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Role of an IBANZ Broker


An insurance broker is an independent professional adviser who acts for you.

Insurance brokers are specialists in insurance protection. They are independent, have an in depth working knowledge of the insurance market, are able to provide professional objective advice on identifying risks and exposures, and recommend cost effective solutions.

Insurance brokers are instructed by you, and at all times, act on your behalf. They are not agents of the insurance company. Their independence ensures that you benefit from the convenience, knowledge, choice, innovation and their high level of professionalism: -

Convenience:   A  broker can arrange all the insurance and risk protection you need. Probably only one meeting is necessary to identify your needs, and he or she can develop a comprehensive insurance proposal for you.

Knowledge:   A broker has daily contact with many insurance companies, and knows where to obtain the best insurance protection at the best cost.

Choice:   A broker deals directly with most insurance companies, and can present your risks in the most effective way. He or she can canvass the market to obtain competitive terms and costs, and then suggest a contract, which best fits, your needs.

Innovation:   Many brokers are now helping their clients reduce risks through modern risk management procedures and systems, thereby reducing their dependence upon insurance, with considerable cost savings.

Professionalism:   The Majority of insurance brokers are members of IBANZ and are bound by its Code of Practice professional standards and on-going educational requirements. IBANZ sets strict Membership standards that are reviewed annually.

The broker's task is to help you identify the risks that you or your business may be exposed to. He or she can then advise you on what risks should be insured against, and then if you agree, the broker will canvass the insurance market to obtain the best insurance protection to meet your needs, at a competitive price.

The broker then arranges the insurance policy, and documentation. He or she can also help you with information when required, especially if you have a claim, and your broker will remind you when policies are due for renewal or amendment.

In personal and business matters, the correct insurance is vital. Wrong or inadequate protection can lead to disastrous consequences for individuals, families or businesses. The right advice makes all the difference and prevents costly mistakes.

Insurance brokers undertake all the detailed discussions and negotiations on insurance matters for you, leaving you free to get on with running your business or tending to your own daily responsibilities.

As your circumstances change, the broker will review your policies ensuring that the policy is appropriate, and that you remain well protected. He or she may suggest amendments to the policies in the light of market changes or changes in your business or domestic situation. This expertise is aimed at saving insurance costs and improving the effectiveness of the cover.

Should a client have reason to lodge a complaint against a Member, a committee specifically set up for this purpose will hear this. This Committee is made up and chaired by one of three independents all recommended by the Ministry of Consumer affairs. There are also two brokers on this committee to provide industry advice. Complaints Procedures and Forms are available here.

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