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The Professional Insurance Broker T H E O F F I C I a L M a G a Z I N E O F T H E P R O F E S S I O N a L I N S U R a N C E B R O K E R S a S S O C I a T I O N

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The Professional Insurance Broker T H E O F F I C I a L M a G a Z I N E O F T H E P R O F E S S I O N a L I N S U R a N C E B R O K E R S a S S O C I a T I O N The Professional Insurance Broker T h e o f f i c i a l m a g a z i n e o f t h e P r o f e s s i o n a l I n s u r a n c e B r o k e r s A s s o c i a t i o n Issue 28 • Spring 2010 Chairman’s Remarks By Michael Hoare Shooting Our Own Soldiers sabotaged a recent attempt to merge, having initiated the process via An old colleague of mine told me his story one day. It was about an intermediary, should subsequently expend such energy on wooing 1990 and we were working together in Lifetime, the then newborn the PIBA membership. Flattering, but ultimately futile! baby of the Bank of Ireland Group. My friend had spent time in the US during the ‘60’s and, as he admitted, he was a bit slow about While all this unseemly activity plays itself out, I am extremely returning to Ireland so he failed to dodge the draft! He ended up concerned that our guns are trained on each other. Mortal wounds can doing a couple of tours of duty in Vietnam and his experiences had a be administered when weapons are loaded and we may damage one profound impact on the rest of his life. One intriguing statement that another, even if it is accidentally. The point that is being completely he made remained with me — most of the soldiers in his battalion missed is that all Brokers need to be better prepared and more who lost their lives were shot by friendly fire, mostly while nervously adequately represented with the Financial Regulator, the Ombudsman, navigating their way through thick foliage at night. One can only the insurance companies and others. Channelling scarce resources imagine the fear that these brave soldiers endured. towards having to defend our territory is a complete waste of time, energy and money. Unsightly skirmishing amongst professional What has this got to do with anything, I hear you ask. PIBA is in its representative bodies diminishes all who are involved and ensures that 15th year and the Association has done a superb job during that time the juggernaut of fresh financial regulation will roll right over the top of of representing professional practitioners to all of the stakeholders us. I call for a sensible approach to resolving this phony war. As concerned with the smooth functioning of our sector of business. independent associations, we must focus our minds on how we can Imagine my disquiet, then, when the IBA approached our membership engage in a more productive and positive way with the new regulatory en masse for the second year running with a ‘loss leader’ bargain environment. We must attempt to cultivate a regime in which Brokers basement offer encouraging our members to jump ship from PIBA in and regulators understand each other’s positions more fully so that order to join the ranks of the IBA. It did not work last year and it will more often than not a win-win outcome is achieved when the two not work this year because the two organisations, as they are currently parties interact. At present, all too often the outcome is win-lose, with constituted, represent different constituencies. Each in its unique way invariably the Broker coming out of a process battered and bruised, understands the nuances and idiosyncrasies of their memberships and and feeling that the cards were stacked against him or her. So, what never the twain shall meet while the respective associations are in place does shooting your own soldiers have in this scenario? As they their current form. It is mind-boggling that an organisation that would say in the States, go figure … Contents Sharpening the Sword – The new Graduate Diploma programme 5 Understanding your Customer's Needs is the Key to Underwriting Success 7 Retirement Planning 8 In Focus … The Benefits of a Financial Planning based Approach 9 Drink, Speed and Beauty — Non-conventional alternative investments 11 Pensions may not yet be Mandatory, but all Taxpayers are already making a Pension Contribution 12 The only way is up!! 13 ‘The Magnificent Seven’ 14 Finance Bill 2010 15 PIBA Meets … Anthony Brennan, CEO, Zurich Life 16 Are Absolute Returns a better bet than Managed Funds for 2010? 18 From the Great Floods to the Ice Age — The Weather grips the Insurance Industry 20 Exploring New Revenue Streams in a Tough Market 21 Sales to Vulnerable/Older Consumers 22 Publicity and PR — A Recession-proof means of generating New Leads? 