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Chairman's Remarks

By Liam Carberry

Welcome to the winter edition of The Professional Insurance Broker magazine for year end 2006. I would 11ke to wisheverybody a very happy Christmas and a peaceful New Year.

Over the last year, the Intermediary market has seen the introduction of the Consumer Protection Code and Minimum

Competency Requirements, both of which are of great significance to the financial services industry The rigours of legislationdemand that firms take a proactive approach and PIBA is here to ensure that all PIBA members have the requisite support and

knowledge needed to prosper.

July 2006 also saw the publication of the Handbook of Prudential Requirements for Authorised Advisors and Restricted

Intermediaries. Under this new consolidated prudential handbook, the requirement for Authorised Advisors to submit halfyearly unaudited financial statements no longer applies. I am sure many Authorised Advisors were delighted to hear this, as

were the P1BA committee, sub-committees and staff, who worked hard to get half-yearly management accounts removed.

PIBA continues its aim of meeting the needs of its members with the continuous introduction of new schemes. This year, PlBA

launched a new Mortgage Repayment Protection scheme with Cardif Pinnacle. Applications for this scheme are available onthe PlBA website.

Another development within PIBA in 2006 has been the launch of P1BA Mortgage Services in October. This service provides

PIBA Mortgage Service members with access to eleven lenders and allows them to conduct business on a non-exclusive basis.

I would like to thank all members for participating in the Service Suntey Awards, which fell in mid-November this year. This

prestigious event recognised those who have proven to be among the best providers with regard to quality of service to theBroker. The assessment of quality of service is an important aspect of raising the bar of excellence, which is ultimately to the

benefit of the reputation of the intermediary market and indeed the insurance and lending markets. The awards ceremony this

year took place in Croke Park, which I personally believe is symbolic of excellence and triumph.

Finally, may I wish you all, again, a very happy and prosperous New Year!

ContentsPenny Agencies

---------- --------- 5

Income Protection -------- 7

Women and Pensions ---------- 9- Equal Pensions Treatment ---------- ---- ---------- 10

Charity offers Business an Ethical Choice in Corporate Gifts ----------- - ---------- 11

Commercial Property Investment - Making an Informed Decision ---------- ---------- 12- Cardif Pinnacle

------------ --- ---------- 13

PIBA Service Excellence Awards 2006 ------------ --------- 15

Caledonian Life top £ 140 million in 2006 ----------- -

---------- 18

Minimum Competency Requirements ----------- ----------- 20

Big Performance from Small Companies ----------- -

---------- 22

Mortgage Packaging - Present and Future ------------ - ---------- 24

The Future is Bright ... isn't it?------ ---------- 27

I Learning and Development in Small Businesses

---------- ---------- 28

Understanding your Sales'DNA' ----------- - ---------- 29

PIBA Activities ---------- - -- - --------- 30Cyclone, Document Solutions Provider ------------ --------- 31

Updates ------------ ---------- 32

Crossword ----------- ---------- 32

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Income Protection

By Enda Burns, Business Development Manager, PIBA

Recent research by Friends First has shown that less than 10% significant amount of time to learning about the product andof Irish workers have an insurance product in place to protect perfecting your sales technique. Your efforts will be rewarded,

their income should they be unable to work clue to any both by the peace of mind afforded to your clients and by theaccident or iliness. The research also suggests that 29% of irish generous commission paid on the product.

workers believe that their employers will provide them witheither full or partial sick pay for as long as they are out of work. Clients will always come up with excuses, but once you have

In actual fact less than 15% of workers in Irish companies sold the concept, cost is the only thing holding them back, no

would receive sick pay from their employers for more than a matter what they say. The real answer to a client's complaint

six month period. Therefore more than 85% of private sector that they can't afford the premium is, "if you can't afford the

employees are fully dependent on State benefits, which would premium you surely couldn't afford a disability". The cover

only entitle them to an allowance of £8,622 per annum for a provided by an income protection product is extensive. If you

single person or E16,088 for a person with one adult take, for example, an individual claiming income protection at

dependant and two children. E400 per week from age 30 to 65 this equates to a total claimof 61,257,611. If you are talking about an insurance company

The above findings point to a sizeable gap in Income potentially paying out more than El million then a premium of

Protection coverage in the Irish insurance market, and E2,000 a year doesn't look unreasonable. Also, premiums are

significant potential for business expansion in this area. As subject to tax relief, which will reduce the amount to be paicl.

income levels rise more focus is being placed on accumulating

wealth for your clients. However, your clients' top priority is still The most effective way of convincing a client of the need for

protection. The heart of any financial plan is to safeguard the Income Protection is through real life examples and scenarios.

