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Youi under ASIC (Australian Investment and Securities Commission) Investigation

Aug 29, 2016

Source: Brisbane Times, and Insurance Business Report – see links below.

Did you arrange insurance online or directly with an insurance company like Youi? Did they ask you an unnecessary amount of questions to provide you with an insurance quote? The scary thing is, the more these online/direct companies know about you, the more claims they deny. Why? Read on.

Media reports reveal overnight that many people may find themselves insured incorrectly with Youi. Due to accusations of dodgy sales tactics and defrauding customers, the South African insurer is now under investigation by the Australian Investment and Securities Commission (ASIC), according to a Fairfax report which was triggered by the media company’s own investigation.

Whistle-blowers say the company culture encouraged sales staff to defraud potential customers on a large scale by billing them for policies they never signed up for. Customers were also having their claims rejected due to a “cult-like” corporate culture that pushes staff to falsify insurance documents to make sales. Examples include, changing data, changing the colour of cars, and changing insurance history.

Further investigation has also emerged, that if you received an insurance quote through Youi, and gave your bank details, you could have potentially been billed by Youi. They were also getting away with falsifying documentation due to sending statements with limited details so new customers had no idea the information recorded, was wrong.

One spokesperson said Youi insured their investment property, which sits in an “inundated – risk of flood” zone, meaning Youi would not cover him. He had been paying his insurance premiums for over a year, realising that after checking his policy, he discovered Youi entered the wrong address on his statement, meaning if he made a claim they could have cause to dispute it.

There’s a scary sales culture within Youi, and unless you’ve reviewed your own insurance, there’s a possibility you could be underinsured, insured incorrectly or not at all.

If you need an Insurance Adviser to review your insurance, call AustBrokers Comsure today on 1800 122 194.

Want more information about this investigation, see the Brisbane Times or the Insurance Business Report

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