Insurance Business
Best Service Provider
Excellence Award 2020
Insurance Asia Awards Corporate Social Responsibility Initiative of the Year 2020
Insurance Business 5-Star Insurance Innovator 2021
Accolades
Media
Engaging with a future of opportunities
In March, Pete Nicholson moved into the role of CEO at Gallagher Bassett, Australia’s largest third party claims administrator. He sees the coming months as a transformative time for GB and the insurance industry at large.
“We're really excited about what lies ahead for the next 12 to 24 months and beyond,” he says.
After two really challenging years of COVID-19, Nicholson says the insurance industry can hold its head high.
“I think we can be really proud about how we've pulled together and got through, and it looks now like there are great opportunities.”
In fact, he says the experience of the pandemic helped improve something “that's critically important” to his company.
“The one thing that really stands out in our business as a consequence of what we've been through is the ability to proactively support mentally healthy workplaces,” says Nicholson.
The CEO says GB’s mental health hub is supporting its employees and clients and helping to make sure it gets timely treatment to the right people.
“We’ve seen a real growth in telehealth solutions born out of necessity through the pandemic but that are now really popular and proven to be really effective,” he says.
He expects this growth to allow GB to “reimagine” return-to-work possibilities and help get people back to work faster.
People front of mind
Nicholson joined GB in 2017 after a decade working across Europe, America and Asia. He says this international experience taught him the importance of having diverse voices in any decision-making.
“I think you invariably get better solutions, you're more creative and better able to problem-solve through having differences,” he says.
Today those decisions involve engaging with customers in an omnichannel digital environment, including by email, text, website chatbots and other artificially intelligent interactions. One area that GB is “really focused” on, says Nicholson, is sentiment analysis.
“We've got data from thousands and thousands of claims to help provide real-time coaching to our folk around the meaning of tone silences and the word choices of customers to really help our people drive better outcomes,” he says.
Tools for better decision-making
Nicholson says GB’s clients are also making significant digital progress.
“We've seen from a range of our clients a real desire to invest in their digital channel strategy just to simplify their claims journey, drawing on a range of different data sources, robotics and greater integration with supply chains,” he says.
However, GB’s CEO says it’s always important to remember the human element. Nicholson is a strong advocate for using technology to provide a more human approach.
“It’s somewhat paradoxical, but with all the speed and the need for clients and customers to have instantaneous information, particularly in their times of need, we're seeing them want to speak to a human and have that empathetic voice on the phone to help them get through those tricky times,” he says.
GB is using technology to create capacity so skilled case workers can spend less time on repetitive administrative tasks and more on driving better claims outcomes. Nicholson says one example is the automation of payments or lodgements.
He says GB is also investing heavily in decision support tools – “for example, the use of biopsychosocial factors to drive holistic claims management and better return outcomes for injured workers”.
These factors use rich data sets to help employees take the best course of action for a customer during their claims journey.
“We’ve built really deep expertise, including specialisation by injury type. That allows us to adopt a tailored approach, which gets consistently better return-to-work outcomes,” says Nicholson.
Early intervention
Another area GB is becoming more heavily involved in is preventative health apps.
“We're really passionate about prevention at Gallagher Bassett and making sure that we use every tool that we possibly can to make the workplace or the community more healthy,” says Nicholson.
GB is also using more predicative analytics to allow for a greater focus on early intervention that can also stop costs ballooning unnecessarily.
“Early intervention is absolutely key here, and it's something that we measure ourselves on relentlessly. We have KPIs from our clients and partners, but ours are often much more aggressive,” Nicholson says.
Part of this early intervention involves requiring employees to establish communication with a claimant within two days.
“We invariably see better results when that connection and understanding is established straight out of the gate,” he says.
GB’s drive towards these improvements in the claims space is focused on achieving better outcomes for all stakeholders, including injured workers and insurance companies, Nicholson says.
“At Gallagher Bassett we really believe that a collaborative person-centred, holistic and tailored approach to claims management drives the best outcomes for all stakeholders.”
Nicholson says many of GB’s partners are “absolutely in lockstep” with this approach.
“They understand that a focus on returning to health and work is the best solution for everyone involved, be it the insurer, the government scheme and certainly the injured worker themselves.”
Spotlight
Nicholson is a strong advocate of the need to focus on people – both employees and customers. He learned this lesson as a CFO involved in mergers and acquisitions both in Australia and overseas.
