Learning from the mistakes of others is the basis of the IFSO Scheme’s professional development programme for insurers and financial service providers.
Insurance & Financial Services Ombudsman Karen Stevens says the IFSO Scheme draws on 20 years’ complaint experience in their professional development programme for 4,000+ Scheme Participants.
“Our training focuses on how to improve business processes and client relationships, with an emphasis on how to prevent similar issues arising in the future. Essentially, our complaint experience and data help to prevent complaints. This is good for both the provider and their customers.”
Upcoming IFSO Scheme webinars have now been published on the IFA website and include topics such as “Common client misunderstandings about the role of their financial adviser”, which looks at how to avoid these misunderstandings and manage client expectations. Other webinars include “Evidence at claim time – what you need and what’s often missing”, “Client misunderstandings – sum insured and underinsurance”, and “How to have difficult conversations with unhappy clients”.
The IFSO Scheme partners with the Institute of Financial Advisers (IFA) and the Insurance Brokers’ Association of New Zealand (IBANZ) to provide the one hour webinars, which is continuing professional development with CPD points. “The feedback is great; you can access training from your desk wherever you are based, which is time and cost-effective, especially for financial advisers based all around the country,” says Karen.
Karen says communicationbetween advisers and their clients is a recurring theme in the complaint enquiries to the IFSO Scheme, and a focus of the webinars. Many clients say they weren’t given critical information, and sometimes they simply haven’t understood the information provided. “Improving communication and demonstrating good processes are two ways to demonstrate the value you can add for clients, while also ensuring compliance and risk protection,” says Karen.
IFSO Scheme webinars refer to real examples of IFSO Scheme complaints and the lessons that can be learned. Case studies of all complaints considered by the IFSO Scheme can be accessed from the website.