AIG boss outlines plans for NZ business
One of the first things AIG Life's new chief executive, David Pierce, will do is to launch a new initiative, which he describes as "a first for the New Zealand market."
Monday, November 12th 2007, 10:55AM
Pierce decided to take up the top job with AIG Life in New Zealand as there is " enormous opportunity for both AIG Life and the New Zealand insurance industry."
"The company here is in an exciting development phase, and we're going to be introducing initiatives soon that I believe will resonate with Kiwis, who have traditionally been underinsured," Pierce says.
"Life and health insurance is an emotional topic for many people, and I'm looking forward to engaging with New Zealanders and finding solutions that work for individuals and their loved ones."
As a former insurance agent in his native United States ("I'm proud that I once sold life insurance to put shoes on my children's feet"), he has a deep understanding of the needs of consumers and the challenges facing advisers, and says his vision as CEO is to make the company the risk provider of choice for both groups.
"The New Zealand insurance industry is somewhat unique in its almost exclusive focus on risk provision," Pierce says. "Covering risk and protecting your loved ones is what health and life insurance is all about. However, the trend overseas has been for insurance to merge into investment, with advisers selling products that provide a return. I believe the best thing for consumers – both for the best insurance plan, and the best investment plan – is to keep the two separate, and AIG Life will continue to do this as it develops its product offering."
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