NM Insurance boss Lyndon Turner’s balancing act

The first big steps in the post-COVID world are imminent.

“I think some of the main concerns are probably about how the assets and liabilities of our niche spaces are going to be affected in this next phase of slowing COVID impacts,” said Lyndon Turner (pictured), CEO of NM Insurance .

NM Insurance operates in Australia and New Zealand and specializes in marine, motorcycle, caravan and freight insurance.

“What [slowing of COVID impacts] effect on the use, as well as on the return to normal life of the staff? So this is where we see the challenges that lie ahead, ”he said.

Read more : COVID-19 could bring the insurance industry into a new era

The pandemic radically changed the way customers could use their insured assets. COVID and the closures have meant jet skis, boat trailers, yachts and cruisers could sit dormant for months. As a result, Turner said, the frequency of complaints has dropped.

“However, we still need a level of maintenance attached to these assets, because they require it as a maintained asset. The question is, how does normalcy return to people using these assets, and when will it happen in different states across the country? ” he said.

Regardless of the federal government’s plans, COVID-19 has brought out something of a US attitude to state rights in Australia. NSW appears likely to follow the federal lead on opening borders and easing restrictions. The position of other states is less certain.

“So when it comes to managing a portfolio the size that we are in this space, it’s about seeing what the new standard is when it comes to coming back to life and being able to come down to. the sailor and go get a sail or use the boat, ”Turner said.

The CEO of NM Insurance – like many other leaders in the insurance industry – is currently riding two strategies to adapt to the transition from the old locked world to newly reclaimed freedoms.

“We’re sort of alternating strategies in this portfolio to make sure we can still protect clients, of course, but also to understand what these developments are as life gets back to normal.”

In the last two years of the pandemic, Turner said, NM Insurance has seen healthy growth thanks to Australians changing their discretionary spending habits.

“Bicycles and caravans have seen very strong sales momentum due to a shift in discretionary spending in these assets locally. “

Unable to spend money on travel, Australians turned to renovating their homes. Or, it seems, buy boats and jet skis.

“What that means is a high level of demand, but the question is, is there enough stock to meet that demand as well?” This is something that we are looking closely at through our strong partnerships with manufacturers, ”he said.

The issues NM Insurance faces in this transition to a post-COVID world are facing the insurance industry in Australia and around the world. According to Isabelle Santenac, insurance leader at Ernst & Young Global, the insurance sector is facing “a truly unique moment” in its history.

“The fundamental disruption caused by the COVID-19 pandemic is an opportunity for the industry to rebuild itself in accordance with new societal realities and market needs,” Santenac said in Ernst & Young’s. Global Insurance Outlook 2021.

Luckily, NM Insurance did just that and renamed this month.

Read more : NM Insurance relaunches on the market

“The branding was born from a strategic dive in depth,” said Turner. It was an eight month trip that culminated with the official launch this month.

“There is no specific reason for the timing of October 1, but it leads us to what is traditionally a period of high volume activity for our leisure property insurance on our motorcycles, caravans and pleasure boats. . “

Turner said the brand’s relaunch was intended to represent his company’s reputation in the industry for “passionate insurance expertise.”

He said his company’s message is now more focused on customers and business partners.

“It was just the right time for our company to revisit our message and our corporate brand. “

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