Volume 1, 2011
Vero breaks new
ground with Carbon
Sink Insurance
// SMART centres: the answer to quick motor claims //
Vero expo // Wallabies sponsorship launch
Vero breaks
new ground
with Carbon
Sink Insurance
by Darren O’Connell
Executive General Manager
Commercial Portfolio & Underwriting Management
With the federal government’s focus fixed firmly on a carbon tax,
the pursuit of strategies to combat climate change has never been
more intense. One of the most successful techniques to achieve
this noble objective is the planting of carbon-hungry forests.
With Australia’s landmass
offering great potential and the
encouragement of government
tax incentives spurring them
on, many accredited traders are
aggressively planting trees to
create new carbon sinks.
Darren O’Connell
2 // Veracity Vol 1
Bio-sequestration (the natural
absorption of CO2 by plant
life) is the world’s only proven
technology to reduce carbon
dioxide concentrations in the
atmosphere. It is also one
of the two means by which
additional carbon credits can
be created within Australia’s
Carbon Farming Initiative (CFI).
This means forestry
sequestered carbon has
a significant value and
therefore should require
insurance cover to protect
it against hazards – fire in
particular. Here in Australia,
this ever-present threat could
create real problems for this
emerging industry because
This unique cover actually
insures the amount of carbon in
a tree against emission due to fire
and it has been recognised by
reinsurers globally as a significant
industry initiative.
CO2 emissions stored in
trees are released into the
atmosphere when they burn.
The government proposes to
deal with this risk by asking
owners to reserve a part of
their plantation as a ‘risk of
reversal buffer’ which could
be used to cover losses and
allow forest owners to retain
their permits if their trees
burn down.
It was this background that
led Vero to market a groundbreaking new product designed
to insure carbon sink forests
from fire and other destructive
hazards. Vero is underwriting
an insurance method that
provides a sound, market-based
alternative to the government’s
buffer proposal.
This unique cover actually
insures the amount of carbon
in a tree against emission
due to fire and it has been
recognised by reinsurers
globally as a significant
industry initiative. Until Vero
packaged this product, there
was no insurance solution to
this problem.
It underscores Vero’s position at
the leading edge of insurance
products and equips us to cater
for the growth of the carbon
sink industry across Australia.
(cont.)
Veracity Vol 1 // 3
Insurance Facilitators (IF)
is responsible for devising
the concept and Vero has
led the market by putting
the full weight of its support
behind this offering.
IF is responsible for the
product’s distribution and
has floated this insurancebased solution past federal
government representatives
as a superior alternative to
their national buffer proposal.
4 // Veracity Vol 1
Expert commentary suggests
that forestry sequestered
carbon plantings will thrive
under the CFI because it is
one of only two means by
which additional credits can
be created. The timber lobby
has also been successful
in enabling the inclusion of
mainstream plantation timber
within the CFI. The wood
products industry is now a
quite vocal lobbyist, citing
the ability of timber products
to store carbon, often for
longer than the life of the tree
themselves.
As this new industry develops
and grows, Vero will be
there, offering its inventive
new product to help protect
Australia’s carbon sinks and
secure this major contribution
towards helping reverse the
effects of climate change. //
profile
profile
Jason Allison
Position: Executive
Manager, National Workers
Compensation Portfolio
What do you do?
My role involves the overall management of the
workers compensation portfolio, which includes
the end-to-end delivery of services across
product, pricing, distribution and claims.
What makes you an expert?
After 23 years experience in the insurance
industry, I have developed a unique insight
and understanding around the complexities of
business environments and various products.
My previous roles as Claims Manager and
Distribution Manager have provided me with an
appreciation of regulator and broker relationships
and the value they provide to clients regarding
their workers compensation needs.
I’m also attempting to minimise the impact of
our exit from the Victorian scheme, especially
with regards to our people. We are working with
Gallagher Bassett to maintain our high level of
service to brokers and employers.
From a team perspective, I’m working towards
aligning underwriting/portfolio teams with
the claims area so that we all have a better
understanding of each other’s priorities and
day-to-day requirements.
