Capabilities statement - MBA Insurance Services · 2017-10-23 · 2 MBA Insurance Services Capabilities Statement 3 “ Our insurance broking services are augmented by our bond with

Capabilities statement

1 introduction............................................................................... 2

1.1 our approach............................................................................................................3

2 insurance broking services...................................................... 4

3 our service approach................................................................ 7

3.1 online services.........................................................................................................8

3.2 contract management.............................................................................................8

3.3 claims management...............................................................................................9

3.4 other services & capabilities..................................................................................9

3.5 domestic building insurance.................................................................................10

3.6 surety bonds..........................................................................................................11

4 our product range................................................................... 12

5 our customers......................................................................... 14

6 testimonials............................................................................ 15

contents

MBA Insurance Services Capabilities Statement 1

“MBAIS is the only insurance broker delivering profits directly back to the building & construction industry.

”

Our approach focuses on providing high quality service and value for money products to our customers. We have a pro-active team of experienced and motivated staff, who are charged with delivering that superior customer service experience.

Importantly, when you have a claim, we have a team of experts tasked with ensuring you gain peace of mind throughout the entire process.

We only place your business with insurers who offer the best overall package of financial stability,broad coverage, competitive and consistentpremiums and a proven claims payment record.

You can be assured when placing your businesswith MBAIS, that we only use reputable insurerswith strong financial security.

Within our business, MBAIS has four Key Pillars which guide our business through our decision making and our actions. Our success as a business depends upon us being able to:

1. Maintain a tight knit working relationship with the local MBA teams, in order to strengthen and differentiate the service offered to our members.

2. Streamline our business processes wherever possible, in order to improve our efficiency and deliver increased customer satisfaction.

3. Create an environment where our team are respected and engaged and where they are rewarded for outstanding work.

4. Build differentiation with our partners in the core parts of our business, that ensures that we will always have something unique to offer our customers.

our approach& our philosophy


“Our insurance broking services are augmented by our bond with the Master Builders Association who offer a range of additional services, such as OH&S, Marketing, Legal, Training and Building Services. This strengthens the overall insurance and risk management package of services offered by MBAIS.

”

1.1

MBA Insurance Services (MBAIS) is a general insurance brokerage owned by Australia’s Master Builders Associations. (VIC, NSW, TAS, WA, NT, ACT, SA)

We service the 23,500 members of these State/Territory Associations through major offices in Melbourne, Sydney, Perth and Adelaide, and smaller offices in the other States. Each State and Territory employs specialist staff skilled in the key areas of building and construction insurance – Construction Works, Home Warranty, Trades and Surety Bonds.

We have established our business to ensure that the building and construction sector would always be influential within the insurance market in all matters affecting its industry. This meant that the industry had a seat at the table with those bodies whose decisions could significantly impact them, such as Governments and Insurance Companies.

By being a leading broker in this sphere, we use our industry muscle to leverage great ‘value for money’ insurance arrangements with preferred underwriters, ultimately keeping our members premiums down and their policy coverage broad.

We currently provide insurance related services to our members nationally, and our member database is likely to grow significantly over the next three years.

We look after a broad spectrum of builders, from those undertaking smaller straightforward jobs, to those undertaking major projects with significant complexity.

We generate our growth from customer referrals, our specialist knowledge and a superior product / price proposition that continues to meet our member’s needs.

Over the past few years, we have considerablystrengthened our business in a number of areas:

• We have recruited a number of people technically competent in building and construction insurance to complement our existing highly trained team.

• We have streamlined a number of our internal and external processes in order to make our operation faster and more efficient, and in order to provide our customers with the best service possible.

• We have broadened our product range, to enable us to meet the demands of an ever widening variety of customers, including a dedicated MBAIS Construction Works and Public Liability wording.

• We have forged a strong link with our Association colleagues, that enables us to offer a complete ‘business services’ offering, which perfectly complements the broking and risk management aspects of your insurance program. This is a unique combination of services, only available if you appoint MBAIS as your insurance broker.

Our business has also significantly upgraded ouronline capability. This is to provide our customerswith faster and more efficient ways of transactingbusiness with us. (See.3.1.Online.Services.p.8)

introduction1

4

MBAIS are more than just an insurance broker. We are your outsourced insurance expert and riskadvisor. The close relationships that we developwith the key people within your business allowsus to truly understand your requirements and todevelop solutions that will meet and exceed yourexpectations.

Our intimate understanding of the building andconstruction industry has led to the development ofmany innovative and exclusive insurance solutionstailored specifically for the industry.