Client's income, be that security for the family in the event of If you have not had any experiences of a client having to claim

death or security for themselves and their family in the case of income protection or a client who would have benefited had

illness or disability. And whilst life cover is traditionally regarded the cover been in place, there is readily available information

as priority number one in the hierarchy of needs if a client can't out there on claims expenences.

work and earn, where are they going to get the money to pay There is currently enormous business potential around Incomefor life's essentials, to support themselves and their family and Protection. The growth in salary levels over recent years hasto pay for their life insurance premiums? significantly widened the gap between what people need to

Even if your client has made provision through savings or maintain their lifestyles and what they would get from the

investment products, they may not be sufficiently covered to State. PlBA and Friends First have been working together to

maintain a certain standard of living for a prolonged period of develop education and training around income protection to

time should they be unable to work. How long will your client's assist PlBA members' introduction to the product. Friends First

reserves last if they are forced to draw on these investments have a team of account executives who will work with you on

indefinitely? Having income Protection in place will protect your their income protection products and suggest ways to

client from the risk of asset erosion. Think of the consequences approach clients or prospects and identify their needs.

of an individual having to dip into their children's college fund

because their income has dried up.

For more information please contact me atThe main barriers to selling Income Protection are that it's far endo.bums@pibo.ie.too complex a product, it's too hard to get and it's tooexpensive for your clients. In order to become successful in

selling income protection you should expect to commit a

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Cardif Pinnacle

By Elizabeth Byrne, Business Development Manager, Cardif Pinnacle

You will by now have received a letter from PIBA advising you authorisation number. The terms of business for the MRPP

of the New Mortgage Repayment Protector scheme, which scheme are included in the website's registration section. By

launched on the 1st of November. Cardif Pinnacle have worked applying for a distributorship you are confirming that you are

closely with PIBA for the last number of months to design and agreeing to these terms of business. PIBA have negotiated theimplement the Mortgage Repayment Protector policy. Cardif terms of this distribution agreement on your behalf.

Pinnacle are part of BNP Paribas, an AA+ rated global bank . .

. Once Cardif Pinnacle receives your completed request, it willassurance company who are the second largest supplier of

confirm your authorised status with the Regulator and will ssuecreditor insurance in the world, with market capitalisation of

you with a Broker code for use only in the PIBA MRPPover 880 billion.

microsite.

Mortgage Repayment Protector offers valuable protection

coverage to borrowers, which, traditionally, has been mainly How do my customers apply?

sold through the major retail banks. MRPP provides payments Applying for MRPP is simple. By using the microsite that sits on

to borrowers who are unable to work due to accident, illness, the PlBA website, you and your customer can complete the

redundancy or hospitalisation, by paying all or part of the application process with little, if any, paperwork.

customer's mortgage repayments on their behalf, for up to . .

. The microsite has many easy to use features and is specificallytwelve months in any one claim. Arrangement of cover is

designed to facilitate straight through processing, which meanssimple and is only subject to certain eligibility criteria, therefore

. that when you enter a policy onto the microsite, the applicationensuring a quick application process, with no medicals or

. . is validated within 24 hours, thus speed ng up the MRPPpremium loadings applying,

application process.

The policy is also extremely flexible, allowing customers to . .

Cardif Pinnacle will contact you to discuss the sales processincrease or decrease their monthly benefit: particularly .

. you will need to follow, including compliance issues, once youimportant as interest rates continue to rise. The MRPP policy -

have signed up to the agreement. Cardif Pinnacle will ensurealso allows customers to protect up to 120% of their monthly

that all customers receive policy summaries/policy documentsrepayments, giving them the opportunity to protect their

within three working days of each policy sale.insurances in relation to the mortgage as well.

