FAQs Archive | Page 17 of 17

Q: Why should I use Afirmo for my insurance needs?

Because Afirmo has partnered with a leading NZ based brokerage called RMA Financial. RMA is a full-service insurance brokerage that works with the best insurance companies in the country. These can be found here .

Q: When I use Afirmo to buy my business insurance, does Afirmo make money?

RMA financial may get commissions from insurance companies and they may pass some of these commissions to Afirmo, dependant on the insurance type and insurer. This is normal in the insurance industry and is built into insurers standard pricing so it won’t cost you anything.

Q: What is embedded insurance and how does Afirmo use it?

Embedded insurance means Afirmo can embed our insurance service into the app based on other customer activity e.g. we can tell when you have bought a new asset (based on your bank data or expense claim) and can see if you want an insurance quote - or we can see if your revenue has growth above your business interruption policy limit. This embedded nature allows us to uniquely work with you to assess your insurance needs to keep your risk down and keep you covered.

Q: What does Afirmo’s Money Tool do?

Afirmo has partnered with Bank of New Zealand (BNZ) to offer you a bank wallet account. This means that BNZ has issued Afirmo trust accounts, and Afirmo adds bank accounts under these trust accounts so you can use them to receive sales invoice receipts and save for tax bills.

Q: Why do I need to link my bank account to Afirmo?

You don’t need to - but it is very helpful if you do. By linking your bank account, or by using Afirmo’s BNZ trust account, we can then see your business bank transactions and you can either match these to sales invoice or expense claims or add a category to them in order to produce a set of accounts. Afirmo uses this data to calculate your GST and income tax liabilities. You can save for these liabilities in the app, so you stay on top of your tax liabilities.

Q: What is a business wallet?

A business wallet is a sub-account of the BNZ trust account. This means that any cash you hold with Afirmo is held in a BNZ account. Afirmo cannot access these funds as they are held on trust for you as our business customer.