GoodReturns.co.nz - Insurance News

Asteron increases commission

Asteron has increased the commission paid to advisers’ across its entire disability income products range and its mortgage repayment cover.

Partners Life gains market share for 4th successive quarter

Partners Life continued to gain market share in the March quarter for the fourth successive quarter, although new business was down for most companies compared with both the December quarter and the March quarter last year.

Why are you so bad at recruiting?

Russell Hutchinson surveys the market to see who is recruiting advisers - and makes some startling findings.

Health insurance shortfall a bigger issue than retirement savings

New Zealanders' failure to take up health insurance will create bigger problems than any retirement savings shortfall, according to Accuro chief executive Bruce Morrison.

Another research option for advisers

Insurance advisers can now access client-specific product research ratings from price comparison website QuoteMonster.

ISO Scheme Case Studies

This months's case studies take another look at non-disclosure when the clients say "But I told my adviser/ broker..."

Insurers and adviser bodies criticised for lack of new adviser support

Insurers and adviser bodies are failing to provide adequate support to new advisers entering the profession, claims Auckland-based insurance adviser Nicola Hambly.

Health insurance coverage drops to 2005 levels

The amount of New Zealanders with health insurance fell 2% in the year to March and stands at the same level as 2005, according to figures from the Health Funds Association (HFANZ).

MDRT Minute: Better Appointments with Better Scripting

Most advisors are so caught up in the urgent and important demands driving their business that they seldom make the time to plan and organize effectively. The activity that is most needed, but is seldom employed, is thinking. This is because when it comes to planning, most don't know how to think, or where or how to begin planning.

Sovereign gives Beaton the boot

Sovereign has announced it will withdraw its participation from the Beaton Benchmarks survey, which asks advisers to rate the service and support given by life insurance providers.

It's time for advisers to lead

Russell Hutchinson says we know Kiwis are under-insured and it's now time for advisers to help fix this problem.

Asteron has change of heart

Asteron is set to adopt a new, broader definition of a heart attack in a change the company said could result in a 30%-50% increase in the number of claims paid out in relation to heart attacks.

ISO Case Studies - April 2012

This week's case studies look at non-disclosure when the clients say "But I told my adviser/ broker..."

Sovereign offers new parents free life cover for a year

Sovereign expects to pay just two or three claims resulting from their offer of $10,000 in free life cover for new parents.

FSC probe to “challenge” insurance business model

Financial Services Council (FSC) research into the country's underinsurance problem will "challenge" the insurance business model, according to chief executive Peter Neilson.

Time to promote a new social norm for life insurance

Russell Hutchinson argues advisers need to adopt a new "normal" for life insurance cover, rather than just selling the most expensive policy.

Partners Life gets a rating

New life insurance company Partners Life has received a rating from AM Best which assesses its financial strength and claims paying ability.

Support and criticism for Cigna move from unlikely sources

Cigna New Zealand’s decision to sell income protection online has drawn criticism – and support – from unlikely sources.

Insurer defends online income protection

Cigna New Zealand has launched what it says is New Zealand's first income protection insurance that can be bought online, a move described by an insurance expert as potentially "dangerous" for customers.

What will a 20 minute bank insurance product sale cost you

It is horses for courses, the saying goes. Conventional wisdom is that after spending many exhausting hours going through all the information required to apply for a home loan the consumer is exhausted, and wishes simply to leave the chamber of horrors that the plush interview-room has become. For many people any review of their financial affairs leaves them anxious, and they need a good meal and a drink to recover from it.

ISO Case Studies - March 2012

This month's case studies look at pre-existing conditions and the differences in the wording of pre-existing condition exclusions in health insurance policies.

Partners Life grows market share

We now have a complete picture of life insurance business written in the December quarter which includes Partners Life's numbers.

Customers not shaken, or stirred, by churn debate

The churn debate has been stirred up again in the wake of Investment Savings & Insurance Association (ISI) figures which revealed a drop in new business for OnePath.

OnePath's new business declines, Sovereign's surges

OnePath, formerly ING, continued to suffer declining new life insurance business in the December quarter while market leader Sovereign's share of new business surged to its highest level since the June 2010 quarter.

Partners Life mean business with new products launch

Partners Life is set to launch a range of business insurance products and has struck a deal with accounting giant Deloitte to provide forensic accounting services to advisers.

Caring comes before knowing

Most consumers don't really understand what a good insurance adviser does - so it doesn't matter what letters are placed after your name, what matters is how you explain to them what you do. This brings us back to an old industry adage: "they must know how much you care before they care how much you know".

Expected rise in earthquake stress claims fails to materialise

Three of the country’s largest insurers have yet to see any rise in stress-related claims from Christchurch, despite a counselling group in the city reporting a 100% rise in people seeking stress-related treatment.

Failed marriages create life insurance minefield

The high divorce rate in New Zealand is a reminder of the need to get life insurance policy ownership right, advisers at a OnePath seminar in Auckland were told yesterday.

Sovereign says new adviser regulations hit sales in 2011

New adviser regulations that came into force last year had a negative impact on new business sales at Sovereign, chief executive Charles Anderson says.

Quality commissions attract quality advisers, says Ballantyne

Partners Life managing director Naomi Ballantyne has taken a swipe at insurers’ who allow their products to be sold at discounted rates online.

HFANZ renews call for health insurance tax breaks

The Government must make policy changes to reverse the slide in the amount of New Zealanders with insurance cover.

Too hard to read

Can companies rely on their policy documents if there is a dispute with a client over what is covered?

Cut your commission to compete, says Sovereign

Sovereign has defended the cheaper premiums available on its products via The Warehouse website, saying advisers can compete by lowering their commission levels.

MDRT Minute: Prospecting with a New Twist

Utilising social media and talking to your top clients are two of the ways Million Dollar Round Table (MDRT) member Kerry Wallingford suggests advisers can secure new business.

Fidelity Life's rating reaffirmed

Fidelity Life Assurance has had it credit rating affirmed by AM Best on the back of strong capitlisation and consistent profitability.

New online venture offers cheaper Sovereign and OnePath cover

Insurance4Me founder Des Morgan is back with a new online insurance venture offering large first year premium discounts on Sovereign and OnePath life and health cover.

Selling through employers

I always thought selling insurance to people through their employers was the flimsiest of propositions - why would anyone talk to you about insurance in the work café, with their mates hanging around for the ‘convenience' of paying for the same thing they can buy in the plush, private, offices of the bank for the same price?

Gannon talks leads, not leaks

Leads – not leaks – is the real story of last year, according to Newpark general manager Darren Gannon.

Business insurance focus for 2012

The business insurance market is under the spotlight this year with two different initiatives to target the sector and new products.

Sovereign keeps its rating

Sovereign has has its rating from AM Best affirmed although its parent company ASB Bank had its rating lowered by one of the ratings agencies.