KiwiBank to fill out insurance offering
KiwiBank is set to broaden its insurance product suite as part of the strategy to become a "full financial services provider", according to the bank's head of Wealth, Tracey Berry.
Wednesday, February 3rd 2010, 9:50AM
by David Chaplin
Berry said the group has advertised for a head of ‘bancassurance' in order to spearhead the revamp of its insurance product line.
She said the position has attracted a number of "quality" candidates, however, the interviewing process has only just begun.
Currently, KiwiBank distributes a limited range of life insurance products through its relationship with Cigna Life, which Berry said would be up for review.
"We won't necessarily move away from Cigna but we want to look at how to progress and how to distribute [insurance and wealth management] products at the frontline," she said.
While KiwiBank also offers travel and home and contents insurance through distribution deals with several providers, Berry said there were significant gaps in its insurance range.
"For example, we don't have any health or income protection products," she said.
Berry said the yet-to-be-appointed head of bancassurance would have a free hand in determining the "best and most economic route" to providing a full suite of products.
She said the bank would consider acquisitions, joint ventures and internal growth strategies in order to reach its goal of becoming a full financial services provider.
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