YOUI NZ Pty Limited is a South African insurer that is slowly making its way up to the ladder in the business community of New Zealand. However, YOUI was not exempted in bad publicity. Just two years after YOUI was introduced to the public, the company was fined $320,000 in 2016 for breaching some Fair-Trading Act.
They were guilty of telling their customers that they need to provide their bank details for YOUI to give them a quote. What happened is, the customers’ accounts were debited without their permission and some were invoiced for insurance policies without their knowledge. However, YOUI was able to rise from this scandal and now, it’s one of the top insurance companies in New Zealand.
YOUI NZ Pty Limited is an insurance company that is run by its own policies. They are working under the regulations of the Reserve Bank of New Zealand (RBNZ), and the FMA or the Financial Markets Authority. They make it a point to comply with the Fair Insurance code since they are a member of the Insurance Council or the ICNZ. The company is owned by the Youi Holdings Pt. Ltd and us a subsidiary of OUTsurance International Holdings Pty Ltd. Their products currently include:
- Car, Motorcycle and Caravan and Trailer
- Home Buildings and its Contents
Youi NZ Pty Limited has a Financial Strength Rating of B++. These ratings are issued by A.M. Best. B++ Rating for Financial Strength is “Good.” Below is the summary for you to better understand the rating scale.
- A++ or A+ (Superior)
- A or A- (Excellent)
- B++ or B+ (Good)
- B or B- (Fair)
- C++ or C+ (Marginal)
- C or C- (Weak)
- D (Poor)
- E (Under Regulatory Supervision)
- F (In Liquidation)
- S (Suspended)
With the YOUI financial strength rating, it goes to show that even the company is still new, their quality of service is already creating a positive response from their customers.
Fair Insurance Code.
This is an industry commitment which aims to raise the standard of service to every customer. Youi is holding on to these standards for them to provide efficient and high-quality service to the community as well as the company’s policyholders to provide general insurance. Their career opportunities have also grown which is the reason why there is a rise in Youi NZ boosts jobs.
YOUI has proven that they are a trustworthy insurance company, all throughout these years. Despite the flaws at the first few years of their business, they were able to surpass from that downfall and has slowly gained the trust from their customers.