SPECIAL EDITION
Special Edition 2014 The professionals’ magazine from IBANZ
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Advertising/Editorial: Robert Johnson, Benefitz Telephone 09 477 4702, Mobile 027 4970 712, Email: robert@benefitz.co.nz Design/Production: Anne Vindriis, Benefitz Imaging: CTP by Benefitz Produced for IBANZ by: Benefitz, Cnr Constellation Drive & Parkway Drive, Mairangi Bay, North Shore City. PO Box 33-1630 Takapuna. Telephone 09 477 4700, Fax 09 477 4799 Advertising Deadlines: Bookings 10th of the month prior to publication, Material 15th of the month prior to publication.
CoverNote is the official publication of IBANZ and is distributed FREE on a quarterly basis (March, June, September, December) to members throughout New Zealand and associated companies. Additional copies are available at a cost of $7.50 per copy, or 12 month (4 issue) subscriptions at $30.00, inclusive of postage and packaging. The articles or opinions featured within this magazine are not necessarily the opinions of the publishers or IBANZ, and they do not accept responsibility for the content of articles featured within the publication. No part of this publication may be reproduced without the written permission of the publisher. The publishers do not accept responsibility for loss or damage to unsolicited photographs or manuscripts. IBANZ enquiries should be made to: Gary Young, Chief Executive, IBANZ. Email: gary@ibanz.co.nz IBANZ National Office located at: Level 1, 143 Nelson Street, Auckland. (P.O. Box 7053, Wellesley Street) Telephone 09-306-1732. Website: www.ibanz.co.nz
Gary Young CEO, IBANZ
Brokers' help invaluable If the New Zealand insurance industry needed to prove itself, the earthquakes in Canterbury provided the perfect opportunity. It may not have been the biggest disaster financially the world has seen but it certainly ranked up there in terms of the degree to which insurance contributed to the recovery. Covering in the order of 75% of the losses, insurance has played an enormous part in securing the future economy of not only Canterbury but the whole of New Zealand. Differentiating this disaster from others has been its complexity. Unlike other natural disasters such as flood or fire, there was not a singular event but rather a series occurring over an extended period of time. Each event compounded the problems faced by the insurance industry. With the heart of the city being gradually destroyed, attempts to fix damage were frustratingly negated by successive shakes. Traditional insurance policies struggled to cope with issues never before encountered by the industry. Even the most seasoned professionals found their vast experience had not prepared them for the issues this disaster threw up. The size and complexity of the losses presented a real challenge but one that brokers and insurers were willing to take on. It was never going to be easy and inevitably when working in unknown territory not everything will go right. It was a hard way to learn but there was no choice. Unfortunately whenever something did go wrong there always seemed to be someone quick to point the finger. This greatly added to the burden of those who were already carrying more than their fair share of the load. Many at the frontline of insurance in Christchurch had themselves suffered as much or more than the clients they were attempting to help. If your home and your business have suffered immense damage it is hard to cope, as many in Christchurch can testify. When you also have hundreds of clients wanting you to help them with their problems the stress can become extreme. Add to this the pressure from media and others and it is a wonder any brokers remain in Canterbury. We may not have got it right every time but we got the vast majority of it right.The insurance professionals on the ground, fronting up day after day, month after month, year after year, deserve to be acknowledged. The few have helped the many to survive, to get on with rebuilding their homes, their businesses, their lives. One thing is for sure, having a broker to prepare you for a disaster and then be there to assist when the worst happens is invaluable. An experienced advocate working alongside you will ultimately produce a quicker and better outcome. The results for those who had the assistance of a professional broker have proven their worth. It is not over yet, it will take time and there are still numerous challenges to overcome, but our members are in for the long haul. The end result may not be all we would want in an ideal world but it is infinitely better than one without support of an insurance broking professional.
Gary Young, CEO, IBANZ www.covernotemag.co.nz
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NEWS
The Big Shake – A Claims Broker's Perspective Peter Goodall, head of claims advocacy, Marsh
Like everyone in Canterbury after the February 22 quake, Marsh was not only dealing with the impact of the event on our own colleagues but also trying to keep our business running. Somehow, we just had to knuckle down and get our clients and ourselves through it. Marsh’s clients ended up reporting around $3 billion in losses, the huge majority of that being commercial claims. We now have a glimpse of the finishing line, but a number of the larger and complex claims are still to be finally negotiated, or perhaps litigated. The small New Zealand insurance industry had to lift its game and, in my view, it mostly has. Here at Marsh, while not everything has been as smooth as we might have liked, I think we can be very pleased with how the insurance policies we arranged have responded, and how we’ve been able to help our clients. I think everyone in the industry who played any part in earthquake claims will say that it’s been tough at times, but an extraordinary learning experience. The Christchurch community has coped magnificently. There’s a new reality of traffic jams, vacant sites, delays and frustrations. It will take many years for the city to return to normal, but every time I visit, there is new growth and things have improved a little. If the insurance proceeds are spent wisely, as I hope and expect they will, Christchurch in 10 years will be a remarkable place. There’s always some bitterness and cynicism about the insurance industry, but in Christchurch insurance has stood between natural catastrophe and economic catastrophe. I’m pleased to have had the chance to do my bit.
