Grant Mason

"The extreme losses being experienced by the insurance industry have some industry stakeholders considering the unthinkable: will the industry collapse? Regulators and insurance leaders in Australia were asked this question at a government inquiry’s public hearing.The inquiry is looking at insurance unaffordability and unavailability due to climate-driven disasters, like the 2022 floods that cost the industry AU$6.3 billion – a country record." I am worried about this. I forsee much more risk transfer to the client regarding the insurance industry in upcoming years. No market can withstand these losses and insurance has a great "out" by reducing the transfer of risk to a third party, thus increasing the margin of self insurance for the client. We are already seeing 10%+ wind/hail deductibles in FL and that is not going to stop. Soon it will be a full 50/50 Quota Share with a carrier to complete a program. A lot of changes are coming, and a Captive is a great way to take on the future of insurance! https://lnkd.in/eiA5-ZSX

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🔒 Do you have Cyber Insurance?🛡️ In a world of digital uncertainties, it is surprising the number of small businesses who don’t prioritise their cyber insurance. Contact us today to take the risk out of doing business.  https://continuum.net.au/ #ContinuumInsurance #insurance #insuranceagent #insurancebroker #insuranceagency #businessinsurance #business #risk #Brisbane #Queensland #Australia

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Tragic Events and Emerging Risks: A Need for Insurers to Respond The recent murder of a CEO of an insurance company is a shocking and tragic event that highlights the growing risks faced by professionals in the insurance industry. This incident also brings to light a critical issue: the risk of violence or harm to insurance professionals due to non-settlement of insurance claims. This is an emerging risk that requires thoughtful consideration and response. Insurers who can provide effective solutions will be supporting the well-being and safety of insurance professionals. #Insurance #RiskManagement #EmergingRisks #IndustryTrends

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Looking forward to Danni's panel at the upcoming Claims Leaders Summit Australia on May 9. Here, Danni discusses rising claims costs and customer service challenges and I certainly agree that the disconnect between insurers, intermediaries, repairers and manufacturers is a key driver of motor claim inflation issues. Data analytics are now sophisticated enough for us to leverage its insights on the real cost of claim handling, vehicle repairs and replacement parts to make informed decisions and streamline claims operations. It's high time we started to do so. #AccidentManagement #MotorRepair #MotorInsurance

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Wondering what ACIL has been up to? While it may seem quiet, we've been busy with a submission to the General Insurance Code of Practice review. In response to systemic failings and rising consumer disputes, especially after the 2022 floods, ACIL is pushing for significant reforms. Our robust set of 52 recommendations aims to tighten regulatory oversight, enhance transparency, and bolster consumer protections. To see our submission follow the link below.

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Public Liability insurance is essential for Australian businesses, offering protection against third-party injury or property damage claims. This guide explores factors affecting premiums, available liability limits, and the importance of choosing the right coverage for your business. #Ausure #Wecare #PublicLiability #Insurance https://lnkd.in/gUTX3s3B

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We know the threat of cyber-attacks is a leading concern for Australian CEO’s, and that concern is not just isolated to large businesses. Many SME’s are also anxious about the growing incidences of cyber-attacks and their potential impact and exposure, yet the majority don’t have specific cyber insurance.   We see this as a gap that needs addressing, and today launched ‘Cylo backed by CGU’, IAG’s specialist cyber underwriting agency aimed at strengthening the cyber resiliency of small businesses in Australia, while providing insurance protection against cyber-attacks. A unique ‘secure and insure’ offering, ‘Cylo backed by CGU’ embeds cyber security within a cyber insurance policy, providing critical protection with support from our partners UpGuard and Crawford & Company (Australia). To find out more, please see: https://lnkd.in/g_X2NJiZ  

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How is the insurance industry responding to the rapid rise of AI? I was recently quoted in an article authored by Insurance Business New Zealand which highlights the regulatory challenges we're currently facing. During a panel at the NZUAC Expo, we explored the impact of AI and the urgent need for clear guidance to help businesses navigate this evolving landscape. Read the full article for insights into what's next for AI in insurance

