Why an adviser is a good idea
Ever wondered what that weird exclusion in your policy is? Or wondered what an exclusion even is. It can get confusing and we get that. So when you go to purchase your first policy or review your cover it helps to have an insurance adviser on your side, to speak with you in a language you understand, and to demonstrate the different options you can choose from.
So let your adviser do the hard work, it just makes sense.
Insurance is our first language
Like it or not once you work in the industry for long enough you discover a new language, the insurance language. The ad on tv or the glossy brochure make it all look easy, but do you really know the details of what you're choosing?
Ever tried to read through a policy wording? It definitely makes for good bedtime reading but it certainly isn’t going to inspire you. While most clients don't take the time to compare and read policy wordings your adviser does, because it's what we do for you, understanding the details and the gotchas’ so you don't need to worry.
We don't expect our clients to know what an adviser knows and we get access to more information than a google search will give you. This extra information can make a huge difference in ensuring you've got the right cover at the right price. Being able to see how the products compare based on quality and price enables us to compare hundreds of different products based on your needs, wants, and budget. And who's got time to contact all the individual insurers personally and get this information, I know I've got better things to do with my spare time.
What should you expect from an adviser?
If you deal with a licensed provider such as Stedman Financial Services, New Zealand law entitles you to minimum standards of service. Most financial service providers must be licensed by the Financial Markets Authority. The FMA monitors and enforces these standards.
As part of these standards an adviser should:
Demonstrate Competence: Show they have the skills and experience to offer you the right service or product for your needs. They provide their products and services with care, diligence, and skill. They tell you if there are limits to what they can provide, and why.
Treat you honestly and fairly: They should balance their business needs with yours, and tell you about any conflicts of interest. They should tell you if they get paid by someone other than you – for example through commission. They should act in your interests, treat you honestly and fairly, and fulfill their duties and obligations.
Keep you informed: They should listen to what you want and help you understand your options. They should encourage you to weigh up the pros and cons of your decision before you make it. They should keep in touch with you, and help if something goes wrong.
Deal with your problems and complaints properly
They should enable their staff to do the right thing for their customers. They should identify and manage problems, and respond constructively if you make a complaint. If you can’t resolve an issue by dealing directly with your provider, they should direct you to their disputes resolution scheme
Be there for you at the time of claim: Insurance is all about claim time. A good adviser will educate you on how the recommended product will work and demonstrate how you will get the desired outcome? Having an adviser on your side at claim time can make a huge difference to an already stressful time. Easing that burden, working with the insurer, and ensuring you are looked after.
Think it's time you found someone who understands you and can speak your language? Let's book in a free consultation and have a chat.