Once you sign up for a distributorship you will receive aThe product is available to both new borrowers and existing welcome pack, together with details of how to use theborrowers and the customers pay their premiums on a

microsite, the commissions structure, etc.monthly basis via direct debit. The price is E4.75 per hundredeuro of benefit and the maximum benefit is £2,000 per Both Cardif Pinnacle and PIBA are excited about the launch of

month. Good remuneration arrangements have been secured MRPP and believe it will provide you with a new product

by PlBA, which will be paid to your nominated account on a offering to your customers, which will not only offer protection

quarterly basis. for your customers' monthly mortgage repayments, but also

provide you with a means of enhancing your mortgageHow do I sign up? packages, while allowing you to grow a commission channel

\n order to start selling you must first sign up to the distributor that will create a revenue stream for many years to come.

agreement with BNP Paribas Cardif Pinnacle. For details of this . . . .

Cardif Pinnacle will be providing road shows, which wil takeagreement please login to the PIBA website. On the home

place in the coming months. We will ensure that you arepage, click on the Cardif Pinnacle MRPP button. Once you are .

, contacted well in advance of these shows in due course.in the PIBA MRPP microsite, just click on the 'Registration

button and the menu will guide you through the completion \n the meantime should you require any further information

process. Details you will be required to give in order to sign up please do not hesitate to contact Enda Burns of PIBA at (01)to the scheme will include your contact details, company name 492 2202 or Elizabeth Byrne of Cardif Pinnacle at (01) 612

and registered address and your Financial Regulator 5380.

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PIBA Service ExcellenceAwards 2006

Thursday November 16th was a special occasion onwhich we as an association celebrated the League Tables 2006Broker/ Industry partnership. For the fourth consecutive How the key players fared - on a scale of 1 to 7year, the PlBA Service Excellence Awards proved to be

a roaring success. Position Provider Score

Phirc an Chr6caigh, a venue clevotec| to excellence in 1 Hibernian 5.07

sport, proved a fitting venue to hold an event that 2 AXA 4.84showcases commitment and excellence in servicestandards. The Service Survey gives insurers and 3 Allianz 4.74

lenders quality, measured feedback from PlBA 4 Royal & Sun Alliance 4.61

members. This valuable information can aid such 5 Eagle Star 4.43

companies in making a difference and 'staying ahead ofthe game'. 6 Quinn Direct 4.33

Guests were welcomed from 7pm onwards as theymade their way down the red carpet, in true awardceremony style. Following a pre-dinner drinks reception, Position Provider Score

guests enjoyed an exquisite meal. 1 ilB Bank 4.78

Liam Carberry, PIBA Chairman, then opened the formal 2 permanent tsb 4.43

proceedings by welcoming all dignitaries present and 3 ICS Building Society 4.36

thanking everyone for their support. 4 EBS 4.17

Next, Diarmuid Kelly, PIBA CEO, took to the stage. He 5 AlF 3.98

strode about energetically informing the audience of 6 Bank of Scotland 3.73the methodology used in determining the results of the

7 First Active 3.29survey.

8 Ulster Bank 3.26The three pillars of success on which these awards are . .

9 irish Nationwide 3.04based are great service, Broker trust and consumer trust.

The time had finally come to announce the topperformers in each of the three categories. The audiencewas enthralled and you could feel the excitement and Position Provider Scoreenthusiasm build as the winners were announced. The'All trelanc| ' winners for 2006 were as follows: Hibernian 1 Eagle Star Life 5.01

General Insurance, llB Homeloans and Eagle Star Life. 2 irish Life 4.79

Once the formal proceedings ended, some light 3 Caledonian Life 4.69

entertainment was had, with the crowd dancing and 4 Friends First 4.67

swinging the night away to the sound of the 'Spat Pack'. 5 New Ireland Assurance 4.38

6 Hibernian Life & Pensions 4.33

A special thanks to those who kindly sponsored the event:7 Standard Life 4.11

The International Securities Trading Corporation, Coledonion 8 Canada Life 3.92

Life, Canada Life, Eagle Star Life, EBS Building Society, Friends 9 Scottish Provident 2.08First, Hibernion Life and Pensions, //B Homeloans, Irish Life,

New Ireland, permanent tsb, Standard Life, Start Mortgages

and Brightwater Recruitment.

