tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, June 15th, 8:37PM

Insurance

rss
Latest Headlines

Sovereign launches a first

Sovereign's new underwriting guide is designed to speed up the insurance writing process.

Friday, December 6th 2002, 8:14AM

by Sue Allen

In a bid to help speed up and streamline the process of getting insurance, Sovereign has recently published what it thinks is the first financial underwriting guide to help advisers in New Zealand.

The guide, a "how to" manual in calculating appropriate levels of cover, was launched in September and chief underwriter, Stephen Potter, says feedback so far has been positive.

"The response from advisers has been that it’s answering a lot of questions which were out there. But there are always more questions and new products, so we may aim to update it early in the New Year."

The guide sets out the methodology used by underwriters in calculating cover for Sovereign’s range of products from life cover and disability income to locum cover, business overheads and key person protection.

But Potter says he is sure the principles will be used and applied by advisers working with other products from other companies.

"It sets out guidelines about what we, as underwriters, will and won’t cover and what information we need when doing that. It’s not a rulebook, it just states our methodology in valuing things and explains our thinking.

"There are some large sums out there people want written and as underwriters we need to know the justification for insuring that sum because insurance is only designed to re-establish the status quo. The bigger the sum, or the more complex the arrangement, for example in business cover, the more complex the issue becomes and the more information we need to have to work out the figure."

One of the guide’s main aims is to help speed up the process for clients and advisers.

Potter says as the industry and products become more complex, the levels of information needed also become more detailed.

"That level of detail and complexity in information we need can act as a barrier to getting policies issued. What we hope this will do is help advisers go in armed with the knowledge about what we will need so they can collect it more quickly and reduce delays."

« Women finally reach parity with men in insuranceIRD reaches agreement with insurers »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

New customers get 3-months' premium-free on Fidelity Life
Fidelity Life has announced a special offer to cover new customers’ premiums for the first 3-months of their policies.

Premium relief for customers in drought areas
Fidelity Life offers premium relief to drought-affected customers

Fidelity Life relaunches customer engagement initiative
Once again Fidelity Life wants to recognise advisers who go above and beyond to deliver amazing customer service.

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

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 eyelovedesign.com
x