Referrer and Broker Obligations
Friendly suggestions on how to ensure you promote the Referral Partnership with your clients/members and
follow regulatory guidelines:
Within our partnership agreement, both the Broker (AB Phillips) and Referrer (you), are bound by the Privacy Act 1988 & the Australian Privacy Principals. The Privacy Act stipulates that as a ‘referrer’, you are communicating to your clients the following:
When speaking with them verbally or emailing them and recommending our products & Services, you mention there is a referral agreement in place between you (the Referrer), and us (AB Phillips). As a part of that agreement, there may be times clients may be contacted by your Partners for marketing purposes, in accordance with the Australian Privacy Principals.
We have attached for you below a sample of what you could say when recommending our products and services, including some sample content when speaking with your clients verbally / via written communication.
If you have any questions in relation to our examples, please do not hesitate to contact us.
Example script:
We have been working with AB Phillips for over 8 years and recommend them as our preferred insurance supplier for all [insert your business or Association name here] members / clients.
They have access to insurance deals unavailable to the direct market and will work with you to obtain you the most appropriate and quality coverage.
They support [insert your business or Association name here] through sponsorship funds and through pre-agreed referral fees. AB Phillips shares some of the profits generated from insurance sales with our business / Association at no additional cost to our members.
As a client / member of [insert your business or Association name here], you may be contacted by our partners from time to time, to ensure you are aware of the great benefits they can provide you and your business.
From our perspective it’s a win-win situation, as we continue to provide our members with additional value with great offers from our partners.
Rules:
Verbal Recommendation: Requirements stipulate that if recommending AB Phillips to your members verbally, you also need to verbally notify your members of the referral agreement between your business/Association and AB Phillips. Amounts do not need to be stipulated, and confirmation that this service is at no additional cost to the client/member can be confirmed (referral fees paid out of income from AB Phillips).
Example: [insert your business or Association name here] may receive a referral fee for insurance purchased as a result of this referral. AB Phillips support [insert your business or Association name here] through sponsorship funds and also through pre-agreed referral fees. AB Phillips shares some of the profits generated from insurance sales with [insert your business or Association name here] at no additional cost to our members.
Email Recommendation: Requirements stipulate that if recommending AB Phillips to your members via email, you also need to notify them via email of the referral agreement your business/Association and AB Phillips. Amounts do not need to be stipulated, and confirmation that this service is at no additional cost to the client/member can be confirmed (referral fees paid out of income from AB Phillips).
Example: [insert your business or Association name here] may receive a referral fee for insurance purchased as a result of this referral. This service does not result in any additional charge to the you, the client/member. We recommend and support the products and services provided by AB Phillips.
WHAT NOT TO DO:
- Circulate copy of agreement
- Confirm insurance will be in place and take accountability of promising cover
- act for and on behalf of AB Phillips