“There was always that real need to understand your customer, what they were driving towards, how you can best assist them and how you can best present compelling arguments through numbers, through financials, whilst not forgetting the human part of business,” he explains.
For Nicholson, this underlines that for a service business like GB, people are the most important asset.
“Every business decision needs to be made with people very much at the forefront of my mind, and it's something that I religiously adhere to,” he says.
As Australia’s largest and most trusted multiline third party claims administrator (TPA), Gallagher Bassett provides a complete range of claims management and consulting solutions, including workers’ compensation, general insurance,
self-insurance and advisory services. Drawing on its global network and extensive local resources, it provides customised claim and risk mitigation solutions that improve its clients’ outcomes.
GB introduced the TPA model to the local insurance industry. As pioneers in this fast-growing sector, the company continues to set the benchmark for quality, customer service and TPA systems across all insurance sectors. GB’s story is one of innovation, commitment to quality and strategic decision-making.
Through its parent company, GB is acknowledged as one of the World’s Most Ethical Companies by the Ethisphere Institute, winning the award in 2022 for the 11th year in a row.
Company Profile
1,000
Insurance specialists
60,000
Claims managed per year
>14,000
People helped to return to work safely
>52,000
Australian organisations supported
1997
Year founded in Australia and New Zealand
Bio
Spotlight
Milestones
Media
Accolades
Company Profile
Years in the industry
>20 years’ experience across finance, operations and strategy
Tenure at current position
2017 - Present
Fast Facts
To Nicholson, GB feels like a family with welcoming and genuine people at all levels of the company
The proud Tasmanian worked in Europe, the US and Asia for a decade and now lives in Brisbane
Pete Nicholson
CEO at Gallagher Bassett
Gallagher Bassett Australia’s CEO, Pete Nicholson, sees big opportunities ahead. With COVID-19 in retreat, Australia opening up and digital transformation in the claims area, GB’s new leader is raring to embrace change and implement ideas
Read on
“At Gallagher Bassett we really believe that a collaborative, person-centred, holistic and tailored approach to claims management drives the best outcomes for all stakeholders”
Pete Nicholson,
Gallagher Bassett
“Every business decision needs to be made with people very much at the forefront of my mind, and it’s something that
I religiously adhere to”
Pete Nicholson,
Gallagher Bassett
Share
Insurance Business Best Service Provider Excellence Award 2020
Insurance Asia Awards Corporate Social Responsibility Initiative of the Year 2020
Insurance Business 5-Star Insurance Innovator 2021
Accolades
Media
Engaging with a future of opportunities
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
People front of mind
Nicholson joined GB in 2017 after a decade working across Europe, America and Asia. He says this international experience taught him the importance of having diverse voices in any decision-making.
“I think you invariably get better solutions, you're more creative and better able to problem-solve through having differences,” he says.
Nicholson is a strong advocate of the need to focus on people – both employees and customers. He learned this lesson as a CFO involved in mergers and acquisitions both in Australia and overseas.
“There was always that real need to understand your customer, what they were driving towards, how you can best assist them and how you can best present compelling arguments through numbers, through financials, whilst not forgetting the human part of business,” he explains.
For Nicholson, this underlines that for a service business like GB, people are the most important asset.
“Every business decision needs to be made with people very much at the forefront of my mind, and it's something that I religiously adhere to,” he says.
From those forums, a common theme arose that has plagued the industry for years: the amount of paper required in transactions.
“We have a motto to ‘axe the fax,’ and we saw this opportunity where members didn’t want their staff going into the office, but there are still physical cheques going back and forth,” Adams explains. “We put in place, in just six months, Ad-Hoc Money Movement [A$M]. We responded to the industry and are in the process of replacing cheques, which I think is awesome. We launched in January and have seen so much volume. We think ultimately we are keeping people healthier by not having to travel into the office.”
While she’s proud of the strides Fundserv made in 2020, Adams acknowledges that it was a challenging time as a leader. Not only did she have to ensure Fundserv kept running efficiently as her team transitioned to working from home, but she was also filled with concern for her team members.
“I just worried about our employees, their mental health and if they would be OK,” Adams says. “I like to see people, so I set up one-on-ones just to connect with them.
