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Shake-up won't disrupt adviser business: Suncorp

Suncorp says it will retain its links with its third-party distribution network, after a structural shake-up.

Tuesday, March 8th 2016, 6:00AM

It announced last week that it is to carry out a corporate reorganisation of its New Zealand businesses.

Asteron Life, Vero and AA Life brands will sit under the Suncorp New Zealand name.

In its release detailing the new structure, including a new role for Asteron boss Nadine Tereora, Suncorp mentioned Asteron in its initial paragraph but then went on to discuss the promotion of general insurance.

There were concerns raised that the company could be signaling a move away from third-party distribution. In Australia, Suncorp last year shut its risk advice-focused Guardian Advice and Suncorp Financial Planning businesses.

But Suncorp said advisers would remain important under its new business model.

“Asteron Life and Vero Insurance are proud intermediated brands that have protected New Zealanders for more than 135 years. Both companies continue to strongly support the advice and advocacy that advisers and brokers alike provide to their clients," a spokesman said.

“We remain committed to working with our intermediated partners and customers in the life and general insurance markets. Our new model will expand choice, manage emerging risks and improve our service levels to ensure New Zealanders remain protected by the strength and breadth of our organisation.”

Tags: Asteron

« Asteron now under Vero leadershipSovereign reassurance amid CBA claims »

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