RAJ REPORT

North Queensland needs a Insurance Company like the TIO, the Territory’s own insurance and banking provider—–Then we can have cheaper Insurance and keep the profits ————Throughout TIO’s development, one overriding principle has remained the same – it exists to look after the needs of Territorians, to protect them and help maintain the lifestyle they enjoy.

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TIO, the Territory’s own insurance and banking provider

Employing more than 250 staff, TIO has a strong branch network throughout the Territory, a local claims and call centre and offers a comprehensive range of products and services from everyday savings and transaction accounts, home loans and term deposits to personal and business insurance.

TIO exists to look after the needs of Territorians in the provision of comprehensive household insurance cover which exceeds industry standards by providing cyclone, flood and storm surge protection and the administration of the Territory Government’s Motor Accidents Compensation Scheme and the Homestart NT scheme.

TIO has become an important part of the Territory lifestyle and is a respected and trusted member in both the corporate world and the community.


Winner – Services to the Community Award

In August 2008 TIO achieved the highest accolade winning the Australia and New Zealand Institute of Insurance and Finance (ANZIIF) Services to the Community Award.

Making a significant contribution

Thirty years ago TIO started as a general insurer with just a handful of employees and a couple of
shopfronts in Darwin and Alice Springs.

Over the years, the business has diversified to also include banking and financial services as well as the administration and delivery of Northern Territory Government schemes for compulsory personal Motor Accidents Compensation (MAC), Homestart NT home loans for low to middle income earners and the building certification fund.

Today TIO is an iconic organisation with over 250 staff, and operations spread across the Territory. Throughout TIO’s development, one overriding principle has remained the same – it exists to look after the needs of Territorians, to protect them and help maintain the lifestyle they enjoy.

TIO returns record dividend to Territorians
TIO has returned a record dividend to Territorians for the 2012-2013 financial year.
TIO Chief Executive Richard Harding said the past five years had seen a turnaround in the company’s
underlying profitability, which has risen from an operational profit of $12 million in 2008-2009 to $72 million
this financial year.
When investment returns and other market factors are taken into account, total group net profit before tax
was $106 million. As a result, the company returned a record dividend of $10.5 million to the Northern
Territory Government.
“This year marked an exciting new phase in TIO’s consolidation as we continued to improve the sustainability
of the company and began to implement reforms to deliver a unique customer experience through our
people,” Mr Harding.
“TIO must be a commercially sound and viable organisation if it is to be here for Territorians when they need
us the most. Central to this is understanding that we need to deliver on our customer promise.
“While the past five years have been focused on improving our efficiency and effectiveness to reduce the risks
posed by the environment in which we operate, the core of our current work is all about our customers and
our people.”
Mr Harding said TIO’s efforts had been rewarded with further improvements in both customer satisfaction
and employee engagement scores this year.
“TIO has become an employer of choice among Territorians, demonstrated by a historically-low employee
turnover this year,” he said.
“Five years ago we were losing almost a third of our workforce every year. This has now dropped to just 16.5
per cent. This sits alongside a significant increase in the number of vacancies filled internally, up from 20 per
cent in 2009 to almost half now.”
Mr Harding said Territorians enjoyed a welcome break from extreme weather events last year, which was
reflected in a reduction in gross claims paid in the Insurance business from $62.3 million in each of the two
previous years to $56.6 million this year.
However, he warned Territorians against being complacent.

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