commence their renewal process early to ensure the best outcomes. Present risks in the best light and allow adequate time to address any surprises or consider strategies which may mitigate premium increases, such as increased deductibles.
It can often become a shock when the market turns and many find themselves mentally unprepared for the sudden shift. Pre-emptive action is better than reaction, so prepare your business early.
It’s understandable to start sweating at the mention of insurance premiums on the rise, but there’s plenty to start considering, planning and actioning now to prepare your business for the worst. Taking an active and strategic approach to managing your company’s risks and insurance claims will minimize the impact of a hard insurance market, so it’s best to start sooner rather than later.
I offer a 30-minute business review session. During that session I provide my advice on if and how I can help you minimize the impact of a hard insurance market. To find out more email me at email@example.com or phone 0401 109 324.
I was working with a small business recently who were looking to add a new insurance plan to cover a new expansion to their business. However, when asked it became clear their cover all insurance plan that they had bought online 3 years earlier, was outdated and left a key part of their business uninsured.
They were insured, but they were underinsured. If you have significantly under-insured your business, your insurer may have the right to pay only part of any loss because you’ve insured for only part of what it’s worth.
Insurance isn’t something that you can set and forget if your business changes. Whether it’s to add more staff, change your business location, or add a new service to your business it needs to be updated. However, not only do businesses change, but government legislation and policy are also regularly updated, as are the insurance plans on offer.
In the past few years the percentage of businesses that bought their insurance online has risen from 20% to 27%. While it may be convenient and cheap for the busy company owner, it may not be the best option in the long run.
Buying online only offers you a handful of policies which may not cover you completely, like a raincoat with holes in it. You are mostly covered, but there are still holes where the water can come in and leave you unprotected. These holes can come from not fully understanding what you need to protect your business, or missing little details that may seem unimportant but are actually vital.
Taking out insurance can be confusing at the best of times and can often cause you to over insure, under insure or ignore your insurance altogether. However, utilising a professional insurance broker to help you evaluate and choose your coverage plan can help you keep track of the changes in your business and insurance needs. As a broker, we can help navigate the changing landscape by:
1 – Keeping in touch with industries. Like everything else the SME industry is always changing, new policies come out regularly as does new legislation and regulations. Keeping our finger on the pulse keeps us in the know and allows us to provide the most up to date policy options for your company.
2 – Changes to the claiming process. It’s something we hope we never have to do, but making a claim from your insurance is inevitable in some cases. It’s not always as simple as just contacting your insurer though, as some companies have quite a few hoops that they make you jump through before they approve your claim. Even for those who have had to make a claim before, companies can change their claiming process at any time, making the process difficult. Buying insurance through a broker means that you get the most up-to-date information on the claiming process for each company, saving you time and money in the claims process.
3 – Business changes. Businesses are constantly changing, services and locations change, staff members come and go causing the business to grow and shrink with them. Your insurance cover, however, stays static and may leave your business unprotected if it’s not updated to reflect your business. A broker can help you find the best policy for your new circumstances making it easy to keep your policy up to date and your business protected.
As a business grows and changes so do their insurance needs, what met those needs last year, or even 6 months ago, may just not fit anymore. Be sure to keep an eye on your insurance and update it yearly to make sure you are completely covered. Utilise a broker when looking for a new policy because they ask the right questions to make sure that your insurance is the best possible fit for you.
Brett Thiedeman is the Director at Thiedeman Insurance Solution. He can provide advice on what insurance will provide you with the best cover for your business and your budget. Contact Brett Thiedeman today.
Top ten most viewed content on the Advisr website in 2018
These ten articles had the most page views of all the articles published this year. They are a mixture of Advisr-published and broker-published content aimed at both insurance brokers and customers looking for insurance such as small business owners. Well done to the insurance brokers who made the top ten – Brett Theideman, Byron McPherson, Penny Collins and Greg Dobrin – Byron only set up his profile on Advisr recently yet still made the top ten most viewed of 2018!
This post lists the top 20 most viewed Advisr Insurance Broker Profiles in 2018. The people on this list are doing a great job of networking both offline and online, as customers are looking for them.
Advisr was selected as the best pitch winning a $20k marketing package with Insurance Business at the 2018 InsurTech Summit in Sydney.
This Advisr ‘Experts Opinion’ piece by Brett Theideman from Theideman Insurance Solutions takes an indepth look at 4 ways to protect your business from Cyber Attacks.
In this Advisr ‘Experts Opinion’ piece Greg Dobrin of Sureserve Financial Services discusses the misconceptions surrounding claiming on several insurance policies and the actions you can take.
In this Advisr ‘Experts Opinion’ piece Byron McPherson of CPRS Insurance highlights some of the consequences of The Royal Commission into banking and financial services misconduct for the sector.
In this Advisr ‘Experts Opinion’ piece Penny Collins of Capital Mutual Insurance Brokers gives the latest developments to be aware of in Professional Indemnity Insurance.
Given today’s globally connected online environment, small businesses face more cyber threats than any other group. Unfortunately, these cyber attacks are on the rise, since they gain more sophistication with every new technological breakthrough.
How are you staying on top of the changes in the Google algorithm (how Google determines what to return when people search for things) and how are you keeping up with and ahead of your competitors?
