Partners Life says sales better than expected

Partners Life says sales in its first three weeks of operation have been much higher than expected.

Wednesday, May 18th 2011, 12:13PM 3 Comments

Chief executive Naomi Ballantyne says that the company has received proposals which total more than $1 million of API in its first three weeks and that the applications have been for bigger sums than expected.

She says the applications have been five times higher than what they were expecting at this point in time.

"The volumes are unbelievable," she says. "We couldn't have had a better start."

The biggest percentage of applications have been from combined life and trauma cover.  There has not high demand for standalone medical cover and around half of the combined applications also had income protection.

Ballantyne says around 50% of the applications are new business. There has been replacement business written and the company follows the Investment Savings and Insurance Association's business replacement guidelines.

Partners Life has had a few hiccups with its quotes system to start with but that has been ironed out, she says.

It has changed some wordings on its policies since the roadshow it did to advisers and has also changed its loyalty discounts.

A key change is that it said a client loyalty discount will take effect at the third anniversary of a policy. Based on further analysis of rates, it will now be kicking in the loyalty discount from the second anniversary.

It has also strengthened the qualification for a benefit under MS to include a measurement of 7.5 under EDSS for multiple sclerosis.

Currently Partners Life has 18 employees and is looking to take on more staff as it grows. However marketing manager Pauline Prescott has left the business.

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Comments from our readers

On 16 June 2011 at 3:35 pm Consumer Eyes said:
Changing wordings and terms and conditions in policies already, after selling it on prior wordings - marvellous - just what Sovereign did to dork the policyholder over time. Join the dots and figure out how the insurer makes its profits over time. Simple - change the wordings and apply retrospectively. Bad bad people.
On 6 July 2011 at 10:56 am Johnny Adviser said:
Hate to burst your cynical bubble, but these changes have the made the product better for the consumer.
On 10 August 2011 at 9:01 pm billy the broker said:
How long will it be before they sell the company and they get renamed and the higher powers make a killing again. Does this seem a larger version of churning/twisting?? You have to laugh at the cynicism, just makes you shake your head at the industry. And the gall of it they want us, the broker to clean our act up. Shame board members, shame on you;(
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