The Underwriting Agencies Council and Lloyd’s Australia have given a presentation to Lloyd’s Singapore service companies about the benefits of UAC membership.
Lloyd’s General Representative in Australia Chris Mackinnon; UAC General Manager William Legge; and UAC Deputy Chair Lyndon Turner outlined the advantages of UAC membership at a meeting in Singapore on Monday (6 July 2015).
Mr Turner said UAC was established in 1998 when Australian agencies needed an industry voice and that model could be replicated in the Asia Pacific region.
UAC’s 2020 Strategic Plan includes Asia Pacific expansion to provide an industry voice there.
UAC represents 96 full voting members, 87 in Australia and nine in New Zealand. It has 27 business service members and three strategic underwriting partners. Lloyd’s is the principal strategic partner.
Mr Turner said UAC’s purpose was to:
- Assist underwriting agencies to grow and develop sound businesses
- Promote agencies as a vital profession and integral part of the insurance industry
- Promote agencies by fostering a dynamic marketplace between underwriters and brokers
- Be the resource of choice for the industry.
Mr Legge said joining a professional association like UAC gave agencies credibility with regulators and industry recognition, provided confidence to agencies’ security, confirmed adherence to a code of practice, and enhanced agencies’ status in the marketplace.
Membership benefits included:
- Underwriting trade expos: In 2014 about 2,750 brokers attended six expos in Australia.
- Educational programs: UAC hosts 90-minute seminars and half-day seminars conducted by recognised experts in their field. Over 12 months, UAC hosted 24 90-minute and four half-day seminars.
- UAC partners with ANZIIF as its registered training organisation for formal modules of insurance education.
- UAC’s website is central point of contact for brokers. In 2014 the site had more than 23,000 broker queries in Australia.
- Communication: UAC provides regular eNewsletters and social media contacts.
- UAC has both for and informal liaison with broker associations and involvement at their conventions.
- UAC has a planned program of advertising to increase brand awareness for the benefit of the membership; and regular editorial in trade publications.
- UAC represents the interests of members to regulators and government bodies.
- Business Service membership is offered to bodies that offer business services or supplies to UAC members. This enlarges brand exposure for the suppliers and UAC members.
- UAC arranges affiliate memberships with similar bodies in other countries to provide members with contact points in those regions
Mr Legge said UAC had established a solid membership base in Australia and built a well-structured support organisation for members. It has expanded its service offering to New Zealand and was now offering its services to the Asia-Pacific region.
Lloyd’s has six service companies in Australia and 18 in Singapore.