NM Report
Welcome to the latest edition of The NM Report.
Welcome to
The NM Report
May 2024
Welcome to the second edition of the NM Report for the year.
In this edition, we cover many interesting things that are happening at NM Insurance, both in the Dealer and Finance Broker space.
We introduce you to some of our team members as well as our new NM Insurance Ambassador. Also, we have some updates on the Transmoto Enduro events that we are sponsoring and participating in. We share some important compliance updates and advice on how to use our systems correctly to streamline your processes and keep the customer aware of what they are purchasing. Finally, we highlight the Importance of selecting the correct type, make and model when organising insurance for someone.
Arteva Funding
Who is Arteva Funding and why have we partnered with them?
Insurance premiums for policies issued by NM Insurance are payable up-front, annually.
Some customers prefer to pay for their insurance on a monthly basis. In this situation we can connect them with Principal Finance Pty Ltd. Principal Finance is part of the Arteva Funding Group and provides premium funding services for general insurance policies.
When a policy is taken out by a customer who would like to finance their premium, Arteva Funding pays the full annual premium up-front for them. They then repay Arteva Funding in monthly repayments throughout the policy period.
Because premium funding is essentially a loan transaction, Arteva Funding charges interest on the amount it has paid for the annual premium.
Importantly, if a customer falls behind with their repayments, Arteva Funding is likely to be able to cancel their insurance policy.
If a customer wants to finance their premium, they need to complete Arteva Funding’s Loan Application and agree to the terms and conditions set out in their Loan Agreement.
To ensure customers make informed decisions about premium funding, it is critical that distributors follow Distributor Sales Procedures when arranging insurance for customers.
Expert Advice
Lithium-ion Battery Safety
A series of fires on recreational vessels around the world have been linked to lithium-ion battery-powered devices, tools, and toys stored on board. Responding to this emerging safety issue for boat owners, the Nautilus Marine Insurance team recently interviewed a panel of independent experts for an article in Nautilus Marine Magazine to share their technical advice.
“Nautilus Marine Insurance sees the safety of boat owners as our number one priority,” says NM Insurance CEO Lyndon Turner. “We recognise the desire of boat owners and those in the wider marine industry to learn more about the safety issues surrounding the use of lithium-ion batteries on board vessels. So, we saw it as a responsible initiative to interview a range of experts to share their technical advice around lithium-ion battery safe practices.”
The independent experts interviewed by the Nautilus Marine Insurance team include Dr Adam Best (CSIRO), Matt Ruwald (AllMarine Power Solutions), Michael Lieberman (Marine Surveyor and Loss Adjustor) and Warren Damm (Technical Sales Director at NAVICO).
Click here to read the full article or to download a PDF version of the article.
Industry Events
National Motorcycle Insurance at Sunshine State MX Series
We spoke to Chris Bailey, Senior Software Developer at NM Insurance to understand his passion for Motocross and how he manages to follow it with his professional life.
Tell us about your role at NM Insurance.
I work as a Senior Software Developer at NM Insurance and my main responsibilities include the creation and maintenance of the insurance portals. It’s a challenging role, but I love it because it allows me to use my skills and experience to help build better systems that make a real difference for our customers.
What do you love most about working at NM Insurance?
I am investing in creating the best systems possible allowing us to become the best in the industry. Even better, I can represent our brand at the races.
Share a brief snapshot of your professional background in Motocross.
I’ve always been passionate about Motocross, ever since I was a kid. I used to ride bikes on our farm and I loved the thrill of it. Seven years ago when my children showed an interest in motorbikes, I saw an opportunity to get back into the sport and share my passion with them. We now train on and off the bikes six days a week to remain competitive in QLD Motocross racing.
How would you describe your passion for Motocross?
It is a crazy niche sport and suited for those who like action sports. It requires a lot of skill, focus, and determination. When I’m riding, I’m completely focused on the present moment and it’s a form of ‘mobile meditation’ for me. It really helps me to clear my mind. This is why I love the sport.
What is your role in Motocross and what excites you the most about it?
I started as a mechanic before returning to university to complete my Computer Science degree. My early experience as a mechanic has been really helpful in maintaining and rebuilding the race bikes, which is something I do in my spare time. Racing is definitely the most exciting part of the sport for me.
How do you manage your professional life and your passion for Motocross?
Motocross racing leads to a very busy life. I work by day and maintain bikes at night. It takes a huge effort to balance work and racing. For example, my son’s bikes require a rebuild after every 20 engine hours. It’s a busy lifestyle, but it’s also incredibly rewarding, and I wouldn’t have it any other way.
