About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   tmmonline.nz  |   landlords.co.nz
Last Article Uploaded: Friday, November 15th, 2:29PM
rss
Latest Headlines

Record keeping and all that

What’s all the fuss about record keeping and all that? There’s one school of thought that runs, in effect, that it’s the advice that counts – not the file.

Monday, September 3rd 2018, 9:53AM

by Russell Hutchinson

These people are particularly scornful of detail, process, forms, and data that comes with, say, the current AFA Code.

Let alone the new one that is coming. It is easy to have a lot of sympathy with such a view, but the data supports the opposite proposition.

I’ve recently had meetings with people that run disputes resolution organisations. Hearing them talk about the types of complaints they get, and what happens with them, underlines the value of effective record keeping.

Not for compliance purposes, although that is essential. Their data underlined the importance of good records for effective business management.

Although “advice” is the single largest category of complaints all the others have a common thread – bad management or administration.

So, it is your administration that is causing more complaints than advice issues. Most complaints do not arise not from selling the wrong product or the wrong amounts of cover.

Most complaints come from screwing up the admin, not explaining something properly (like how much you are going to charge), and so on.

This is good news, but annoying.

It’s like the person that comes up to you at the swimming pools and says you need to keep your feet up when you dive.

We should be glad of the advice, but think they are an interfering know-it-all. It’s annoying that admin is the issue for several reasons. We’re really interested in advice giving, not paperwork.

We like arguing about what represents good advice. We want that to be the thing. Insurers are like this too.

The focus, the glamour, comes with launching clever new products and features. Software launches are tolerable. Operational sessions are the worst. Something for “administrators”.

Administrators are, in fact, like the superhero’s backup, the ones that give directions and help you out of trouble.

Now the data suggests that instead of spending heaps more time and money on advice process, balancing that with increased operational investment is likely to yield greater value in customer satisfaction.

So it might be time to immerse yourself in study on how to manage data, ensure quality, and operational efficiency in the business.

It is a question of going back to record keeping and all that: and it is handy, because you are going to be told you have to do it anyway.

Tags: Insurance Advisers Russell Hutchinson

« Financial planning should be the natural friend of good insurance coverageSocietal change and changing financial services »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Suncorp invests in wellbeing
Suncorp New Zealand has now invested a total of $20 million into wellbeing bonds as part of its focus on identifying sustainable investment opportunities that can deliver positive community outcomes.

AIA adds mental health support
AIA is boosting Vitality members’ donations to the Mental Health Foundation.

Major milestone for Cigna
Cigna, which acquired OnePath Life last year, is on the verge of reaching "a huge milestone".

Fidelity Life gets tick
Fidelity Life has been awarded the Accessibility Tick.

News Bites
Latest Comments
  • FMA fesses up to website breach and apologises
    “Correct quote from the Act but reporting is not mandatory as the wording used is "may" not must. Shanks comments have beenquoted...”
    6 hours ago by gavin austin adviser business compliance
  • When is a client really a client?
    “Agree Murray. Financial consideration has nothing to do with the new laws. Might I suggest that the government and the...”
    7 hours ago by JPHale
  • When is a client really a client?
    “I think anyone who thinks someone becomes their client only after that person has accepted an advice recommendation from...”
    21 hours ago by Murray Weatherston
  • When is a client really a client?
    “thanks regant, generally agree with you. not your fault that i didn't make myself clear enough. ...”
    22 hours ago by w k
  • Long-serving ACC investment chief calls it a day
    “I'm surprised that no-one has commented yet, but isn't it a little strange that their in-house equities strategy is following...”
    23 hours ago by smitty
Subscribe Now

Mortgage Rates Newsletter

Daily Weekly

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com