THE PACIFIC WAY
Welcome to Pacific’s online newsletter! We are pleased to regularly bring you the latest Pacific information and updates on products, services, special events and relevant industry news.
Your ongoing support is very much appreciated and allows us to continue making advances with technology and provide you with the best possible systems and service standards.
Company News
Message From Stuart White, Managing Director
Since our last newsletter, we have continued to see a downturn in global economic conditions, albeit at a slower rate.
Whilst, the Australian government has sought to further stimulate our economy through the recent budget announcements and stimulus’ packages, some companies are unexpectedly entering administration and at a faster rate than in previous years. This has included some long established companies such as Timbercorp, Great Southern, Austcorp and household names such as Kleenmaid and Mansours.
We are also seeing established companies experiencing challenges in rolling over finance facilities and in obtaining funding for existing or new projects. Not surprisingly, figures released by ASIC show that new business registrations for the first four months of 2009 are down 10% on the previous year.
However, it is not all bad news as I firmly believe that companies that are adequately capitalised and well managed will survive, and even grow in this environment.
What does all this mean for premium funders and brokers?
It presents both a challenge and an opportunity! As we are not immune from the impacts of the slow down in the wider economy we need to be vigilant and undertake a higher level of risk assessment on some loan applications. Everyone in the chain needs to do more with these applications than in the past.
On the flip side, the heightened focus on cash flow presents an opportunity for you to offer premium funding to your clients as an effective risk management tool, that helps them protect cash and banking facilities by smoothing the costs associated with their annual insurance premiums.
We have an experienced team who have been through this cycle before and are ready to assist both you and your clients. Pacific is in an excellent position with access to significantly more capital and funding than we need, for both this peak period and in the long term. We have a mandate to grow our business and GE Capital is committed to this market. Added to this we have a strong and collaborative working relationship with our credit insurer.
To support the changing needs of the market, we are realigning our resources and investing in areas where needed. To this end, I am pleased to welcome John Doig to our leadership team, as State Manager for NSW and ACT.
Finally, I want to leave you in no doubt that we are committed to this market, and we look forward to the opportunities that the future holds; both for Pacific and our supporting intermediaries.
All the best,
Product News
SOAPBOX UPDATE
The Pacific Soapbox continues to receive great suggestions and ideas on how we can provide better service and systems to you, our intermediaries So……Got something to say? Get on the Soapbox in Pacific Edge!
www.pacificpremium.com.au/soapbox
Don’t forget our new Collections number - 1300 591 698
Did You Know
Our Collections team now have the ability to communicate with clients via SMS to resolve collections matters quickly and often with minimal fuss.
We can utilise SMS if the client’s mobile phone number and/or email address is included in their loan application.
Industry News
NIBA SUNDOWNERS
Pacific is a keen supporter of NIBA’s education initiatives, including the NIBA Sundowners; which we have been a proud sponsor of since 2004.
This year’s Sundowners commenced at the end of April and ran throughout May in all capital cities and major regional centres. The speakers included Steve Lardner and Noel Pettersen from NIBA, along with representatives from Gallagher Broking Services and of course, members of Pacific’s leadership team.
Our part of the presentation looked at the global financial crisis and what we see as the upside and downside for the Australian insurance market. For some inspiration, we looked at the strategies adopted by the ‘best’ enterprises in the world amid the economic downturn.
We also gave an update on the exemptions under the Anti Money Laundering (AML) legislation that the premium funding industry, as a whole is negotiating.
Once again, the Sundowners provided a great opportunity to network, and to learn more about the current issues affecting insurance brokers and the industry.
We congratulate NIBA on what has been another successful round of NIBA Sundowners.
Grant Burley (Pacific Chairman)
presenting at the Brisbane NIBA SUNDOWNER
PICTURESQUE HUNTER VALLEY GIVES INSIGHT TO BROKERS
The 12th Annual Insight Insurance Brokers Association Conference was held recently in the Hunter Valley; one of Australia’s oldest and best known wine regions. Pacific was pleased to continue its long standing involvement with the association, this year as a bronze sponsor.
We had some fun challenging brokers to a game of (not so) skilled shooting as they passed by our stand in the Exhibitors Area.
Every broker who had a shot went into the draw to win a 1997 bottle of Eileen Hardy Shiraz…..’An Excellent Vintage’.
A 12 year old bottle to celebrate the 12th annual conference for Insight.
Congratulations to Erin Twomey of Centurion Insurance Brokers on the Gold Coast who was our winner!
LONG TERM AIMS
The 2009 AIMS National Convention took place at the Hyatt Coolum from 19 – 23 April, with more than 450 delegates in attendance.
Pacific was proud to be the official thirst quencher at the convention. Thirsty delegates were kept hydrated whilst also contributing to a good cause, with the water being arranged through not for profit charity ‘Thank You Water’. This organisation funds water projects in developing countries. On average each bottle provides water for a month for one person in a developing country.
All delegates got involved in another worthy activity, "The Great Race". Teams had to complete tasks to collect the parts of a bicycle and then assemble it. The final working products were then given to disadvantaged kids who live on the Sunshine Coast.
It was great to see many of you at our stand in the network market place.
Congratulations to Karen Carlon of Northern Tablelands Insurance Brokers and Lee-anne Farmer of Austbrokers Central Coast, who each won a Day Spa Relaxation Package given away at our stand!
PACIFIC IN THE COMMUNITY
RUN FOR KIDS
Shane Seedeen and Troy Lowndes from our Melbourne office, recently took part in a 14.1km ‘Run For The Kids’ fundraiser for the Royal Children’s Hospital Good Friday Appeal.
They both completed the race in good time. Well done guys! Pictured Right – Troy Lowdnes & Shane Seedeen
SUNSHINE HOMES AQUARIUM VISIT
GE is a sponsor of Sunshine Homes, a not for profit organisation that improves the opportunities and relationships for people with disabilities and their families.
Stuart White, Pacific’s Managing Director recently took time out of his busy schedule, to lead a team of GE Staff and a group from Sunshine Homes on an excursion to the Sydney Aquarium. The group which included carers and residents had a great time exploring the aquarium, which holds the largest display of Australian aquatic life, before enjoying lunch together.
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