Our main initiative is the Workers
Compensation Online Quoting Tool
which has just been launched for
our underwritten states.
What advice would you give to brokers
in preparing for 30 June?
No doubt all brokers know that being prepared
and making contact with clients well in advance
is the best strategy for dealing with such a busy
period. Personally, I’m looking forward to June as
we’re confident GIO will be a competitive force
in the workers compensation market. //
What are you currently working on?
We have some strategic technology initiatives
we are working on which will enhance both
the broker and client experience. Our main
initiative is the Workers Compensation Online
Quoting Tool which has just been launched for
our underwritten states.
Other initiatives include improved customer
reporting and optimising recent investment
in our internal claims system to improve
responsiveness and efficiency.
Veracity Vol 1 // 5
SMART centres:
the answer to
quick motor claims
Vero has the capability to get its
clients back on the road faster
through its partnership with
the SMART car repair centres
– featuring the latest in motor
repair technology. With a simple
end-to-end claims process,
the SMART model can provide
efficient and high-quality repairs
in one-third of the time of
traditional repairs.
SMART (Small to Medium
Accident Repair Technology)
is a service available to broker
clients for their motor claims.
It provides a convenient and
efficient process that meets
customer needs by reducing
the turn-around time for
repairs; authorising repairs
immediately if parts are
available and completing
them at the drop-off site.
To be eligible for a SMART
repair, the following criteria
must apply:
t
The insured is at fault
t
The vehicle must be driveable
t
No airbag triggered
t
No suspension damage
t
No fluid leaking from the car
t
o grey imports, trailers,
N
trucks, motorcycles or boats.
Matt Pearson, Executive
General Manager of
Commercial Claims, believes
this new initiative places Vero
and other Suncorp-affiliated
brands at an advantage to
other insurers:
“Our association with the
SMART repair centres means
our clients can have their
damaged vehicles repaired
much sooner than traditional
repair shops.
Smart car centre
6 // Veracity Vol 1
The SMART model can
provide efficient and
high-quality repairs in
one-third of the time
of traditional repairs.
“Also, our dedicated customer
service officers on site means
that our clients will be kept
up-to-date with the progress
of their vehicle.” //
Case study:
Locations
New South Wales
Seven Hills
26A Powers Rd
Queensland
Murarrie
Coming May 2011
Victoria
South Australia
Holden Hill
9 Jacobsen Cres
Western Australia
Booragoon
493 Marmion St
Hallam
31-33 Melverton Dr
Preston
265-267 Dundas St
Bentleigh East
2-4 Carey St (Cnr North Rd)
a SMART customer
A commercial motor customer recently
found out the benefits of the SMART repair
technology when they had an accident in one
of their business vehicles and lodged a claim
through their broker.
After initially dealing with their broker and
claims manager, the company’s vehicle was
booked in for repairs at the Bentleigh East
SMART centre in Melbourne. The customer
was given a time-frame of 2-3 days for the
work to be done and then taxied to a
Hertz office to pick up a rental car.
The customer was shocked to receive a
call from the SMART centre the very next
afternoon, advising them that their car was
ready and could be picked up at any time.
The customer felt they had received an
outstanding claims experience from both
the broker and claims manager – so much
so that they sent through a detailed written
compliment for all the teams involved. //
Veracity Vol 1 // 7
Vero Expo
As one of the key events on
the insurance industry calendar,
Vero Expo offers brokers
an opportunity to network
with colleagues, learn about
topical industry issues and
earn NIBA CPD points for
their participation.
8 // Veracity Vol 1
Vero Expo showcased a new
format in Perth and Adelaide
this year with Sydney to follow
in August. The Expo opens
with a well-known keynote
speaker who sets the tone for
the day. The speaker is then
followed by the Great Insurance
Debate which features an
entertaining discussion
between Vero staff and brokers
about serious issues facing the
insurance industry.
