Fidelity's new boss rings in the changes

Fidelity Life's new chief executive Nadine Tereora has made a number of key management changes to prepare the company for the future.

Tuesday, December 13th 2016, 8:26AM

Nadine Tereora

Tereora has been in the role for eight weeks now and decided to make the changes earlier rather than latter as it has been a long transition period between Milton Jenning's retirement and her start date.

Ed Eadie, who was the acting chief executive during this period, will take on a broader role in the restructure. He continues as Chief Financial Officer, but his role now includes strategy, corporate and legal services, business systems and technology, together with actuarial operations.

The independent role of Appointed Actuary will continue to be led by John Smith, with a reporting line to the Tereora.

The big changes are that the roles of Chief Marketing Officer and National Sales Manager roles, held by Ian Moody and Peter Mensah respectively, have been disestablished.

Two new positions have been formed including Chief Customer Officer, with broader responsibility for leading all aspects of future customer strategy across the business, and Chief Distribution Officer, focused on driving the company’s unified multichannel distribution strategy, including Retail, Group and Strategic Alliances.

Tereora says these roles have not been filled yet.

She says the changes are to make sure Fidelity is "focused on ensuring both advisers and customers are elevated within the business."

Currently the company's sales functions are split in two and the purpose of these changes is to bring sales, which includes advisers and alliances, under one person. Tereora says will be "a far more cohesive approach."

The Chief Customer role is all about looking after policyholders. Tereora says Fidelity has no intention of developing a direct sales strategy.

She says New Zealand is too small for this. "There is no way I would drive a direct strategy as a point of difference."

Here view is that life companies are not particularly good at communicating with policyholders. Under her watch policyholders will be better looked after and this will "help advisers fulfil the proposition they have sold to the customer."

Risk and compliance has also been elevated within the business, with Head of Risk and Compliance Anna Black now reporting to the Tereora and sitting on the leadership team.

“It’s about putting the right structure in place for the future to ensure we deliver on our strategic ambition and continue our strong growth,” Tereora says.

“Our focus is to make sure we have the people and necessary resources in place to provide our advisers with the strategic support they require, and ultimately deliver the best outcomes for customers.

“The industry is facing some of the biggest changes and reforms in its history, but more than ever before the company is well poised to move towards a new era with confidence and assertion. This new operating structure is focused on building a strong future for Fidelity Life – for our advisers and customers.”

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