|        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Friday, February 23rd, 6:40PM


Latest Headlines

AMP plays catch up

The trend towards pick’n’mix life insurance continues with AMP unveiling its own modular risk product.

Wednesday, September 19th 2001, 8:43PM

In an attempt to "catch-up" with competitors who have already moved to modular products, AMP has launched Lifetrack.

Like other modular products, Lifetrack allows customers to have one policy but to pick and choose what cover they want.

This approach "seems to be the way market is going", AMP manager risk products Jo Greening says.

And in an effort to regain the initiative from rivals, AMP has aggressively cut its prices.

"For term product over $300,000 we’ve dropped the price considerably," Greening says.

"We aimed to be in the top three for pricing and we’ve achieved that."

As well as reducing documentation, the modular approach makes it easier for customers to adjust their policies as their needs change.

Cover available under Lifetrack includes death, disablement, crisis and income protection. Also offered is a home loan protection product that includes some cover for redundancy.

The new product was launched to advisers and brokers in August, and is now being sold to clients, Greening says.

"The initial response has been pretty good. The product was rated highly by (Australian research house) PlanTech Consulting."

Greening says to a certain extent AMP has been playing "catch up" with competitors, may of whom had already introduced a modular life product.

However, the company had been working on its offering for some time.

The target market is 35-55 year-olds wanting cover of more than $300,000.

"This is where we are most competitive," Greening says.

« WTC claims will be big, but not cripplingMore health premium rises »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

nib adds specialist skills to its board
Two new board appointments at health insurer nib add new perspectives, chairman says.

nib gets new CFO
Alvin Soh has joined nib New Zealand as its chief financial officer. Heh is a chartered accountant with more than 20 years of commercial experience in leadership roles.

AIA kicks off footie campaign
AIA NZ has launched a campaign, offering New Zealanders the opportunity to win a trip for two to see Tottenham Hotspur play in London.

AIA Vitality numbers
AIA says its Vitality programme now 50,000 members and they have recorded material health improvements, demonstrating the gains that can be made when we take charge of our wellbeing.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
Site by Web Developer and