About

In her current role as legal counsel in the retail Insurance team, Nicole Diepenhorst provides support to the retail and health insurance distribution channels of AIA Australia, which includes the distribution of products through independent financial advisers and other partners. Diepenhorst began her career at AIA Australia as a practical legal training student in August 2014. On completion of her PLT placement, she commenced permanent employment at AIA Australia and was admitted into practice in March 2015. She is praised by nominators for her continuous contribution to the company: ‘Since her admission into practice in 2015, Diepenhorst has embraced AIA’s purpose of “Making a Difference” by proactively identifying and advising on legal and regulatory risks and contributing to major initiatives and projects. Amongst other things, she is the lead lawyer for the partnership distribution channel and the marketing, vitality and digital channel for one of the largest life insurers in Australia’. In 2018, she supported AIA throughout the Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry, including by providing guidance to the business, assisting in the preparation of witness statements, executive and director updates and potential media statements and the implementation of key learning initiatives. Furthermore, Diepenhorst has supported the intended A$3.8bn acquisition of Commonwealth Bank of Australia’s (CBA) life and health insurance business in New Zealand, which completed in July 2018, and its life business in Australia (which, subject to regulatory approval is intended to complete in the first half of 2019). This also involves entry into a 20-year strategic bancassurance partnership in Australia and New Zealand. She provides guidance on products, processes and future distribution arrangements. One of the proudest moments of her career so far has been becoming the lead lawyer for two channels of AIA Australia: the partnership distribution channel and the marketing, vitality and digital channel. This role involves her sharing her experience and expertise in preparation for launching the AIA vitality programme in New Zealand which has included negotiating key strategic relationships within the New Zealand market and providing guidance on key aspects of the programme, including the program structure and design and its integration with life and health insurance products, in addition to advising on operational and sales processes from a legal perspective. She additionally provides strategic advice on AIA Australia’s first partnership arrangement to distribute private health insurance products with AIA Vitality alongside AIA Australia’s existing life insurance products under the brand of AIA Australia’s distribution partner, RACQ. This also involved navigating the regulatory differences between life insurance and health insurance. Diepenhorst remains adaptable to these regulatory changes and believes this is key to succeed in successfully advising the business: ‘Lawyers are inherently trained to be curious in relation to the matters in which they act. In my view, it will be important for general counsels of the future to embrace their curiosity and have an “explorer” mindset to influence and understand changing business requirements and legal landscapes. As industries and markets continue to evolve and similarly laws and regulations change, general counsels will need the flexibility to respond to these changes and have an informed understanding of key drivers to influence changes as appropriate’, says Diepenhorst. She also supports the growth of myOwn health insurance, a private health insurance brand created by AIA Australia in partnership with GMHBA and global insurer Discovery in 2017. ‘To assist in building this new business, I have provided advice to streamline processes for on boarding financial advisers as referral partners for myOwn health insurance’, says Diepenhorst.