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PIBA Service Excellence Awards 2006

(PiBA), Geraldine Leyden, Terry Hardiman (PIBA Members) 1

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Big Performancefrom Small CompaniesBrendan Barr, Head of Marketing at Standard Life, explains the benefits of

i investing in smaller companies

As retail investors become more and more sophisticated, they

are seeking investment opportunities that differ from

mainstream property shares or managed funds. So it's notsurprising that there has been growing interest in investing in

small and medium sized companies. In the UK market alone,

there are over 50 retail investment funds that invest

predominantly in smaller companies.

Why should investors consider investing in smallercompanies?

Small and medium sized companies are often in the early

stages of development and they can have faster earnings"We bought it for 92 pence three years ago and it's now worth

growth than that experienced by larger companies. Smaller . .

. stgf4.08. This stock's attraction is that a small increase incompany funds aim to make the most of this untapped .

revenue goes straight to the bottom line.potential.

Another top ten holding is Raymarine, the largest globalIn addition, these funds offer investors exposure to the growth

manufacturer of nautical electronics. It manufactures integratedpotential of a market that's not as well researched as the large

. navigational systems and controls about 22 per cent of theblue chip stocks. .

world market, according to NImmo. The fund bought the

Opportunity to invest in an award winning fund shares at stgE1.52 and they're now worth stgE4.24.

. "Improvements in the manufacturing cost base will mean bigNot many funds can boast of nearly quadrupling their value in .

. profit margin gains. It also has thousands of Individualnine years - with returns of 287 per cent as against a sector . .

customers rather than being dependent on a select few", saidaverage of 131 per cent.* The Standard Life Smaller

the fund manager.Companies Fund has consistently outperformed, and as a

result What Investment magazine awarded this fund the Unit Long term outlook remains positiveTrust Manager of the Year award in July 2006.

Despite the strong growth to date the long term outlook for

The Stock Selection Process investing in UK smaller companies remains positive. "We

. . . . believe our focus on growth and momentum investing isThe selection process is based on identifying companies with .

coming into its own, as we would expect in the middle andimproving situations that are not fully recognised by the market.

later stages of an economic cycle. The long term potential forOur investment team carries out extensive research and holds . . . . .

. smaller companies is undiminished, the underlying tradingregular meetings with company management to delve deeper .

environment continues to be robust and we will takeand uncover those opportunities for real growth. Recognising

. advantage of any further volatility to add to preferred positions.the additional risk of investing in smaller companies, the fund

tends to hold between 50 and 70 stocks, each of which is We continue to focus on quality growth companies with stronglarge enough to have an impact on the overall fund and visible earnings. Such companies will hold their value inperformance. the longer term, even during periods of moderating economic

. . growth, and will benefit greatly from any recovery saidThe fund is managed by Harry Nimmo, Investment Director at '

NimmoStandard Life Investments. Harry's philosophy is to invest intomorrow's large companies today. These are firms with marketcapitalisations of less than one billion pounds sterling. He

believes in buying companies with sustainable busineSS * SterlingreturnstoSept30,2006usingbidtobidbasis, Standard& PoorsMicropol

models. "The main things we look at are: level of market share, Post performance is no guarantee of future investment returns and the value of

investments can fal as well as rise.pricing power, barriers to entry and the sustainability of thebusiness model. I am an unashamed stock picker rather thansector-oriented", he said.

One of the top ten holdings in the fund is Datamonitor. It is aprovider of high quality business information across a range of

market sectors such as financial services and the oil and gas

sector. "It has added massively to our portfolio", said Nimmo.

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EBS/PIBA SeminarAlexander Court Hotel, 24th October 2006

Left to aght

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Brian Murray, lack FitzPatrick, Gary Effison

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Learning and Development inSmall BusinessesBy Colm Molloy, Refocus Ireland

Successive governments have taken the view that an increase in Extending training to the rest of the businesslearning and development in small businesses is important for A successful programme of management development shouldthe competitiveness of the Irish economy, yet statistics suggest mean that the business is more receptive to the idea of trainingthat small businesses train less than their larger counterparts. the rest of the workforce. The following needs to be taken into

Barriers to learning and development in small firms include: account:

+ Cost + It is more difficult to take people away from their work insmall organisations than in larger organisations, and

+ Lack of perceived relevance of existing formal employees often have multiple roles. Thus there is lesscourses/programmes room for traditional classroom-based courses.

