NM Report
Welcome to the latest edition of The NM Report.
Welcome to
The NM Report
December 2023 – February 2024
Summer is officially here which also means we are in peak season. During this time of year many of our mutual customers will be busy getting out there and enjoying their leisure products. Whether it be skiing behind a boat, hitting the water on a PWC or trying out the new bike Santa delivered, it’s a great time to have a go and enjoy the warm weather. However, it’s also during these busy times that accidents can happen.
During the busy festive season insurance may not be at the forefront of customers’ minds. However, giving customers the option of an insurance quote at time of sale is also giving them the option to ensure their treasured asset is covered if a claims incident was to occur.
Ahead of the festive season, read on for a few more key updates from the NM Insurance team.
Features that support seasonal usage
Product Updates
As we head into the festive season, more people will be heading off on holidays. So it is timely to remind you all of some product features which may be of benefit to our mutual customers during this period of peak usage.
Highlights
Tyre and Rim cover
A number of our products have tyre and rim coverage built into them, including our Motorcycle, Marine and Prestige Caravan products. Given the poor state many roads are currently in, tyre and rim coverage would be seen as an advantage by many policyholders. Especially if they were to have an unfortunate encounter with a pothole or eroded road this summer!
Highlights
Off-road comprehensive cover
For the many customers purchasing new dirt bikes as gifts (or as gifts for themselves!) this festive season there is the option of comprehensive dirt bike coverage. Numerous kids’ fun bikes will also be waiting under the tree on Christmas morning. Knowing that their off-road motorcycle has full coverage no matter who is riding it at the time would be reassuring to many customers.
Highlights
Caravan and camper trailers with canvas walls
Did you know that our caravan policies cover theft from caravans and campers with canvas walls? This is a key policy feature which provides many customers with the confidence to head out and explore while they’re on holidays, knowing that if someone breaks into their caravan or camper through a locked and enclosed Annexe, they will still be covered (as per the conditions of our PDS).
5 minutes with
Clinton Swimmer
We sat down with Clinton Swimmer, Group Finance and Insurance Manager, Peter Stevens Motorcycles and Harley Heaven to discuss NM Insurance’s partnership with the dealership group.
Give us a brief snapshot of the Peter Stevens Motorcycles and Harley Heaven group.
We have six large dealership locations across four states, representing multiple motorcycle and marine brands. We are also proud to say we are the world’s second biggest Harley Davidson retailer. Our other brands are Yamaha, Kawasaki, Honda, KTM, Gas-Gas, Triumph, Suzuki, Aprillia, Moto guzzi, Vespa Piaggio, Ducati, Can Am, Sea-Doo and Zero.
Talk us through your role at Peter Stevens Motorcycles and Harley Heaven.
As the Group Finance and Insurance Manager, I oversee everything finance and insurance related. This includes relationship management with all providers and partners, including NM Insurance.
How does Peter Stevens Motorcycles and Harley Heaven partner with NM Insurance?
We partner with NM Insurance on a co-branded Harley Heaven Insurance product. We also partner with NM Insurance through our metric brands. As our business spans motorcycle and marine, having the expertise of NM Insurance helps us succeed. There is also a foundation of trust which has led to mutual success.
How do your Business Managers in the dealerships add value to your business?
Through working with a proven process that ensures our clients remain at the forefront of all our transactions. Our clients work with us on how to achieve the finance and insurance outcome which best suits their needs. We work towards a holistic approach in that we are their first contact should they require any assistance.
Do you have any advice for fellow dealers?
Take time to understand your business process and then understand the value that a business manager brings to your store. A business manager can be a closer, an opener and an affordability expert. Take time to understand your sales and business manager relationships, as these drive your results.
How important is it to have a robust approach to compliance to ensure you are meeting all your regulatory obligations?
There is no other way to do business other than following compliance. It’s that simple.
We caught up with you ahead of the Christmas period. Any seasonal trends you’ve noticed? What effect is the current cost of living crisis having on people’s spending on leisure assets?