Moving forward, Adams says Fundserv’s goals remain aligned with those of its members, and her team will continue listening and understanding what members need so the organization can evolve accordingly. She adds that she wants Fundserv to be so good at providing a secure and reliable service that members forget it’s there – and she wants the company to continue to inspire change in the industry.
“It is sad that it took a pandemic to recog-nize the cheque issue and solve it,” Adams says. “What we will do in the future is root out those things in the industry and not wait for a pandemic to ignite change. There is no reason we can’t change. Change, like auto-mation, will accelerate from now, and we’ll do our part to keep it going.”
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
“At Gallagher Bassett we really believe that a collaborative, person-centred, holistic and tailored approach to claims management drives the best outcomes for all stakeholders”
Pete Nicholson,
Gallagher Bassett
“Every business decision needs to be made with people very much at the forefront of my mind, and it’s something that
I religiously adhere to”
Pete Nicholson,
Gallagher Bassett
Years in the industry
>20 years’ experience across finance, operations and strategy
Tenure at current position
2017 - Present
BAsed In
Toronto, Ont.
Fast Facts
To Nicholson, GB feels like a family with welcoming and genuine people at all levels of the company
The proud Tasmanian worked in Europe, the US and Asia for a decade and now lives in Brisbane
Karen Adams
President and CEO at Fundserv
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
Share
Share
Accolades
Media
Engaging with a future of opportunities
Karen Adams has had a remarkable journey to her current role as CEO of Fundserv. Originally from Toronto, Adams earned a bachelor’s degree in mathematics and economics at Queens University, followed by an MBA in international finance at the University of British Columbia. After graduating, she set off across the globe, holding various positions with HSBC that took her to London, Dubai, Hong Kong, Beijing, Shanghai, Seoul and Mumbai.
That global experience gave Adams a unique perspective, prompting her to develop a leadership style that’s based on developing relationships with each individual, listening and understanding to help them reach their potential. That approach goes well beyond her own team, allowing Fundserv to succeed in creating solutions for its members.
“Having worked in many different countries, people ask if I am an expert in multicultural leadership,” Adams says. “I always say there is no such thing because that assumes you manage people based on their background. I have learned that people all want the same things: to develop our careers, give our kids a good future, etc. When she returned to Canada learned that people all
People front of mind
Nicholson joined GB in 2017 after a decade working across Europe, America and Asia. He says this international experience taught him the importance of having diverse voices in any decision-making.
“I think you invariably get better solutions, you're more creative and better able to problem-solve through having differences,” he says.
Nicholson is a strong advocate of the need to focus on people – both employees and customers. He learned this lesson as a CFO involved in mergers and acquisitions both in Australia and overseas.
“There was always that real need to understand your customer, what they were driving towards, how you can best assist them and how you can best present compelling arguments through numbers, through financials, whilst not forgetting the human part of business,” he explains.
For Nicholson, this underlines that for a service business like GB, people are the most important asset.
“Every business decision needs to be made with people very much at the forefront of my mind, and it's something that I religiously adhere to,” he says.
Today those decisions involve engaging with customers in an omnichannel digital environment, including by email, text, website chatbots and other artificially intelligent interactions. One area that GB is “really focused” on, says Nicholson, is sentiment analysis.
“We've got data from thousands and thousands of claims to help provide real-time coaching to our folk around the meaning of tone silences and the word choices of customers to really help our people drive better outcomes,” he says.
From those forums, a common theme arose that has plagued the industry for years: the amount of paper required in transactions.
“We have a motto to ‘axe the fax,’ and we saw this opportunity where members didn’t want their staff going into the office, but there are still physical cheques going back and forth,” Adams explains. “We put in place, in just six months, Ad-Hoc Money Movement [A$M]. We responded to the industry and are in the process of replacing cheques, which I think is awesome. We launched in January and have seen so much volume. We think ultimately we are keeping people healthier by not having to travel into the office.”
While she’s proud of the strides Fundserv made in 2020, Adams acknowledges that it was a challenging time as a leader. Not only did she have to ensure Fundserv kept running efficiently as her team transitioned to working from home, but she was also filled with concern for her team members.
“I just worried about our employees, their mental health and if they would be OK,” Adams says. “I like to see people, so I set up one-on-ones just to connect with them.
Moving forward, Adams says Fundserv’s goals remain aligned with those of its members, and her team will continue listening and understanding what members need so the organization can evolve accordingly. She adds that she wants Fundserv to be so good at providing a secure and reliable service that members forget it’s there – and she wants the company to continue to inspire change in the industry.
