About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds Other Sites:   depositrates.co.nz  |   landlords.co.nz
Last Article Uploaded: Tuesday, September 2nd, 11:02AM
rss
Latest Headlines

ASB to expand insurance business

ASB plans to recruit a dozen insurance managers to help expand sales of its general and life insurance products.

Thursday, August 23rd 2001, 4:50PM

The Auckland-based bank has already established a substantial insurance business, largely through selling products to customers taking out mortgages, said Mike Walsh, ASB’s group general manager of financial services and planning.

"Now we are looking to grow the non lending-related business," Walsh said.

ASB has been advertising for about 12 insurance managers to sell life and risk products manufactured by insurer Sovereign.

ASB owns Sovereign.

Though Sovereign will manage and underwrite the policies, they will be sold and branded as ASB products.

The new managers will be based around the country, and will work with groups of ASB branches handling personal and commercial customers, Walsh said.

They would mainly target ASB’s existing customers.

"We will also be launching, for our commercial and corporate customers, group life and group health. This will progressively happen over the next six months."

Walsh said ASB beefed up its managed funds distribution network about four years ago.

"That worked well, so we’re looking at a similar growth strategy for insurance."

However, he declined to say what growth targets the bank had set.

ASB expects to have the managers in place by late October.

Walsh said the remuneration packages for the managers would be similar to those introduced for investment advisers.

These packages had helped keep the bank’s retail managed funds products among the best performers for funds inflow, he said.

However, he declined to comment on remuneration levels, except to say the advisers "will be well remunerated - but they’ll earn it."

« Tower hikes health premiumsTwo down, one to go for AMP »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Strategy Thoughts

Tip from the top

Fidelity Income Protection
Changes to the wording make it easier to issue policies, but advisers should be careful about proof of income.

News Bites
Latest Comments
  • Bank advice 'an area of concern'
    “Well said Dirty Harry! In the example you used, who is to say the customer doesn't owe $5,000 to a third tier lender...”
    1 day ago by Cynical Ex-banker
  • Bank advice 'an area of concern'
    “FACT: I went into my bank to make an enquiry. After completing that I was asked if I was in K/Saver. I said I was in...”
    1 day ago by LPL
  • Bank advice 'an area of concern'
    “In other words, the true home of 'too much selling and not enough advising...’; If someone walks into a bank and says...”
    1 day ago by Dirty Harry
  • What’s the point of independent advisers?
    “Good work from Mr Berry. The “views paraphrased from the large fund manager” are ridiculous and if these views are...”
    1 day ago by Brent Sheather
  • What’s the point of independent advisers?
    “Great article. Is one of the problems also that the providers (banks/insurance companies/fund managers etc) don't offer...”
    1 day ago by btw
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 PHP Developer and eyelovedesign.com