Having an Insurance Adviser on your team

The role of an Insurance Adviser in your arsenal of financial service providers is vital.

Just like when you engage the services of an Accountant to advise on your finances, tax and book keeping records; and a Lawyer to advise on your legal requirements; an Insurance Adviser is vital when considering the right insurance cover for you, your family and your business.

There are many individual insurance advisers and adviser groups in New Zealand, the key is to find someone who you are comfortable with and confident in their level of knowledge, care and skill.

If an adviser is impartial it means they can deal with most, if not all insurance companies in New Zealand on your behalf, are not tied or employed by any one insurance company and are free to place your cover with the most appropriate insurer for you.

A quality insurance adviser should always follow these STEPS:

1. Create a good rapport and working relationship with the client so they are comfortable in talking through all aspects of their personal and financial well being.




2. Complete a needs analysis to understand their clients financial situation, financial needs and goals and importantly, their tolerance to risk.




3. Analyse the client information, analyse and research for the best options that are relevant and available in the market place.




4. Present the research in every day language, in an easy to understand format and work through the best options for the clients needs and wants.




5. Manage the application process with the chosen insurance company or companies to ensure a smooth implementation of agreed recommendations.




6. The last step is vital - this is an ongoing promise to regularly review once the cover is put in place. Over time situations change and along with it the client and families needs, wants and goals.

In our experience very few people make sure their insurance keeps pace with their lives, so for many they may be under insured now for their specific circumstances or have cover that is now irrelevant or may not actually be able to be used in the event of a claim.

The insurance industry is constantly changing, with new products coming to the market, changes being made to existing products, pricing structures, mergers between Insurers and more recently new Insurers popping up to challenge the market.

An Insurance Adviser should be in contact at least annually; or more often if preferred or needed to make sure their client's circumstances haven't changed and to update on any changes that might be of benefit to their client.

Step 7 - This step is not necessarily always part of an advisers process, or the advisers involvement may vary and that is a claims service.

Ideally all clients would want an Insurance Adviser that will actually manage your insurance claims from start to finish and everything in between. When engaging with an Insurance Adviser a client should be advised on how to start the claims process if and when the need arises.

The last thing anyone would want is to be a 'number' in the claims queue at an Insurer at such a demanding and stressful time. With an Insurance Adviser who offers a full claims service you have someone on your team, that has taken the time to understand your personal circumstances, kept updating you and your covers over time and is there for you when you need them most - claim time.

A dedicated Insurance Adviser should be ready to assist you and your family at every little change and event that affects you, but especially at claim time when it matters the most.

Your Insurance People Adviser is happy to discuss this with you, feel free to contact us anytime.

If you've just found us via this blog, and want to know more please freephone 0508 PEOPLE (0508 736 753) or email us a question now and we'll come back to you shortly.

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This blog was written by Sarah Williams, Registered Financial Adviser with Insurance People.

Financial Advisers Act 2008

For those of us in the financial services industry regulation has been at the front of our minds for a long time now and we are just about there, from 1st July 2011 the Act is fully in force!

What's this all about?
Well, the purpose of the Act says it all really - "This Act is to promote the sound and efficient delivery of financial adviser and broking services, and to encourage public confidence in the professionalism and integrity of financial advisers and brokers."

Advisers from Insurance People have always worked to the vision and mission of our founding Directors, and interestingly in a way they define what the Act is all about...

"Our group continue their focus on educating our clients on all products and services available to them; providing the best possible advice and direction to ensure each individual meets their goals."

"We strive to ensure our original mission is never lost, in essence it has always been about financial education, that is, we always wanted to help people - giving client the high level of service and knowledge they wanted, needed and deserved."

In fact, regulation means a whole lot more to both clients and advisers. For example, if we are to give advice now we must be registered on the Financial Service Providers Register. This is a public register that anyone can view online via the companies office website (click here) to ensure that the adviser they have is abiding by the new laws. You'll find all of us on there, just search by adviser name.

ARE YOU AN EXISTING CLIENT?
If you are an existing client of Insurance People, then you'll be used to how we do things... going forward you may notice a few changes. Don't worry you'll still get the good advice and service that you've always received but there may be a few new documents or forms that we go through with you. This is all about making sure we not only take the most appropriate care in providing you advice but also that we are held accountable to deliver the best possible service that you need, want and deserve.

We'll be commenting from time to time on this to help you better understand and of course, if you have any questions do not hesitate to contact your adviser or email us anytime.

If you think this information would be of value to someone else, please pass it on!