“It is sad that it took a pandemic to recog-nize the cheque issue and solve it,” Adams says. “What we will do in the future is root out those things in the industry and not wait for a pandemic to ignite change. There is no reason we can’t change. Change, like auto-mation, will accelerate from now, and we’ll do our part to keep it going.”
Spotlight
Fundserv is the indispensable connectivity hub for the Canadian investment industry. Headquartered in Toronto, we electronically connect Manufacturers, Distributors, and Intermediaries, enabling them to buy, sell, and transfer investment funds. With more than 100 employees, Fundserv serves hundreds of members—executing up to 63 million yearly network transactions—and provides online access to more than 70,000 investment fund products.
Established in 1993, Fundserv is a private corporation that is owned by the industry we serve. Our 10 shareholders are a cross-section of Manufacturers, Distributors, and Service Providers who represent our members.
We operate using a cost-recovery model, meaning any unused profit may be rebated back to our members. In addition to our network and applications, we lead and facilitate industry committees and working groups that promote automation initiatives and establish the industry’s electronic standards.
By ensuring every trade is processed timely, accurately, and securely, Fundserv has rightfully earned a reputation for service excellence—a hallmark of more than 25 years in the investment industry.
Company Profile
Years in the industry
>20 years’ experience across finance, operations and strategy
Tenure at current position
2017 - Present
BAsed In
Toronto, Ont.
Fast Facts
To Nicholson, GB feels like a family with welcoming and genuine people at all levels of the company
The proud Tasmanian worked in Europe, the US and Asia for a decade and now lives in Brisbane
Karen Adams
President and CEO at Fundserv
Career highlight
Before becoming CEO of Fundserv, Karen Adams held a variety of leadership roles around the world – and she learned that listening and understanding are key to both providing service and developing talent
Read on
“At Gallagher Bassett we really believe that a collaborative, person-centred, holistic and tailored approach to claims management drives the best outcomes for all stakeholders”
Pete Nicholson,
Gallagher Bassett
“Every business decision needs to be made with people very much at the forefront of my mind, and it’s something that
I religiously adhere to”
Pete Nicholson,
Gallagher Bassett
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People
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About us
Contact us
RSS
Asia
NZ
AU
CA
US
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contact us
specialty
Best Insurance
Resources
RISK MANAGEMENT
FEATURES
TV
News
Copyright © 2022 Key Media
People
Terms & conditions
Privacy policy
Conditions of use
About us
Contact us
RSS
Asia
NZ
AU
CA
US
UK
contact us
specialty
Best Insurance
Resources
RISK MANAGEMENT
FEATURES
TV
News
2012
2015
2017
2018
2021
2022
Pete Nicholson returns to Australia after almost a decade leading financial services organisations across Europe and North America
2012
Completes Senior Leadership Development Program at the International Institute for Management Development in Switzerland
2015
Joins Gallagher Bassett as CFO – Australia. Supports establishment of Gallagher Bassett in the NT, providing workers’ compensation services to NT government agencies
2017
Supports the establishment of Gallagher Bassett in Tasmania – GB now has an office in every state and territory Australia-wide. Nicholson promoted to CFO for GB International, leading Mergers and Acquisitions International
2018
GB celebrates 10 years of recognition as a World’s Most Ethical Company. Also named one of Australia’s most innovative insurance companies by Insurance Business in recognition of its COVID-19 response task force
2021
Nicholson appointed CEO of Gallagher Bassett Australia. Leads the celebration of GB’s 20-year anniversary as a Workers’ Compensation Agent for WorkSafe Victoria. GB’s Gentle Bear CSR program celebrates its 15-year anniversary – more than 15,000 teddies have been donated to law enforcement agencies worldwide
2022
Milestones
2011
2012
2015
2016
2019
2021
Pete Nicholson returns to Australia after almost a decade leading financial services organisations across Europe and North America
2012
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2012
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2015
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2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
Milestones
2011
2012
2015
2016
2019
2021
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2011
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2012
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2015
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2016
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2019
Curabitur feugiat eget leo id tempus. Maecenas commodo, nibh at ultricies pulvinar, ipsum erat porta metus, et tempus justo tellus euismod dolor.
2021
Milestones
