Veracity - May 2019 edition

By  Vero Insurance

Commercial update: message from Anthony and Brad

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.

 

Anthony Pagano
Head of Commercial Intermediaries

 

Brad Dalton
Head of Commercial Underwriting

 


Announcing RM Advancer 2019

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?

This year’s winners will be announced at a gala evening at Ovolo Hotel, Woolloomooloo, Sydney on Thursday 24 October 2019—and nominating brokers are invited. It promises to be a great evening with a chance to relax and network with your clients and peers and to hear inspiring risk management stories from nominees and industry leaders.

To find out more about RM Advancer, visit vero.com.au/rmadvancer.

 


Committed to your success with the Suncorp Learning Campus

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.

We’ve listened to your feedback and worked to enhance the Suncorp Learning Campus. You can now gain immediate access to over 1,000 market-leading online courses in addition to specialist online and face-to-face education providers to build you and your team’s skills and capabilities.

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.

Tailor-make your own learning experience, by picking and choosing courses to suit a range of learning needs, budgets, time-frames and locations. Categories include customer, compliance and regulation, business and leadership, sales, communication, team, developing self to name a few.

Access to specialist education providers

Specialist providers include Phuel, AIM, Kaplan, Skillsoft, SalesITV and Suncorp, all of whom offer flexible training options on a range of topics. And you can access all of this for an annual subscription of only $99 (including GST), with discounts available for multiple subscriptions.

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.

 


Equipment Breakdown Insurance for today's equipment-intensive manufacturing operation

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.

 


Changes to the NSW Emergency Services Levy (ESL)

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.

 


SME Insurance Index 2019 webinar - Q&A guide

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 your convenience, we’ve developed a Q&A guide summarising the questions submitted during the session. Alternatively, visit the SME Insurance Index 2019 site

 


Managing mental health in the workplace

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);

Promotion

- 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

Prevention

- 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

Intervention

- 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

For more information regarding the new WA code ‘mentally healthy workplaces for fly-in fly-out (FIFO) workers in the resources and construction sectors, contact the Workers Compensation Risk Team at riskservices@gio.com.au.

References;

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.

 


RM Insight – Permit to work systems

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.

RM Insight – Permit to work systems