Doing the shopping for you

Have someone doing the shopping for you?

More Australians are looking to shop around for a new insurance provider rather than simply renew their existing cover.

The majority of household Insurance policies are automatically renewed without approaching other insurers. However, there is an increasing trend to shop around prior to policy renewal, according to the latest findings from Roy Morgan Research’s General Insurance Industry Report.

In the 12 months to August 2012, 14% of households approached another company prior to renewal compared to 10% in 2008.

However, this increased trend to compare price before renewal is an indication that policy holders are increasingly price sensitive and as a result, some are deciding not to insure. More than half of all policy holders that shop around before renewing do so because of price.

The report, based on personal interviews with over 9,000 household insurance customers each year, also found home owners of all levels of income have turned their backs on household insurance during 2012 and created a deepening underinsurance problem.

One problem is, cheaper covers can be found but the cover can be greatly reduced. However, something is better than nothing. The proportion of Australian home owners holding a household insurance policy has declined from 92.2% in 2008 to 90.1% in 2012,

The adoption of household insurance is largely dependent on income, with the lowest being the under $15,000 pa households (83.9%) and the highest is the $100,000+ pa group with 93.7%. However, the decline in household insurance is across all household income groups.

Rising premiums and natural disasters including floods in particular have received publicity regarding the extent of coverage and the definitions used by the industry but price still remains the most important consideration.

Having an increasing trend for people to shop around at renewal time is a positive one providing consumers are aware of any change in terms and conditions. Our concern is that they do not.

By using an Insurance Broker and combining your needs, and getting them to obtain the best cover at the best possible price, gives you the best result. Get the Broker to go to the market for you.

You do get what you pay for. Balance price with the cover you need.

 

  

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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