Cyborg
Active Member
I believe that hundreds if not thousands of people are getting screwed in this manner.
I took out business insurance with nedbank as my broker in 2011. The only asset insured is my van. The policy was with unity business insurance with nedbank as a broker.
On the policy anniversary in 2012 and 2013 I had premium increases. This was in spite of there being no claims on the policy and a vehicle rapidly decreasing in value.
Every time I queried it I was given the excuse that the price of parts is increasing and as such my premiums have increased. I even brought to their attention the high mileage of my van and I was told there was nothing they could do to insure it at true value. I was literally told that the true value would only be calculated in the event of theft or it being written off. I was left with paying premiums for a value of just under 100k but having a van worth closer to 70k. Over time this has just gotten worse.
I had an accident on 31 August last year and claimed. The claim was approved and everything. Yet I have a document from March this year from unity stating that my claim had been rejected. I believe this is negatively affecting my risk profile in a major way.
I started shopping around for new insurance now and every insurer I apply to assures me that my premiums should have been decreasing in accordance with the decreasing value of my van.
Accordingly I took my grievance up with nedbank, them being the broker on my policy and taking a monthly broker fee from my premiums. I did this via the Facebook page. Nedbank seems to think a 24 hour reply time to a customer complaint is acceptable.
From previous interactions regarding this policy I knew that I always get shifted over to unity for anything and everything beyond the most simple of queries.
This time I insisted that nedbank, as my broker who is charging me a broker fee every month contact me to sort this out. I believe that to be well within my rights.
The response from nedbank, which I can forward to you, makes it quite clear to me that nedbank business insurance has no idea what a broker is supposed to do. I was pretty much told that nedbank simply does the initial policy sale. Everything after that is up to the client to handle and sort out.
To sum up
1 - Nedbank makes use of a service provider that is seemingly screwing it's customers over. If it's happening to me it's happening to others.
2 - Nedbank has a totally incompetent social media team at work (they had my name, cell number, id number, email address and policy number and they still couldn't get my info. I had to send them a copy of my schedule ) this is incidental but worth a look at.
3 - The broker fees that nedbank gets every single month is essentially theft from their clients as they simply do not do what an insurance broker is meant to do.
The point of having a broker is that I do not deal with the insurer. The broker is my middle man and I deal with him. This has left me utterly disgusted and wanting to move every single account away from nedbank.
I took out business insurance with nedbank as my broker in 2011. The only asset insured is my van. The policy was with unity business insurance with nedbank as a broker.
On the policy anniversary in 2012 and 2013 I had premium increases. This was in spite of there being no claims on the policy and a vehicle rapidly decreasing in value.
Every time I queried it I was given the excuse that the price of parts is increasing and as such my premiums have increased. I even brought to their attention the high mileage of my van and I was told there was nothing they could do to insure it at true value. I was literally told that the true value would only be calculated in the event of theft or it being written off. I was left with paying premiums for a value of just under 100k but having a van worth closer to 70k. Over time this has just gotten worse.
I had an accident on 31 August last year and claimed. The claim was approved and everything. Yet I have a document from March this year from unity stating that my claim had been rejected. I believe this is negatively affecting my risk profile in a major way.
I started shopping around for new insurance now and every insurer I apply to assures me that my premiums should have been decreasing in accordance with the decreasing value of my van.
Accordingly I took my grievance up with nedbank, them being the broker on my policy and taking a monthly broker fee from my premiums. I did this via the Facebook page. Nedbank seems to think a 24 hour reply time to a customer complaint is acceptable.
From previous interactions regarding this policy I knew that I always get shifted over to unity for anything and everything beyond the most simple of queries.
This time I insisted that nedbank, as my broker who is charging me a broker fee every month contact me to sort this out. I believe that to be well within my rights.
The response from nedbank, which I can forward to you, makes it quite clear to me that nedbank business insurance has no idea what a broker is supposed to do. I was pretty much told that nedbank simply does the initial policy sale. Everything after that is up to the client to handle and sort out.
To sum up
1 - Nedbank makes use of a service provider that is seemingly screwing it's customers over. If it's happening to me it's happening to others.
2 - Nedbank has a totally incompetent social media team at work (they had my name, cell number, id number, email address and policy number and they still couldn't get my info. I had to send them a copy of my schedule ) this is incidental but worth a look at.
3 - The broker fees that nedbank gets every single month is essentially theft from their clients as they simply do not do what an insurance broker is meant to do.
The point of having a broker is that I do not deal with the insurer. The broker is my middle man and I deal with him. This has left me utterly disgusted and wanting to move every single account away from nedbank.
