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

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, July 4th, 10:30AM


Latest Headlines

AIG fights poachers

AIG Life is fighting back against other life insurance firms who maybe trying to encourage advisers to switch their clients across to a different company.

Thursday, October 16th 2008, 10:06PM
Stories have been rife, since AIG’s parent company got into trouble, that other companies were trying to poach business.

AIG Life chief executive David Pierce acknowledged that it an earlier interview with Good Returns.

He says AIG Life is aware that some insurers may be offering ‘take-over’ or ‘switch’ terms of existing AIG Life business, on a full commission basis.

He has now told advisers, brokers and policyholders that they should “be extremely careful if approached to replace AIG Life policies.”

One thing people need to be made fully aware of, he says, is that existing terms and conditions, and benefits, offered by AIG Life may not be offered by other insurers.

“AIG Life has numerous market leading benefits not replicated by other insurance companies in New Zealand – moving a client unnecessarily may result in them being denied benefits they expect.”

Pierce has urged all policyholders, regardless of their insurer, to be fully aware of impacts when changing to a new insurance provider.

He suggests, in an email to advisers, that some of the offers being made “may be based on incorrect assumptions” about AIG Life’s s strength and commitment to policyholders. Added to that he suggests “commission (is) potentially being a driving factor for these offers”.

« Recruiting young advisersHealth coverage up - slightly »

Special Offers

Commenting is closed



Printable version  


Email to a friend
Insurance Briefs

Southern Cross supports new safe haven for at-risk pets
Southern Cross Pet Insurance has teamed up with Pet Refuge to provide temporary shelter for animals affected by family violence.

nib Foundation supports Lifeline to the tune of $150,000
To support the growing mental health needs of Kiwis emerging from the Covid-19 pandemic, Lifeline Aotearoa has increased its service capacity thanks to a $150,000 grant from nib foundation, the charitable arm of nib New Zealand (nib).

Southern Cross halves staff numbers
Southern Cross Travel Insurance is slashing its staff numbers from 90 to 45 people.

Fitch runs Covid-19 ruler over industry
AIA has had its Fitch rating affirmed with a stable outlook, while Suncorp is affirmed with outlook revised to negative.

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
Site by Web Developer and