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. 

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Three Years running - Insurance Brokerage of the Year 1 to 5 staff

Mandy and Robert Cooper were extremely honoured and astounded to once again win, Insurance Brokerage of the Year for 2020 from Insurance Business Australia magazine. This is the third year running.

While this year has not been the easiest of years for the business with Covid 19, the Recession, the hard market and issues at Lloyds of London, we are literally all in this together as an Insurance Industry.

CPR Insurance Services continues to make our clients the number one focus of our business while managing our relationships with Insurers, who we need more than ever in this market climate.

CPR Insurance Services are a highly ethical Brokerage with a reputation as a trusted advisor who always acts in the Client's best interests. Their experience, knowledge and expertise is amongst the highest in the industry.

CPR Insurance Services is now ten years old as a business and is proud of being an Authorised Representative of Ausure and their partnership with Steadfast, giving CPR the strength and backing to match it with any Broking firm in the Insurance Industry, but remain focussed on supporting the Small to Medium business segment.

Memberships of the National Insurance Brokers Association, Australia and New Zealand Institute of Insurance and Finance, Australian Insurance Law Association, Australian Professional Indemnity Group and the Australian Institute of Company Directors, ensures CPR Insurance Services maintains the high standard of knowledge and expertise required to be one of the best Brokerages in Australia.

CPR Insurance Services also plays a strong role in their local community supporting other Sporting Clubs and Community organisations. They also support and promote local businesses with their operation of the Kedron Brook Business Group who meet regularly and has 174 members.

We are truly honoured to receive this National award once again for the third year as a recognition of CPR Insurance Services contribution.

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Finalist for QLD Broker of the Year

Robert Cooper was honoured to be nominated as a finalist for Queensland Insurance Broker of the year for 2020, as part of the National Insurance Brokers Association. Unfortunately he missed out on the ultimate award but is a reflection of the high standard that the industry now has for such awards.

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