The value MBAIS brings to your business is multifaceted:

insurance broking services2


RISKIDENTIFICATION

RISK ANALYSISCONTRACT ADVICE

INDUSTRY SPECIFIC ADVICE

PROACTIVESERVICE

TAILORED POLICY WORDINGS

TECHNICAL CONSTRUCTION& RISK KNOWLEDGE

INSURANCE & RISK TRAINING WORKSHOPS

RISK TRANSFERSTRATEGY

INSURANCEMARKET LEVERAGE

CLAIMS SERVICE& ADVOCACY

MBA SERVICES

The MBAIS service approach is relatively structuredin order to ensure that we deliver on our promises.It is an approach that is focused on deliveringthe best ‘value for money’ products and tailoredservices that will respond at the moment of truth -when you have a claim.

The following table breaks down the variousaspects of our service into the different stages ofour relationship development:

Note: Action 4 – Program Development can also occur as Action 1 – Tender / Submission when asked to quote prior to appointment.

Action Item Activity Outcome

1 Tender / Submission • Review any relevant tender

• Conduct technical review of current insurance program

• Request additional information

Development of detailed response totender outlining coverage, pricing and service strategy through MBAIS

2 Presentation • Present tender response / new business submission

• Outline key benefits of program proposal and benefits of partnering with MBAIS

Detailed and appropriate Insurance and Risk Management proposal

3 Appointment • Appointment of MBAIS

• Client to advise any additional requirements or subjectivities to appointment

• Agree final program composition

MBAIS appointed to arrange placement of client insurances

4 Program Development • Approach insurance markets to obtain underwriter support for proposed solution

• Confirm underwriter pricing, capacity and coverage to the satisfaction of client

MBAIS to confirm placement parameters

5 Implementation & Placement

• MBAIS to confirm coverage with agreed underwriting panel

• MBAIS to confirm coverage to client and supply certificates of insurance

Coverage agreed and bound by required due date

6 Client Servicing • Ongoing supply of Certificates of Insurance

• Contract reviews

• Half year service reviews

• Coverage alterations

• Technical advice

• Access to / Integration of other MBA services e.g. Legal, OH&S

Complete insurance and riskmanagement service

7 Claims Management • Assistance with lodgement, management and dispute resolution

• Technical claims assistance, access to legal advice

Ongoing claims management to ensure immediate claims lodgement and responsive service

3 our service approach


MBAIS understands that a Construction Works,Liability or Professional Indemnity policy is onlyuseful if it complies with the terms of a principalcontract. MBAIS utilises the skills and expertise ofour National Technical Services Manager and fourspecialist construction lawyers within our office toprovide specialist contract reviews to its clients.

By reviewing your contracts before you sign them,MBAIS can reduce commercial liabilities that youare accepting under contract and act as a key partof your contract management team in mitigatingpotential contractual risk exposures.

Our Services Online

MBAIS is proud to have been ‘first to market’with a number of online services to the buildingand construction sector. Our website is designed to streamline our service offering for builders seeking a more immediate solution for their insurance needs.

We are continuing to enhance our service delivery and will be launching a number of online services to support our construction specialism. We also keep our website up-to-date with relevant content, editorials and important government changes to ensure our customers are informed at all times.

Warranty Certificate Issuing

Clints in some states are given the opportunity to issue Domestic Builders Insurance certificates when its convenient for them – 24/7.

We are continuing to develop our digital platform in this area as the warranty framework in each state and territory evolves.

Trades / Sub Contractors Insurance

We have arranged a package of insurance covers specifically designed for the Tradesman / Sub Contractor, all of which can be applied for online (max 48 hour turnaround).

To view our website visit:

www.mbais.com.au

contract management3.2

8

“Our website is designed to streamline our service offering for builders seeking a more immediate solution for their insurance needs.

”

online services3.1

Your insurance claims will always be managedwithin our broking team by your Account Manager.It is important that this is done to ensure that ourbroking team is continually aware of claims instances and to also ensure that the team is accountable for the insurance being negotiated.

There will also be direct involvement of MBAIS senior management on any large, protracted or disputed claims.

Underpinning our claims management function areprocedures for both reporting and loss mitigationwhich are provided on all key classes of insurance.

Our claims support services include:

• Assistance in the claims lodgement process, including presentation of your case to insurance markets in the most appropriate fashion.

• Provision of claim information including claim statistics and qualitative information to assist in the risk management function.

• Regular claim management and claim service reviews to ensure all parties are meeting the agreed service requirements.

• Technical support on large claims to ensure claim outcomes are in favour of you.

claims management3.3


In order to provide you with a complete risk management program, we can access the many services offered by the Master Builders Association.

Services are offered on a ‘fee for service’ basis, however in many instances, MBAIS can leverage these services at no cost or at a discounted rate if they support your risk management program.

Some of these services include:

• Management of Sub Contractor compliance.

• Free legal advice including contract reviews and claims support.

• Free on-site OH&S audits.

• IR support to minimise job delays.

