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How an Australian Startup Disrupted The Finance & Insurance Industry

Clearwater Staff

We were fortunate enough to have some time with Carly Davis, founder of Get My Refund, who took us through how this startup business not only thrived in 2020 but disrupted the finance and insurance industry in the process.

Hi Carly, thanks for talking to us today about your business Get My Refund and the journey you have been on over the past 12 months getting your new Australian business up and running. 

Would you be able to start by explaining why you started Get My Refund, what the service is that you provide, and how it is a unique offering within the Australian Market?

After many years in the Finance and Insurance industry I wanted to use my knowledge to help people that may have been subjected to the wrong doings of a finance or insurance company, and to give people the opportunity to have someone on their side fighting to claim what is right for them as an individual. We are unique as the first company in Australia to offer end-to-end service in claiming refunds from mis-sold insurance on any type of loan in Australia and irresponsible lending claims. Since 2017 I have been building this not only to be the first, but also the best.

Why do you think this is such a prevalent issue in the Australian Financial Industry, and what has been the impact on consumers?

There are billions of policies that have been sold without knowledge, or where the client would receive no benefit as it was not fit for purpose, the policies could have been on contracts that are no longer active and they no longer have the contracts. These policies were not always transparently or easily shown on the contracts, if at all, which would make it impossible to understand what you had purchased, how much in total inclusive of interest, and if you would have even been entitled to claim.
Long story short, there are billions that are owed to consumers due to this misleading and deceptive conduct.

Get My Refund provides a streamlined service to help people make claims on mis sold finance products. It would surprise many of our readers to know that this is service that has not been available to Australian Consumers. What have been the challenges of being the first in Australia to offer these services in terms of consumer take-up? 

As there has been no road to follow we have had to build the path for ourselves.
From companies push back, to obtaining licenses, and relentlessly requesting large corporations to create brand new processes to deal with the number of clients we have on board.

We have spent many months creating an online process including a portal for our clients so they can add in future claims and see the progress easily. Referral programmes, and the biggest challenge has been creating our back end software using two separate companies in the first 12 months having to give up the first time around has not only challenged us but made us very knowledgeable in this space, it has been a relentless effort to get it up and running which now allows us be extremely efficient quick in helping get the clients refunds quicker.

Your business aims to reach people who have been mis sold or irresponsibly lent finance, how has digital marketing helped you reach this audience?

It has enabled us to reach a wide range of people but to also be very specific – using adverts and to be able to educate Australia to what they are owed and the money that is out there for them, having built this before the royal commissions we saw what was coming and was able to reach out to all of those who need to know we exist and we can help them.

What have been the biggest challenges in getting this business to where it is now as an Australian market leader?

Processes and getting people to see we are not a scam and we are really getting back thousands of dollar to people who never knew it existed! it sounds too good to be true and as the first we have had to create that this is real and to be trusted to have the best interest of our clients to get back the maximum.

The business has already seen great success and growth in 2020, helping every day Australians hold the finance industry accountable. What do you see as the key reason for your recent success?

We have 100% claim rate to date, our team specialises in this and we have the knowledge more than anyone in Australia to continue this. We also love our helping our clients we have changed lives which has led to our clients referring everyone they know!

In a fast paced financial industry being able to adapt and react is key to success, how do you setup your business to respond to these challenges? Do you have any advice to share to others who are currently looking to pivot or adapt their business? See challenges as another brick to your bridge that you are building, always be looking forward and celebrate the little every day wins. All the answers are there you just have to search for them. To be transparent and clear to your clients and create advocates of your business by putting them first at all times. It really comes down to pure hard work and never giving up.

What would you like our readers to know about the Get My Refund team and what would you say to Australians who are purchasing or have purchased financial services about what to look out for when doing so?

Our team specialise in not only finance for over 30 years but insurance and claims too. Any financial contract you may have ever entered in to could have had an insurance sneaked on – from car finance contracts to credit cards home loans and personal loans, our team love to help you find these, either by requesting your information from the bank on your behalf or you can send them to us if you still have them and we can take a look. this can be in the form of statements or contracts. If you have borrowed money in the last 10 years we want to help you!

What does a successful outcome look like for a Get My Refund client and what is the impact on their lives?

We have claimed up to 20-30k on some client’s contracts for family’s having contracts they could not afford and have been struggling to feed their families! We have seen up to $20k refunds direct to the clients they had no idea after their loans have settled nearly 10 years ago! They are not able to pay of their debts, pay rent and even have money to save! We have had many happy tears at the end of our phones many times!

Get My Refund is helping more Australians claim back on incorrectly sold insurance products, how has this been received by the finance industry? I imagine there may have been some pushback or challenges arise from this. 

There has been a lot of challenges. Some of the providers work with us as we have built that trust over time, while others continue to try and contact the clients during the process hoping they will settle on a lesser amount. But that’s why we deal with it all, as once our services are initiated, we aim to get the maximum refund. We know what they are entitled to, and we intend to get that back.

What is the GMR team hoping to achieve in 2021?

We have big plans for 2021! We have been hiring in 2020! As we are growing quickly, we will be Creating more jobs in 2021. We have many marketing avenues including Radio and TV in the pipeline and intend to reach and help as many people as we can!

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