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 the 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, TLC Insurance 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.
Since 1998, Keith Penny as the Managing Director has seen TLC go from strength to strength. Not only has TLC survived economic shifts, but it has become 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, TLC has 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 TLC has a major ongoing responsibility to ensure that TLC’s performance and compliance in all areas are of the highest standards.
Keith Penny comments that one of the major benefits of becoming a Lloyd’s coverholder
, is that TLC is 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 was the successful negotiation with Vero Liability to underwrite the TLC liability portfolio. VL are 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, we are proud to be a truly New Zealand home grown, owned and operated organisation, supported by Lloyd’s who are recognised as the world's strongest brand of insurance.
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