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Special Christchurch Edition 2014
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NEWS
Supporting Canterbury after the quakes Marsh experienced the devastation of the Canterbury earthquakes first-hand with the complete collapse of its office in the Pyne Gould Corporation Building and the tragic loss of three colleagues. It was no surprise, therefore, that the company rallied to do everything it could to provide support to its Christchurch team as well as the broader community. After the earthquakes, Marsh colleagues locally and across the globe undertook several
fundraising initiatives towards a Canterbury earthquake fund. This included morning teas, a black t-shirt day, a sports memorabilia auction and jeans days. Marsh matched these colleague contributions dollar for dollar. Marsh’s parent organisation, Marsh & McLennan Companies, also provided a donation of $25,000 towards the earthquake fund. The result was a donation of $30,000 to St Johns and $30,000 to the USAR Search Dog Association.
Vero tweaks leadership team Vero insurance has made a series of executive changes that will capitalise on work done by the firm’s earthquake response unit over the past three years. Earthquake programme executive general manager Jimmy Higgins will move to lead Vero’s claims operations by the end of the year. Vero said that after two-and-a-half years leading the company’s dedicated earthquake response, Higgins would be leading an integrated claims team, with responsibility for Vero’s earthquake response included. “This internal shift is a reflection of the great progress we’ve made with our earthquake programme. We’ve committed to resolving almost all claims by the end of 2014 with construction continuing into 2015,” said chief executive Gary Dransfield.
Further to this, nearly $15,000 was made to other not-for-profit organisations in the memory of the three colleagues that passed away - Barry Craig, Carey Bird and Melanie Brown. The community spirit in Canterbury has continued over time with Marsh colleagues in Christchurch getting out and about and using their annual volunteer leave to help organisations such as Ronald McDonald House and the Cat Protection League.
“With Jimmy continuing to lead our earthquake response, we will maintain our focus on resolving all earthquake claims. We have already resolved 76% of claims, paying out $3.7 billion.” Kim Grooby, currently Vero’s general manager of claims, will take on an executive role leading a key Vero business transformation programme. “Kim will lead the business to deliver improved products and services for our customers through renewed technology platforms and business processes. This demonstrates our investment back into the New Zealand business and our commitment to our customers,” said Dransfield. “With Kim, Jimmy and the recent addition of Cris Knell as executive general manager, commercial and distribution, we have a strong platform in a very competitive general insurance market.”
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CASE STUDY
Travelling light;
Sixteen rubbish bags, a dog and a bottle of wine For NZI customers John and Barbara Shipston it was their team’s personal approach, including the input of broker Pauline Graylish, that helped them through what’s turned into a three-year post-quake reinstatement process.
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or a few weeks there John and Barbara Shipston travelled kind of light: “Sixteen rubbish bags, a dog and bottle of wine,” Barbara says through laughter. After many years of living and farming in Tai Tapu, the Shipstons started to plan for their retirement by designing a purpose-built home on Scarborough Hill in Sumner. Their home, with views of Pegasus Bay was future proofed for their twilight years with a lift (a favourite with the grandkids), wider doorways and modified electrics. While the architect-designed home traversed the February quakes with only cosmetic damage it was June that changed everything. The cliffs under 4 Sea Spray Lane had been badly damaged and the property was red stickered with a section 124 life risk, but the house remained repairable. Shortly after June the couple were told they needed to leave their home immediately and like so many hill residents had just a few hours to grab a lifetime of possessions. “It was just a house, I didn’t care anymore,” says Barbara. So while Barbara and John were travelling light and finding somewhere to live temporarily, a steady stream of geotechs, engineers, EQC people and NZI/IAG folks trekked out to view the Shipston’s home, cliffs and land to complete various assessments. Temporary has turned into three years as they sit in their cosy two-bedroom unit on Hagley Park: “We’re not complaining, we realise how lucky we are but we just can’t find anything, our possessions are everywhere and it’s slowly driving us crazy!” says Barbara. Despite the financial burden (utilising the value of the repairs to rebuild a new home and financing the rest with bank assistance) they
pushed ahead to secure a section in picturesque Kennedy’s Bush. Months later their hills property was red zoned and the NZI engineers assessed the damaged property. When Barbara rang to get the engineer's report she was introduced to Jean Anderson, her case manager. Shortly after the Shipstons were given the happy news that the house was deemed a constructive total loss and NZI would fund their rebuild: “It was
about then that our fairy godmother (Jean) took over,” says John. Despite a tough few years marred by family tragedy and illness, the Shipstons feel they have been well-supported by their NZI/IAG team consisting of their case manager Jean Anderson, their loss adjuster Grant Kilmore and their broker, Pauline Graylish from Willis. Graylish is delighted to see the Shipstons almost into their new home. “While I’ve kept in touch with John and Barbara, visiting them a couple of times, it’s been great to know that their reinstatement is being managed by the experts at NZI. "One of the unique parts of this claim is the number of face-to-face meetings the Shipston’s have had with the team. Nothing’s been too much trouble for Jean and Grant.You can’t beat personal service and I feel confident this approach has made the process just that little bit easier.”
YOU CAN'T BEAT PERSONAL SERVICE, THIS APPROACH HAS MADE THE PROCESS JUST THAT LITTLE BIT EASIER.
Your customers will thank you for choosing a Master Glazier 0800 221 331
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Special Christchurch Edition 2014
CASE STUDY
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FEATURE
YOUR TRUSTED ADVISER Brokers no longer just need to set up insurance policies. They're the indispensable adviser businesses turn to when the worst happens, to guide them and make worstcase scenarios more bearable. They've proved themselves in Christchurch and will get more chances to help clients navigate an ever-increasing range of risks in the future.
