Simon O'Dell

Smaller insurers to benefit from Solvency II thresholds. Cara Spinks. Smaller insurers are set to benefit from increased thresholds under the Solvency II requirements, but should consider new rules for non-directive firms (NDF), Broadstone has said. Check out Jasmine Urquhart's latest article 👇 https://incm.pub/3xjzxqY #pensions #pensionscheme #employeepension #finance #retirement

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*** KOBA Insurance's EV insurance hits Australian roads *** Excepts From the Insurance Business Australia article: "Australian Insurtech KOBA Insurance has introduced its comprehensive electric vehicle (EV) insurance policy. Initially focused on Tesla vehicles, KOBA’s policy was developed in consultation with the electric car community and includes key features such as ✅access to EV and Tesla-certified repair networks, ✅coverage for charging equipment, ✅a lifetime repair guarantee, and ✅EV rental car options. KOBA’s customers can also benefit from ✅discounts based on their driving habits, ✅including lower kilometres driven and ✅a safe driving score at renewal. The insurance policy – which was announced early this year – comes with a smart app that provides specific insights for EVs, including ⭐estimated battery range, ⭐trip tracking, and ⭐tire pressure monitoring. Upcoming updates will add ⭐monthly EV usage reports and ⭐enhanced battery monitoring. KOBA’s policy ⭐integrates directly with the vehicle’s onboard computer, ⭐facilitating onboarding for various EV brands over time. Andrew Wong, founder of KOBA emphasised the importance of ⭐KOBA’s EV-certified repair network and ⭐forthcoming usage reports, ⭐which will cover energy consumption, charging costs, and battery health, ⭐consolidating key information for EV owners." #insurance #insurancenews #ev #electricvehicle Tesla #motorinsurance #carinsurance

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This is a really good article from QBE Insurance about the risks associated with Lithium Ion Batteries. Have a read and ensure you follow manufacturers instructions on use and storage. https://lnkd.in/gtwVJhvQ

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🌍 What Does It Mean to Lead Innovation in Insurance? 🌍 In the latest episode of the Leadership in Insurance Podcast, Alex Bond sits down with Sam Hoppe, the Chief Commercial Officer and Insurance Officer at Open, an insurtech company that’s making a name for itself across Australia and the UK. Founded in 2019, Open’s mission is to simplify insurance through technology, offering multi-product insurance solutions that deliver value, not just to customers but also to their global partners. But what makes Open stand out? 🤔 In this insightful conversation, Sam takes us through Open’s unique approach to: 📱Technology-Led Insurance: How they’re using data and automation to streamline the insurance process. 🧮Multi-Product Solutions: The importance of offering a broad range of insurance products, including home, car, and travel, all seamlessly integrated. 🫱🏼‍🫲🏽Collaborative Partnerships: How Open works with brands to provide tailored insurance solutions, making their products more accessible to consumers. As Open sets its sights on UK and European expansion, they’re not just entering new markets—they’re adapting to local challenges and delivering personalized solutions that resonate with customers globally. If you’re curious about how insurtech is reshaping traditional models and creating new value for partners and consumers alike, this episode is a must-listen! 🎧 Tune in to to hear Sam’s full story and get an inside look at how Open is changing the game in insurance💡 #Insurtech #LeadershipInInsurance #InsuranceInnovation #OpenInsurance #GlobalExpansion #CustomerExperience

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NIBA Convention – Insurtech Pitch Competition: Adelaide, 20 – 22 October 2024 Insurtech Australia is partnering with National Insurance Brokers Association (NIBA) to identify the most exciting Insurtech disrupters for the broking sector: those poised to provide in-market solutions to enhance the way brokers operate. We are looking for innovative Insurtech companies already operating in the Australian market for this unique opportunity to pitch AI-powered solutions live on stage at the NIBA convention plenary. From automating data entry to enhancing customer experience, we are looking for companies that have practical, user-friendly products aimed at making it easier for brokers to propel themselves beyond the status quo! If you think this might be you, follow this link for more detail: https://lnkd.in/g2iQ4krA Don't miss out! Applications for the competition are now open, and will close on Friday 9th August 2024. Please contact us at [email protected] with any queries. Simone Dossetor Anna Cranney Lawrence Roqueza Carolyn Johnston James Orchard Vanessa Dobson Sid Baidwan Tetiana George （梅玉瑛）Peter Williams Lisa Woodley Heïdi Schmit Dianne Phelan #insurtechaus #insurtech #insurance #brokers #AI #solutions #claims #platforms #innovation #collaboration #technology #members #partners #founders #startups #scaleups #competition #pitch #pitching #Adelaide #Australia #October #conference #event #marketplace #transformation #data #brokingsector