+ Reluctance to release staff because of difficulties in. . + There may therefore need to be greater focus on on-the-

providing cover job training.

+ Lack of awareness by owner-managers of what is available + If there is classroom training it should be given in short,

+ Value sharp bursts to avoid employees being away from work too

+ Fear of trained staff being poached long, and directed at specific, identified business issues.

+ The diversity of small businesses. + E-learning may have a part to play if the right modules can

be found and owner-managers can be made to see itsit is imposslble to talk about 'a typical small business' and .

. advantages: however, so far there is little evidence of e-

readers will need to bear in mind the diversity of the small .learning making much impact in this sector.

business sector, not just in terms of size but also in type of

business and levels of sophistication. One solution certainly will Creating links between small businessesnot fit all cases.

The creation of links between small businesses for learning and

However, small businesses do train, although they may do so development purposes, based on geographical proximity and/or

less often and in a less structured and strategic way than some supply chains, should be encouraged. Small businesses workinglarger businesses. Often the development may be on-the-job together in what might be called 'training clusters' in business parks

and quite possibly not even recognised as training by either the or retail mails can increase levels of training by achieving

trainer or the trainee. It is more likely to be geared towards economies of scale, while larger firms might also open their training

solving immediate problems or individual performance, or to be facilities to smaller firms in the supply chain or in their localities.

aimed at new recruits. Small business owners and theirmanagers also typically carry out informal development activities, Refocus viewpoint

such as talking to each other about their problems and Refocus People Solutions' aim is to deliver a unique offering of

belonging to various networks or trade associations, like PlBA. human resource and training and development services. Most

Again, they might not recognise these as learning activities. training programmes are events - our offering is much morethan that. Our training is designed in a manner that challenges

Learning and development principles and encourages people to explore a different way of thinkingand doing things to maximise their individual potential. We placeThe principal ways of creating interest in learning and

development are to: a great emphasis on the evaluation of learning during and post

delivery. We want to make a difference!+ Use networks (whether existing or created for the purpose).

Possessing years of experience in the areas of financial services,+ Identify business issues and link the learning offer to them .

customer service in the contact centre sector, leisure, travel andby solving problems.

telecoms, Refocus People Solutions are perfectly positioned to+ Seek learning solutions that do not involve taking people deliver services to PlBA members in all aspects of training and

away from the job. human resource management.

+ Start at the top: develop the management team beforeattempting to bring about training elsewhere in the firm.

. . If you want to learn more about how we can help you as a PIBA+ Seek to establish the financial payback from any learning

member contact us on -and development that does take place.

+ Get the message across that learning and development Emol: refocus@ ireland.com

isn't about 'going on courses' (although a course may Phone: 087 207 7669 (Eimear White)

sometimes be part of the solution). Address:

+ Use informal or experiential methods wherever possible. 14 Priory Chase, St Raphaels Manor, Celbridge, Co. Kildare

Understanding your Sales 'DNA'

By Paul Sutton, Director of Broker Sales, Canada Life

Attendees at Module 2 of the Canada Life PracticeBuilder Program marketing by marking a missed opportunity in the relevantrun by Sales/Practice Management Coach, Anthony Morris, learned column with a '1'. It will indicate to you where your effortshow advisors have a self-perpetuating 'Sales DNA' or 'way of doin8 should start by showing you the greatest number of clientsthings'. requiring approaching per solution.

The letters in the mnemonic DNA represent the three essentials of Approachclient-building success:

Cons der texting, hand-delivered meeting confirmations or+ Dialogue (the ones we have with clients in order to help them

electronic stationery in order to position yourself in the client'smake decisions) . .

. mind prior to the first appointment. Testimonials from current+ Networking (the actions we take to have a full inventory of

satisfied clients establish your credentials in the lead-up to yourprospects)

+ Approach (the methods we use to get in front of clients). first across-the-table engagement with the prospective client.

This article will assist you to do this and provide you with invaluable Dialogue

tools, scripts and techniques to change your set of habits in the The future belongs to those advisors who understand that it'sabove areas and thus improve your business results. not who you know that counts, it's who your clients know.

Start running a strategically-fitter practice by building a referralNETWORKING - Start with what you already have conversation into all first appointments with new clients.International research indicates that current clients are over Perhaps you might consider using the scripting below.three times as likely to buy into a solution you suggest thannew prospects are. They are also twice as likely to introduceyour services to others who know, like, trust and respect them. .