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n a world where more and more is being done online, it’s not surprising that every so often questions are raised about the future of third-party intermediated insurance sales. If a customer can go online and buy a policy direct from the insurer, why would they want to make the time to sit down with a broker to arrange their cover? The answer is clear: Because brokers offer much more than just an insurance solution. Businesses say they appreciate the value good risk advisers offer when they find them the best deal on their cover – not just in dollar terms but in the nittygritty detail of their policy. They like having an adviser on hand to help them through the claims process should disaster hit. And rather than being a diminishing requirement in the increasingly technology-driven modern world, businesses say they need their risk advisers now more than ever. That’s been borne out clearly by the Christchurch earthquakes experience. Peter Townsend, chief executive of the Canterbury Employer’s Chamber of Commerce, said good brokers had proved invaluable in the wake of the earthquakes. They had provided support to their clients through the insurance process, helped them keep business doors open and ensured that they remained insured as cover became
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FEATURE
harder to get. “That’s been a ‘jump over hot rocks’ exercise from time to time.” Brokers would continue to have a role with businesses, he said, because they helped clients get the best deal on their insurance – a fact that became clear when claims rolled in en masse. As Leon Hanssen, of Majestic Church wrote about his broker, Craig Gudsell: “Craig worked hard at administering our business interruption and material damage parts of our policy which enabled us to fit out our new premises, and give us continued income over a most difficult period. His understanding of the policy and our entitlements were just what we needed in order to move forward. It certainly took the pressure off us not having to deal directly with the policy ourselves.” Even the Canterbury Jockey Club sang the praises of its broker, for his work in getting its premises ready for its most important meeting of the year. If the demolition had not gone ahead, the club’s NZ Cup week, one of the highlights of the New Zealand racing calendar could have been in jeopardy. “Ultimately the decision was made, with the agreement of the insurers NZI and Vero, that the best option was to demolish the grandstand and leave a tidy vacant site for use at the Cup Meeting. The club’s insurance broker, Paul Yesberg, of Yesberg Insurance Brokers, played a big hand in expediting proceedings and coordinating all parties,” wrote the club’s chief executive, Tim Mills. Skilled brokers really stood out in the market, Townsend said. Some acted as advocates for their clients, such as those who took up the fight when they felt business continuity payments were being unfairly calculated. To claim on their policies, businesses had to provide evidence to their insurer of their ability to earn had the earthquake damage not occurred. Projections of the profit they would have made were based on historic information. But then adjustments for changes to the market after the earthquake were made. This was sometimes referred to as the depopulation clause and accounted for factors such as drops in tourist numbers and lower discretionary spending by those left in Christchurch after the earthquakes. Some brokers argued, successfully, that the use of a depopulation calculation was unfair, because the earthquakes had been the cause of the huge shift in the market. Brokers who had teams of claims managers clearly acted as an adviser and guide for their clients as they navigated the claims process after the earthquakes, a report by Resilient Organisations said. “The brokers would work with the client and their accountant (or an appointed accountant) to prepare the claim and negotiate a settlement with the insurer. This service is a point of difference for some broker firms and is perhaps an attribute that organisations should look for in the future when selecting an insurance broker. In some cases these firms are picking up some of the clients who have been poorly assisted by other brokers,” the report said.
GOOD BROKERS HAD PROVED INVALUABLE IN THE WAKE OF THE EARTHQUAKES. THEY HAD PROVIDED SUPPORT TO THEIR CLIENTS THROUGH THE INSURANCE PROCESS, HELPED THEM KEEP BUSINESS DOORS OPEN AND ENSURED THAT THEY REMAINED INSURED AS COVER BECAME HARDER TO GET.
Kim Campbell, chief executive of the Employers and Manufacturers Association said every business he had ever had anything to do with and all the businesses he dealt with in his current role used an adviser to help them with their risk needs. He said they showed their worth when disaster struck, such as in Christchurch, but also had an important role when the ground was not shaking. Campbell said: “You would be foolish not to use a broker. It’s like everything, the lawyer who does his own legal work has a fool for a client. There is a lot of complexity and understanding risk in business. If you’re doing your own you miss things. My experience is you get a much better deal from a broker. Not just pricing but knowing what you’re really covering.” A cheap deal might not prove to be so cheap if it did not pay out the way someone expected it to, Campbell said. There was usually a lot of fine print that advisers could help a business understand, Campbell said. “Particularly if you have profit insurance or business interruption insurance, an adviser is basically essential. Obviously not all brokers are created equal, you get good ones who have been around a long time who offer a personalised service if you need to claim.”
www.covernotemag.co.nz
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FEATURE
A BROKER CAN ADD MOST VALUE BY HAVING A GOOD UNDERSTANDING OF THE CHARACTERISTICS OF A CLIENTS BUSINESS.
It was not a good use of a business owner or senior manager’s time to work out their own insurance cover, Campbell said. “Without a doubt, brokers have a strong future. People who think they’re going to go online and buy insurance are deluding themselves. I think brokers have a stronger future than past because it’s becoming so much more complex. If you’re dealing internationally, there’s product liability, marine insurance. It’s complicated. You need people who know what they’re doing.” IBANZ chief executive Gary Young agreed a good adviser would be able to add value before anything happened by putting the right cover in place. “It doesn’t matter what you do after that if you haven’t got the right product before.” Part of an adviser’s role was to get the client on the right page with all the protection that was needed, Young said. Then, when something such as the Christchurch earthquakes happened, the broker would get involved again and help them prepare the claim. “They’ll make sure the client is doing everything they should be doing to get the right result. One of the big things brokers can do is they understand what insurers want and what the insurer is obliged to do under the insurance policy.”
