After getting the opportunity to work at an insurance firm through a school leavers programme in 2006, Teru was still there 14 years later. “Before then, I didn’t even know what an insurance broker was or anything like that. So that’s how I got a foot in the door.”
He started his own Lower Hutt-based business, Time Insurance, in 2019. Helping people is his biggest motivation. “I enjoy being able to help my clients, particularly those who have suffered from financial loss. It’s nice to be able to assist people during those challenging times in their lives.”
Teru, who is of Samoan descent, currently has three employees and plans to expand his services across the country and encourage more Māori and Pacific peoples into the industry. “I would love to bring in a few more young advisors to give them a platform to use and an opportunity to grow – and they could potentially run their own businesses as well.”
To become a financial advisor, Teru says qualifications are essential. “One of my advisors has just started his New Zealand Certificate in Financial Services (level 5) and he’s been working for me for the last three years. He’s got the experience but it’s just about getting him qualified now. I want to encourage young people coming through to complete that qualification, so they can fully understand the industry. Because for me, I didn’t really know much about insurance initially, so knowing there is a qualification is a great tool to start with.
Alongside formal qualifications, Teru looks for employees who are ‘people-orientated’ and enjoy building and maintaining relationships. “You’ve also got to hold really high standards, particularly in this industry – it’s small and everyone knows everyone.”
As well as completing his New Zealand Certificate in Financial Services (level 5), Teru has a Diploma in General Insurance, and a Diploma in Business Management.
The insurance industry tends to be portrayed negatively in the media, says Teru, and he would like to see that narrative change and for people to have a better understanding of insurance in general. “I’ve got many, many stories from my clients who have benefitted from being insured, such as businesses potentially failing after suffering a loss and having insurance in place has saved them from going into bankruptcy.”
Having an insurance broker who you can put your trust in is valuable, especially for those who find insurance hard to understand. “People don’t want to read a 30-page policy wording and know exactly how everything works. They just want to be able to call you up for some advice, to get that peace of mind, like ‘Teru’s got it all sorted’.”
