Congratulations to all the winners who continue to raise the bar. Well done!

.

The winners:

Support Services to the Industry – Smith & Smith

Insurance Investigator of the Year – Ron McQuilter (Paragon)

Innovation of the Year – Crash Brokers

Broking Office of the Year – Rothbury Group Ashburton

Insurer of the Year – Vero

Young Professional Broker – Deane Moyle (Aon NZ)

Young Professional Insurer – Andrew Pook (Zurich)

Loss Adjuster of the Year – Stephen Kay (Cunningham Lindsey)

Insurance Professional of the Year – Roger Bell (Vero)

Broker of the Year – John Blackmore (CFS Risk Services)

.
In his claim, the lawyer stated the cigars were lost “in a series of small fires.” The insurance company refused to pay, citing the obvious reason: that the man had consumed the cigars in the normal fashion. The lawyer sued….and won! In delivering the ruling the judge agreed with the insurance company that the claim was frivolous. The judge stated nevertheless, that the lawyer held a policy from the company in which it had warranted that the cigars were insurable and also guaranteed that it would insure them against fire, without defining what is considered to be “unacceptable fire,” and was obligated to pay the claim.

.

Rather than endure lengthy and costly appeal process, the insurance company accepted the ruling and paid $15,000.00 to the lawyer for his loss of the rare cigars lost in the “fires.”
But… After the lawyer cashed the check, the insurance company had him arrested on 24 counts of ARSON! With his own insurance claim and testimony from the previous case used against him, the lawyer was convicted of intentionally burning his insured property and was sentenced to 24 months in jail and a $24,000.00 fine.

.

Source swapmeetdave

.

By law, all insurance companies must undergo an assessment on an annual basis.   There are three agencies that can award the ratings:

• Standard & Poor’s
• A M Best
• Fitch Ratings

.
This insurance rating assesses the insurance companies ability to pay out on present and future claims . The ratings are represented by a letter, number and /or symbol.
An insurance companies rating can generally be found in its written disclosure.

.

.

.

If you feel you’ve been hard done by when making a claim, remember that you do have other options  to turn to for help. Not only can you contact the Insurance and Savings Ombudsman, you can also use our collection of FREE insurance letters to help you engage with your insurance company.  Unfortunately,  many people commit insurance fraud therefore, insurance companies must go through the proper process and honest people do get caught out. Use our insurance letters and improve your chances of a satisfactory outcome.

.

Generally, Insurance representatives need to have the following skills however, it’s not always a necessity:

.

• knowledge of the insurance industry
• knowledge of insurance policies, including what each policy covers
• an understanding of relevant government policies such as tax requirements, benefit allowances and accident compensation
• sales skills
• good communication skills, including interviewing skills
• organisational, planning and time management skills.

.

Most insurance representatives employed by companies are paid a salary plus commission, however some insurance representatives work on a commission-only basis.

.

• Customer service officers may earn $35,000 to $40,000 a year in Auckland, or $30,000 to $40,000 a year in Christchurch and Wellington
• Telesales consultants may earn $35,000 to $50,000 a year in Auckland, or $33,000 to $38,000 a year in Christchurch and Wellington
• Team leaders may earn $50,000 to $75,000 a year in Auckland, or $45,000 to $55,000 a year in Christchurch and Wellington
• Client services managers may earn $70,000 to $90,000 a year in Auckland, or $55,000 to $75,000 a year in Christchurch and Wellington
• Business development managers may earn $80,000 to $120,000 a year in Auckland or $60,000 to $80,000 a year in Christchurch or Wellington.

.

For more information on becoming an insurance representative, visit the careers.govt.nz website.

.

Insurance companies fared fairly well overall considering finance companies and sharebrokers performed the worst on the index. Vance Arkinstall, chief executive of the Investment Savings and Insurance Association said “an upcoming ISI board strategic planning session will look into consumer confidence and trust, and the consumer perception of these for the industry. We want to find out how the world perceives us and what we can do to improve whatever those outcomes are.”

You can find more information about insurance claims and local organisations that will help you settle disputes on our websites.