Veracity - May 2019 edition
- Commercial update: message from Anthony and Brad
- Announcing RM Advancer 2019
- Committed to your success with the Suncorp Learning Campus
- Equipment Breakdown Insurance for today's equipment-intensive manufacturing operation
- Changes to the NSW Emergency Services Levy (ESL)
- SME Insurance Index 2019 webinar - Q&A guide
- Managing mental health in the workplace
- RM Insight – Permit to work systems
Welcome to the latest edition of Veracity. With the June renewal period just around the corner, we’re ready to provide you and your customers with the extra support you may need during this busy time.
As a result of the challenging market conditions, we’re continuing to roll out initiatives to deliver the best outcomes possible for both you and your customers.
A new local market-facing underwriting approach
We’re taking a smarter approach to underwriting by introducing a new team of underwriting managers to provide you with greater expertise. The newly created team will work together with our state distribution teams to drive technical excellence and more effective market-facing activity.
We’re pleased to announce the following new positions (everyone has been appointed from within the Vero ranks):
Andrew Sweeney, Executive Manager, Commercial Underwriting VIC/TAS
Brian McFadyen, Manager, Commercial Underwriting SA/NT
Corinne Richardson, Executive Manager, Commercial Underwriting NSW/ACT
Ryan Houston, Executive Manager, Commercial Underwriting QLD
Thomas Steiner, Executive Manager, Commercial Underwriting WA
Stronger business support
We hope that providing you with greater expertise and more strategies to write insurance for more complex risks you’ll be better equipped to meet the changing needs of your customers.
We’re here to help
Please reach out to your dedicated BDM or relationship manager should you need any assistance. They’re here to help you—no matter how small or how complex your enquiry.
Wishing you all the best with your end of financial year preparations.
Head of Commercial Intermediaries
Head of Commercial Underwriting
We’re delighted to be running the RM Advancer award program again this year to recognise and celebrate outstanding risk management practices in Australia.
This year we’re offering three awards in total across Commercial, Personal Injury & Liability insurance categories for both large organisations (with more than $100 million in annual turnover) and SMEs.
Submit your nomination by 30 August
If you have a client who has demonstrated risk management excellence resulting in great business outcomes, then we’d love to hear about it!
It’s easy to submit a nomination form with your client. (Please note forms must be received by 30 August 2019.)
Have you reserved your seat at the gala event?
To find out more about RM Advancer, visit vero.com.au/rmadvancer.
We’re committed to the ongoing development and education of brokers and want to continue to support you deliver great customer outcomes and long-term success.
A great learning and development resource
The Campus is designed exclusively for our partners who don’t have their own learning and development function or those who want to supplement their existing resources. And all courses are CPD accredited with key industry bodies.
Access to specialist education providers
Register for a free 30-day trial!
Go to Suncorp Learning Campus to register for an obligation free 30-day trial.
For more information, contact your local Vero representative.
Vero Equipment Breakdown Insurance can protect your clients’ business against the costs of unforeseen breakdowns, as well as offering income protection for today’s equipment-intensive manufacturing operation.
The potential for growth in this insurance category is enormous.
Practical tools make it easier to sell
We have developed a new risk flyer containing equipment examples, different types of cover and real losses incurred in metal manufacturing businesses.
Three helpful loss bulletins aid you in client discussions and further educate on the risks they face without adequate Equipment Breakdown cover.
Metal Manufacturing Risk Flyer
Loss Bulletin - Die Manufacturer
Loss Bulletin - Farm Equipment Manufacturer
Loss Bulletin - Metal Container Manufacturer
You can rely on Vero for the broadest Equipment Breakdown Insurance.
Contact your local representative to find out more.
Change Effective Date: Wednesday, 1 July 2019
The NSW Government recently announced the new ESL Contribution Target for 2019-20. This has increased 15 percent from the current year. We have adjusted our commercial rates effective as below;
All Motor ESL rates (Private & Commercial/Fleet) remain unchanged.
For more information, contact your local Vero representative.
Thank you to everyone who attended the SME Insurance Index 2019 webinar last month. Over 99% of brokers told us they love the format and the useful information we delivered.
For Australians mental illness is the single largest contributor to years lived in ill-health and is the largest contributor after cancer and cardiovascular conditions (i)
Within Australian workplaces mental health risks for workers has resulted in 7,200 Australians being compensated for work related mental health conditions, equating to around 6% of workers compensation claims in Australia. This has resulted in $543 million paid through workers compensation for work-related mental health conditions (ii).
From a duty of care perspective, it is just as important for Employers to provide safe work environments to help manage their workers exposure to mental health hazards and applying workplace controls to eliminate or minimize these risks, as it is to manage any other occupational hazards in the workplace that can cause injury or illness.
Work-related (psychological injuries) can be caused by bullying & harassment or exposure to violence, that can be affected by workplace hazards. These workplace hazards include poor workplace relationships, working remotely or in isolation, low/high job demand as well as role clarity (iii).
On 2 April 2019 in Western Australia, Mines and Petroleum Minster Bill Johnston launched Australia’s first code of practice to help promote and maintain mentally healthy workplaces for FIFO workers in the resources and construction sectors. Whilst it focuses on psychosocial hazard exposures that are prevalent in FIFO working conditions, some of the strategies and examples recommended in the code of practice can be applied in most workplaces regardless of the industry which include (iii);
- Educate the workforce about what a mentally healthy workplace is and how they may contribute
- Increase individual and organisational capacity to recognise and address mental health and wellbeing concerns
- Providing education and training to organisational leaders on how they influence the development and maintenance of a mentally healthy workplace.
- Developing and implementing policies and procedures that appropriately address psychosocial hazards and risk factors
- Educating organisational leaders on intervention strategies and how they are implemented
- Educating the workforce on identifying the early signs of distress and what to do
Recovery and return to work
- Emergency response and crisis management plans that address mental health scenarios, including suicidal behaviour
- Maintain-at-work and return-to-work programs
i) Productivity Commission, page 1 ‘The Social and Economic Benefits of Improving Mental Health’, January 2019.
ii) Safework Australia (2019), Mental health in the workplace retrieved from https://www.safeworkaustralia.gov.au/topic/mental-health#work-related-stress
iii) Safe work Australia (2019, Work-related psychological health and safety – A systematic approach to meeting your duties, pg 9).
iv) WA Department of Mines, Industry Regulation & Safety (2019), Mentally healthy workplaces for fly-in fly our (FIFO) workers in the resources and construction sectors, Code of Practice.
Disclaimer: This newsletter is for information purposes only and is not legal or financial advice. AAI Limited trading as Vero insurance.
This month’s RM Insight article shows the importance of robust permit to work systems to monitor high risk work activities involving contractors, site visitors and staff. It is applicable for most work places.