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AUB moves ahead on improving products

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AUB Group says it has completed an expressions of interest process involving local and global providers as it seeks to improve its product and capacity offerings.

CEO Mike Emmett told the group’s AGM in Sydney last week that the exercise includes a focus on specialty product design, commercial innovation, technology and expanded use of the group’s insurance capabilities.

“We need to provide our partners with more competitive products with differentiated features tailored for their customers,” he said.

The company engaged with 27 providers in the expressions of interest stage and is progressing into a formal “request for information” process with individual insurers.

Acting on capacity and product offering was one of the six strategic imperatives identified at the company’s annual results presentation.

Mr Emmett, who took over from Mark Searles in March, says AUB has made “strong progress” in the key areas.

Other priorities include technology improvements, reducing costs and improving efficiency, consolidating for scale, acquisitions and reviewing its Risk Services strategy.

AUB Group is also stepping up its governance focus to drive a culture of accountability and transparency across its network, Chairman David Clarke told the AGM.

“The board has increased [its] expectations for more rigorous governance and risk management standards and [is] working with management to ensure adoption,” he said.

“As a result, the current governance model across our partner business is under review.”

Mr Clarke says AUB is mindful of the heightened focus and scrutiny of the financial services industry in light of the Hayne royal commission findings.

“AUB Group is committed to having a responsible and sustainable portfolio of businesses, with a focus on policies and programs that ‘do the right thing’ by our partners, our environment and the communities in which we operate,” he said.