The topic debated in Perth and
Adelaide was “That retiring
baby boomers will leave the
Expo facts and figures
t
he next Vero Expo will be held
T
in Sydney on 9 August 2011
t
ver 1000 brokers registered
O
to attend a Vero Expo around
Australia in 2010/11
t
ore than 2000 CPD points
M
have been awarded to brokers
this year alone
insurance industry stranded” –
with easy wins to the negative
team in both states.
The remainder of the day
is split into two streams
specifically designed for
brokerage principals and
account executives. Each
session involves an interactive
workshop which ensures the
content is more relevant and
engaging than ever before.
If you are in the Sydney area,
look out for your personalised
invitation to Vero’s flagship
event soon and obtain
6.5 NIBA accreditation points
for attending. //
Veracity Vol 1 // 9
Wallabies
sponsorship launch
Vero held an exclusive breakfast event in Sydney to launch
its three-year sponsorship of the Australian Rugby Union
and the Qantas Wallabies.
Attended by head coach of the
Wallabies, Robbie Dean, and
players including Kurtley Beale,
Luke Burgess, Benn Robinson
and Pat McCutcheon, the
launch provided an opportunity
to discuss the similarities faced
between brokers and players
on the field.
“It doesn’t matter if you’re
successful today – without
a plan to guide and develop
a team you can easily lose
momentum in the future,”
Mr Deans said.
“Developing young players
and having a solid succession
plan is critical for the Wallabies
and the same holds true
10 // Veracity Vol 1
Vero Wallabies launch
for the insurance industry
where we know there is an
ageing workforce and fierce
competition for good people.” //
Watch the
launch now.
Bytes //
t
Vero has developed a new Professional
Indemnity policy for financial planners and
investment advisors.
In conjunction with APUA, a specialist
underwriting agency owned by Vero, the
new policy is tailored to suit smaller firms or
those that need to balance the cost of their
professional indemnity cover with the other
expenses of running a modern financial
planning or investment advisory firm.
Financial Planners Standard Professional
Indemnity Insurance Policy was launched
in April.
t
une in to our latest webcast featuring
T
ICA’s Rob Whelan. Mr Whelan provided
a breakdown of industry claims figures
following this year’s weather events, as
well as the ICA’s view of insurer and broker
performance during the flood crisis.
Upcoming event //
Vero Expo, Sydney
Workers Compensation quotes
in less than 60 secs
The new GIO Workers Compensation
Online Quoting Tool has just launched for all
underwritten states (WA, ACT, Tas and NT).
If you haven’t received information about the
new tool, please contact your BDM in the
first instance.
Some of the features...
t
Indicative quotes obtained in less than
60 seconds
t
uotes can be saved and/or printed,
Q
including certificates of currency t
n easy-to-use system available from
A
the VeroCentral portal.
GIO’s NSW Return to Work
rates one of the best
t
he latest comparative performance report
T
by WorkCover NSW has listed GIO as one of
their top performers for return to work rates.
t
ising from last place in less than a year,
R
the turnaround is a result of removing
barriers, establishing transparent controls
and empowering leaders and staff to take
action on claims.
t
hese changes have meant that GIO claims
T
teams are more effective in helping injured
workers recover from their injuries sooner
and get back to work in shorter time-frames.
// 9th August
Did you know?
Vero will soon have its own home building
and contents calculator available from the
Home and Motor Tool on VeroCentral.
Veracity Vol 1 // 11
Carbon Sequestration insurance is arranged by Insurance Facilitators Pty Ltd (IF) ABN 90 099 104 480 as underwriting agent for Vero Insurance
Limited (Vero) ABN 48 005 297 807. For full details including limitations, exclusions and general conditions, please read the policy wording
which is available from IF.
Motor insurance is issued by Vero. Please read the Product Disclosure Statement before deciding to buy this product. Contact us for a copy.
In NSW, GIO General Limited operates as an agent for the NSW WorkCover Scheme. In WA, ACT, TAS and NT, Workers Compensation insurance
is issued by GIO General Limited ABN: 22 002 861 583.