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So how about this?

14 August 2006 Angelo Coppola

It appears - according to one of our readers - that there is a new trend in the market. Managing agents that are appointed by the body corporate give advice on insurance and claims related queries. Interestingly it also appears that these managing agents are not licensed by the FSB and are not FIAS compliant.

And then to complicate the issue further it also appears that in some instances they (the managing agents) manipulate the claims process by appointing contractors to repair any insured and non insured damages and then invoice the insurance company.

The invoice then gets sent to the insurance company but has been increased so that the managing agent can also make a profit at the insurance companies cost.

Editor's thoughts:
* Have you heard or seen this actually happening- and if you have please send me details in confidence.
* On an ethical level I guess the insurers should be doing their homework more thoroughly, because, as we all know, where there is a claims process there is a crook looking for a gap.
* Policing this would be difficult but then it is up to the consumer- and dweller to be made aware that this is not to be tolerated.

Quick Polls

QUESTION

We have watched with interest as each of the country’s large life insurers report their 2021 life claims statistics, with soaring claims and claims values. That got us thinking: how do the big life insurers compare against one another, from an IFA perspective?

ANSWER

An insurer is an insurer is an insurer
All are excellent: would not deal with them otherwise
There is one insurance brand that stands out for me
Tied agent: but my brand is the best out there
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