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I had the the great privilege of Chairing the Claims Leaders Summit in Sydney last week. Great presentations and super audience participation. Some key takeaways…  > Claims cost inflation: isn’t going away anytime soon. Understanding the drivers of inflation and responding quickly are crucial.  > Regulatory challenges: Balance is required here, perhaps some have over-reacted and grid locking their business.  > Rise of sustainability: The insurance industry needs to move to incorporate sustainable practices through the supply chain.  > Delivering to customer needs: Customer preferences and needs at claims time remain largely unchanged - explain the process in simple terms, advance and resolve the claim quickly, keep people informed and avoid surprises. Even so, limited progress has been made! > Getting the tech to deliver: Modernising the core remains a priority for many but getting the full promised benefits remains hard.   > Leveraging AI: Stuff is happening here but it needs to shift from experiments to scale applications. > Silica is coming - And it will impact claims...there is time to get ready. > More and bigger events: A multi headed hydra and no easy answers. Perhaps an opportunity for more cross business collaboration. Also, geospatial and computer vision show great promise. > Don’t forget your people: Claims is a thankless job and hard. Show your people the love they deserve.  > Claims at the top table: Claims are the moment of truth. Much of the premium dollar goes there. Claims must be at the Exec table. Not necessarily anything new but a good reminder nonetheless. A special thanks to all the contributors - Darren Trott Angat Sandhu Maya Lazarus Paige Vincent Anthony McLean Kerrie Challenor Abhimanyu Bhola Luke Gallagher Margot Wilson Stephen Neale Brianna Cattanach Joanna Aldridge Lynn Raymond Roehrig Nick Vernon Liam Walter Key Media Bernadette Hateley Raffaella Di Cesare Derek Roberts Garry Baddock Carolina Dreifuss

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A new Life Insurance Code of Practice was introduced in Australia in December 2023. The Life Code of Practice is a voluntary code of “best practice” principles developed by the life insurance industry. Most major life insurers are subscribers to the Life Code. Our latest blog summarises key provisions of the Life Code which insurance claimants should be aware of. https://bit.ly/4aSVeMo #tpdlawyers #insurancelawyers #lifeinsurancecodeofpractice https://lnkd.in/dQ4emHBv

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In 2023, Australia saw a staggering 52% increase in remote access scams during the first three months. With billions lost annually to various cybercrime incidents. It’s increasingly important for businesses to stay informed and #StayCyberSafe! At Coverforce Partners, we are dedicated to understanding these emerging threats and continually educating ourselves and our clients to ensure they remain well protected. #cyberawarenessmonth #coverforcepartners #bettertogether https://lnkd.in/gVHJsXJZ

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I cannot stress enough how important FNOL is - even a short delay in drivers reporting fault claims can leave a third party taking that call from the accident management company and saying yes to a credit hire vehicle. At that point the claims cost increases dramatically and your insurers end up footing a much higher bill when the claim is closed. This will impact your overall claims performance and could lead to some difficult conversations when it comes to renewal, ultimately all coming from that initial delay in claims reporting. Reinforce this message to your drivers and build a culture where reporting asap (from the roadside wherever possible) is the standard - it will benefit you in the long run! (We have our own claims team at One Broker Ambulance - and have years of expertise in handling claims) I'm happy to review anyone's claims listings and see where things could be improved - even if you're not a client, your current broker should provide a claims listing on request (not the same as your 'confirmed claims experience/CCE' which is typically only calculated around renewal). Drop me a line here to discuss or send a claims listing over to [email protected] and we can set up a call.

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Happy Fact Friday! This month MC De Villiers Brokers focused on the importance of Reporting and Claims and Notifications. Here are 10 important facts to consider: https://lnkd.in/ddt6eiks #Medmal #FactFriday #mcdevill #MCD #ClaimsAndNotifications

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We always listen that the insurers do not pay back our money. Why is that happening? * Is it lack of knowledge of the customer to reach the correct person; * is it unwillingness of the insurer to settle the claim; * have my money spent inappropriately by the insurer/management/Board of Directors; * have my money deposited properly to the insurer by the agent; * am I eligible for claim the amount or some of exclusion wording is making me disqualified; --- these types of questions goes on and on. But look at my family case. While I was studying at Banking and Insurance Department of University of Dhaka, my parents give me the chance to let know the real prospective of insurance in Bangladesh. They opened an insurance policy which is matured after 10 years. The problems are following: I could not receive what I should have because my parents pay the premium in cash by hand. After my parents illness, the insurance agent did not collect the premium regularly. As the result, We failed to pay one premium. As a result, We miss the terminal bonus of the policy. Furthermore, the insurer charged late fees for deferred premium payment. Fortunately, I feel lucky because I am one whose claim has been settled properly, but not just in time. But It takes only two days effort. I feel grateful to the unnamed persons of Meghna Life Insurance who make my family stressless in this needy time. No matter what is the amount of claim. The lesson is in short you need to knock in the right door with right papers. IF insurer denies, submit written complain to Insurance Development and Regulatory Authority (IDRA). Hilariously, the insurance agent is still calling me that my premium payment needs to pay for this year. Ha Ha Ha! Human...

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A new organisation to watch, they're doing great things! AiBEC - Association of insurance Building & Engineering Consultants #insurance #engineers #claims #goodadvice #insuranceclaims #riskadvice #qualifiedexperts #experts #claimsservice

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Curious about the major trends shaping the insurance industry? 📊 Download the latest CGU STRIVE Report 3.0! This bumper edition dives into macro-economic, climate, social, and technological insights, plus a fascinating new chapter on the emerging generational divide in Australia. 🌏📈 Download now: https://ow.ly/6xF630sHCXI #CGU #STRIVE #Ambition #Insurance

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