Canado Life remains committed to providing Brokers with theBelow is a powerful tool to uncover opportunities that currently tools, systems and coaching to sustain their business-building

exist in your client block where a solution could be sold but activities. The PracticeBuilder Program is the p/ofform for theyou have not yet approached the client in this regard. exclusive delivery of these tools in Ire/ond.

Plot all clients according to their current product spread. Look Anthony Morris is on internationo/ speaker and coach of thefor the gaps; evaluate areas of greatest deficiency in your PracticeBuilder Program. wwwanthonymorris.co.za.

THE OPPORTUNITY GRID

Life Cover Disability Critical lilness Cover investments Long Term Care Three Intros Annual Review

Max G

John D

Fred B

Referral intro script - first meeting a new client: like we have. \ am particularly interested in meeting people who:

(Client 1st name), like all of my new clients, I am sure you are wondering what + Like you, own their own successful businessmakes me different to all the other financial advisors out there.

+ Like you, have young kidsThe difference between my company and all others is that most of the others

+ Like you, are active in the communityspend almost all of their time looking for new clients, leaving them less time toservice their current ones properly. She sounds like someone I would get along with well. If I showed you a really

We however are different - we spend almost all of our time looking after our easy way of doing it, would you be prepared to introduce me to her?

current clients and we only do business with clients who have been personallY There are three ways my clients find most comfortable in sharing our services withreferred to us or to whom we have been recommended. Others:

Closing script - second meeting + Send the following email with an attached personal note of recommendation

Can you remember when I told you how we did business the first time you and I + Pick up the phone and give him/her a brief personal recommendation of me

got together? + Be willing and prepared to take a call from her should she feel the need to

You may recall that I mentioned that we only do business with clients who have get some direct feedback or a personal reference on me and my approach to

been personally referred to us or to whom we have been recommended. money management.

(Client ist name) I am only interested in meeting peop e who I can get along with Which of these approaches are you most comfortable with?

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UpdatesDate Event Time Speaker / Venue

Thu 18 Jan 07 CPD Seminar p hours CPa) 03.00 pm to 05.30 pm David Boyle, Fergus Bradley

Compliance Update Mullingar Park Hotel, Co. Westmeath

Tue 13 Feb 07 CPD Seminar (2 hours CPD) 09.30 am to 12.00 pm lan Ainscow, Maly Sadier

Changing pensions structures Clarion Hotel, Co. Limerick

Tue 20 Feb 07 CPD Seminar (2 hours cPo) 04.30 pm to 07.00 pm Dr Dan McLoughlin, David Boyle

Regulatory Update IMI Conference Centre, Sandyford Rd, Dublin 16, Co. Dublin

Tue 27 Feb 07 CPD Seminar (2 hours CPo) 03.30 pm to 06.00 pm Brendan Johnston

Changing pensions structures & SSIAs Claron Hotel, Lapp's Quay, Co. Cork

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1 2 a s General Knowledge Crossword

6 7 Across Down

6 Hay fever, for example (7) 1. Chelsea's nickname (5)

7 People use itto sweeten tea and 2. This saint's day is April 23rd (6)coffee (5) 3. See 16 Down (3)9 10

9 It pumps blood through the body 4. Breakfast cereal with mixed fruits,

11 (5) nuts, seeds and flakes (6)10 Edible shellfish with dark hinged 5. Judy, the star of the movie 'A Star Is

12 Shells (7) Born (7)12 Promises people make at the start 8. Residential areas on the outskirts of

13 of the new year (11) a city (7)14. He wrote the music for 'Evita' (5,6) 11. Player in an attacking position in a14 15 1618. Stablemen at an inn (7) soccer team (7)

17 19. Egyptian city famous for its two la. Early growth on plants (7)dams (5) 15. Colour associated with cowardice

18 19 21. 'I ', a film starring Will Smith (6)(5) 16. And 3 Down. Chocolate present

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21 22 Rachel and Ross (7) 17. People send these to mark

birthdays (5)20. Rugby score (3)

Lucky Winner + The lucky winner of our Autumn '06 competition was: Frances Dorgan, 87 Fernwalk, Greenfields, Ballincollig, Co. Cork