We have seen a fundamental change in the market. The sales and the customers are there, they just have a different view to the transaction. The view is now affordability. It’s important not to underestimate your customer. They have done the research, they know what they can spend, they know what they want.
The ‘trend’ right now is to take extra time to really understand customer needs. The cost of living, finance situation and current forecast has hit hard, but that doesn’t mean that the desires of customers have changed. Work to their desires, we sell leisure products, and leisure products that bring joy and happiness.
Industry Events
Melbourne Boat Show
The Melbourne Boat Show was once again held in the Docklands precinct, with both moored craft and trailercraft on display as well as many other manufacturers presenting their products for boaties to see.
Hosted by the Boating Industry Association of Victoria (BIAV), the 61st Melbourne Boat Show featured more than 100 exhibitors catering to every boating need, with many of the big boating brands on show, along with a packed entertainment program.
Tim Baker, Head of Development – Major Alliance Partners and Karen McKay, Business Development Manager VIC/TAS, were both at the boat show representing NM Insurance, and had a great time meeting with our dealer partners, manufacturer partners and clients and manufacturers.
This year’s event was well-supported with a great turn out over the four days. Apart from some high winds on a couple of the days, the weather was also favourable and allowed everyone to fully enjoy the show. All of us at NM Insurance would like to say a big thank you to our supporting dealer and manufacturer partners who took part in the show. We are already looking forward to the 2024 Melbourne Boat Show and the opportunities it will offer!
Industry Events
National Motorcycle Insurance takes on Transmoto Enduro
Those of you who read the previous edition of the NM Report will know that National Motorcycle Insurance is a proud partner of Transmoto Enduro Events. This year we have proudly entered our own National Motorcycle Insurance team in a couple of popular dirt bike events, taking part in the 8-Hour at Coffs Harbour in September and the 8-Hour at Wangaratta in November.
Led by Tim Baker, our Head of Development – Major Alliance Partners, the rotating National Motorcycle Insurance team included both NM Insurance team members and friends of our brand. Our Senior Developer Chris Bailey took part in the Coffs Harbour event, while Tim’s son Zac competed alongside his dad at Wangaratta.
Other members of our National Motorcycle Insurance team across the two events included Peter Mant, KTM Regional Account Manager, and friends of the brand Justin Richards, Angus Maclean, and Richard Smith. Our team was also supported by Minnie Maclean and Brendan Giles as pit crew at the Wangaratta event.
While our National Motorcycle Insurance team didn’t take home any major placings across either event, we finished both 8-Hour events without any issues and had an absolute ball competing. “If you’re an off-road motorcycle rider with an interest in events like this, I would absolutely recommend taking part,” says Tim. “Not being a racer and more of a ‘weekend warrior’ myself I still found Transmoto Enduro a perfect way for me to enter the racing scene. Representing National Motorcycle Insurance in a team environment made the event even more enjoyable as you’re not only riding for yourself but also on behalf of our team as well. Along with the actual racing, there’s also lots of activities across the weekend that make for an enjoyable weekend away and a fantastic experience overall.”
Industry Events
Let’s Go Caravan and Camping Show held at the Brisbane Show grounds
‘An event of two seasons’ would be the best way to describe this year’s Lets Go Caravan and Camping Show, which saw weather conditions range from cold and wet to hot and dry. Held at the Brisbane Showgrounds in late October, the event had many of our partner brands and dealerships in attendance which was great to see.
QLD Dealer Relationship Manager Shelly Eshman-Myhill and QLD Business Development Manager Sam Sharpe both attended the event this year. Shelly and Sam both had a great time representing NM Insurance and discussing insurance options with both customers and dealers alike. It was great to see customers showing a genuine interest in purchasing a caravan and comparing the different options available.
During the event Shelly took the opportunity to explore the event, catching up with our current dealers and finance broker partners as well as meeting new dealers, who were wanting to know more about our products and how they are delivered through our online portals.
Should your dealership or finance brokerage be attending an event like this around the country please don’t hesitate to contact your local Business Development Manager to discuss ways NM Insurance can support you. Our team aim to attend all major shows across the country and can also assist with point of sale collateral and signage if needed.
