Insurance

Insurers and health funds understand how to take calculated risk.  So when it comes to choosing an organisation with significant insurance industry experience, end-to-end risk management capabilities, proven methodologies and practical implementation, InConsult is the clear choice and no risk option.

Since the implementation of the revised APRA Prudential Framework in 2001, we have helped insurers navigate through the myriad of regulatory compliance requirements.  More recently, we have helped health funds make a successful transition from PHIAC to APRA.

InConsult has significant experience in the insurance sector covering:

  • General insurance;
  • Reinsurance;
  • Life insurance; and
  • Health insurance.

We Understand the Key Issues 

We continuously monitor developments in the insurance sector and the insurance regulatory environment to understand issues our clients face. Some of these include: 

  • Low investment returns
  • Increasing claims cost
  • Softening premiums
  • Effective use of capital
  • Increasing insurance Mergers & Acquisitions
  • Leveraging use of data analytics & artificial intelligence
  • Strengthening cyber security protection
  • Capitalising on the opportunities in cyber-insurance and nano-technology
  • Growing use of Managing General Agents
  • Defining and communicating risk culture
  • Putting risk appetite and tolerance into practice
  • Insurance and financial service disruptors
  • Ongoing refinements to the regulatory framework 

Our Team 

We draw our capabilities from our team of experienced people. Our Directors and consultants have worked for some of Australia’s largest insurers and have a deep understanding of the current issues facing insurers. 

We have proven track record of enhancing risk governance and strengthening compliance with APRA’s Prudential Standards.

Industry Experience 

We have supported small, medium and large Australian and international insurers in a wide range of risk management, audit and assurance projects that include:

  • Independent reviews of various frameworks including risk management, ICAAP, reinsurance arrangements and outsourcing;
  • Design and implementation of risk management frameworks including RMS, ReMS, RAS;
  • Conducting strategic risk assessment workshops;
  • Assessing the level risk maturity;
  • Sketching and drafting realistic and practical risk appetite statements;
  • Providing outsourced and co-sourced internal audit support;
  • Conducting realistic business continuity and disruption exercises
  • Delivering training to management, risk owners and Board members in risk management, risk appetite, business continuity and internal control; and
  • Implementing our web-based and integrated GuardianERM.net risk management technology.

Our Clients 

We have supported small, medium and large Australian and international insurers as well as insurance industry associations including:

Actuaries InstituteHannover Life ReRACI
Aust Reinsurance Pool CorpHannover ReRealCover Insurance
Berkley Insurance AustraliaHCFReCentre
Calliden GroupInsurance Council of AustraliaStateCover Mutual
CBHSInter-HannoverStewart Title
CivicRisk MutualMunichReTokio Millennium RE AG
Coal ServicesNew India AssuranceTT Club
CofacePacific InternationalWestfund
EnstarPacific Premium FundingXL Insurance
First TitleLiberty International Underwriters
GE CommercialQBE

 

Did You Know?

InConsult’s Risk Management Strategy developed for a global insurer was described by the insurance regulator (APRA) as “one of the top five” submissions. 

InConsult was ranked by BRW as one of the fastest growing new companies in Australia.

Our GuardianERM.net technology helped a Superannuation Fund Administrator win a prestigious industry risk management award.

One of Senior Consultants was appointed as a Member of APRA. 

PHIAC to APRA Transition

At InConsult, we’re committed to helping private health insurers complete a successful transition from PHIAC to APRA. More…

 

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