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Tips to assist with compliance and efficiency of your business

We can celebrate some of the innovations that have come out of the pandemic. Over the past 18 months, Ausure has pivoted, creating a new desktop Audit process that has allowed us to continue uninterrupted while on-site compliance audit visits were not permitted. This process has proven very effective and allowed us to complete annual audits of every Ausure office in record time.

While this process has been extremely successful, we still see the benefits of getting out to visit everyone in person, so are moving to a mixture of On-site and Desktop Audits. This will be a gradual transition and will be impacted by the current covid situation for interstate travel.

Compliance isn’t always the most sexy topic but it is a vital ingredient of what makes people choose Ausure brokers as Australia’s most trusted insurance professionals. Ausure provides comprehensive compliance advice, training and audits to our network of insurance brokers across Australia, always striving for excellence in all we do.


Tips to assist with compliance and efficiency of your business

From Audits conducted in the past 12 months, we found some areas that could not only assist with compliance but also improve efficiency for your business and clients:

Common Due Dating:

Consider common due dating the client’s policies so all risks can be reviewed/renewed at one time. This holistic approach will reduce the risk of policy changes being missed, as well as reduce the overall work required for the portfolio.

Where policies are not common due dated, ASIC and AFCA would expect that we would have checked with the client if there have been any changes to their other policies while you are doing their current renewal.

Pre-Renewal Letter:

One of the things that some branches are doing very well is sending out a pre-renewal letter and a copy of the current schedule to the client around 4 to 6 weeks prior to renewal.

This is a great idea for a couple of reasons. It allows the client time to think about their current coverage and advise you of any changes to their policy. This will save time as the changes can be done during the renewal process, rather than going back and doing an endorsement later.

This is not only a time-saver but also an additional “touchpoint” for your client.

In addition to this, the pre-renewal letter is a fantastic compliance tool as it shows you have contacted the client and provided an opportunity for them to review their current cover. This is particularly effective for smaller clients or clients that you cannot get out to see for a full renewal review.

Formal Letters & Compliance Statements:

It’s important to remember that while email is a completely acceptable way to deliver documents and information to clients, it’s also vital that you send the same information you would if you were posting a letter to the client.

All new business and renewal emails should contain the appropriate compliance statements, as well as documenting your advice to the client. Completing this process effectively will not only ensure your client has all the information they need, but it will also help protect you from issues should there be an AFCA case or PI issue.

At a minimum, all New Business and Renewal letters should contain statements regarding the following:

• Checking sums insured and policy particulars.
• What insurer is recommended and why.
• What recommendations are being made (if the broker has given advice, this should be documented in the letter/email.)
• Any exclusion or endorsements that are specific to the client’s industry.
• Provide details of quotes from other insurers, where relevant.


Craig Barnden
Compliance Manager of Ausure

If you have a current insurance policy, whether it be with Ausure or somewhere else, we invite you to contact us to discuss your insurance questions or concerns. Ausure advisers take the time to understand your individual circumstances and provide you with tailor-made insurance solutions that work for you. Contact Ausure today by calling us on 1300 587 225, completing the form below, or finding a broker here.