Shelly Eshman-Myhill (Dealer Relationship Manager, QLD – NM Insurance), Steve Andonovski (Director – Sunrise Caravans) & Brooke Siebuhr (Finance Broker – Set Up Finance).
Lee West (General Manager Brisbane Camperland – Jayco) and Nathan Matthews (National Dealer Development Manager – Jayco).
Compliance Corner
Distributor Sales Procedures
The summer and festive seasons are always the busiest times of the year. Customers can be demanding, queues can be long and important things can be missed due to the increased volume and stress involved during this hectic period.
We operate in one of the most heavily regulated industries. Because of this, it is critical that you continue to follow the correct insurance-related processes and procedures, even when times are busy.
Our Distributor Sales Procedures
Our Distributor Sales Procedures explain the process that must be followed to ensure you comply with the law when discussing insurance with your customers, including the need to:
- Only raise the topic of insurance in circumstances permitted by anti-hawking laws – our Distributor’s Guide: to anti-hawking laws contains more information on this topic;
- Tell customers about their duty not to make a misrepresentation and ensure that all underwriting questions are answered directly by them;
- Give customers important information about how we manage their privacy;
- Obtain a customer’s consent to provide our Financial Services Guide and Product Disclosure Statement to them via hyperlink; and
- At all times avoid engaging in any unfair, misleading or otherwise inappropriate sales practices.
A link to the Distributor Sales Procedures can be found here. Make sure you have this printed or saved for day-to-day use as it’s your obligation to follow them.
If you have any questions about the above or any other compliance-related issues, please reach out to your local BDM. They’ll be happy to consult with our Legal & Compliance Team and provide assistance or guidance where required.
Contact us
Have a compliance question?
If you have any questions about the above or any other compliance related issues or would like further copies of our Distributor Sales Procedures or Distributor Notice / Product Summary tools, please reach out to your local BDM. They’ll be happy to consult with our Legal & Compliance Team and provide assistance or guidance where required.
Securing the journey together.
NM Insurance is a business name of NM Insurance Pty Ltd ABN 34 100 633 038, AFSL 227186 (NM Insurance). NM Insurance is an underwriting agency with binding and claims authorities from Zurich Australian Insurance Limited. These allow it to enter into and arrange policies of insurance and handle and settle claims made under them. NM Insurance acts on behalf of the relevant insurer and not you when providing these services but does so under its own AFSL.
Products are issued by NM Insurance. Advice on this website is general so consider whether it suits your objectives, financial situation and needs. Always consider the relevant Target Market Determination and Product Disclosure Statement / Policy wording before buying or renewing insurance. These are available from the relevant branded website.
We comply with the General Insurance Code of Practice which is designed to raise standards of practice and service in the general insurance industry. The Code Governance Committee (CGC) is an independent body that monitors and enforces compliance with the Code. For more information about the Code or the CGC, visit www.codeofpractice.com.au.
Steadfast Group Ltd (ABN 98 073 659 677) (‘SGL’) has a majority shareholding in NM Insurance. SGL may receive a professional services fee (PSF) from insurers, premium funders and underwriting agencies such as NM Insurance (Partner) for access to regulatory and compliance support; marketing and communications; data insights; and access to technology platforms. The PSF is an agreed amount between SGL and the relevant Partner, usually annually. The PSF is not determined by the volume of the business that the Steadfast Network brokers place, nor is the amount of the PSF known to the Steadfast Network Brokers, so it is not able to influence recommendations to their clients.
NM Insurance may have access to shared services from SGL, including: compliance tools; procedures; manuals and training; legal; HR banking; and group purchasing arrangements. These services are funded by SGL, subsidised by SGL or SGL receives a fee for them.
SGL’s FSG is available at www.steadfast.com.au or on request by telephoning SGL’s Company Secretary on +61 2 9495 6500.
For information about interpreting services please contact the Australian Government’s Translating and Interpreting Service.
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