Cybersecurity is applicable for most businesses. Austbrokers Countrywide share 3 cyber scenarios that have created risk and exposure.
Posting your content on Advisr is a great way to drive new business by showing the world your expertise. This article outlines the steps involved in planning and posting content.
Publish your own content
If this list has inspired you to publish your own content on the Advisr site then read this article outlining how to do so.
Congratulations to the top most viewed insurance brokers of 2018! The people below received the most views on their profile pages over the course of the year. This is great as it means people are searching for and finding the right person to provide advice for them. And that’s exactly what Advisr exists for – to connect people with the right insurance broker.
If you’re not featured yet, remember, profiles with photos get the most views by far, and adding content and a detailed bio boosts your chances of being found by new clients.
Brett is the business owner & insurance adviser at Thiedeman Insurance Solutions. Congratulations Brett.
Greg is the founder of Sureserve Financial Services based out of Sydney. Congratulations Greg
John is the principal of MS2 Insurance Brokers based out of Camberwell in Melbourne. Congratulations John.
Mark is a commercial insurance broker at Regional Insurance Brokers based in Rockhampton. Congratulations Mark.
Karen is a Senior Account Executive with Marsh and is based out of Adelaide. Congratulations Karen.
Emily is an Account Executive with Your Insurance Brokers as is based out of Caloundra, in Queensland. Congratulations Emily.
Elaine is an Account Executive with F D Beck based out of Melbourne. Congratulations Elaine.
Stephen is a Senior Account Executive with Trident Insurance Group based out of Perth. Congratulations Stephen.
Danby is the General Manager of AMA Insurance Brokers based out of Perth. Congratulations Danby.
Polina is the directory of ii-a and is based out of Sydney. Congratulations Polina.
David is an Insurance Broker with Scott Winton Insurance Brokers based out of Melbourne. Congratulations David.
Peter is the Managing Director of Genesis Insurance Brokers Australia based out ofBurleigh Heads in Queensland. Congratulations Peter.
Leigh is the NIBA Vic / Tas Young Professional Broker of the Year Award for 2018. Leigh is the Principal of Doreen Insurance Solutions. Congratulations Leigh.
Raymond is a Manager at Tony Bemrose Insurance Brokers. Congratulations Raymond.
Penny is the Director of Capital Mutual Insurance Brokers. Penny is the winner of the VIC/TAS NIBA Broker of the Year Award for 2018. Congratulations Penny.
Rochelle is the Director of Cairns Business Insurance Solutions. Congratulations Rochelle.
Ashley is the Strata Account Manager at Arcuri & Associates. Congratulations Ashley.
Frank is the Principal of B Frank Insure based out of Adelaide. Congrats Frank.
Meena Wahi is the Director of Cyber Data Risk Managers based out of Melbourne. Congratulations Meena.
The Christmas and holiday period is a funny time of year. It is either crazy busy, crazy quiet or a bit of both! Businesses often feel neglected at this family time of year.
Here’s a list of ten presents you can give to your business this year.
1. Have some fun – any business can inject a bit of life into their marketing and even the most corporate can get away with being light hearted over Christmas. How about getting the team to video a Karaoke thank you to send instead of a Christmas card, or gift wrapping all December proposals.
2. Social media never goes on holiday – even when they are on holiday, people will still be surfing the web and using social media. If nothing else, make sure you are monitoring any requests or comments so you don’t miss out – or worse, come back to find unhelpful comments have gone viral.
3. Sort out a project – use the holiday time as an opportunity to complete that project you’ve been meaning to get around to for ages. If you are a service provider, try offering to undertake a project for your client while they are on holiday.
4. Recognise your people – most businesses do give their people some kind of Christmas bonus or gift to say thanks. If you don’t, you should. Why not do something different this year like buy a family pass somewhere or even just give people an impromptu half-day shopping afternoon?
5. Thank your business partners and clients personally – sending that typical bland Christmas card with just an illegible signature, or an impersonal e-card, screams, “I really don’t care about you much”. If you are going to buy cards/presents, make the effort to personalise them properly – you could even use your own handwriting!
6. Catch up for a coffee or a beer – while many people are away, there are still lots of us who are still working. With less phone calls and emails flying around, often people have more time for a physical catch up.
7. Do some planning – time away from the business is perfect for working ‘on’ the business rather than ‘in’ the business. Sitting on a sunny veranda with a beer in one hand and a pen and paper in the other can be remarkably fruitful – or by an open fire in the Northern Hemisphere. Don’t forget to drink responsibly though!
8. Make a seasonal offer – that isn’t just a typical holiday sale. How about delivering an ice cream to everyone in the office for a purchase? If it’s a big account, get an ice cream van to turn up!
9. Gear up for February – everyone comes back to work with a nasty bump after the holiday period. Prepare your next sales campaign, so you are ready to push the button, as soon as your prospects are back, will put you a sleigh ride ahead of your competitors.
10. Take some time off – if you are one of those business people who never stops working, treat yourself. Recharging the batteries will help reinvigorate you for the New Year ahead.
Above all I hope you, your loved ones, and your business have a safe and happy holiday!
And by the way there are free ice creams for any new Hillster Marketing clients in December – no matter where you live!