Hamilton-based company Frank Risk Management won the 2016 prize for New Zealand Small to Medium Broking Company of the Year, at the Australia and New Zealand Institute of Insurance and Finance Awards.
Frank’s unique business model and innovative thinking were singled out by the judges, who also commented that “Founded in 2008, with no clients and a vision to disrupt the traditional approach to insurance Frank Risk Management has since expanded to more than 2000 clients serviced by 13 highly skilled staff…” The judges also acknowledged the company’s “…complete transparency with clients of all sizes and the innovative manner in which it demonstrates value to those clients”.
Frank Risk Management was started by Andrew Newman and Rene Swindley, who initially ran the business out of a small garage. They both left the comfort of well paying jobs at a corporate broker, and set about disrupting the market. It’s ‘fee for service’ approach to insurance broking and risk management immediately put it offside with the established corporate multinationals that dominate the provision of SME insurance in New Zealand.
The company name, Frank Risk Management, reflects the way they operate on a full disclosure basis - without hidden commissions - and their belief that business owners have the right to know what they are paying for. Frank Risk Management encourages all insurance buyers to ‘ask their broker for a complete breakdown of costs’. Good brokers should have no problem with this and the buyer can then decide if the remuneration equates to good value for the services provided.
Mr Swindley said that the award was an affirmation of the Frank Risk Management philosophy of bespoke insurance placement and claims service, risk management support and disaster recovery planning that is built into their overall service.