24 Diversification 101: Using Alternative Asset Classes 25 Getting your Income Protection cases Over the Line 28 Book Review 29 PIBA Update 30 Industry Roundup 31 Crossword 32 Editorial By Emer O’Flanagan The words on everybody’s lips must surely be that a week is long in politics, especially if your name is O’Dea! The recent dramas in Kildare Street have succeeded in shocking even the most cynical members of the public. The ramifications of decisions made (or not made in some cases) are felt immediately by Brokers and financial advisors – the effects are painful and sometimes irreversible. The stumbling and fumbling nature of the departure of Willie O’Dea, as well as the quieter resignation of Green junior minister Trevor Sargeant and the loss of Martin Cullen due to health reasons, offer the Taoiseach an opportunity to revamp his team, and this should mean finding a new home for the Tánaiste, Mary Coughlan. The possible turning of political backs on 300 jobs in Dublin Airport is beyond belief. Unemployment among the under-23s is at its highest since the 1980s and those who choose to emigrate may never have anything to come back to. The very public row between Michael O’Leary and Mary Coughlan is all about playing bad politics … with workers caught in the middle. Mary Coughlan has now become the single most important personnel issue for Brian Cowen. Her failings as Tánaiste when dealing with Dáil questions on Thursdays have been well documented — but it is her ministerial role that causes most worry. Michael O’Leary, Ryanair’s Chief Executive, ran rings around her over the past weeks but to no avail. The Tánaiste does not want to lose face by giving him what he wants: the use of Hangar 6 in Dublin Airport, where he has promised to create 300 jobs. Protecting the semi-state Dublin Airport Authority and the formerly state-owned airline Aer Lingus seems to be the most important issue here, and consequently O’Leary is deemed to be the enemy rather than one of the most successful businessmen in the history of this country. O’Leary runs one of the world’s most successful airlines and has !2.5 billion in the bank, despite the recession. He is not looking for state support or tax payers’ money, so why should he give the Tánaiste a business plan? And if he did, would she be able to give a critique? Would it be read? The handling of FÁS is still fresh in our minds! What is very clear is that the Taoiseach regards Minister Coughlan’s loyalty and friendship as more important than her lack of ability to carry out the duties of one of the most important ministerial posts, i.e. Enterprise, Trade and Employment. This does not say much for the current state of Irish politics. Committee Members Sub-Committee Chairpersons Michael Hoare Chairman Life Paul Cullen Jarlath Jordan Vice-Chairman General Maurice Harnett Tom O’Keeffe Secretary Mortgage Jimmy Cumiskey Michael Leyden Treasurer Legislation Anne Hession Anne Hession Jimmy Cumiskey Maurice Harnett Paul Cullen Liam Carberry Chief Executive: Diarmuid Kelly The Professional Insurance Broker 14B Cashel Business Centre, Cashel Road, Crumlin, Dublin 12 • Tel: (01) 492 2202 • Fax: (01) 499 1569 • e-mail: [email protected] • Website: www.piba.ie Chief Executive: Diarmuid Kelly Editorial Group: Donal Milmo-Penny, Jack FitzPatrick, John Hogan, Karl Deeter, Edel Morey. Editor: Emer O’Flanagan Publisher: Salient Print Management, Naas, Co. Kildare. Tel: (045) 866057 & (087) 254 3463. Design: Salient Print Management, Naas, Co. Kildare. Tel: (045) 866057 & (087) 254 34637 Views expressed by contributors or correspondents are not necessarily those of PIBA or the publisher and neither PIBA nor the publisher accepts any responsibilty for them. T h e P r o f e s s i o n a l I n s u r a n c e B r o k e r 3 Sharpening the Sword – The new Graduate Diploma programme By Diarmuid Kelly, Chief Executive, PIBA The past few months have been difficult for the financial From an investment perspective, the theories of investment services industry in Ireland but the international economy is management are explored to the point where participants can emerging from the ‘Great Stabilisation’ and as a small open confidently: economy Ireland won’t be far behind. There are always business ✦ Construct suitable investments/pensions portfolios for opportunities in times of change and this time is no different. clients, with consideration as to how best to blend different There is a greater perceived need for protection. The savings funds and managers rate has hit the roof. There is a need for a more scientific approach to investing to encourage investors to back out of ✦ Compare and assess the merits of direct ownership of deposits. And the population is continuing to age rapidly, making assets (equities/properties and bonds) as against asset accumulation and management the business to be in.
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