Brokers are better than direct Insurers

Did you know that the Financial Ombudsman Service reports that it handles more than 25,000 disputes  annually? Did you also know that insurance brokers are responsible for only a tiny fraction these?

The Financial Ombudsman Service’s 2011-2012 annual review revealed it has accepted 25,298 disputes into its formal dispute resolution process, where a customer had not been able to resolve a dispute directly with their financial services provider. This was up 24% on the previous year.  

When broken into sectors, general insurers were responsible for 7,591 complaints, second only to banks who accounted for 12,210. Life insurers also had 851 complaints.

General insurance brokers were responsible for a tiny 123 complaints. This means that general insurance brokers accounted for less than 0.5% of all complaints received by the Financial Ombudsman Service in this 12 month period. General insurers were responsible for 30%. 

Underwriting agencies had just one complaint.

Insurance brokers also performed better than other finance professionals such as financial advisors/planners which had 949 complaints. The managed investments scheme (MIS)/fund manager (375), non-cash payment system providers (433) and debt collector or buyer (794) were also higher than the complaints on Insurance Brokers. 

The results further reinforces the view that our clients are overwhelmingly in better hands when using an insurance broker. It is also consistent with previous year’s Financial Ombudsman Service annual reviews too. Insurance Broking is rightfully becoming highly professional, reliable and provides a valuable service in cutting through the complicated world of insurance and delivering the right results for our clients because of our access to the wider Insurance market. 

Latest News

Robert Cooper - one of 100 faces of small business

This week it was announced as part of Small Business Week,  that Robert has been named one of the 100 faces of small business for a State Government promotion on the great value that small businesses play in the State of Queensland.

You can see Robert's entry here:

It is the third accolade for CPR Insurance Services in a month and after seven and a half years in business is a real pep up for the company.

For Robert, it is the culmination of many years experience, becoming well qualified, experiencing the highs and lows of a career and always wanting to contribute to his community. Sometimes, these things just come together and you receive recognition for your efforts.

Robert says that there is no doubt that starting your own business is a huge challenge, but with the right research and planning, the right people around you and a good set of values that you apply to the vision of the company, you have a very good chance of making it all succeed.

Robert says he is lucky. He has a strong supportive Wife, Mandy, who is also part of the business, along with efficient and hard working staff such as Julia McLauchlan and Aidan Harmer who are building up their own skills in a learning environment. 

However, the most important and most supportive people for CPR Insurance Services are our clients who have stuck by us and supported us over the past seven years. Our focus remains on providing the best possible service we can and always acting in their best interests. To all our clients, we say thank you!

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CPR Insurance wins Brokerage of the year

CPR Insurance Services picked up the award for the Best Brokerage (1-5 staff) in Australia, last Friday Night (4th May 2018) at the Insurance Business Magazine Awards held at the Westin in Sydney.

Judging came from various parts of the industry. It is a great honour to be recognised for our hard work and particular Business values we follow. A full list of winners is listed here.

Success comes from having great staff, and we thank Aidan Harmer and Julia McLauchlan as important support staff for helping us win such an award.

CPR Insurance has been in operation for more than 7 years now and is only successful because of the wonderful support from our staff, insurers and most importantly, our fantastic clients who put their faith and trust into our company to be their Risk Advisers and Brokers. 

Thank you to all.

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