BROKERS HAVE A STRONGER FUTURE THAN IN THE PAST BECAUSE IT'S BECOMING SO MUCH MORE COMPLEX... IT'S COMPLICATED. YOU NEED PEOPLE WHO KNOW WHAT THEY'RE DOING.
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People left to their own devices often wouldn’t understand their cover and might miss out on what they were entitled to. Young said it was also important that advisers helped set and guide client expectations. “Without this a client can be left very disappointed with their settlement being less than they anticipated or less than they later discover it could have been.” He said one of the best outcomes of the earthquakes was how well the sector had pulled together. “The large companies spread the workload around their team nationally taking the stress off the few in Christchurch and involving their whole New Zealand team to give a more efficient response. For small companies with only the one local office, this was not possible, however other brokers from around the country stepped up to offer assistance.” He said this additional help made a huge difference to a lot of people. “If you were a small operation that found itself without an office and even your home substantially damaged then having outside help coming to the rescue was a lifesaver. It showed how what is often a very competitive industry can and will pull together to ensure clients receive the help they so desperately need.” Young said Christchurch’s earthquakes had shown brokers’ strength. “Looking at the outcomes in Christchurch it seems clear that in the areas brokers are strongest, SME commercial and corporate business the levels of settled claims are highest. There have been substantial issues to address however with sound advice and assistance claims have been settled and clients can move on with life.” PricewaterhouseCooper’s insurance sector leader in New Zealand, David Lamb, said the earthquakes had changed the playing field for insurance advisers. “Earthquakes have raised awareness of insurance and the value it does bring. If you didn’t have it, the economic impact on the company and the personal claim would be very high.” Because people had seen the power of an insurance payout, advisers would find it easier to start conversations about cover, Lamb said. “People will be answering the phone a lot more easily if a broker calls now than they might have in the past.”
COMMITMENT IS EVERYTHING. Exceptional service doesn’t happen by accident. It takes years of experience and organisation-wide dedication to build a customer-focused network, committed to serving the needs of our clients and brokers, in New Zealand and around the world. AIG is a full service partner that can respond to all of your commercial insurance needs. Talk to us today, or learn more at www.aig.co.nz
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FEATURE
Setting the standard for earthquake RESOLUTION
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Special Christchurch Edition 2014
FEATURE
C
rombie Lockwood’s Christchurch specialist, legally-qualified claims team set the standard for earthquake claims management and resolution for the firm’s clients but also for a number of other insureds who sought their expert service. Crombie Lockwood’s earthquake claims are 85% settled, and its claims team has achieved settlements totalling more than $1.2 billion to date. The Catholic Diocese of Christchurch’s claim covered more than 200 buildings including a number of primary and secondary schools as well as the Basilica. Notwithstanding insolvency issues with the insurer, the claim was fully settled by June 2012. A diocese spokesman said: “Storm and Dennis provided outstanding leadership, outstanding advice and outstanding negotiation skills. It was when ANSVAR faced its financial difficulties and as ACS (NZ) Ltd set about developing a contingent scheme of arrangement that Dennis and Storm gave it all. They led, cajoled (us and others), reported, advised and negotiated.They gained the respect of the diocesan professional advisers, the loss adjusters, the bishop and all those working to assist him. While I have a fair understanding of the broker ethic of assisting with claims, I never, for one moment, contemplated that we would have such commitment to that ethic. To say that they were outstanding is almost an understatement.” In the Canterbury earthquakes, Foodstuffs South Island suffered some major damage to its Hornby Distribution Centre and New World and Pak’n Save supermarkets. Along with the damage to the buildings, the business owners of these supermarkets suffered stock loss and damage to their equipment. In particular, New World Kaiapoi was damaged beyond repair in the September 2010 earthquake and was
required to be rebuilt.The loss of the community supermarket was a major blow to the locals, as the New World was a major employer in Kaiapoi and locals were under pressure with damaged homes, roads and services. Crombie Lockwood supported Foodstuffs throughout the numerous earthquake events with an emphasis on assisting the business and business owners to restore the supply chain and return to business as normal. The New World Kaiapoi supermarket was one of the first buildings rebuilt in Canterbury and was operational by December 2011. Foodstuffs said of Crombie Lockwood: “They were in contact with us within an hour of the earthquake. “We have attended many seminars on insurance matters. Each time we came away with an appreciation of how far advanced we were with claims and decisions compared to other businesses in Canterbury. We were in control of our insurance process and we had few concerns with insurance, and could focus on getting on with business and rebuilding.” The owners of the Forsyth Barr Building faced particular challenges as a result of the type of damage sustained to the building. As a result of the partial collapse of the stairs in the building at the time of the February 2011 earthquake, the damage to the building was only able to be inspected by crane for more than a year. The claim was complex, with numerous engineering challenges for the various repair scenarios, the scope of repair required by insurance policy, and the ever-present threat of possible compulsory acquisition. Crombie Lockwood led the claim response providing proactive claims advocacy, and positioned and led the extensive consulting team through the final negotiation with insurers and the successful resolution of the claim. The insurance placement by Crombie Lockwood
PRAISE FROM CLIENTS It has been a delight to work with you on this and I really appreciate all the effort that you have put into the settlement of this claim. I realise it has been a very difficult time for everyone. Let’s hope we don't have to go through this again. On the home front we have settled on a cash payout for the major repairs to our house. Mum and Dad properties are now all sold. Still not clear of insurance companies, loss adjusters yet as we are still struggling with some of our clients’ claims. I must admit I have found everyone at Crombie Lockwood that I have worked with extremely good. Once again many thanks for your assistance – Don Donnithorne Architects Hi Karen, Just to say thanks for all your assistance in sorting the
provided full business interruption and loss of rents cover for the entire duration of the claim process. Crombie Lockwood has also been extensively involved in assisting other insured parties who were not originally their clients, but who asked for help both with earthquake claim resolution and the placement of insurance for new builds and the renovation of damaged buildings. In early 2012 the owners of the former Medlab building approached Crombie Lockwood to manage and resolve the claim on their building. Within four or five months the claim was settled on favourable terms facilitating the go ahead for the proposed joint venture for a new day surgery facility with the owners of the former Oxford Clinic on the former Medlab site (which was characterised by especially challenging ground conditions). Crombie Lockwood worked with the building owners and their consultants and the local and offshore insurance markets to secure full insurance for the project, enabling it to get funding to proceed. This was the first such placement in the core CBD following the February earthquake, and the new day surgery centre, complete with fully fitted-out state-ofthe-art operating theatres and leading-edge supporting facilities is now finished and ready for patients, with its official opening toward the end of February.
