Scheduled maintenance is planned for June 13 at 4pm, during which time the site will be temporarily unavailable.
Hi Team,
Feels like an age has passed since I last wrote one of these – Alice was kind enough to help with the last yarn, so hopefully you all got something out of that 😊 We’re back from our work conference, recharged, full of knowledge and ready to get stuck back into it.
This month, I wanted to talk a little bit about Funders. Most of you use one, but there can be some confusion about what exactly a funder does, why we use them, and how they work in relation to your insurance.
Let’s start at the beginning: When we give you an invoice for your insurance, you have two ways to make payment – you can either pay said invoice in full, or you can pay it monthly.
Paying it in full is easy, you can make a bank transfer or pay by credit card – no additional costs, sorted.
Paying it monthly doesn’t mean you set up an automatic payment and pay it off throughout the year, however. Your insurance invoice must be settled in full, at the start of your policy (few reasons being, but mainly to avoid disputes around claim time with money owed, and payments being stopped after a claim). This is where a funder comes in.
The funder will pay the insurance premium on your behalf, in full. This means your policy is bound and in place, you then pay the funder back via a direct debit arrangement, over the course of the year – this is why there is a small amount of interest that applies to this method, they need a viable business model, as do we all, so the interest means they’re able to continue do what they do and cover some of that risk.
We use three funders – Elantis, iQumulate and Hunter, who you’re with will depend on your circumstances and who we’ve deemed to be the best option for you, these are also the names that will show up in your bank statements: they’re not your insurer and they’re not your broker.
You’re welcome to reply to their emails notifying you of changes etc. as more often than not the funder will come back to us if they’re unsure – but in most cases, it’s easier to ask us if about why you’ve received a certain email, if you have questions about your policies or if you need to make any changes to accounts.
If you have any specific questions about funders, feel free to just reply to this email and ask 😊
In other Caveo news, we’re having interviews this week to find our new Claims and Admin Superstar, so keep an eye out on next month's yarn for any updates in that space.
Our next Business Owner’s Series is coming up on the 28th of August and is for property investors. Check out the details here.
Please come along and share to who you know that may enjoy these events!
Alice and I are off to yet another conference next week in Rotorua with Insurance Advisernet, then that’s us until Christmas – we’re on the home stretch now, less than 3 months now until we start to hear the sweet velvety pipes of Michael Bublé echoing throughout the lands, don’t act like you’re not excited!
To send you off, here’s a cute photo of Caveo at a recent overseas conference. Give your dog a pat for me, and I’ll talk to you again next month!
Cheers,
Joshua
Joshua Rhind | General Manager & Adviser
Caveo - powered by Velocity Financial
38 Vivian Street, Te Aro, Wellington
M: 027 384 6444
The information shared in this post is meant to be general guide to support you on your journey. When making important decisions about your finances, we encourage you to seek independent financial advice first, tailored to your unique situation. As well as talking with a financial adviser, make sure you talk to your lawyer and accountant too – together they'll help you find the best solution for your specific situation. Our knowledgeable financial advisers are here to help. Check out our website for the details about our financial advisory services in our disclosures https://www.velocityfinancial.co.nz/disclosure-statement.