Recap on NIBA’s Qld YP Breakfast Seminar, Gala Lunch, NIBA/UAC Expo plus more
On Wednesday 13 July, the Queensland broking community gathered together at the Brisbane Convention and Exhibition Centre for a day of networking and celebrations.
NIBA Qld YP Breakfast Seminar
The day began with a breakfast seminar on the new Insurance Brokers Code of Practice (the Code).
The seminar was hosted by Steven Hill, chair of the NIBA Qld Divisional Committee.
The panel consisted of Dianne Phelan, NIBA President ,Philip Kewin, NIBA CEO, , and Alishia Oliver, Account Manager, Crucial Insurance and Risk Advisors, 2021 NIBA Young Broker of the Year award winner for Queensland.
Phil and Dianne answered members’ questions on the Code, while Alishia provided insights from a broker’s perspective on implementing the Code.
Discussion points coming out of the session:
- Time frames for implementing the Code
The new Code provisions will come into effect on 1 November 2022 with the exception of section 6.1 which will come into effect on 1 November 2023.
As previously communicated to members, NIBA has extended the timeframe for implementation of section 6.1, in response to feedback from IT system providers and brokers that more time was required to adequately meet the new requirements.
- Brokers holding each other accountable under the new Code
The panel discussed how the new Code now allows anyone to report a breach of the Code.
Under the 2014 Code, brokers are not able to report other brokers leaving the client the potential meat in the sandwich, said Dianne Phelan. Phil Kewin added that this was about catching people out or dobbing in colleagues, it was about creating a culture of peer-to-peer accountability so that all brokers were upholding the highest standards.
- The impact on client interactions
The panel shared their thoughts on how the Code will impact brokers in their interactions with clients.
The terms of engagement will provide a great opportunity to articulate your value proposition They agreed that the Code will give more opportunities for brokers to speak to clients, explain what they do, and outline the benefits provided by brokers as a valued asset in the community.
- Further assistance for understanding and implementing the Code:
Dianne shared some resources providing brokers with assistance in understanding the Code, including:
Insurance Brokers Code of Practice training modules
NIBA is working with RTOs to update their Code of Practice training online modules.
Member Implementation Guide
The Member Implementation Guide is designed to provide guidance on putting the Code into practice.
Identifying and Supporting Vulnerable Clients Guide
The panellists flagged that NIBA is releasing a new vulnerable clients guide, which will provide more information and help businesses ensure that they are set up to support vulnerable clients.
A Terms of Engagement Guide is coming
The Terms of Engagement Guide will be framed as a guide to assist brokers with articulating the value of what they do.
NIBA’s Broker Buzz and Insurance Adviser
As the Code continues to improve based off ongoing feedback from brokers, members can follow updates on all Code changes via NIBA’s weekly Broker Buzz newsletter and monthly Insurance Adviser Magazine.
If Subscribers require further information on the intent or implementation of the Code, or any of the accompanying guidance documents they are encouraged to contact NIBA’s Policy Manager, Allyssa Hextell at ahextell@niba.com.au.
NIBA/UAC Qld Underwriting Expo
Following the breakfast seminar, attendees headed to the NIBA/UAC Qld Underwriting Expo.
NIBA saw a successful turn out of brokers and underwriters at the Qld Underwriting Expo, with 88 exhibitors attending the event and over 300 brokers walking through the Expo.
Qld Gala Lunch
The Gala Lunch took place in the Brisbane Convention and Exhibition Centre’s Plaza Terrace Room and saw over 450 brokers from Queensland’s broking community in attendance.
The Gala Lunch opened with speeches from NIBA President Dianne Phelan and NIBA CEO Philip Kewin.
Dianne acknowledged the devastation brought on by continuing natural disasters, highlighting the importance for brokers to stay resilient and rise to these challenges.
Following the morning’s breakfast seminar, Dianne also flagged for brokers to stay up-to-date on updates to the Insurance Brokers Code of Practice, via NIBA’s weekly Broker Buzz newsletter and monthly Insurance Adviser magazine.
Phil Kewin reiterated the importance of the Insurance Brokers Code of Practice and self-regulation ahead of the Quality of Advice review, while also encouraging members to build relationships with their local Federal MP by using the NIBA Advocacy Guide.
The Gala Lunch was emceed by Steven Hill, chair of the NIBA Queensland Divisional Committee.
Entertainment was provided in the form of live jazz music, with Andrew Ball on saxophone and Aidan Arnold on double bass.
Award Winners Announced
Winners of the Qld Broker of the Year Award and Young Broker of the Year Award were announced at the Gala Lunch.
The Qld Young Broker of the Year Award was presented by Peter Roberts, Vero.
William Thompson, Account Manager at Thompson Insurance, was announced as the Qld Young Broker of the Year Award winner.
The Young Broker of the Year Award, sponsored by Vero, recognises rising stars in the insurance broking industry who are under the age of 35.