TO SAY THEY WERE OUTSTANDING IS ALMOST AN UNDERSTATEMENT.
insurance claims with regard to City Central. I was chucked in at the deep end as they say, so was most appreciative for your help. It seems we are all squared up and we can lay it to rest. I would like to say how impressed we have been with Crombie Lockwood’s professional handling of these matters and the friendly manner in which it was carried out. To further impress us, we were visited at our monthly meeting, held last night, by Michelle Phillips, of Crombie Lockwood, who went through our new policy for 2013/14. It was great to have someone front up and put a face to the Company and answer any questions, especially in these days of electronic communication. Thanks again and have a great day. Body Corp 381617
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COVER STORY
Stuart White, chief executive, Macquarie Pacific Funding
N
atural disasters in New Zealand over recent years have prompted many businesses to make necessary changes to their financial health to ensure they are able to cover themselves for potential risks in the future, and position themselves for growth in an uncertain economic environment. Cashflow management is critical to support the growth of New Zealand businesses. Not only do these businesses depend on cashflow for their day-to-day operations, but also to help put them in a strong financial position, whether they are pursuing new opportunities or ensuring they are able to effectively deal with an incident that may affect their operations. Insurance premiums are a necessity for every well-managed business so it is important that owners put themselves in charge of their cashflow and think about how best to cover known payments like this, so that they can free up working capital for use elsewhere. Brokers understand the importance of good cashflow management for their business and how premium funding could assist their clients to manage theirs. By following the general principles of cashflow management, including forward planning, timely payables collection, effective payment solutions and structures, businesses can make cash flow a tool for success. Effectively manage cashflow Delaying payment for most overheads is not usually an option, so high-growth businesses with slow paying customers face a potential risk unless they manage cashflow well.
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Special Christchurch Edition 2014
BY FOLLOWING THE GENERAL PRINCIPLES OF CASHFLOW MANAGEMENT INCLUDING FORWARD PLANNING, TIMELY PAYABLE COLLECTION, EFFECTIVE PAYMENT SOLUTIONS AND STRUCTURES, BUSINESSES CAN MAKE CASH FLOW A TOOL FOR SUCCESS. There are tools available for businesses to use to regularly forecast and monitor cashflow so they know when money is coming in and when invoices need to be paid. To avoid cashflow problems, it’s worth thinking about future payment strategies that make it easier for clients to pay, using a method that suits their needs. As well as ensuring prompt payment by debtors, you also need to think about your own outgoing payments. Having the right people, practices and technology in place will greatly increase your chance of success. Insurance premium payment options Paying insurance premiums upfront can take
a toll on a business’ cashflow. Spreading the costs of insurance into equal monthly payments can help to avoid large lump-sum outlays, like annual insurance premium payments. It will allow a business to manage the timing of payments of insurance premiums, giving them more control of their cashflow and helping to avoid underinsurance. It will also enable them to retain working capital in their business for other important initiatives or day-to-day operating costs. With working capital retained, businesses can take advantage of opportunities that can help them to grow their business. Businesses should talk to their broker or financial adviser about ways to ease cashflow burden and reduce the risk of underinsuring. They can help you to stay on track towards achieving your financial goals. Disclaimer Premium funding loans are provided by Macquarie Equipment Finance Limited, NZ Company Number 262381. All loans are subject to satisfaction of approval criteria. This information has been prepared for general information purposes only, without taking into account your personal objectives, financial situation or needs. The information is not an expression of opinion or recommendation and does not constitute financial, accounting, taxation, general or personal advice and should not be relied on as such. You should make your own assessment of any products or service referred to and seek appropriate advice.
