Everything you need to know about the Insurance Brokers Association of New Zealand (IBANZ)
Stats as of March 2019
- 150+ member firms
- 2,200+ staff
- Approx. $5.7 billion non-life annual premiums
- HQ: Auckland
- CEO: Gary Young
The Insurance Brokers Association of New Zealand (IBANZ) is a cluster group with over 2,000 individual broker members across New Zealand which operates in the non-life space. It has an active role in lobbying government and liaising with regulators to ensure a unified, strong voice for the sector, owns the NZQA-accredited Professional IQ College (PIQ) and offers a Code of Professional Conduct to its members, among other benefits.
“IBANZ gives strength and support to members, enabling them to better meet their challenges and opportunities,” the association states.
“It does this by staying involved with Government activity where the outcome of changes to legislation will have an impact on the insurance industry, and more specifically to fire and general brokers.
“The organization takes part in regular meetings with the regulators including the Financial Markets Authority (FMA) and is involved with the government Code Committee. IBANZ is also working with the industry ITO (Skills Organization) on a review of the level 4 / 5 National Certificate qualification and, in particular, the new insurance stream.”
IBANZ played a key role in the setting up of PIQ, a college which provides a range of courses, workshops and qualifications to assist in broker Continued Professional Development (CPD) requirements. It also engages with insurers to provide a voice for brokers, acting as a ‘sounding board’ when broker input is required on various issues.
The IBANZ Code of Professional Conduct sets out the standards that every IBANZ broker is committed to, and the association offers assistance to its members in meeting those obligations. This also includes the facilitation of complaints procedures, which are available to both the public and members in order to address any complaints.
An IBANZ broker
IBANZ sets out a number of core values and competencies held by each of its brokers – convenience, knowledge, choice, innovation and professionalism.
“Insurance brokers are instructed by you, and at all times, act on your behalf,” IBANZ states. “They are not agents of the insurance company. Their independence ensures that you benefit from the convenience, knowledge, choice, innovation and their high level of professionalism.”
Convenience means the broker arranges all needed insurance and risk protection policies, and can usually ascertain these in one meeting before recommending a comprehensive insurance plan. Knowledge comes via maintaining daily contact with a range of insurance companies, meaning the broker knows where each type of insurance can be obtained at the most competitive cost.
Brokers deal with multiple insurance companies, and so are able to provide the client with a range of choice. They do this by canvassing the market to obtain a range of terms, costs and contracts, before presenting the benefits of each solution to the client.
Innovation comes through utilising modern risk management procedures and systems, therefore reducing a client’s dependence on insurance and allowing them to make considerable cost savings. Finally, professionalism hinges on adherence to the Code of Professional Conduct, and the strict memberships standards of IBANZ which receive regular reviews.
“In personal and business matters, the correct insurance is vital,” IBANZ explains. “Wrong or inadequate protection can lead to disastrous consequences for individuals, families or businesses. The right advice makes all the difference and prevents costly mistakes.
“Insurance brokers undertake all the detailed discussions and negotiations on insurance matters for you, leaving you free to get on with running your business or tending to your own daily responsibilities.”
IBANZ has specific membership criteria for both its corporate and individual members, and it also has affiliation with companies and individuals within the wider industry.
Corporate membership accreditation process:
- Complete an application and receive an email receipt of acknowledgement, confirming whether there are any documents missing and notifying you of the date of the next IBANZ board meeting.
- After the board meeting, you are sent a confirmation letter, invoice, certificate and a copy of the IBANZ rules and code of conduct.
Individual membership accreditation process:
- Once you are an employee of an IBANZ member firm, you can sign up online for an individual membership.
- Complete your IBANZ profile.
- Receive your member welcome pack following board approval.
- Your membership number is added to the IBANZ membership app.
Affiliates can include cluster groups, independent international entities outside New Zealand and other individuals or organisations within the insurance sector.
Affiliates are granted many of the privileges of members, but they cannot take part in any IBANZ management or hold any office within IBANZ, unless determined otherwise by the board.