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: Monday, June 24th, 6:35PM

Insurance

rss
Latest Headlines

Regulation should be carrot and stick: Cameron

Any moves towards more regulation in New Zealand should consider the entire regulatory framework, not just what consumers want, AIA’s chief executive says.

Thursday, September 17th 2015, 6:00AM

by Susan Edmunds

AIA NZ boss Natalie Cameron said not doing that could mean New Zealand ended up with regulation that stifled the industry but did not help facilitate it.

It comes as her counterparts in Australia note a growing amount of insurance business being written through platforms, as advisers deal with regulation and a preference from clients for online access to their financial products.

“Advisers are increasingly finding platforms a simpler option to streamline administration and business efficiencies, while also providing easy access to client premium and claim data at the touch of a button,” said Pina Sciarrone, AIA Australia’s chief retail insurance officer.

AIA is running a discount campaign to reward advisers who write risk business through platforms in Australia.

Cameron said platform sales were set to make up 40% of insurance sales in Australia and that was likely to keep growing.

“The insurance is aggregated with super and investments, so it’s administratively easier for the adviser and the adviser can look at the client’s situation holistically in the one system.  Tax effectiveness is a great benefit and reduces the cost of insurance for clients, as premiums are not coming out of the client’s pocket but rather from their platform contributions.”

She said it also opened up a new channel for financial planners and investment advisers to sell risk because they were already using a platform to manage investments.

“But it is really the retail super platforms that enable this in Australia.  Without the tax concessions on super in NZ, one of those key benefits does not exist.  That’s not to say it won’t still grow due to the other factors but it is one of the examples of the way in which we have neither the carrot (tax incentives, for example) nor the stick (heavy restrictions on advice and commissions, for example). If we move towards greater regulation here, I would call for consideration of the whole regulatory framework. Not doing that could mean we end up with regulation that stifles the industry but that does not help facilitate it – which is ultimately at the cost of ordinary Kiwis, whose access to advice and protection will suffer. “

Tags: AIA financial advisers

« No advice insurance business valued at $4 millionNew advisor group with a difference »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

PIC Insurance Brokers partners with RE/MAX New Zealand
PIC Insurance Brokers has entered into a new strategic partnership with real estate company RE/MAX New Zealand as the exclusive insurance broker.

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.

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