Youi Accepts Penalty Following CC’s Investigation

YOUI ACCEPTS PENALTY FOLLOWING NZ COMMERCE COMMISSION’S INVESTIGATION

At a sentencing hearing today, Youi accepted the Auckland District Court’s fine on Fair Trading Act charges for errors the company made in relation to its website and sales processes.

Youi publicly apologised and to address the issues that the Commission’s investigation raised, has already restructured systems, processes and employee incentives to improve customer service.

It has fully refunded all customers to whom policies were inappropriately issued from July 2014 (when Youi started its business in New Zealand) to date; the number of customers affected was less than 0.2% of policies issued for the same period.

CEO Danie Matthee said the sentencing hearing concludes the Commission’s investigation and Youi is looking forward to continuing to provide much needed competition in the New Zealand insurance market.

“While this behaviour was never condoned by the company, we have acknowledged that errors were made and that even one error of this nature was too many,” Mr Matthee said.

He added, “We cooperated fully with the Commerce Commission which acknowledged our “cooperation, remorse and remedial steps”. We are confident that our restructured systems and processes mean the issues won’t happen again.”

“Our focus now is to continue to grow our New Zealand business and provide awesome service to our 50,000 plus customers, thousands of whom have had their say and posted feedback on the Youi Wall (www.youi.co.nz/wall) which reflects an overall customer satisfaction rating of 91%.”

“We are also committed to the almost 400 Kiwis we employ locally, and the broader insurance market where Youi provides much needed product differentiation and price competition.”

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