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Under the partnership advisers can refer customers to Initio through their MyCRM platform, where they will receive an instant home insurance quote.
"This integration eliminates friction, reduces delays, and ensures that Kiwi homeowners receive the fastest, most transparent insurance experience available," NZFSG says in a statement.
Initio specialises in insurance for property investors and runs a digital platform. Its policies are underwritten by IAG.
NZFSG chief executive Baden Martin says that this partnership brings more choice and convenience for advisers and their clients. “We’re excited to deliver a seamless, tech-driven solution that ensures homeowners get instant insurance coverage with no unnecessary complexity."
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Great. So, in the interest of full transparency and a FAPs own disclosure requirements mandated by the FMA how much money is NZFSG receiving from an insurance policy written by Initio when referred by one of its own members? and is this disclosed to the customer, does the customer know who is receiving commission and what the split is ? I think not.
Also when an aggregator offers an insurance referral scheme to their members the adviser is now cut out from having a direct relationship with the insurer themselves. Plus when the adviser changes group they can't take their commission with them and I bet the Commision is kept by the G .