As we head towards the completion of yet another financial year it’s a reminder of how quickly 12 months can pass and how much change can occur. The next couple of months are an incredibly busy time within our business as we rally to support our broker partners with achieving their growth aspirations and close the year in the best possible position. We at CGU remain focused on achieving the goals we set for FY23, as part of our ambition to become the Australian brokers’ general insurer of choice by FY26.

Reflecting back upon the release of CGU’s inaugural STRIVE Report in October last year, it’s clear we are still very much in the woods navigating inflationary pressures, increasing interest rates, geopolitical tensions, and climate volatility. In following the news cycle, there's no doubt more change is ahead of us and with that the necessity to remain adaptable and create plans to navigate these choppy waters. With more challenges for individuals and businesses on the horizon, the advice of a trusted insurance advisor has never been more important. You have our assurance we will continue to promote the value of brokers through uncertain times, working in partnership to help customers operate with confidence.

During March we released our Broker Pulse Survey, receiving an overwhelming response from our broker partners. If you participated in the survey, I wish to personally thank you for the time you took to provide your honest feedback. Some clear insights came through in the results, which we are sharing internally to inform existing and future initiatives to build a better business around you. In time, we will also communicate further on what our broker partners collectively said, and what we are doing in response.

We also acknowledge that our broker claims experience is not at the level you (or we) expect it to be. As shared in the STRIVE Report, supply chain, geopolitical tensions and climate volatility continue to place pressure on our teams’ ability to meet overwhelming demand for timely repairs and settlements following unprecedented flooding and storm events throughout 2022. As different parts of our supply chain recover, we are delivering improved results, however we acknowledge we still need to do better. We have executed a range of initiatives to improve our claims experience, with the intent to bring us closer to the service excellence you and your customers expect. 

Finally, I’d like to share an example of how cyber-crime is encroaching on all businesses and how important it is to be vigilant and prepared for cyber-attacks. We recently experienced a near miss with an invoice requesting a significant refund sent to our PAC team under the guise of a broker. Our PAC team identified the fraud and contacted the broker, preventing this loss. If your brokerage is in the unfortunate position of falling victim to a hacking incident, please let your CGU Relationship Manager know as soon as possible so we can thwart further criminal activity.

From all of us at CGU, best wishes for a fruitful end to FY23 and we look forward to supporting your FY24 ambitions together.

We know Workers Compensation can be complex, which is why we’ve reshaped our CGU Workers Compensation business to provide a simpler experience for you and your clients. 

Our unique end-to-end service model combines expert business development, underwriting, claims, and operational functions which means we are with brokers and their clients through the whole process. It allows us to interact and make decisions with fewer touch points, providing an efficient service experience. 

With a team dedicated solely to underwritten workers compensation, our broker partners have access to specialist knowledge and expert advice for an easier end-to-end experience.

In addition, our unique claims triage means we support you and your clients through the entire process with a tailored response based on the complexity of your client’s claim. Backed by the support of one of Australia’s largest general insurers, we also offer national reach, financial stability and local service.  

Look out for our clever marketing campaign currently appearing across broker trade media. Want to know more? Please contact your Broker Relationship Partner.

Introducing CGU’s Risk Awareness Guides

CGU have prepared a series of Risk Awareness Guides to better support you with client conversations regarding the complexities of risk and risk mitigation. The Guides can be provided to clients to help them identify key hazards associated with their risks and the potential consequences of not addressing them. They’re designed to increase understanding around risk related principles and to support broker and underwriter recommendations for improvement. 

The Guides have been developed with the extensive knowledge and expertise of the IAG Risk Partners team.  Led by Dale Laidlaw, National Manager Risk Partners, our highly qualified team of Risk Engineers, Consultants, and Analysts align closely with CGU’s Underwritten Lines and other key stakeholders across IAG, ensuring the provision of cross-functional insights and statistical data.

Who are IAG Risk Partners?    

IAG Risk Partners are a team of dedicated risk professionals with engineering, surveying, risk management, profiling, communications, risk model product design, and development, data and analytics research, and reporting skills, that provide two key functions to the CGU business: 

1. Supporting CGU’s underwriting functions through risk analysis, risk selection and engagement with helping to improve risk profiles over time and,
2. Helping brokers’ clients understand and manage their risks better, turning their risks into opportunities, helping them become more resilient, and supporting them to recover more rapidly after an incident or a loss. 

For more information, please speak with your Broker Relationship Partner.

The last few months have seen our teams busily attending various industry conventions and events around the country. These engagements are a fantastic opportunity to connect with our valued Broker partners and peers and we are proud to show our support through sponsoring these events. 

In March, our Senior Executive, Underwriting, Claims, and Broker Relationships team members attended the Steadfast Convention in Perth. With over 2,000 attendees, it’s the largest general insurance industry event in Australasia. Under the convention theme of ‘Thrive’, this event allowed us to showcase our people, strength, and capabilities, as we strive towards growing together with our Steadfast broker partners. 

Next, onto the Austbrokers Conference in Adelaide, with this year’s clever theme of ‘Mission Possible’! It was another fantastic networking engagement that allowed our attendees to focus on strengthening our relationship. The mutual sentiment and the emphasis we are both placing on growing together is creating many promising opportunities to deliver on our agreed plans.

With more activity locked in for the months ahead, our teams across all parts of our business are excited to be catching up with as many broker partners as possible.
 

In this instalment of Fast 5, we introduce you to Michael Rathjen, National Underwriting Manager for CGU Workers Compensation.

1. Tell us a little bit about yourself and your role.

I have been in the Workers Compensation industry for over 25 years, having previously worked in CGU’s national account team servicing our brokers across underwritten and fee business nationally. In my role as National Underwriting Manager, I lead our underwriting function across ACT, NT, TAS, and WA and have staff based around the country. 

2. What do you find most rewarding about working at CGU/IAG?

I really enjoy the people I get to deal with on a day-to-day basis as well as those across our large organisation. I must say I also really enjoy working with our broker partners to look for solutions to support or educate our mutual clients. 

3. Who or what has been the biggest influence on your career?

Throughout my Workers Compensation career, I have had the pleasure of working with some amazing people and consider myself lucky to work with so many fantastic individuals. When I first started in this industry, I had the pleasure to work under Colin Ahern in South Australia, who subsequently was the reason for my transition to Victoria into underwriting. Colin taught me the value of hard work and building relationships which has served me well over my career.

4. Name 3 things you enjoy doing outside of work.

• Outside of work I love to be active and involved with my boys’ sports, whether that be coaching basketball or volunteering as team manager for my son’s football team
• Watching AFL or (more importantly) Collingwood with my boys
• Catching up and spending time with friends and family. 

5. What’s your latest Stan or Netflix binge?

The Last Kingdom on Netflix. This is an oldy, but a series I have now watched a couple of times. It is based on real historical events and icons from 10th century England. Invading Danes, King Alfred, and Uhtred of Bebbanburg - born a Saxon but raised by Danes who grapples with his split loyalties.