Frank news
One of the biggest draws of an insurance broker is that they do not charge a fee for their service - however, this has thrown up its own ramifications for the industry, and broker remuneration structures have received some heavy criticism in recent years.
Brokers have generally rallied against charging fees to the client to eliminate conflicts of interest, but, within this landscape, one brokerage has been doing exactly that for almost a decade.
While anyone young has time on their side, Rene Swindley has not wasted any.
He’s created his own opportunities and made the most of those that have presented themselves.
At 33 years of age, Swindley is director of his own start up commercial insurance brokerage and underwriting agency.
With a Board and management team handling everyday operations, Swindley is free to network and develop further projects, dragging the New Zealand insurance industry into the digital age.
Global broking and risk management company Aon has been placing dedicated cyber insurance policies since about 2005. While very few policies were purchased that year, Fergus Brooks, Australian National Practice Cyber Leader, Cyber Risk, says demand grew significantly from 2010, as businesses started to understand the damage a cyber incident could have on an organisation.
The Australian & New Zealand Institute of Insurance & Finance announced yesterday that Frank Risk Management are finalists in two award categories for the 7th New Zealand Industry Awards.
The first award is for Small-Medium Broker of the Year (which just quietly, we have taken out two years running) and the second for Young Insurance Professional of the Year (Rene Swindley). This is such a great achievement and a great privilege.
17 July 2014 is a date that will be etched in Rae and Warren Massey’s mind forever. It was a typical day at the workwear rental and laundry business they run with their son Clark. Rae was the last person to leave the plant that night just before 6pm. Before going, she did her usual checks and made sure that everything was switched off. She noticed a slightly unpleasant smell, and set about detecting where it was coming from. Having been in the laundry business for many years, Rae knew all too well the dangers of fire which are inherent in the industry.
Hamilton commercial insurance broker, Frank Risk Management has just opened a new branch in Arawa Street, Matamata. Director David Bradbury said “It was a natural progression for Frank. We have significant business in the region already and having a branch in Matamata will support this”.
Buyers across the commercial insurance market are being shocked when they find out just how much of their insurance spend is being channelled to the broker in the form of undisclosed commissions and fees.
Hamilton based commercial broking firm, Hutchison Rodway say it is high time that brokers come clean with their clients and disclose their remuneration. Recent anecdotal evidence documented that client’s generally have no idea what their broker is taking from the deal. Further, it showed that on occasion the broker remuneration was over ten times their general expectation. Concerned over how the issue was tarnishing the industry Hutchison Rodway director Rene Swindley encouraged 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 equated to good value for the services given. “We [Hutchison Rodway – Waikato] disclose our fees on all commercial business and always have”.