• Innovative training at the Building Leadership Simulation Centre (BLSC).

other services & capabilities3.4

10

MBA Insurance Services is the largest independent insurance broker administering Surety Bond facilities on the eastern seaboard.

Our client focused approach ensures that we only provide our clients with highly rated paper that is commensurate with the best financial services businesses in the world. We achieve outcomes for clients that most insurance brokers can’t, simply because we take the time to assist the underwriters in gaining a better understanding of the commercial and financial strengths / risks involved with every applicant’s business. The immediate benefit to our client is appropriate capacity, better rates, faster turnaround and a commitment to maintaining optimum terms going forward.

Surety Bonds offer your customers and suppliers a guarantee of payment to secure a contract, without you having to tie up your working capital. Whenever a contract states that there must be a form of security for tangible contractual obligations, surety bonds can be used. Examples include bonds for performance, maintenance, retention release, advance payment, bids or offsite material.

Some of the benefits of Surety Bonds include:

1. They provide you with an unsecured line of credit (unlike a traditional Bank Guarantee).

2. They are unconditional.

3. They improve the cash flow and working capital position of your business.

4. They create confidence in your customer because a Surety facility is only available to a financially strong company.

5. They allow you to take advantage of business opportunities right away – we can provide a Surety Bond as soon as the next business day, sometimes even sooner.

MBAIS employs a highly skilled and specialist team to manage your Domestic Building Insurance (DBI) needs in all states of Australia, whether the product is part of a Government Scheme, or underwritten by private insurers. The basis of the DBI product is similar across each state, however it is named differently.

State

VIC Domestic Builders Insurance (DBI)

NSW Home Building Compensation Fund (HBCF)

SA Building Indemnity Insurance (BII)

WA Housing Indemnity Insurance (HII)

In NT and ACT, the MBA manages the state’s Fidelity Fund, which is a mutual insurance fund owned by the building industry.

Tasmania currently has no scheme, and Queensland is totally Government operated and underwritten.

Our specialist staff include the following:

Eligibility Team This team is responsible for assisting builders with initial eligibility applications, ongoing eligibility reviews and letters of eligibility, as well as attending to general queries from builders about DBI.

Over the past three years, MBAIS has invested heavily in recruiting financially literate staff, often with an insolvency background, who are able to work with builders and their financial advisors, to navigate the often challenging guidelines set down by the Scheme underwriters.

We take a proactive approach that includes educating the builder and their accountant, to ensure they understand the DBI process, and how they can position their business to balance their obligations under the DBI system, in conjunction with the growth plans of their business.

Job Specific Team This team is responsible for issuing manual job specific certificates and training builders in issuing certificates directly online.

We maintain a turnaround time for processing job specific applications of 48 hours maximum, where certificates don’t require referral to the Scheme underwriters. However most of the time (62% of cases) our response time is within 24 hours. Our administration fees are very competitive, enabling the builder to remain competitive in their build price. MBAIS has extensive experience in dealing with the broad spectrum of builders, but specialize in the management of builders with turnovers exceeding $50m p/a.

surety bondsdomestic building insurance 3.63.5

12

These bonds typically replace bank guarantees and as they are unsecured (i.e. no direct security is required upfront), they free up your capital so that it can be allocated to other aspects of your business, ensuring more flexibility in the overall financial management of your business.

Covering you against nominated debtors, from them defaulting or failing to pay their outstanding debt to your business, provided at all times that you don’t allow these debtors to transact outside their agreed credit terms.

Whilst not an insurance contract, MBAIS can arrange cover for these risks. Derivatives are becoming more popular for the risk averse builder who wishes to cover project delays / liquidated damages etc, caused through the advent of bad weather on the project.

Covering directors and officers of your company for losses or advancement of defense costs in the event they suffer a loss as a result of a legal action brought for alleged wrongful acts in their capacity as directors and officers. This includes costs arising out of criminal, civil and regulatory investigations/trials.

Covering all of your unregistered plant, equipment and tools for accidental loss or damage both whilst on site and Australia wide in certain circumstances. This can be extended to include hired plant and mechanical breakdown.

Covering all of your vehicles and mobile plant under one policy, with features such as agreed value, choice of repairer, hire car following loss, and automatic additions and deletions. Also covering you for up to $30m worth of third party property damage caused in any one incident.

Covering your static property risks, such as offices, warehouses and manufacturing plant, for any accidental loss or damage occurring throughout the policy period. This can include consequential financial losses which have arisen as a result of damage being caused to your property.

