Veracity - March 2019 edition
- Message from Anthony
- New Broker Hub goes live
- Vero launches a new Liability Insurance proposition for brokers
- Webinar: SME Insurance Index Report 2019 – register today!
- AFCA updates to all Vero PDSs
- Vero database records large commercial property losses
- RM Insight article – Pallet racking systems
Message from Anthony
Welcome to the March edition of Veracity. It has been a challenging start to the year for our industry and many of us personally.
While we remain focused on ways to better support you and your customers as the regulatory landscape continues to evolve, we are also continuing to work with communities impacted by the recent Townsville floods.
On a separate note, we’ve excited to share insights from our 8th SME Insurance Index and unveil our new broker hub to help make working with us even easier.
Royal Commission
We continue to work with all key stakeholders to understand how the 76 recommendations from the Royal Commission may impact us, our broker partners and customers.
Already we’ve consulted with Government on the removal of claims handling exemption and enforceability of industry codes, and we know broker remuneration will continue to be reviewed and heavily scrutinised.
We recognise the important role brokers play in giving customers choice and support to find the most suitable products for their individual business’ needs and circumstances. Brokers play a vital role in our business and we will continue to support policies and changes that work towards building a sustainable and professional sector.
Townsville
Last month, the Queensland city of Townsville was severely affected by devastating flooding. As one of the country’s leading insurers we stand with the community and our broker partners in striving for a recovery and rebuilding process that puts the region back on its feet in a timely, efficient and fair way.
We continue to work hard to support all those affected by the floods and have activated several initiatives such as bulk lodgement, clean-up services without prejudice and pre-approved authority to make the process easier for you and your customers. The damage caused by these floods is significant and the repairs will take some time, but we’ll be with you and your customers every step of the way.
SME Insurance Index Report 2019
Our focus is on education and partnering in your development. How? By providing market leading insights exclusively for brokers. Now in its 8th year, the SME Insurance Index Report provides actionable insights on SME attitudes, expectations and behaviours to help you succeed in this era of change. This year’s findings will be revealed in a webinar format. As there are limited seats available – I encourage you to register online.
Broker Hub launch
As part of our ongoing commitment to your success, we have launched a dedicated section on the vero.com.au website for our broker partners. The Vero Broker Hub has been designed to make it easier for you to get access to up-to-date information and the tools you need to support your business and better serve your domestic, SME and corporate customers. Take a look around the new site. If you have any suggestions for improvements, please contact your local Vero representative – your feedback is important to us.
New Broker Hub goes live
From today, you’ll have access to the Vero Broker Hub, a dedicated section on the vero.com.au website for our broker partners.
It has been designed to make it easier for you to get access to up-to-date information and the tools you need to support your business and better serve your domestic, SME and corporate customers.
Please see below summary, to help get you started.
Broker Hub homepage - here you’ll find quick links to log-in to VeroEdge and the Broker Toolkit (quote tools and calculators), using your existing VeroCentral/ VeroEdge credentials Note: your log-in details haven’t changed.
Tools page - your gateway to VeroEdge and the Broker Toolkit.
VeroEdge resources - access information, FAQ’s and user guides for VeroEdge SME Packages and Workers Compensation.
Document library - find policy documents, forms, brochures and guides by product category and document type.
Claims - find out more about Vero’s enhanced claims service and how to make a claim, so it’s easier for you to deliver positive customer experiences during the moments that matter.
Newsroom - stay up-to-date with the latest Vero news and insights, read past issues of Veracity, our broker newsletter, and the SME Insurance Index.
Learning - access information on market-leading educational resources, designed exclusively for our broker partners and offered via the Suncorp Learning Campus.
Contacts - access National, State and Workers Compensation contact details in one central location.
Download a quick guide (PDF, 2MB)
For more information, please contact your local Vero representative.
Vero launches a new Liability Insurance proposition for brokers
Vero knows you need to stay competitive in the marketplace.
That’s why we’ve reviewed our Liability Insurance and revised our risk appetite to meet more of your clients’ needs.
Who’s it for?
Vero’s standalone Liability Insurance specifically targets SMEs with turnovers up to $50m.
