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About Crombie Lockwood

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Why use a broker?

Ensuring you’ve bought the right insurance isn’t easy. Getting it wrong could mean the difference between peace of mind and loss of livelihood. That’s where a broker comes in. 

An insurance broker acts as a link between you and insurance companies, and acts on your behalf. They identify your requirements and then search the market to find a product that best suits you. With a broker you get the best advice for you, your family, your lifestyle and your business.

Our brokers are committed to financially positioning you to survive any insurable event, and continuously evolve your insurance as your needs change. 

QUESTIONS AND ANSWERS ON USING A BROKER
What are the advantages of using a broker for my insurance?

An insurance broker is your insurance advocate. We are experts in our field. Our knowledge, experience and risk management skills help us get an in-depth understanding of your business, personal, life and health insurance requirements. We identify risks, recommend the best protection for your needs, negotiate terms and give objective advice.

How does a broker determine the best policy for my insurance?

We take time to analyse and understand your business, and the risks your business is exposed to. We then offer advice on what policies and insurer best fit you. As one of New Zealand’s leading insurance brokers, our size gives us a major advantage when it comes time to negotiating benefits, conditions, and premiums on your behalf.

Insurance agent vs insurance broker: what’s the difference?

A broker acts on your behalf and has access to the wholesale insurance market and a vast number of products and services. An agent, on the other hand, acts on behalf of one or more insurance companies and can only access their insurance products.

An insurance broker provides you with objective advice and helps you select the right insurance solutions at the best possible price. Unlike agents, our duty is to act in your best interests, rather than the insurance companies.

When searching for insurance solutions, buyers often assume that the most “direct” approach to purchasing insurance - buying directly from an insurer - is cheaper and less time consuming than buying through a broker. While this can sometimes be true, if you have a solid understanding of the insurance market and its products and the risks that require cover, it is often not the case. As one of New Zealand’s leading insurance brokers, our size gives us a major advantage when it comes time to negotiating benefits, conditions, and premiums on your behalf.

How are insurance brokers paid?

Our commission comes from the insurer premium. We are paid a commission by the insurance companies and the rates of commission vary between insurers. The invoice total may also include a policy fee.

We have premium payment arrangements with insurers as provided in the Insurance Intermediaries Act 1994. We sometimes pay money to others who refer you to us (known as a sub-agent fee). These payments are made from the commission received from insurers and fees you pay us.

Any payments we receive are totally transparent and fully disclosed. Your broker will explain fees and commissions when they work with you.

What happens if I need to make a claim?

Having someone on your side in times of stress can make all the difference. Should you need to make a claim, our specialist claims team will manage the process for you, from start to finish. We know what information is needed and we do the work for you. Our knowledge of how policies work and our relationships with insurers ensure your claims are settled fairly and promptly and in line with your policy wording. 

What training or qualifications does a broker have?

Crombie Lockwood is a corporate member of the Insurance Brokers Association of New Zealand (IBANZ) . IBANZ ensures that brokers are appropriately qualified, efficient and trustworthy, and observe high standards of professional conduct and care.

All IBANZ members must observe a special Code of Conduct and are subject to an external audit every twelve months. IBANZ recognises individual members in the form of a “professional status”. We aim to have our brokers meet their Practising Insurance Broker (PIB) status as a minimum. As one of the criteria, our broker must achieve at least ten Continuing Professional Development (CPD) points each year.

IBANZ is also our main provider for insurance broking technical and behavioural training. We use IBANZ programmes to ensure our brokers continue to receive an independent education, on top of our own extensive internal training calendar.

The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) is a leading provider of insurance and financial education, training and professional services. We use ANZIIF for our insurance broking qualifications and continuing education programmes.

In addition, we have in-house learning and development pathways.

How do I find a broker?

Crombie Lockwood have brokers and branches based across New Zealand. Use our broker search to find someone local to you or contact us by phone or email.

We will put you in touch with personal, business, and life and health insurance brokers who can help. 

Whatever your line of business, we have access to specialists who have in depth understanding of insurance requirements for different industries and types of organisation.

For Chinese businesses operating in New Zealand, we can advise on personal and business insurance options and have Chinese speaking staff to assist in every claims situation.

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