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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.


"A strong and stable financial system is a prerequisite to a healthy and vibrant economy.
It should withstand economic cycles and ensure critical financial functions can be relied upon to be available when needed, and at a reasonable cost"
- APRA

We Understand the Key Issues in Insurance

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.

Insurance 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;
  • Risk Culture Assessments;
  • APRA compliance support;
  • Conducting strategic risk assessment workshops;
  • Assessing the level risk maturity;
  • Sketching and drafting realistic and practical risk appetite statements;
  • Outsourcing and third party risk management;
  • Interim and Virtual Chief Risk Officer;
  • Providing outsourced and co-sourced internal audit services;
  • Conducting realistic business continuity and disruption exercise;
  • 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 Insurance Clients

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

Actuaries Institute
Aust Reinsurance Pool Corp
Allied World 
AXA XL
Berkley Insurance Australia
Calliden Group
CBHS
CivicRisk Mutual
Coal Services
Coface
Core Specialty
Enstar
First Title
GE Commercial

Glencar Insurance Company
Hannover Life Re
Hannover Re
HCF
Insurance Council of Australia
HDI Global Specialty SE
Lawcover
MunichRe
New India Assurance
Pacific International
Pacific Premium Funding
Liberty Specialty Markets
QBE

RACI
RealCover Insurance
ReCentre
Sompo International
Southern Cross Travel Insurance
Starstone
StateCover Mutual
Stewart Title
Tokio Millennium RE AG
TT Club
Westfund

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 our 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

Read more
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