Meet the Team
Our new BDM in NZ: Ramon Pierre
Ramon Pierre recently changed his roles from Admin and Underwriting Support to Business Development Manager – New Zealand. We sat down with Ramon to discuss his journey so far with NM Insurance.
Tell us about your role at NM Insurance.
I began my journey at NM Insurance in March 2022 as an Admin and Underwriting Support. My transition into a BDM role started part-time last year and I have been a full-time BDM since January 2024. My experience with NM Insurance has nurtured my interest in marine and motorcycle insurance, and I am eager to continue learning and growing in this field.
What does a typical working day look like for you?
It’s more of a typical week than a typical day. On Monday I map out my visits to different regions in NZ. During the week, I meet with dealerships, learn more about the current market, and work hard to secure new business. At the end of the week, I follow up on the visits made and complete all necessary administrative tasks.
Share a brief snapshot of your professional background, before joining NM Insurance.
Before joining NM Insurance, I worked at Tower Insurance for a couple of years, which gave me a good understanding of the different roles in the insurance industry. I then moved to ShareNZ as a domestic broker, which helped develop my knowledge of the industry and the local market. I learnt a lot from the senior brokers at ShareNZ and this role led to my first contact with NM Insurance when I was quoting for my clients.
What do you love most about working at NM Insurance?
One of the things I enjoy most about working at NM Insurance is the supportive culture. It’s fantastic to work in an environment where everyone is willing to help and support eachother.
What values drive you professionally?
Since I started my career in insurance, I have placed a high value on informing and educating customers. There are so many different types of covers and products, and sometimes the wording can be a bit overwhelming for people who are not from the industry. It’s very important to make sure that the customers are covered correctly and understands their cover.
What are you most passionate about at work?
I am extremely passionate about my role as a BDM and appreciate the opportunities it provides me to develop new business relationships. I am also passionate to keep evolving and growing my knowledge of the industry.
What three words would your colleagues and clients use to describe you?
I believe my colleagues and clients would describe me as hardworking, motivated, and dedicated.
Talk to us about an issue facing the insurance industry. How are you driven to help improve this situation?
In my opinion, a significant issue facing the insurance industry is a lack of understanding of policy wording. Clients may believe they are covered for certain risks, but when a claim arises, they may not be covered or have insufficient cover due to a misunderstanding about policy wording. I am driven to insure clients fully understand their insurance cover and are aware of any exclusions or limitations. I make it a priority to completely understand the policies I work with and always provide detailed coverage examples to my clients.
What do you enjoy doing when you’re not working?
When I am not working, I enjoy spending time in nature. Whether it’s a hike, surfing, swimming, or going for a road trip, as long as the weather permits, I always try to get outside and enjoy the beauty around.
Favourite quote or motto?
“Never give up on a dream just because of the time it will take to accomplish it. The time will pass anyway.” – Earl Nightingale
What’s one thing your colleagues or clients might be surprised to learn about you?
I enjoy learning new skills. Currently, I am learning how to code in Python, however I also learned how to sew using a machine and the art of tufting last year.
Compliance Corner
Distributor Sales Procedures
In today’s constantly evolving regulatory environment, we understand the challenge of adhering to policies and procedures while trying to stay ahead of the curve in a competitive landscape.
However, policies and procedures provide necessary guidelines and expectations to ensure we reduce customer dissatisfaction, any incidents and breaches which might follow and all whilst ensuring a positive business reputation is maintained.
Policies and procedures are important in balancing the relationship between maintaining a positive business reputation and meeting legal and regulatory obligations which will often minimise the risk of costly fines or reputational damage, for example.
Our Distributor Sales Procedures
Our Distributor Sales Procedures are an example of this and provide a concise step-by-step process that must be followed to ensure basic insurance practices are met even when times are busy. This includes the need to:
- Only discuss insurance with customers in situations that do not offend Hawking laws (see our Distributors Guide to Hawking Laws for a recap on this topic).
- Tell customers that you can only provide them with factual information about insurance and not any advice.
- Provide customers with a type of policy that they want or have requested and ensure they are in the relevant Target Market before arranging it for them.
- Tell customers about their duty not to make a misrepresentation and ensure that all underwriting questions are answered directly by them.
- Carefully consider whether a customer may be vulnerable.
- Give customers important information about how we manage their privacy 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.
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.
NM News
Paul Burt appointed as
NM Insurance Ambassador
NM Insurance is delighted to announce that we have teamed up with TV personality Paul Burt, star of his own popular show on 7Mate ‘Step Outside with Paul Burt’ and weather presenter for 7News in Queensland, as our inaugural Ambassador. Paul’s ambassadorial role aligns with the three main consumer insurance markets NM Insurance operates within – boats, motorcycles, and caravans.
