Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Insurance & Savings Ombudsman Scheme is easy to talk to

26 October 2012

Insurance & Savings Ombudsman Scheme is easy to talk to

In 2011-2012, 97.7% of people who brought a complaint to the Insurance & Savings Ombudsman Scheme said their case manager was helpful and easy to talk to on the phone.

93.2% of people agreed the ISO Scheme’s service was easy to use and 95.5% found the reasons for the decision made about the complaint were explained clearly.

Insurance & Savings Ombudsman, Karen Stevens, said she was delighted by such feedback for another year. “These survey results are a useful measure of how well we are meeting consumers’ needs. The decision to bring a complaint to us in the first place can be difficult for some people. Complaint resolution requires sensitivity as it is often a stressful time for the complainant - especially if the outcome does not meet their expectations. Knowing that consumers think we’re helpful and easy to talk to confirms we’re doing a good job. It’s also pleasing to see that people who have used the ISO service rate it so highly – it shows they have confidence in the process.”

Since the ISO Scheme was established in 1995, it has handled more than 39,554 enquiries and investigated more than 4,669 complaints from consumers. The ISO Scheme has 17 years’ experience in financial sector dispute resolution.

Regulation of the financial services sector in 2010 led to the ISO Scheme’s most significant expansion since its inception. Membership expanded dramatically from about 50 insurance and savings organisations to include all financial service providers. Currently, the ISO Scheme has about 2,500 Participants, including: insurance and savings organisations, financial advisers, financial adviser businesses, finance companies, brokers, QFEs, credit contract providers, trustees, trustee corporations and other financial service providers.

About 40 complaints and over 800 complaint enquiries about the Canterbury earthquakes have been received by the ISO Scheme. “We understand it is likely to take some time for claims to go through insurers’ internal dispute resolution processes, before being able to be referred to us”, Ms Stevens said. However, to provide as much information as possible for earthquake affected residents and small businesses in Canterbury, the ISO Scheme has produced consumer information sheets, to assist with insurance related issues, together with FAQs and case studies, all of which are available on the website www.iombudsman.org.nz

Quick facts for 2011-2012

Volume
• 2,833 complaint enquiries
• 242 complaints received
• 219 complaints resolved
• 75 days on average to resolve complaints

Outcomes
• 26% complaints settled, upheld or partly upheld in favour of consumer, or withdrawn
• 74% complaints not upheld
• about $1 million was paid to consumers who had their complaints considered by the ISO Scheme (not including weekly disability benefit payments under income protection, superannuation or life policies).

Service
• 97.7% said their case manager was helpful and easy to talk to
• 95.5% said the reasons for the decision made about their complaint were explained clearly
• 93.2% said the service is easy to use

More information can be found in the Insurance & Savings Ombudsman Scheme’s 2012 Annual Report, “Building on experience”; 17 years’ experience in financial sector dispute resolution.

Download the Insurance & Savings Ombudsman Scheme’s 2012 Annual Report.

The ISO Scheme is a complaint resolution service which is independent, impartial and free to consumers.

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Employment: ANZ Proposes Casualisation In Whangarei Stores

ANZ workers in Whangarei could see their incomes drop by 20 to 40 percent if the bank’s proposal to reduce the number of full-time positions goes ahead says FIRST Union national organiser Tali Williams. More>>

Finance: BNZ Develops Specialist Tāmaki Māori Banking Team

BNZ develops specialist Tāmaki Māori Banking Team to support Māori as Auckland grows More>>

Pharmaceuticals: Commerce Commission To Consider Pharmaceuticals Merger

The Commerce Commission has received an application from Pfizer Inc. seeking clearance to acquire all of the shares in Hospira Inc. More>>

Real Estate: Housing Unaffordability Issues Spread

Surging house prices in Auckland and Queenstown last month pushed home ownership even further beyond the reach of first home buyers in the two districts, according to the AMP360 Home Loan Affordability Report for March. More>>

Statistics NZ: Annual Exports To China Dip Below Australia

The value of goods exports to Australia ($8.7 billion) surpassed those to China for the year ended March 2015, Statistics New Zealand said today. More>>

Science: Hookworm Discovery At Malaghan Institute

Professor Graham Le Gros has led a team which has stimulated both innate and memory responses to the parasite, discovering along the way the unexpected behaviour of one particular immune cell, in Hookworm, one of the world’s most devastating tropical ... More>>

Business: Provinces Urged To Make Full Use Of New Air Services

Provincial New Zealand has been urged to use new air services to Auckland or risk losing them either partially or completely. The stark warning was issued today by Far North mayor John Carter at a ceremony at Kaitaia airport to mark the final Air ... More>>

Mobile: 2degrees To Credit All Calls And SMS To Nepal

In the wake of the devastating earthquake in Nepal in the weekend, 2degrees will be crediting all calls and SMS messages made to mobiles and landlines in Nepal from Friday 24th April until midnight Wednesday 29th April. More>>

Scoop Business: Alex Swney Pleads Guilty To $2.5M Fraud Charge

Alex Swney, former chief executive of the Auckland city centre business association Heart of the City, has pleaded guilty to dishonestly using documents to obtain $2.5 million. More>>

ALSO:

Petrol Burns Prices: Second Consecutive Quarterly Fall For CPI

The consumers price index (CPI) fell 0.3 percent in the March 2015 quarter, following a 0.2 percent fall in the December 2014 quarter, Statistics New Zealand said today. The last time the CPI showed two consecutive quarterly falls was in the December 1998 and March 1999 quarters. More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news