Contact Us

Brokerwise

Brokerwise Ed. 1 Title

Brokerwise is our quarterly publication, it contains informative and useful information that you can use. If you would like to subscribe and receive via email please complete the Brokerwise sign up on this page. Archives are also available here.

Supporting The Local Community

Ron and the team at Fitton Insurance Brokers have hit the ground running in 2018. We were happy to support the BASE Services last year as an alternative of sending our usual Christmas cards.

The BASE Services inc. is a Toowoomba-based, not for profit, community development organisation, that works with individuals and families in need. We have also relocated our office to 13a Bowen Street, which is situated in the same building.

We kicked off 2018 with the Gold Coast Magic Millions Series, where Ron met with racing and breeding enthusiasts from throughout Australia. This was the first major sales event of the year held and there were some fantastic results.

In February Ron attended the Classic Campdraft Sale at Tamworth and then moved onto Sydney for the Inglis Classic Yearling Sale, which was held at the new, purpose-built venue, Warwick Farm. If you are heading to any of the major sales, don’t forget to keep an eye out for Ron and talk to us about our special Fall of Hammer Insurance we can arrange tailored to your needs.

We at Fitton Insurance have extended our support as Sponsors for multiple local events to start the year.

Over the next few months we will be sponsoring the Fairholme Equestrian Event held in Pittsworth, the FLA Intensive Ag Conference held from February 28th – March 1st, and we will be continuing our yearly support of the Toowoomba Royal Show this April.

These are all fantastic events that help grow our local community, so if you have the opportunity to do so, attending these events is a great way to show support.

Our team is aiming for another fantastic year. We would like to thank our longterm clients for the opportunity to assist with their insurance needs, and also welcome our new clients whom we hope will stay with us for many years to come.

Fitton Insurance Brokers will continue the year by servicing clients and providing the very best in comprehensive Insurance Broking services.

Reputation Risk

Damage to brand and reputation remains one of the top ranked risks identified by businesses in Australia and overseas, according to a recent Global Risk Management Survey.

Warren Buffett famously said that it takes 20 years to build a reputation and five minutes to ruin it. If you have any doubt about the effect of reputation on the bottom line, look no further than Volkswagen. Since the emissions scandal hit in 2015, Volkswagen’s market cap has declined by 30%, equivalent to over 20 billion Euros.

With this in mind, what might you do differently to protect your reputation and the reputation of your business?

There’s no question that reputation has an economic value, so taking steps to protect and manage it makes good business sense.
These should include:

  • 1. Invest time and money in building a good reputation now – don’t wait until a crisis. A good reputation doesn’t happen overnight.
  • 2. Make reputational risk management a top organisational priority
  • 3. Proactively manage key reputational risks – this means relying on a good plan that considers all the things that could go wrong, and what could be done to mitigate the possible risks. At a time when we are hostage to a 24 hour news cycle and social media, crisis can spread globally within minutes, which means the response must be immediate and cohesive.
  • 4. Develop a structured system for reputational risk reporting and evaluation.
  • 5. Integrate reputation management into all business processes.

Five things that can make or break an organisation’s reputation:
1. Your values
2. Your people
3. Social media
4. Leadership
5. Risk management structures

“A reputation once broken may possibly be repaired, but the world will always keep their eyes on the spot where the crack was.” – Joseph Hall

Drone regulation

Owners and Operators of Commercial Remotely Piloted Aircraft Systems (RPAS), which are more commonly known as “drones”, now face number of risks they should consider when it comes to protecting their own assets and third party liability.

Whilst initially these drones were viewed as “toys” with minimal commercial applications the position has now greatly changed.

The applications for these drones is now extensive and are used in Real Estate, Safety surveillance and the Insurance Industry just to name a few. These devices are tremendous as they are extremely versatile and are able to access areas that sometimes may be difficult. They were used extensively by insurers following recent fires in Victoria to assess damaged property without having to go directly into exclusion zones.

Relaxed regulation and now increased strong commercial opportunity has now meant that the drone revolution is disrupting some major industries across Australia.

It has been recently reported by one leading Australian Insurer that one in fifty drones will be involved in an “accident” so understanding the current Insurance landscape has never been more critical to business’ and individuals who operate these devices.

As there is now new Laws in place it’s certainly prudent consider available insurance products to help to mitigate the possible losses. Your insurance broker will be able to assist with any queries.

Big Data - How big is big?

big data noun: COMPUTING noun: big data extremely large data sets that may be analysed computationally to reveal patterns, trends, and associations, especially relating to human behaviour and interactions.

How big is ‘big data’? According to some sources, in 2018 we captured the same amount of data in any two days than we did in all of history prior to 2003. IBM report that 90% of data on the internet has been collected since 2016. Reflect on that for a minute … that’s a lot of data about you and me! While the collection of data is nothing new, we now live in a world where big data is so much bigger and growing by the day!

Data is everywhere and we leave pieces of ourselves all over the place. Think social media, Facebook, Twitter, Instagram, Snapchat – just to name a few. Online shopping, credit cards, banking, surveys, email, mobile phones, e-readers and even electronic billboards are collecting data on you. It’s probably not surprising that Google is the world’s biggest collector of data processing 3.5 billion requests each day!

Data analytics is the new buzzword and is a booming industry because businesses and governments want to capitalise on the
power of this knowledge.

While many people worry about a lack of privacy, data collection and the subsequent analytics can be used to benefit the consumer. In the insurance industry for example, the ability to capture so much real data may provide a better understanding of consumer behaviour resulting in more accurate risk profiles. This could mean cheaper premiums for some.

Regulators and legislative bodies have a massive job to keep up with the changes in technology, and increasing concerns about what it means for the privacy of individuals.

Did you know...

  • The voice of Mickey Mouse and the voice of Minnie Mouse got married in real life!
  • German chocolate cake is named after a guy named Sam German, not the country.
  • The creature that kills the most people every year isn’t snakes, sharks, or even other humans — it’s the mosquito.
  • There’s an island in Japan you can visit that’s inhabited only by friendly bunnies.
  • There are actually more public libraries in the US than McDonald’s.
  • The last letter added to the English alphabet wasn’t Z — it was the letter J.
  • Before the invention of color TV, 75% of people said they dreamed in black and white. Today, only 12% do.
  • It’s illegal to own just one guinea pig in Switzerland because they get lonely.
  • Wombat poop is cube-shaped.
  • The British royal family isn’t allowed to play Monopoly.
  • Iceland has an elf whisperer who inspects construction sites before anything gets built to make sure no elves are hanging around.
  • There is an island in the Bahamas that’s inhabited only by swimming pigs.
  • 4% of the sand on Normandy beach is made up of shrapnel from D-Day that has broken down.
  • If someone gives opinions on topics they know nothing about, they’re an ultracrepidarian.
  • Canadians say “sorry” so much that The Apology Act was passed in 2009, declaring that an apology can’t be used as evidence of admission of guilt.
  • Most American movie villains have British accents because we associate them with having high intellect and low morals.
  • In Queensland, it’s illegal to own a pet rabbit unless you’re a magician.
  • T-shirts were originally marketed to unmarried men who didn’t know how to sew buttons back on collared shirts by themselves.
  • All colors of Froot Loops have the same flavor.
  • Cows have “best friends” and get stressed when separated.
  • If you’re being violent or drunk in Japan, police will get a futon and roll you into a burrito.
  • A “buttload” is a real measurement of weight.
  • All mammals take about 12 seconds to poop, regardless of size.
    Source: Buzzfeed.

Sign Up to Our Brokerwise Newsletter

Your Name*

Your Email*