Changing Insurance Brokers

[msquared]

I am looking at changing the insurance brokers we use at the company as we have lost faith and trust in our current brokers. The insurance involved is Momentum life policies focused on shareholders and keyman as a frame of reference.

I have approached another broker but they are telling me that I need to sign a broker's note making them my broker before they can access my existing policies. The last I heard was that I could sign a consent to give them access to view my policies without first making them my brokers.

Did the rules change somewhere or am I being taken for a ride?

 

[supersunbird]

Taken for ride, so now you have to get another broker...

 

[Wall]

They BS'ing you.

 

[Drifter]

They BS'ing you.

No, they are not. It has to do with the POPI act. Only a duly appointed broker may access personal information.

 

[msquared]

Taken for ride, so now you have to get another broker...

They BS'ing you.

No, they are not. It has to do with the POPI act. Only a duly appointed broker may access personal information.

When did the rules change? I could have sworn I signed a consent form for a third party to view information last year for another policy we had.

 

[Wall]

When did the rules change? I could have sworn I signed a consent form for a third party to view information last year for another policy we had.

same here

 

[Drifter]

Towards end of last year. Everybody in our company, from the CEO to jnr programmers had to do POPI certification.

 

[supersunbird]

Towards end of last year. Everybody in our company, from the CEO to jnr programmers had to do POPI certification.

So if you shopping for a new broker you need to appoint them as your broker before they can see stuff, not just sign a specific consent form? Can you thus appoint multiple brokers at the same time then?

 

[Hemi300c]

1) LOI = letter of investigation allowing access to all info but not an appointment.
2) LOA = letter of appointment giving full authority to act on your behalf as a broker and cancelling the old brokers appointment.

 

[Pitbull]

I am looking at changing the insurance brokers we use at the company as we have lost faith and trust in our current brokers. The insurance involved is Momentum life policies focused on shareholders and keyman as a frame of reference.

I have approached another broker but they are telling me that I need to sign a broker's note making them my broker before they can access my existing policies. The last I heard was that I could sign a consent to give them access to view my policies without first making them my brokers.

Did the rules change somewhere or am I being taken for a ride?

There are two forms:

1. Brokers appointment form - You appoint them as your broker
2. Broker Authorisation form. - You authorise them to get the details but have not appointed them

Make sure you sign an Authorisation form and not an appointment form

 

[Pitbull]

1) LOI = letter of investigation allowing access to all info but not an appointment.
2) LOA = letter of appointment giving full authority to act on your behalf as a broker and cancelling the old brokers appointment.

This ^^

 

[Corelli]

Old Mutual has a 51 club

Old Mutual has a list of their top brokers year on year. Check who is on that list near you. They are consistently performing well which is how they got onto there. Try one of them.

 

[Quentin Legend]

There are two forms:

1. Brokers appointment form - You appoint them as your broker
2. Broker Authorisation form. - You authorise them to get the details but have not appointed them

Make sure you sign an Authorisation form and not an appointment form

I'm a Financial Planner myself and I can confirm that the above is true. No need to appoint the broker in order for him to draw an Astute report / access your policy details.

Only sign the consent form if you just want him to be able to view the information.

Give me a shout if I can be of help, will provide references.

 

[msquared]

Thanks so much everyone. I'm glad to see that I am not losing my marbles.

...well, at least not yet! :crylaugh:

 

[supersunbird]

Thanks so much everyone. I'm glad to see that I am not losing my marbles.

...well, at least not yet! :crylaugh:

So, are you giving this other broker a skip (seems they lying or else just can't communicate properly) and searching further?

 

[msquared]

So, are you giving this other broker a skip (seems they lying or else just can't communicate properly) and searching further?

Here's the thing that I didn't mention. The CFO of the company is a very good friend of mine and he told me that's the way it is. He wouldn't lie to me about that and it really sounded off, hence me reaching out on myBB. I'm going to have a word with him tomorrow and see where we go from there.

 

[Hemi300c]

Here's the thing that I didn't mention. The CFO of the company is a very good friend of mine and he told me that's the way it is. He wouldn't lie to me about that and it really sounded off, hence me reaching out on myBB. I'm going to have a word with him tomorrow and see where we go from there.

The CFO isn't necessarily a insurance person and doesn't necessarily know the ropes.