“NM Insurance shares the enthusiasm that our policyholders have for their outdoor passions,” says NM Insurance CEO Lyndon Turner. “Whether they own a boat, motorbike, or caravan (or all three!) for many of our customers their leisure assets are sources of pride and joy which offer them access to outdoor adventures with friends and family. Paul Burt, through his TV appearances and in person, really embodies this enthusiasm for the outdoors. We are absolutely thrilled to have Paul join the NM Insurance family as our first-ever NM Insurance Ambassador and are sure our customers will be as delighted as we are to have Paul join us on the journey.”
“Being on the water and experiencing the outdoors pretty much my whole life, I know the importance first-hand of having the backing of an insurance provider that will be there when called upon and won’t let you down,” says Paul Burt. “My vessels have been covered by NM Insurance for more than a decade now and over that time I have appreciated the expertise and personable nature of the team. The NM Insurance team understand the importance of protecting your pride and joy because they also love experiencing the outdoors. Accidents can and do happen, and unfortunately you can also get caught up in the fury Mother Nature often unleashes around the country. For me, it’s a comforting feeling knowing I have NM Insurance by my side when I’m stepping outside, and I’m proud to now also be working with the team as their Ambassador.”
Important Updates
Importance of selecting the correct type – make and model
Across all three platforms that we operate in throughout the Dealer and Finance Broker network, we rely heavily on the training you receive from us, and the instructions given in the calculators when adding a customer’s asset to be quoted on. However, sometimes we come across issues where the wrong asset type has been selected, which could have legal implications for everyone involved. Below are examples of how this could happen.
Highlights
Caravan / Motorhome Insurance
It is important to understand the style of the caravan you are looking to insure to determine which section to select. If you are unsure of the make or style of the asset, please do some research to establish the exact style and ensure compliance.
Note that there are three styles of caravan that we don’t cover.
- 5th Wheeler caravans
- Slide on campers
- Class A motorhomes
If you still aren’t sure, please contact your state BDM for their assistance.
Highlights
Marine / PWC
When selecting the asset to be insured, it’s important to understand the storage of the customer’s vessel. The majority of what we insure through the Dealer/Finance broker network is PWC and trailer boats. However, at times we see the trailer craft come through that will be moored at their place of storage. In this instance, it is imperative that you understand how the vessel will be stored to make sure that the correct asset is selected.
- If it is a trailer boat that will be kept on a mooring, then select Private Pontoon/Jetty and fill in the appropriate details.
- If the trailer boat is to be kept at a commercial Marina berth, please contact your state BDM to discuss the matter.
Highlights
Motorcycle / On-road and Off-road
Asset selection is crucial in the motorcycle system to ensure the customer has the correct policy for their motorcycle. All normally registered road going motorcycles are insured under the “Fully Registered” Tab at the beginning of the quote.
Off-road motorcycles (E.g. Enduro motorcycles/Motocross motorcycles) can fall into either category depending on their registration type.
- Those that have full road registration must be insured as a fully registered motorcycle by clicking on the fully registered tab.
- Those that aren’t registered or in some states have recreational registration must be insured as Not Registered/Rec Registered.
Depending on the product being sold or financed, ensure that the correct asset is selected as per the guidelines laid out. If the asset doesn’t appear in the calculator, then it can’t be insured.
If you have any further questions, please contact your state representative to discuss.
We can help you
How our BDMs can assist you and your business
Our Business Development Managers play a key role in the functioning of the day-to-day management of all our accounts around the country. They are the ones who signed your business up, trained your staff up and who report to you on how your business is performing insurance-wise.
Did you know that most of our BDMs have previously worked in dealerships across sales, finance and insurance as well as in finance brokerages? Our BDM team also works at events across the country and are always willing to help if you have any questions. Next time your local BDM calls to schedule an appointment, feel free to prepare some questions to discuss with them, such as performance, procedure, sales process, and other relevant topics.
Our BDM team is also responsible for training. As you know compliance is a major component of insurance and the way insurance is offered to clients. Our NM Insurance team members must meet you and your staff regularly to ensure we are transacting in the correct, compliant manner as described in the distributor Sales Procedure Document. The next time your state-based BDM contacts you for a meeting, please make the effort to spend the time required with them.
Our state-based BDMs are listed below with their contact details should you wish to get in touch.
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.
© 2021 NM Insurance Pty Ltd (ABN 34 100 633 038 AFSL 227 186). Created by Codex.