Focusing on these key industries:
- Business Services, e.g. financial
- Health and Medical
- Manufacturing and Wholesale
- Property Owners (excluding Shopping Centres)
Vero tailored coverage includes:
- Up to $100m capacity
- $500k Property in Care, Custody or Control
- $500k Product Errors & Omissions
- $1m Product Recall Expenses
- Drone extension; and
- Option to tailor coverage via endorsement
Claims handling ability
Vero knows Liability Insurance can be complex requiring technical skills in property damage and personal injury.
Vero delivers:
- Proven track record for fast, efficient claims management
- Personal injury claims team provides cover throughout Australia
- Specialised property damage teams manage clients’ claims and develop early resolution strategies
- Experienced, legally qualified claims handlers and technical advisors help with complex claims
- Specialist service providers in assessment and litigation
- In-house legal service
What have we written recently?
This new approach has achieved some recent successes:
- Gourmet food and wine distributor. Turnover $1m
- Office building property owner. Turnover $8m
- Sheet metal manufacturer. Turnover $16m
Practical tools make it easier to sell
A new one-page fact sheet explains this proposition and includes our revised risk appetite and key benefits.
Two product related support materials help you in client discussions and further educate them on the risks they face without adequate liability cover.
More loss examples will follow in coming months.
Liability Insurance Fact Sheet
Product Errors and Omissions (E&O) Fact Sheet
Product Errors and Omissions (E&O) Loss Bulletin
Local support, ready to help
Vero’s expert underwriters, risk engineers and BDMs across Australia are ready to discuss our new risk appetite and provide effective strategies to educate your clients.
Want to find out more?
To learn more about our new Liability Insurance proposition, contact your local Vero representative today.
Free webinar: SME Insurance Index Report 2019 – register today!
At Vero, our focus is on education and partnering in your development. How? By providing market-leading insights exclusively for brokers. Now in its 8th year, the SME Insurance Index Report provides actionable insights on SME attitudes, expectations and behaviours to help you succeed in this era of change.
This year’s findings will be revealed in a webinar format on Wednesday, 3 April 2019. As there are limited seats available, please register online.
AFCA updates to all Vero PDSs
Between 26 February 2019 and 23 May 2019, we are adding a Supplementary Product Disclosure Statements (SPDS) to all Vero Personal and Commercial Insurance PDSs with details of the Australian Financial Complaints Authority (AFCA).
Vero Privacy Statements will also be updated to include AFCA details.
AFCA replaced the Financial Ombudsman Service Australia (FOS) on 1 November 2018. ASIC has given Financial Services providers until 1 July 2019 to update disclosure documents.
Further information will be issued in May 2019, confirming the effective date of these changes and when you will be able to access these documents
Vero database records large commercial property losses
The 2018 Commercial Property Fire Database (PDF, 621kb) has been developed to assist brokers with a repository of known large losses (greater than A$50,000 and with public data).
It was designed to improve underwriter data and insights into large non-natural event losses in the Australian market.
Vero now tracks over 500 large commercial fires around the country each year.
While the Insurance Statistics Australia database on commercial property losses provides statistics, the Vero database offers more.
What does the Vero database provide?
Our database records detail on individual large losses to property that are not related to natural events. The primary cause of loss is fire and the dataset include the date, location and occupation of the loss.
Where possible, it adds the cause of loss, insured name, a print article and other details. Improvements in technology now make it easier to source this information.
Vero’s is the only known national database of commercial property fires. We list information from a wide variety of sources including news feeds, fire brigades, adjusters, our own claims data and market intel.
What have we learned
The data not only provides better insights for our underwriting of risk, but also has a broader audience with insurance brokers, risk professionals and clients using the insights to drive risk management conversations within their businesses.
Want to find out more?
We encourage brokers to engage with their local Vero representative to see how the database (PDF, 621kb) can help you. Please send any data or feedback you have to uwintel@suncorp.com.au.
RM Insight article – Pallet racking systems
This RM Insight article provides an overview of how pallet racking systems should be kept safe, and is of particular interest to warehouse and storage occupancies. Also applicable to retail and manufacturing occupancies storing raw material, stock or finished goods.