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We’ve made it easier for you to provide premium funding to your clients. We cover domestic, commercial and ACC premium funding needs, and offer all clients the convenience of choosing to pay by direct debit or credit card. Our streamlined online acceptance process allows
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Premium funding loans are provided by Macquarie Equipment Finance Limited, NZ Company Number 262381. All loans are subject to satisfaction of approval criteria. This information has been prepared for general information purposes only, without taking into account your personal objectives, financial situation or needs. The information is not an expression of opinion or recommendation and does not constitute financial, accounting, taxation, general or personal advice and should not be relied on as such. You should make your own assessment of any products or service referred to and seek appropriate advice. MAC0072
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COVER STORY
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oes it sometimes seem that only the bad news stories make headlines? Covernote decided to address the imbalance, and showcase some of the great work that brokers do. We asked for feedback from Christchurchbased clients about times that their advisers’ have saved them, guided them and generally gone the extra mile to provide fantastic service.
out our new premises, and give us continued income over a most difficult period.” Hansen said it was invaluable to be working with a broker who understood the policy and the church’s entitlements. “It certainly took the pressure off us not having to deal directly with the policy ourselves. We would say that a good broker adds significant value to the workings and out workings of one’s insurance situation.”
MAGESTIC CHURCH. Leo Hansen, senior minister of Christchurch’s Majestic Church, says unfinished insurance business is still a big problem for many local people and organisations. But he’s thankful not to be one of them, due to the hard work put in by his broker. He said Craig Gudsell’s efforts meant Majestic Church was able to move quickly to secure temporary premises and did not suffer a financial loss. “Craig worked hard at administering our business interruption and material damage parts of our policy which enabled us to fit
CANTERBURY JOCKEY CLUB Just a few months before the 2012 running of the biggest event on the Christchurch racing calendar, the Canterbury Jockey Club was shocked to find that its Old Members Grandstand had been deemed earthquake-prone. Chief executive Tim Mills said that prompted a flurry of meetings between personnel from the club’s insurance companies, their engineers and advisers, the club’s insurance broker and the club’s engineers and advisers, in an attempt to reach a resolution to determine the future of the grandstand with a deadline of the New Zealand Cup meeting in November.
Special Christchurch Edition 2014
“Ultimately the decision was made, with the agreement of the insurers NZI and Vero, that the best option was to demolish the grandstand and leave a tidy vacant site for use at the Cup Meeting. The club’s insurance broker, Paul Yesberg, of Yesberg Insurance Brokers, played a big hand in expediting proceedings and coordinating all parties,” Mills said. He said, although there were a lot of stories highlighting the difficulties Cantabrians had dealing with damaged buildings, Canterbury Jockey Club’s story was one of co-operation, efficiency, good will and good management, leading to a satisfactory outcome. TRACEY COOPER Homeowner Tracey Cooper says having an insurance broker – Vicky Gallagher, of IC Frith and Associates, in Rangiora – made the process a lot easier. “The kids and I are all moved back into [our home] after the earthquake repairs.” Cooper said her adviser was very helpful over a stressful time.
COVER STORY
ALTHERM ALUMINUM Lex Lindley, of Altherm Aluminium in Canterbury, has used the services of his mortgage broker for the past 15 years. He said that after the earthquakes hit, his broker was efficient and informative, keeping him up-to-date with the claims process. “To date we have made three stage claims in the aftermath of the February 2011 quake, with the fourth and final stage currently being worked on, ready to present to the insurance company. During the initial clean-up process, Allan [Daly, of Avon Insurance Brokers] was in regular contact with myself and my business partner Wayne Eyre, advising us on how best to document damage that we had incurred. He worked closely with us as we started to compile the claim, ensuring that we had included all the necessary information, so that it was comprehensive and that there would be no cause for hold up at the processing stage.” Lindley said Daly was able to offer his experience during repairs, going to meetings with insurance company loss adjusters and ensuring the interests of the company was foremost in everyone’s minds. “During meetings, Allan often defended our claim, ensuring that the insurance personnel fully understood what we were claiming for and why. Whilst it would have been easy to feel frustration in these meetings, Allan remained professional and courteous at all times. His excellent communication skills and knowledge of the industry, on more than one occasion, brought about a change (in our favour) in the viewpoint of the insurance loss adjuster.” Lindley said that without a broker with professional knowledge, the experience would not have been as smooth and successful as it was. His adviser also helped him to achieve a worthwhile and prompt settlement on his home. MAX BREMNER, OXFORD MANAGEMENT SERVICES Max Bremner has been in the hospitality industry for 20 years. His business, Oxford Management services, runs bars, restaurants and cafes in Christchurch,
OUR BROKERS UNDERSTANDING OF THE POLICY AND OUR ENTITLEMENTS WERE JUST WHAT WE NEEDED IN ORDER TO MOVE FORWARD. IT CERTAINLY TOOK THE PRESSURE OFF US NOT HAVING TO DEAL DIRECTLY WITH THE POLICY OURSELVES. including SOL Square and Cashel Mall. The earthquakes caused millions of dollars of damage and disruption. One of the worsthit properties was the Speight’s Ale House on Bealey Avenue. It wasn’t just a thriving bar and restaurant but offered visitor accommodation that was popular with businesspeople, tourists and sports teams. The Ale House was able to reopen quickly but the accommodation block took 18 months to rebuild. Bremner said having an experience insurance broker on hand to help during that period helped him remain calm. He said his adviser, Derrick Abbott, was a “one-stop shop” for all of his insurance needs, both personal and professional. Because his adviser was able to process Bremner’s claims quickly and accurately, he was able to focus on the important task of rebuilding and recovering his business. GRAEME MARSHALL, ASKO ASKO, on the corner of Salisbury and Victoria Streets in Christchurch, had been a landmark in Christchurch for more than 25 years. With plate-glass windows beautifully displaying unique pieces for every room, passers-by were tempted into a store full of high-quality homewares. The character building, which had stood for more than a hundred years, was actually composed of five different structures. But the September earthquake rendered the building unusable. ASKO’s owner, Graeme Marshall, immediately got on the phone to his insurance broker to find out what could be done. His broker responded quickly.
