About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Friday, May 29th, 5:56PM
rss
Latest Headlines

BNZ pushes into business insurance market

Wednesday, March 14th 2001, 2:00PM

Bank of New Zealand is making a major push in business insurance by revamping its life products and appointing specialist advisers in the main centres.

Marketing manager Nigel Fairless says there is a great opportunity for the bank in this area because of its existing relationships with small and medium sized enterprises.

"Business insurance is a natural fit for Bank of New Zealand given that the Bank is the largest lender to small and medium businesses in New Zealand," he says.

"This extension of insurance services is the next step in meeting all the financial needs of our business customers. "

He says the bank's advisers who are working in this area are already generating significant amounts of premium income for the bank.

Fairless says while the business market has great potential, many traditional life agents don't target this market because it can be a lengthy process closing deals, plus it is an area they are often uncomfortable in.

BNZ was one of the first banks to offer insurance products in New Zealand. Currently it has about 10% of the term life market, and it is aiming to be in the top three sellers within the next three years.

Fairless says the bank revamped its life products last year so they are better suited for the business market. All the policies it sells are BNZ ones, with the exception of income protection. In this area it uses AXA's contract.

BNZ's salaried business insurance specialists are Alan Perkinson and David Lewis in Auckland and Wayne Christie in Christchurch. A Wellington appointment is to be announced shortly.

« Southern Cross risks losing clearance to buy AetnaHIH collapse grim warning for privatised ACC insurance »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Strategy Thoughts
News Bites
Latest Comments
  • FMA starts major investigation into churn
    “Does anyone know if the Banks are included in this fishing exercise? And how will the FMA be able to differentiate between...”
    2 hours ago by I was wondering
  • Getting to know...Peter Leitch
    “And a thoroughly nice guy to boot. "Good on yer, Peter! We need more advisers of your ilk" (Wonder how many will scurry...”
    4 hours ago by Robert Oddy
  • Did issues paper miss opportunities?
    “This response is an attempt to get some debate going here. Angus is reported as making 3 major points here. I would grade...”
    4 hours ago by Murray Weatherston
  • Getting to know...Peter Leitch
    “Never met the Mad Butcher, I am sure he is a nice chap. I have met this Peter Leitch and he is definitely a nice chap; and...”
    4 hours ago by Giles Thorman
  • New Zealand advisers won't dodge bullet: Rickerby
    “The reality is and any decent broker knows it, Life Insurance is more of a commodity these days with guarantees of upgrade...”
    9 hours ago by Mark Ogden
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com