Rabo Financial Advisors Strengthens Its Insurance Offering To The Rural Sector

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5th May 2008, 02:12pm - Views: 573





Community Rural Farming Rabobank 1 image

    

                                                                                                          



         Media Release

 







May 5, 2008

                                                                   


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Rabo Financial Advisors strengthens its insurance offering to

the rural sector



Rabo Financial Advisors (RFA) the specialist financial planning subsidiary of major rural lender

Rabobank – has moved to further deepen its knowledge of the needs of primary producers and

regional businesses in the area of personal risk insurance.


RFA commissioned leading research group DEXX&R to conduct a full review of insurance offerings

for the rural and regional sector, with the aim to find providers who could service the unique needs of

farmers and regional businesses and who recognised the difficulties often faced in meeting

underwriting requirements.


Head of Rabo Financial Advisors Colin Williams says underinsurance is a major issue throughout

Australia and the key factors which result in underinsurance nationally are often magnified in the non-

metropolitan areas.  Some of the factors contributing to underinsurance in rural Australia are a lack of

medical services in remote communities creating difficulties in obtaining medical tests required for

insurance policies, and a lack of flexibility in the underwriting processes of many of the major

insurance providers, Mr Williams noted.


“RFA has been focussing on the provision of suitable insurance of its rural and regional clients, and

their city counterparts, for some time. It has always been a challenge to find providers who can not

only play a role in both sectors, but are willing to be progressive rather than defensive underwriters,” 

he said.


As a result of the successful completion of the survey, Mr Williams said, RFA had been able to

impress upon the successful firms the need for a consultative and broader approach to the

underwriting process as well as a higher level of training for staff in the field so any potential issues

are recognised early in the process.


Managing Director of DEXX&R Mark Kachor headed up the review project on behalf of RFA and is

delighted with the results.


“There is a real need for the large insurance providers to understand the issues in the primary

production sector and regional/rural small businesses.  Many focus firmly on the professional/blue

collar workforce with the primary production sector somewhat neglected. With RFA now positioned to

work much more closely with the insurance underwriters, they can help forge closer ties to this

market,” he said.  “I am delighted to be working with such a progressive company.” 


Whilst RFA will maintain existing relationships where appropriate, they are looking forward to building

a strong footprint with the three core providers who have come through the research process - Aviva,

Asteron and CommInsure. 


“We see Aviva, Asteron and CommInsure as being an integral part of our business going forward and

will look to them to play a leading role in providing risk products to our expanding client base” Mr

Williams said.


Community Rural Farming Rabobank 2 image

    

                                                                                                          



         Media Release

 







May 5, 2008

                                                                   


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In total, nine leading life companies were surveyed on a range of product and underwriting standards

relative not only to the professional/blue collar workforce, but also in the areas of farm owner/manager

and farm workers as well as the aquaculture and mining industries.


Mr Williams said it was important throughout the whole process to be able to forge strong

relationships and service guidelines with the chosen providers. 


“There seemed little point in offering an extensive list of providers, but not having strong ties to any.  It

is an important part of the strong service standards RFA has with our clients that we pride ourselves

on the quality of the relationships we build with our clients and service providers,” he said.


“Insurance is a long-term investment and you need to be sure that when you need it the most, at the

time of claim, that the company you deal with is solid, reputable and has a top-notch claims handling

process.” 


DEXX&R has been retained to provide ongoing consultancy to RFA. 


Rabo Financial Advisors Limited ABN 46 096 538 288 AFSL 224 709 is a subsidiary of

Rabobank Australia. RFA are innovative specialists offering advisory services in investment

and personal risk protection.  RFA’s mission is to provide high quality financial advice driven

by the relationships forged with clients and delivering ongoing advice tailored to each client’s

unique needs.



Rabobank Australia is a part of the international Rabobank Group, the world’s leading

specialist in food and agribusiness banking. Rabobank has more than 100 years’ experience

providing customised banking and finance solutions to businesses involved in all aspects of

food and agribusiness.  Rabobank has a AAA credit rating and is ranked as one of the world’s

safest banks by Global Finance magazine. Rabobank operates in 43 countries, servicing the

needs of more than nine million clients worldwide through a network of more than 1500 offices

and branches. Rabobank Australia is one of Australia’s leading rural lenders and a significant

provider of business and corporate banking and financial services to the Australian food and

agribusiness sector.  The bank has 49 locations throughout Australia.


< ENDS >


Media contacts: 

Jen Reid

Public Relations

Rabobank Australia & New Zealand

Phone: (02) 8115-4861

Email: jen.reid@rabobank.com






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