Nick Wendon, Insurance Manager (Superannuation), AMP, has been awarded this year’s prestigious ALUCA TurksLegal Scholarship for his outstanding essay focused on creating a sustainable insurance design in Superannuation.
In his paper, Nick investigates the role of insurance within superannuation and provides a guide as to how trustees can balance the need to provide financial protection to members and the possible depletion of a member’s retirement income.
Nick explores the diverse range of commentary from insurers, regulators, law firms, wealth managers, consultancies and trustees and combines this with his own first-hand experience to determine what he considers to be the critical industry response to ensuring the sustainability of the future of insurance design in Superannuation.
To celebrate the 10 year anniversary of the Scholarship, Nick will have the choice of a major cash prize of $10,000 or an overseas conference package valued up to AU$10,000 including return travel, accommodation, $1,000 cash and registration to one of the following conferences of Nick’s choice:
- 2017 Eastern Claims Conference in Boston, USA
- 2017 LOMA Life Insurance Conference in Florida, USA
- 2017 DI & LTC Insurers’ Forum in Maryland, USA
In addition to the major prize, Nick will:
- Be invited to sit on the judging panel for next year’s Scholarship; and
- Receive automatic membership to TurksLegal’s scholarship alumni program, Life Insurance Future Thinking (LIFT)
The 2016 Scholarship winners were appropriately announced at ALUCA’s National Conference held in Adelaide.
“The ALUCA TurksLegal Scholarship is a showcase of the knowledge, talent and creativity that make this industry excel and this year is no exception. Celebrating the tenth year of the Scholarship we were delighted to have received a high number of bright and insightful papers from insurance professionals from a wide range of industry leading companies” said Alph Edwards, a Partner in TurksLegal’s Financial Services practice and member of the scholarship’s judging panel for the last ten years.
“The judging panel faced a tough decision in selecting a winner this year due to the very high quality of the entries. However Nick tackled what is a really important question for the industry with intellectual rigour and a practical lens. In essence, Nick’s paper represented exactly what the Scholarship is seeking to unearth; innovative thinking that will positively impact the life insurance industry as a whole”.
About The Scholarship
The ALUCA TurksLegal Scholarship, now in its 10th year, offers life insurance professionals a unique educational opportunity to attend one of three major international life insurance conferences of their choice, while contributing to the ongoing debate on cutting-edge issues affecting the future of risk insurance in Australia.
The scholarship is open to financial members of the Australasian Life Underwriting and Claims Association Inc. (ALUCA) working in the life insurance industry including superannuation trustees and administrators. It was developed through a partnership between ALUCA and specialist insurance law firm TurksLegal.
This year’s 10 cutting edge questions were derived by the judges from a list of suggestions made by lawyers in the financial services team at TurksLegal who threw their ideas in the pot to get everyone thinking.
The successful applicant is selected on a range of criteria including understanding and insight of the topic, sound evidence, research, and presentation skills.
The judging panel is drawn from the ranks of the industry’s senior leadership and includes:
- Brett Clark, Group Chief Executive Officer & Managing Director, TAL
- Alexis George, Managing Director, Wealth Australia, ANZ
- Phil Hay, Head of Life Insurance, BT Financial Group
- Damien Mu, CEO, AIA
- Nick Mingo, Claims Rehabilitation Specialist, Swiss Re (2015 Scholarship winner)
- Devi Uka, Deputy Chairperson, ALUCA
- Malcolm Weir, General Manager Customer Services, CommInsure
- Linda Winterbottom, Claims Rehabilitation Consultant, RGA Reinsurance
- John Myatt, Partner and Practice Head of Insurance & Financial Services, TurksLegal
- Alph Edwards, Partner, TurksLegal
- Darryl Pereira, Partner, TurksLegal
The 1st runner-up was, Christine Gan, Underwriting Research and Training Consultant, Hannover Life Re Australia for her paper on Mental Health Underwriting and Antidiscrimination. Christine wins an AU$1,000 Visa pre-paid gift card. The 2nd runner-up was Elizabeth Haddow-Allen, Senior Rehabilitation Consultant, CommInsure for her paper on TPD in an Era of Change. Elizabeth wins a AU$250 restaurant voucher.
“ALUCA are very proud to be part of the TurksLegal Scholarship which has seen a high quality standard of papers again this year”, said Devi Uka, Deputy Chairperson of ALUCA and member of the scholarship’s judging panel. “It is really encouraging to see the incredible talent within the Life insurance industry that shone through in the papers submitted and the insights that they all provided.”
The 2017 ALUCA TurksLegal Scholarship will open in July/ August 2017.