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Great to see a united front from the CEO panel on the value of insurance in super at the conexus financial summit. Awesome work Aleks Vickovich Geoff Summerhayes Vicki Doyle Deanne Stewart Jenny Oliver Christine Cupitt for the insight and sense of perspective. Yes, the system’s not perfect; yes, underinsurance is a challenge (exascerbated by high inflation); yes, there are times that process issues lead to slow service; and yes, there is more we can do to engage members. These are all things that the industry is actively working on, but this remains an incredibly efficient and effective system providing a safety net to the ~5.7 million working Australians with default insurance, that they otherwise wouldn’t have. Last year, TAL alone accepted ~95% of our group insurance claims and paid ~$2.5bn claims to almost 32,000 members and their families when they needed it most. Long may it continue… (and keep getting even better!)

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It’s great to see QBE Ventures have the same belief in the potential of Aurora as I do. Despite the hundreds of millions pounds spent by the insurance industry over the past decade the huge majority of SME to mid market is transacted through brokers and over email. Any trace of digital engagement will involve the Acturis rails built over 20 years ago. Decent progress has been made by insurers in the last 3 years in ingesting emails more efficiently and auto-pricing but I can’t believe they see that as the end game. Despite the latent demand for a better more digitally-enabled way of transacting we have not seen the emergence of a game changing SME platform since Simply Business was sold to Travelers back for $490m back in 2017. The Aurora platform is easy for brokers to use, pricing is fully algorithmic, it houses an excellent range of products both live and on the way and best in class capacity behind most of them. It has a strong management team and now an excellent strategic investor in QBE Ventures. I have great hopes for Aurora If the industry wants to provide a better insurance experience to small business and do that more cost effectively than it does now then we need more companies like this. One to watch and to support. James Orchard Peta Kilian Simon Pink Jan-Vincent Finn Bijal Patel Carla Havemann Matthew Jones Charles Burgess InsTech Zoja Wojcik Kirsty Plank Lauren Stables

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In the dynamic landscape of Australian business, success often walks hand in hand with risk. From small startups to large corporations, navigating these risks is essential for long-term prosperity. However, identifying and mitigating these risks can be a complex endeavour. This blog highlights some of the top risks facing Australian businesses today and explores how the right insurance coverage can provide a crucial safety net. https://lnkd.in/gUK3iwrW #ARMA #Insurance #Brokers #Business 

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The State of the Insurance Industry in 2024 - Welcome to Tudor Insurance Australia’s Week of Insights! As we dive into the latest findings from Finity Consulting’s Optima 2024 report, it’s clear that the Australian insurance industry is navigating a transformative period. Here are some key highlights that every SME should be aware of: 1. Strong Performance Metrics The industry has demonstrated remarkable resilience, achieving an estimated 15% Return on Equity (ROE) in FY24. This marks a significant recovery, especially considering the challenges faced in previous years. The ROE is at the top end of the target range (10-15%), reflecting a robust performance that bodes well for both insurers and their clients. 2. Premium Growth Trends In FY24, the industry experienced an 11% growth in Gross Earned Premiums (GEP). While this is slightly lower than the previous year, it marks the third consecutive year of double-digit growth. This growth is primarily driven by rate increases rather than volume, as insurers respond to ongoing claims inflation pressures. For SMEs, this means it’s essential to budget for potential increases in insurance costs. 3. Claims Landscape The net loss ratio for FY24 is estimated at 71.5%, which is a slight increase from FY23. This change highlights the ongoing challenges in managing claims, particularly in commercial lines. However, the industry has benefitted from relatively benign weather conditions, which have helped mitigate some natural peril losses. 4. Investment Returns and Profitability Investment returns have improved significantly, reaching 6%, up from 3.6% in FY23. This increase has played a crucial role in offsetting the deterioration in the Combined Operating Ratio (COR). The industry’s ability to generate strong investment returns is vital for maintaining profitability and ensuring that insurers can continue to support their clients effectively. 5. Looking Ahead As we look towards FY25, the outlook remains optimistic, with a forecasted GEP growth of 9%. However, challenges such as natural perils volatility, claims inflation, and an uncertain economic environment could impact this growth. It’s crucial for SMEs to stay informed and proactive in their insurance strategies to navigate these potential headwinds. How are you preparing your business for the evolving insurance landscape? Share your thoughts in the comments below!

