Your browser version is no longer supported, so you may experience issues while using this site.
Please upgrade to a current browser to enjoy the best experience.

Vero Voice

What relationship do you have with your broker?

Cris Knell

By Cris Knell
Executive General Manager, Distribution

18 July, 2017

Earlier this year, we published the Vero SME Insurance Index, which paints a picture of the insurance landscape for small to medium businesses in New Zealand. The report showed that there are major differences in the relationships small businesses have with their brokers.

There are three different relationship types

Distant

A broker gets you quotes, but you still do all the work.

Delegated

A broker presents a recommendation, and you usually choose that.

Partnership

A broker presents you with some choices, and you make the decision together.

Most customers are satisfied with the relationship they have with their broker

Over half of our survey respondents scored their broker at least 8 out of 10 or higher for satisfaction.

But a small number weren't as happy. If you're buying your insurance through a broker, think about what kind of relationship you have, and whether It's the right type for you.

Customers use brokers for a lot of different reasons. If you're seeking a personal connection with someone who understands your business and has a personal connection with you, you might need a partnership relationship. If you're only using a broker to get access to better wordings, or to get cheaper insurance, you may only want a distant relationship.

As your business grows, your insurance needs might change

If you're a sole trader, you may only have a broker providing quotes for you to choose from. But as your business grows, your needs may increase and you may want to Delegate more to your broker, or even develop a partnership relationship with them.

Growing your relationship with your broker as your business grows means that you'll have someone in your corner who knows your business inside and out, and can ensure that you're making the best decisions to protect what you've built. 

Want more information?

If you'd like to learn more about how insurance could help protect your business, read about Vero's Business Insurance options here. Or if you're ready for expert insurance advice, contact a broker or adviser.

Find a broker

Share icon

Share this page 

Keep reading

Vero Voice • 28 June 2017

When we published New Zealand's first SME Insurance Index, we found that one of the biggest concerns for small to medium enterprises is being unable to trade for a long period of time.

By Campbell Mitchell
Executive General Manager, Customer Marketplace

The information in this article has been compiled from various sources and is intended to be factual information only. It is not personal advice and any description of an insurance product or service is not a complete description of all the terms and conditions applicable to the particular insurance product or service. You should consult a qualified adviser for advice on whether the information in this article is suitable for your personal situation and needs. While we take reasonable steps to ensure that the information contained in this article is accurate and up-to-date, it is subject to change without notice. Vero Insurance New Zealand and its related companies does/do not accept any responsibility or liability in connection with your use of or reliance on this article.