Disability Insurance: A type of insurance protection that pays a portion of a person's income lost due to a total or partial disablement arising from either an accident or a sickness.
The professional services industry has undergone a significant transformation in recent years, largely due to the integration of digital technology into everyday business operations. From cloud computing to mobile applications, the digital landscape for professional practices has expanded, offering new avenues of efficiency and connectivity. - read more
Indemnity insurance may sound like complex legalese, but at its core, it's a straightforward and crucial protection for businesses of all types and sizes. Simply put, it's a form of insurance that shields a business from bearing the full brunt of financial losses due to lawsuits or claims made against it. - read more
Professional indemnity insurance is an essential safeguard for practitioners and businesses that provide expert advice or services. This type of insurance helps to protect professionals against legal costs and claims for damages from an act, omission, or breach of professional duty in the course of their work. For Australian professionals, where litigation is increasingly common, it's a pivotal component of risk management. - read more
If you're an Australian consultant, you understand that your advice is a valuable commodity. But with that value comes responsibility, and a level of risk that you could be held liable if your guidance results in financial loss to a client. This is where professional indemnity insurance comes into play, serving as a vital shield, providing protection and peace of mind for both you and your clients. - read more
Professional Indemnity Insurance (PII) remains one of the keystones of risk management for professionals across Australia. Yet, misconceptions and lack of awareness can lead to inadequate coverage, leaving individuals and businesses vulnerable in a litigious environment. - read more
Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
Survey Reveals Time Crunch for Brokers Facing Compliance Hurdles
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Steeped in administrative duties, brokers are dedicating over three hours daily to data processing tasks, finds a survey issued by an insurance software company.
Further intensifying their plight, nearly one-fifth have reported growing complications and time expenditure in compliance adherence, underlining a pressing industry conundrum.
Confronted with a choice to reallocate this administrative time, brokers show a diverse set of priorities: 38% would aim to generate new business, whereas 36% see value in investing in learning and development. Strengthening insurer relationships and diversifying client portfolios is also a shared focus among 32% of brokers.
500 brokers from modestly scaled firms participated in the study titled 'Brokering Change', jointly spearheaded by JAVLN and the international research firm Censuswide. The findings suggest that routine office tasks, such as claims administration and quote processing, are obscuring more vital aspects of the brokers' role.
The research paints a distressing landscape where menial tasks compromise brokers' capacity to deliver optimal customer service. Merely 28% felt assured that clients would grade their customer service with a score of 8 or higher out of 10.
"Technology lies at the heart of productivity malaise in Australian brokerages," declares Dale Smith, JAVLN's founder and CEO. Inefficient, outdated technologies are largely blamed for making client and policy management an uphill struggle, thereby hindering service quality.
Confidence in 2023 seems shaky among brokers, with only 25% feeling equipped with the right skills for success. Approximately 23% believe they receive adequate support from employers to achieve peak productivity levels.
Technology also emerges as a thorny issue, seen as overcomplicated by 27% of brokers, while 23% criticize current tech as no longer apt for the evolving industry needs. Inadequate tech solutions substantially impact client and policy management efficiency.
The challenges don't stop at technology: approximately 25% of brokers call for simpler compliance, with reports of missed compliance elements by a fifth of this group in the last year, demonstrating the dire need for reform.
The industry's leading challenge of making insurance more affordable was underscored by 28% of the respondents. This was apart from evolving client expectations, increased rivalries, novel aspects like cyber insurance, disaster coverage, risk landscape shifts, and the critical issue of attracting and retaining astute talent in the field.
Published:Monday, 25th Mar 2024 Source: Paige Estritori
In an intriguing turn of events, a dedicated car enthusiast's claim for damages to his vintage vehicle under home insurance has been denied after a careful review by the Australian Financial Complaints Authority (AFCA). The individual's relic, a 1970 Mercedes-Benz 280e sedan, which was being lovingly restored and was far from operational, rolled into an adjacent van following the snap of a winch cable. - read more
Residents and officials from regions affected by flooding have observed a discernable shift in insurers' handling of claims following natural catastrophes, with recent proceedings reflecting a more positive trajectory. This outlook emerged during a federal inquiry session that gave a voice to flood-impacted communities in Heathcote, Victoria. - read more
An individual's anticipation of a serene vacation in Hawaii was met with a grievous twist when wildfires ravaged Maui, leading to an urgent evacuation and unplanned expenses. A customer of Mitsui Sumitomo ventured to the Pacific paradise only to have plans upended by nature's wrath. The ensuing insurance claim denial sparked a dispute which has now been resolved by the authoritative voice of the industry’s dispute resolver, leaving a glaring reminder of the importance of scrutinizing insurance options. - read more
Last year, research from a major insurance provider signaled a significant shift in the life insurance landscape within Australia, showing a marked decrease in the percentage of insured non-dependent adults of working age. Only 77% now carry some form of life insurance, a stark contrast to the 94% coverage rate recorded in 2017. Industries evolve, yet the dip in these figures marks a noteworthy trend within the life insurance sector. - read more
In a strategic move to fortify its Australian footprint, the prominent London-based cyber insurance firm CFC has announced the procurement of Melbourne's Solution Underwriting. Already an experienced player in the Australian insurance sector, CFC’s recent acquisition marks a significant augmentation of its local operations. - read more
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