Just 48 hours after the main quake, an engineer was on site erecting beams and props to allow the ASKO team to rescue their precious stock. Unfortunately, aftershocks quickly rendered the building unsafe to enter, limiting the rescue activities, and the building was formally demolished just a week later. Marshall said his broker, Scott Sheridan, worked tirelessly to ensure ASKO could reopen the business and continue trading as quickly as possible. Marshall said he was a strong advocate of all businesses using an experienced insurance broker and his experience was testament to that. Without the purchase of earthquake insurance on his broker’s advice just two years earlier, his business would have been lost. Passers-by may have to walk a little further now but thanks to Sheridan’s excellent advice and support and Marshall’s determination, they can still enjoy the many delights of the new ASKO shop just a short stroll down Victoria St. MAREE EARL Maree Earl says she appreciates the good advice she received from her broker. She said she felt fairly treated in the aftermath of the earthquakes, which she put down to the way the insurance was initially set up for the house. Earl said she “truly appreciated” the work of her broker, Lindsay Kerr. Kerr kept in touch with Earl through the process, letting her know about the progress the insurer was making – or was not making – and why.
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KEY STATISTICS
7,389 REBUILD/REPAIR IN PROGRESS
2,622
INCLUDING REBUILDS/MAJOR REPAIRS COMPLETED
9,839 CASH SETTLED
997 AWAITING CASH SETTLEMENT
580 UNDECIDED
IN $USD
1,140 NO OFFER
CANTERBURY COMPARED: THE CANTERBURY EARTHQUAKES WERE AMONG THE MOST SIGNIFICANT NATURAL DISASTER EVENTS IN THE WORLD. INSURANCE LOSSES WERE ESTIMATED AT US$13.5 BILLION. (IN 2013 ESTIMATES FOR THE COST OF CANTERBURY EARTHQUAKES WERE ADJUSTED TO US$16.5 BILLION)
FEATURE
Payouts progressing swiftly M
ore than $13 billion has been paid out in private insurance claims in the wake of the Canterbury earthquakes. Payouts have been happening at a rate of $10 million per day this year. The Insurance Council of New Zealand said thatat the end of September 2014 insurance companies had settled $8 billion in commercial claims and $5 billion in residential Canterbury earthquake claims. “The $13 billion paid out to-date is a significant contribution to the Canterbury economy and also a tangible demonstration that insurers have their foot firmly on the pedal, ensuring the pace of settlements hasn’t dropped off in 2014, even when many complexities still remain,” said chief executive Tim Grafton. “In 2014 alone, insurers have paid out $2.7 billion to settle residential and commercial claims, the equivalent of $10 million a day,” he said. At the end of September 2014 insurers had settled 72% of all residential over cap claims and out of EQC scope claims, up from 66% at the end of the June 2014 quarter. In over cap claims, insurers had a further 442 transferred from EQC during the September quarter taking the total number of over cap claims to 23,181, from 22,739 at the end of June 2014. Private insurers have fully settled 12,461 or 54% of all over cap claims, including 2622 major repairs and rebuilds, up 419 from 2,203 in Q2 2014. The data confirms 1069 over cap claims were settled during Q3 2014. There were 9839 customers who received cash settlements, including about 6000 red zone settlements, up 650 from the Q2 figure of 9,189. Of the 10,011 customers who chose insurermanaged rebuilds or repairs, 26% (2,622) are fully completed, 16% (1,618) are under construction, 3% (315) in consenting, and 8% (791) under contract. The remaining 4,66 (47%) are in the pricing or design process. The number of undecided customers has also dropped significantly from 1218 in Q2 2014 to 580 - almost half of those customers have their cases before the courts. Customers who have yet to receive an offer from their insurer now
THE $13 BILLION PAID OUT TO DATE IS A SIGNIFICANT CONTRIBUTION TO THE CANTERBURY ECONOMY AND ALSO A TANGIBLE DEMONSTRATION THAT INSURERS HAVE THEIR FOOT FIRMLY ON THE PEDAL, ENSURING THE PACE OF SETTLEMENTS HASN'T DROPPED OFF IN 2014. number 1140, down from 1169 the previous quarter. “The number of undecided customers has more than halved from the previous quarter as insurers and advisory services have put significant effort into helping customers understand the offers presented to them,” Grafton said. “Many of the 1,140 customers yet to receive settlement offers are in complex shared properties where assessments are still ongoing,” he says. Those customers who are yet to receive offers or are undecided, has dropped to 7% of the total
over cap claims, down from 10% in the previous quarter “While many complicated issues still remain such as complex shared properties walls, retaining walls, flood, EQC land compensation settlements and mass land movement, the pace of settlement has not dropped off and insurers are still confident that almost all residential claims with be settled by the end of 2016,” says Mr Grafton. Insurers have settled 78% (50,428) out of scope claims, up from 72% in Q2 2014. www.covernotemag.co.nz
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FEATURE
Complaints not a bad thing:ISO M
MOST COMMON GENERAL INSURANCE COMPLAINTS:
House insurance: Unresolved claims from the Canterbury earthquakes make up a significant portion of complaints, with over 1450 earthquakerelated complaint enquiries dealt with, and over 120 complaints investigated since the earthquakes.