Covering you against financial loss suffered by a third party arising from any claim made during the policy period by reason of any covered neglect, error or omission committed in the conduct of your professional business during the policy period. This is a particularly necessary cover where you undertake ‘design and construct’ jobs.

surety & performance bonds

trade debtors

weather derivatives

directors & officers liability

contractors plant& equipment

motor fleet

industrial special risks

professional indemnity (inc. D&C)

construction works & third party liability

Covering you for material loss or damage to property forming part of an insured construction contract. Damage to the property of third parties or personal injury caused to third parties on the site occurring throughout the construction period, as well as completed operations / products liability cover for the contract.


“MBAIS uses its industry muscle to leverage value for money insurance products with reputable and financially secure insurers with a strong history of paying claims.

”

4 our product range

MBAIS has a broad range of customers with specific service propositions designed to meet the needs of each segment.

SME Clients

MBAIS has a significant portfolio of SME clients underpinning its business.

We negotiate insurance arrangements with insurers on a ‘bulk’ or ‘portfolio’ basis for these clients to ensure they receive the best possible ‘value for money’ products given the size of their insurance program.

MBAIS has developed online platforms which ensure an efficient service to this market, freeing up our resources and allowing us to offer a ‘higher touch’ service to our more complex clients.

Commercial Clients

With unrivalled capability in Construction and Professional Indemnity Insurance, MBAIS is able to offer medium sized commercial builders / specialist contractors a level of personalised service and access to decision makers they are unable to obtain from the larger international brokers. Coupled with our specialised knowledge of the construction industry, this ensures a premium service for this segment of the market.

Corporate Clients

With access to a broad range of business services through the Association MBAIS is positioned to provide an excellent full service solution to this segment of the market. For builders with turnovers in excess of $100m, our expertise and access to specialised markets ensures we are in a position to compete by providing a unique offering to these clients.

Examples of key clients include:

• Krongold Constructions (VIC)• Nash Brothers (NSW)• EMCO Pty Ltd (WA)• APM Group (VIC)• Building and Engineering (VIC)• Prime Constructions (NSW)• Lipman Group (NSW)• Fugen Group Pty Ltd (NSW)• Becon Constructions Pty Ltd (VIC)• Pindan Constructions Pty Ltd (WA)• Sunbuild Pty Ltd (NT)• BMD (QLD)• Halikos (NT)• Fairbrother (TAS)• Village Building Co. (ACT)• Perkins Builders (WA)• ADCO Pty Ltd (NSW)• Taylor Constructions (NSW)• VOS Constructions (TAS)• Hamilton Marino (VIC)• Burton Constructions (NSW)• Milin Builders (ACT)

5 our customers

Pindan Pty Ltd, Pindan Contracting Pty Ltd

Pindan has grown significantly over the past few years to now become one of the leading building companies in Western Australia. Throughout most of that period, MBAIS have been our insurance broker, dealing with the ever changing needs of our business and the complexities that arise because of our involvement in larger and more complex contracts, especially in the mining industry and remote regions etc.

Over the past three years in particular, MBAIS have significantly strengthened the quality and capability of their personnel. They have also broadened their product range and ramped up their customer service initiatives such as technical training, to a level that I believe is now the benchmark in our State.We’re extremely pleased that they have ‘stepped up to the plate’ in terms of being comfortably able to manage organisations of our size, and, because they are owned by our Association, it’s even more satisfying, because when we place our insurances via MBAIS, we know that we are supporting our own industry association, and hence our own future. George AllingameDirectorPindan Pty Ltd, Pindan Contracting Pty Ltd

Becon Constructions (Aust) Pty Ltd

We have been dealing with the team at MBAIS for the past three years. Having been in business for over 20 years, we are acutely aware of the importance of having a broker who has both the technical knowhow and the market leverage to compile an appropriate risk management and insurance program for us.

We originally started dealing with MBAIS when we needed some assistance in establishing a Surety Bond Facility, and from there we have moved our entire insurance program to MBAIS. Whether an underwriting or a claim matter, MBAIS have always been pro-active, prompt and easy to contact.

We have a very capable Account Manager who services our business for everyday issues, however we also have direct access to their Senior Management and technical resources team for assistance on the more complex or difficult matters.

We would have no hesitation in recommending MBAIS to other large builders, as they have the appropriate expertise and markets which can provide all the types of cover that we need, and they’re ‘can do’ people who value our business. In addition to this, as the MBA’s own business, we prefer to support businesses that legitimately support our industry. Phillip HerkessDirectorBecon Constructions (Aust) Pty Ltd

testimonials6


notes

16

“Our approach focuses on providing high quality service and value for money products to our customers.

”

AFS License No. 281729

MBA Insurance Services

Ph: 1800 150 888

MBAIS is the only insurance broker

delivering profits directly back to

the building & construction industry.

See what products we have to offer:

mbais.com.au

Documents

Capabilities statement - MBA Insurance Services · 2017-10-23 · 2 MBA Insurance Services Capabilities Statement 3 “ Our insurance broking services are augmented by our bond with