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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”.

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