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Insurance Business Australia’s top young insurance professionals are the new wave making an impact in a changing industry. This year’s generation of young insurance professionals is equipping employers with a competitive edge, balancing digital savviness with strong client relationships built on trust and expertise. Read the full report and learn more about this year’s top young insurance professionals under 40 destined to be the industry leaders of tomorrow. https://hubs.la/Q02-H6Lt0

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🚗📊 Motor market trends: challenges, opportunities, and what’s next Watch QBE's motor experts, Jonathan Dye and James Billings, on Insure TV as they explore the latest trends in the motor insurance industry. They delve into key topics such as electric vehicles, claims inflation, winter driving safety, and share effective risk management strategies for navigating this evolving sector. Watch the full video here - https://lnkd.in/edp9R5-S  #motorinsurance #insurancebroker

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Entsia enables insurers to distribute their products further and faster. View Full Profile: https://lnkd.in/geBPU_24 Entsia Alistair McElligott #Sydney #Australia #Insurance #insurancetechnology #insurancetech #insurtech #insurtechbusiness #InsurtechInsights #insurtech #ceomindset #ceolife #ceomindsetmotivation #CEOChallenge #fintech #insurtechs #insurtechinsights #insurtech #business #money #technologysolutions #technologynews #technologytrends #technologyinnovation #technologythesedays #technologyservices #technologytransformation #technologyleadership #technologyfacts #insuranceindustry #insuranceindustrytrends #insuranceagency #digitaltransformation #insurance #insurancemarketing #insurancenews #insurancecoverage #insuranceadvisor #insurancetips #entrepreneur #tech #tecnologia #payments #banking #lifeinsurance #healthinsurance #reinsurance #ceo #boss #businessowner #entrepreneurship #marketing #leadership #smallbusiness #instatechnology #newtech #futuretech #techlife #technology #innovators #technologyinnovators #technologyinnovatorsmedia #technologyinnovatorsmediallc #technologyinnovatorsmedia

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"My client does NOT have a Pollution exposure" A call out to Melbourne based #insurancebrokers my colleague Fiona Priestley will be hosting a free in person seminar on Tuesday May 14th. This seminar has been designed as part of the EIL Value Proposition to provide our broking partners with specialist insight, expertise and advice from our guest presenter Duane Pretorius who has been managing pollution emergencies globally for over 23 years. Recent Environmental Emergencies across Victoria have demonstrated the very real need for business to have specialist assistance. Pollution events are time sensitive and highly visible with a multitude of challenges and various stakeholders to manage depending on the complexity of the incident at hand. The evolving asbestos containing material discoveries across Melbourne have highlighted that no business is completely immune to pollution risk. Therefore, it is vital as risk and insurance advisors as an industry we are prepared to assist and advise businesses on best practice for managing Environmental Incidents as they happen. I would highly encourage all #insurancebrokers and #insuranceriskadvisors to refer to the Link below in comments section for further information. Liberty Specialty Markets (Asia Pacific) Liberty Specialty Markets Liberty Mutual Global Risk Solutions Ironshore Insurance Liberty Mutual Insurance Steadfast Group Limited National Insurance Brokers Association (NIBA) #pollution #pollutionclaim #contamination #asbestos #asbestosawareness #asbestostesting #environmentalinsurance #environmentalimpairmentliability #environmentalsocialandgovernance #insurancesolutions #insurancebroker #insurancecoverage #insuranceclaim #myclientdoesnothaveapollutionexposure #steadfast #niba #libertymutual #companydirector #riskmanagement #insurancemanagement #emergencyresponse #emergencypreparedness #emergencymanagement #insurance #traininganddevelopment #seminar #training #cpdaccredited #melbourne #victoria

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This article from QBE takes a good look at the growing issue of claim farming and car hire scams in Australia. It's a complex issue, and this kind of fraud has a significant financial impact on the insurance industry. I find this topic incredibly pertinent. The rise in such scams increases both claims and operational costs for insurers and affects customer trust and industry reputation. It's crucial for all stakeholders, including accident management firms, insurers, and regulatory bodies, to collaborate closely to identify, prevent, and mitigate these fraudulent activities. More effective engagement with customers at first notification of an incident, enhanced data sharing and technological advancements in fraud detection are critical steps forward. This proactive approach will ensure a more transparent and trustworthy environment for all involved. #InsuranceFraud #AccidentManagement #IndustryCollaboration

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