The TLC Story

TLC is a success story for the NZ insurance market.

TLC is a company that has developed from within NZ. Unlike other new insurers and underwriting agencies (mostly with foreign ownership) who set upon NZ shores with great intent to enter the local market with cheap rates in order to buy their market share, TLC initiated itself on a basic insurance concept addressing the needs of a specific niche in the insurance market for Contractors.

The concept was simple;

• “Insure Plant as Plant”
• “Insure Vehicles as Vehicles”

These are two completely different risks that should be insured as such.

It was also filling a need in the market after realisation that the general insurers were unable to provide the degree of specialisation and focus that could be naturally produced by an agency devoted and committed to one particular section of the market.

The proof has been in the pudding and where other insurers have come and gone over the past 12 years, TLC has stood the test of time. While not claiming to be the cheapest on the market, TLC believes its reason for success over the years is based on a consistent underwriting approach which has developed a strong and loyal group of clients and brokers as the foundation and platform to TLC as a company.

The company was established initially by some local insurance brokers who saw merit in creating not just another ‘insurance facility’ but by taking that extra step in creating a formal underwriting agency. That ‘underwriting agency’ was the first and only in the country at the time (which specifically accommodated Contractors Mobile Plant business), and has since stood the test of time to remain as such.

Over recent times, many of the large general insurers have moved to monopolise the market by acquisition or, as in TLC’s case, termination - thus creating less options for the consumer and the broker market. TLC has successfully reversed this trend by reinventing itself as a new significant option for the market. In doing so, TLC has also removed itself from the vulnerable structure of the past whereby it was at the mercy of a large local insurer whose corporate objectives were subject to change at any time.

Since 1998, Keith Penny as the Managing Director has seen TLC go from strength to strength. While challenged by the corporate decision of Lumley over recent times, he appreciates the platform that Lumley provided over the years and the opportunity that has now prevailed for TLC to stand firmly on its own two feet as a NZ bred organisation established specifically for the NZ Contractors insurance market

Not only has TLC survived, but it has recreated itself as a ‘Lloyd’s Coverholder’. For the uninitiated, this is not just another ‘agency’ or just another ‘player’ in the market. A ‘Lloyd’s Coverholder’ represents the ultimate insurance achievement for a developing successful underwriting agency.

Rather than being a mere agent of a local general insurer as in the past, TLC has now being given the authority of Lloyd’s to bind business and settle claims on their behalf. Lloyd’s has long been recognised as the strongest brand of insurance throughout the world and now TLC has a major responsibility to ensure that TLC’s performance and compliance in all areas are of the highest standards.

It is interesting to note that Lloyd’s is a world market (a collection of syndicates rather than just one company) that has been established with 300 years of tradition behind it yet bases its future success upon proven innovation and specialisation. TLC is most fortunate that Lloyd’s has chosen to recognise TLC’s profitable underwriting performance over the past decade together with it’s innovative and specialised approach to the NZ insurance market.

Keith Penny comments that one of the major benefits of becoming a Lloyd’s coverholder, is that TLC is now able to take direct responsibility for its own claims performance;

“Claims is our key area of focus and the backbone of our business. With this in mind we can build policies, create procedures and train our people to make claims the best possible experience for our customers. The success of TLC will be measured by our ability to constantly maintain and improve our claims service”.

Another major underwriting coup for TLC has been the successful negotiation with Vero Liability to underwrite the TLC liability portfolio. VL are the without question the market leader within NZ liability market. Their experience, expertise and people has given TLC significantly more strength in relation to our liability products and our ability to service claims for customers and brokers.

After all is said and done over the past 12 years, this exciting new underwriting platform is now in position for TLC to proudly take its place within the New Zealand insurance market. A truly New Zealand home grown, owned and operated organisation now supported by Lloyd’s recognised as the world's strongest brand of insurance.