NIBA : Everything you need to know

Everything you need to know about NIBA

The National Insurance Brokers’ Association (NIBA) is a body that represents the insurance broking profession in Australia, with around 360 member firms and over 2,000 individual brokers. NIBA claims to represent around 90% of insurance brokers in the country.

According to NIBA, since it was founded in 1982, it has become a driving force in Australia’s insurance broking industry. Throughout its existence, it has advocated for financial services reforms, called for higher educational standards in the broking profession, and introduced an Insurance Brokers Code of Practice for its members.

All of NIBA’s member firms have an Australian financial services (AFS) licence, issued by the Australian Securities and Investments Commission (ASIC) under the Corporations Act. This allows the member firms to provide advice on various risk and insurance products. The members come from a wide range of backgrounds – including multinational mega-companies, large Australian-owned firms, and more than 300 small and medium brokerages scattered across Australia.

NIBA is a member of the Council of Asia Pacific Insurance Brokers Associations (CAPIBA) and the World Federation of Insurance Intermediaries (WFII).

NIBA’s stated goals fall under three pillars: representation, professionalism, and community. It seeks to represent the broking profession in dealing with the government, regulators, the media, and industry stakeholders. It works to uphold professionalism by elevating the standards of the profession through further education and its Code of Practice. It also fosters community among professionals by providing networking opportunities and promoting the image and value of insurance broking to the community.

NIBA in the news
2015: NIBA warns against certain direct strata insurance products
2015: NIBA launches updated broker site
2015: NIBA welcomes Government response to the Financial Systems Inquiry
2016: NIBA renames Broker of the Year award in honour of Stephen Ball
2016: NIBA president Graham Stevens named chairman of World Federation of Insurance Intermediaries
2017: Tim Wedlock appointed president of NIBA
2017: NIBA expresses concern on proposed new ASIC powers
2018: Vivienne Toll, head of workplace risk at Gallagher, appointed NIBA director
2018: NIBA says it is “ready” for Royal Commission probe
2019: Eric Harris and Dianne Phelan appointed NIBA president and vice president, respectively
2019: CEO Dallas Booth questions legislation on design and distribution obligations
2019: NIBA supports Dive In Festival
2019: Angie Zissis appointed Austbrokers Insurance Member Services (AIMS) representative
2019: NIBA Convention held in Gold Coast
2020: NIBA offers broking support for bushfire victims

Need to know
Type of company: Industry representative body
Founded: 1982
Service areas: Insurance broking
Headquarters: Sydney, NSW
Employees: 11-50

Key people as of 2020
Eric Harris, president

Harris is the chief operating officer of business operations at Aon, and was named president of NIBA in February 2019. He has been on the association’s board since 2012 and was vice president for two years before becoming president. He succeeded Tim Wedlock, of Austbrokers AEI, who remained on the NIBA board.

Dianne Phelan, vice president
Phelan is the group operations manager of BJS Insurance Group. She succeeded Eric Harris as NIBA vice president when he became president in February 2019. For many years, she served in various NIBA committees and working parties, most notably as chairperson of the NIBA divisional committee for South Australia.

Dallas Booth, CEO
Booth has served as chief executive of NIBA since 2011, where he oversees the organisation and its members and serves as the insurance broking industry’s chief representative to governments, regulators, the media and the community. Prior to his current role with NIBA, he was CEO of the Asbestos Injuries Compensation Fund, which administered the agreement between James Hardie Industries and the NSW Government to compensate victims of the company’s asbestos products.

Culture:
NIBA’s stated goals fall under three pillars: representation, professionalism, and community. It seeks to represent the broking profession in dealing with the government, regulators, the media, and industry stakeholders. It works to uphold professionalism by elevating the standards of the profession through further education and its Code of Practice. It also fosters community among professionals by providing networking opportunities and promoting the image and value of insurance broking to the community.

As part of its mission to promote the insurance broking profession, NIBA hosts a mentoring program for young brokers and other insurance professionals. The programme partners the young professionals with experienced and supportive industry role models to help learners’ careers thrive.

The mentoring programmes are available twice yearly in major cities, namely, Sydney, Melbourne, Adelaide, Brisbane, and Perth. Participating in a programme provides six CPD points for both mentors and mentees.

NIBA also has a Young Professionals network, with membership in all regions of Australia. Open for insurance professionals under the age of 35, the network organises a variety of CPD programmes and seminars to keep young professionals at the forefront of trends in the insurance industry. NIBA seeks to recognise the talent and efforts of young professionals with the Young Professional Broker of the Year Award that is contested at state level, with its winners competing for the national Warren Tickle Memorial Award.

NIBA : In the news