Deadline looms for Shorter Award applications

AILA President's message – Melanie Quixley

Young professionals have only days to apply to participate in the 2024 Ron Shorter Award.

The award is open to YPs aged 35 and under or with fewer than five years’ experience in the industry. Applications close on 7 June – apply here.

The Ron Shorter Award was established in 2012 and is a competition to assist young insurance industry professionals to develop their public speaking skills.

Participants also benefit by raising their profile, speaking publicly on an insurance topic of their choice and meeting peers and luminaries from the insurance industry.

The award was revamped in 2021 to meet the increasing demand for online presentation skills, where contemporary presenters are expected to hold an audience, have gravitas and be able to influence stakeholders while sitting in front of a webcam.

AILA has partnered with the Australian Institute of Management (AIM) to provide training opportunities for award participants.

First prize is $1,000, second is $500 and third is $250.

Participants select an insurance industry topic of their choice, and 30 applicants are chosen for two 90-minute training workshops with AIM. In the latter, they present for two minutes on their chosen topics.

Three finalists then progress to a live final after receiving additional training.

At the live final in Brisbane on 11 September 2024, the finalists each present for 10 minutes on their topics before a panel of judges and industry professionals.

This is a fabulous opportunity for YPs and I encourage you all to apply.

National conference

The AILA 2024 National Conference is fast approaching and there’s something for everyone in a jam-packed schedule.

It’s on 11 to 13 September at the Gold Coast Convention and Exhibition Centre, Broadbeach, with the theme “Sunny Side Up”.

The conference will explore issues that will shape the insurance market in the future, and how the industry should respond.

The program includes perspectives from a diverse range of specialists who work within the insurance industry, including brokers, adjusters, insurers, lawyers and barristers, on a range of topics pertinent to those who practice in this space.

The organising committee has amassed many high calibre speakers. The keynote address will be presented by Queensland Supreme Court Chief Justice Helen Bowskill.

I’m particularly keen to hear from Finity Principal Sharanjit Paddam, who is a leading expert on climate change.

He was awarded Insurance Leader of the Year in 2022 by ANZIIF for his work on championing action on climate change, Actuary of the Year 2023 by the Actuaries Institute, and Risk Manager of the Year by the Climate Alliance in 2020.

He co-leads Finity’s perils and climate practice and advises insurers, banks, investors and governments on perils and climate risk assessment, management, strategy and reporting.

In 2023, he authored a research report for the Actuaries Institute on home insurance affordability, and in 2022 he gave a TEDx Sydney talk on climate change and banks and insurers.

Before joining Finity, Sharanjit was Group Head of Environmental, Social and Governance (ESG) risk at QBE Insurance Group, where he developed QBE’s global ESG policies, risk management framework, and reporting on climate change.

Code review panel opens consultation

The general insurance code review panel has opened submissions but time is short – submissions close on Friday 31 May.

The independent three-member panel reviewing the 2020 General Insurance Code of Practice has released the first of two consultation papers and now seeks written submissions.

Panel chair, former APRA Deputy Chair Helen Rowell, has called for feedback on the code’s practical operation including:

Customer vulnerability: how the code can best address the needs of vulnerable customers.
Financial hardship: strengthening the code’s support for customers experiencing financial difficulties.
Regulatory interaction: how the code interacts with existing laws for optimal effectiveness.
Code approval and enforceability measures: ways to enhance the code’s enforceability.

Ms Rowell encourages all key stakeholders and the public to participate in the consultation process.

“Feedback will help us ensure the code remains relevant, accessible and offers strong consumer protections,” she said.

“This is why it is essential that everyone has an opportunity to have their voice heard during the review process.”

She said stakeholder submissions were welcome to ascertain whether the code provisions could be adjusted to improve insurers’ responses to catastrophes.

The code sets minimum service standards for general insurers and is reviewed at least every three years.