‘The Insurance Guru’

During her formal employment days she was known as a ‘Guru.’ She has been a mentor to many who needed her help in the insurance industry and a unique problem solver. Let me introduce to you, Ms Florence Galo, ANZIIF Senior Associate CIP (since 2000) who is currently contracted to two Insurance Brokers: Anitua Broking Services and Marsh Ltd that operate under her own brand or trademark, The Insurance Guru. She is a single parent to two (2) children; a daughter, 26 years of age, and a son, 15 years of age. She hails from Parom, a village in Hawain along the West Coast of East Sepik Province. Ms Galo recently retired from a full time employment in the insurance industry, after 28 years. She started work in 1989, as an accounts clerk, with the former NIC (Niugini Insurance Corporation) now known as Pacific MMI Insurance LTD after graduating from the PNG University of Technology, Lae, with a Diploma in Commerce. She had decided that it was time to leave school and earn some money then. It looked like a wrong move back then, but in hindsight, now looking back; it was actually the right move. Ms Galo says she cannot imagine what her life would have been like now as a Certified Accountant. And she would not trade her life experiences in the insurance industry for it. She jokingly said; “even though I was trained to be an accountant, don’t ask me anything about it now, because apart from the basics, I would not have a clue.” Ms Galo moved on to experience all facets of the insurance industry. She was a trainee underwriter with the former MBf Assurance Ltd. A Claims Supervisor with the former PAPA, now the Capital Group. A Corporate Claims Officer with Pacific MMI Insurance Ltd. Team Leader – Claims with TOWER Insurance (PNG) Ltd. She also had a stint as a Broker with Marsh Ltd as a Claims Supervisor. Then a Senior Claims Examiner with AIG PNG Ltd and then Claims Manager with Southern Cross Assurance Ltd. She took a 3 year break after MBf Assurance Ltd when she had her daughter. Then she took a 2 year break after TOWER Insurance (PNG) Ltd. It was her first attempt at retirement, but she was too young and got easily bored. She is now at ease with retirement and from her years of experience; she has now decided to pursue her passion in educating Papua New Guineans about the benefits of insurance. Ms Galo explained that insurance is a life essential and is the security that you can fall back on, when you suffer a loss. Whatever type of loss it is, there is a form of insurance that is available to cater for it. Outlining the benefits of insurance she said, “people suffer a lot of catastrophic loses without basic insurance knowledge of the benefits it can give them. Insurance as a life essential, offers you protection and subsequently ease when you experience a loss. When you own assets, you must insure them.” “If you own a home, and there is a fire that completely destroys it, if you have insurance, you have not lost everything. If you own a business and suffer a loss, and if you have insurance, you can make a claim for everything you have insured like, property, money, damages due to theft or burglary, loss of profits, to name a few. “Insure your workforce, that if there is an accident at work and an employee is injured; medical expenses, income for time off work, disability compensation and even death benefits to his or her dependants are covered under Workers Compensation insurance. Whilst carrying out your business and there is damage to a third-party property, or a person due to your products, or when they are customers on your business premises, public liability and product liability insurance is available. “Sometimes, you might hear on the news that a product has been recalled due to some defects or contamination; that is product liability. Examples of public liability is; if your client comes into your office and slips on a wet floor and suffers some injury or if your vehicle crashes into a person’s yard and damages their fence. “Professionals who provide advice or services that causes a loss to a third party need to be insured for Professional Indemnity. Doctors and Lawyers especially, require this form of insurance. Otherwise other professionals like architects, surveyors, and insurance brokers to name a few, require this insurance as well. “Fidelity Guarantee is available also. This insurance is a form of protection against fraud or misappropriation of funds by your employees. “There is Marine Cargo and Transit cover also. Despite the word ‘marine’, it applies to land, sea and air. It comes into effect when the cargo you send, leaves your place of business and ends when it reaches the destination, or the receiver’s address. “However, there is also Marine Hull insurance. It provides cover for ships, yachts, ferries and other vessels that are used on the water. There are Engineering insurances available too. Contractors All Risk (CAR) is cover provided to a construction project from Greenfield, to the finished product and also from breaking ground to a constructed building or a bridge or a sealed road. It depends on the specifics of the project. “There is also Machinery Breakdown Insurance. It literally means breakdown to the machinery due to a fault or another issue. There is Boiler Explosion Insurance, covers you for Boiler Explosion, Fusion Insurance covers you for fusion to your assets especially electrical; motherboards or switches. “Currently, Port Moresby is experiencing a spate of car-jacking. You would not need to run after, or chase armed men, putting your own life at risk, trying to get your car back, if you have motor vehicle insurance. Let them take it. And whether the motor vehicle is recovered damaged or not recovered at all, if you have insurance on the vehicle, there will be some ease from the insurance company. “Insurance will repair the vehicle if recovered and damaged or provide you with some financial settlement, if the vehicle is not recovered. Some finance to assist you to replace the total loss of the stolen vehicle that was not recovered,” Ms Galo explained. She stated that when she was employed, her conditions of employment included medical cover. But now self-employed, she was careful that she and her children did not get sick, because she did not know that there was medical cover available to anyone, other than from what the employer sponsored. “There is a misconception that premiums can be high. But a misconception it is. Premium is charged, taking into consideration the type of risk you are insuring. Personal insurance rates are different from business rates. “For example, the rate of premium charged for a motor vehicle is different from a rate charged for a home. The rate charged for a home you are living in, is different from the rate charged for a home you are renting out or, the rate charged for a building used for commercial purposes. If you are not sure if the premium is right, feel free to discuss it. Eventually, the correct premium will always be charged,” she said. “I would encourage all those involved in SMEs or any small to large business to get in touch with me and see how I can assist with the services I provide,” Ms Galo said. If she has to give a word of advice to other budding entrepreneurs this is what she had to say; “believe in yourself. Self-doubt will stop you from reaching your goals. And when you have decided what the goal is, act on it. When you delay, you stand a chance of talking yourself out of it…” Whatever type of insurance cover you need, you need to get in touch with Ms Galo to discuss it. There is no business too big or too small. Personal or business, you need insurance for your ease, in the event of a loss. Ms Galo has a vision to set up a shop front, where people can just walk in for a cup of coffee or tea, and ask for help to insure their house or car, or businesses. She doesn’t charge any fees to her customers at all. She only gives advice for her customers to pay their premiums and do necessary arrangements to assist customers on how to get premium funding as well. For now, she operates out of her home and can also be contacted via The Insurance Guru Facebook page or the writer’s email: surumba@gmail.com/noveltycreations3@gmail.com.