Motor vehicle insurance: The most common complaint relates to the settlement amount for the ‘market value’ of a vehicle, or the cover provided in terms of ‘Mechanical Damage’ – wear and tear as opposed to accidental damage.
ore complaints were received by the Insurance and Savings Ombudsman Scheme last year than in any year since 1998. But Insurance Ombudsman Karen Stevens says financial service providers need to realise that complaints are no bad thing. There were 3215 complaint inquiries and 300 complaint investigations in the year, the ISO annual report reveals. “More people are aware they can access our service if they are having issues with their insurance or financial service provider,” Stevens said. “People have the right to complain, and our service is independent, impartial and entirely free for consumers.” The number of ISO scheme participants increased to 4386. Travel insurance: “Expanding our service to include all financial service providers Often a claim has been in 2010 resulted in rapid growth, and we expect this growth to declined due to precontinue,” Stevens said. “ISO scheme participants now include existing conditions, policy Contents insurance: providers of insurance, investments, loans and credit, superannuation, exclusions, or a breach Common issues include financial advice and foreign exchange. However, it is interesting of the required duty of proof of purchase, to note that very few complaint investigations relate to financial care. falsified information, advisers.” or negotiating the The greatest proportion of complaints to the ISO Scheme relate to settlement value. insurance, with 62% of complaints in the general insurance category. The second-largest number of complaints related to ‘health, life and disability’ insurance, at 31%. “Complaints provide free feedback. That’s the message we try to get across. Complaints can lead to systems changes that can improve business.” MOST COMMON 'HEALTH, LIFE AND DISABILITY' She said a well-handled complaint could result in a more satisfied INSURANCE COMPLAINTS: customer. “If it’s not raised, it’s likely they’ll just take their business elsewhere.” Some advisers needed to change their mindsets, she said, to look Income protection: The positively upon complaints. most common issues “Even if you don’t get many you might find one complaint relate to the medical will lead to changing something that makes the evidence of inability business better.” to work and proof of Life insurance: This earnings. includes trauma, terminal Stevens said it was illness, and disability important for advisers entitlements, policy to let their clients definitions of terminal Health insurance: know that they had a illnesses, or the ability to Commonly disputed complaints process in return to work. issues include preplace. existing conditions and non-disclosure of material information.
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Special Christchurch Edition 2014
We are
insured. Our business is insured by ACE.
Insurance for businesses, families and individuals | acegroup.com/nz
What does it mean to be ACE insured? My broker and I have access to local experts who truly understand my risks and go the extra mile. We work together with the people at ACE on everything from loss prevention advice to paying my claims. I can get on with growing my business, knowing I’m protected by ACE Group, one of the largest and strongest multiline Property and Casualty insurers in the world.
©2014 ACE Group. Coverages underwritten by one or more companies of the ACE Group. Not all coverages available in all jurisdictions. ACE®, ACE logo®, and ACE insured are trademarks of ACE Limited.
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FEATURE
Series aims to clear up insurance confusion R
ebuild Christchurch is partnering with CTV to run a television series going behind the scenes on the residential rebuild in Canterbury. Covered - restoring our community looks at how things are progressing post-quake and seeks to get the answers people want on rebuild and insurance matters. The informative series will focus on aspects that will help customers better understand the processes so they can make informed decisions about their claims, repairs or rebuilds and to know where to seek further support where appropriate. Each episode will air on CTV freeview channel 40 and Cue and will also be hosted digitally on the Rebuild Christchurch website with a targeted social media campaign. The full 24-minute episodes will be online but also available in smaller eight-minute segments relating to specific topics. Deon Swiggs of Rebuild Christchurch said: “For those still going through the process of settling their earthquake insurance claims, the insurance settlement processes can be somewhat confusing and this is one
of the biggest challenges facing homeowners in the residential recovery of Christchurch.” He said: “This is a progressive step where information and questions can be addressed to help home owners understand what is happening. I encourage people to engage with this and speak up if they have questions as these are able to be addressed throughout the series, giving a conversation feel rather than top town information.” The 12-episode television series will feature everything from repair methods and land issues to cash settlement processes and the support services that are available to help residents in their decision-making process. The public have an opportunity to ask questions which can be answered on air by EQC and other parties participating in sharing information. Questions will be transparently presented alongside the videos on the web page for anyone to see. To view the video page and ask questions visit www.rebuildchristchurch.co.nz/covered
Your customers will thank you for choosing a Master Glazier 0800 221 331
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Special Christchurch Edition 2014
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OUR POLICYHOLDERS ARE ANYTHING BUT RUN-OF-THE-MILL.
Our customers own unique, classic or prestige cars, motorcycles or travel in homes on wheels. They don’t fit neatly in a box which is why we don’t offer run-of-the-mill policies. Your customers will feel appreciated with customised policies that tick all their boxes. And you’ll appreciate our high performance team who are super-fast and easy to deal with. That’s because we have no apron strings. We’re fully autonomous in our no-fuss dealings with you. We write our own specialised, custom policies and terms, calculate rates, communicate one-on-one with you and pay claims quick-smart; all with a smile.
Call us for a friendly chat about quality, customised insurance you can trust.
Call us on 09 250 6009 or email admin@sual.co.nz
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