tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Budget Briefing Friday - click here for details Dismiss
Last Article Uploaded: Thursday, May 30th, 6:45PM

Insurance

rss
Latest Headlines

AMP offers insurance deal to stem flow of customers to bank KiwiSaver schemes

AMP is rolling out a new product which it says will "change the insurance market in New Zealand", and stem the flow of KiwiSaver members moving to banks.

Thursday, March 24th 2016, 6:00AM 1 Comment

by Susan Edmunds

The KiwiSaver provider says it is offering advisers a golden retention and upsell opportunity.

AMP is set to launch an insurance bundle called AMP Essentials on April 11. The offer will run until early June.

AMP said it was a way to make personal insurance more affordable and accessible and stem the flow of KiwiSaver members moving to banks. It said it would also generate a pipeline of leads for advisers to upsell.

An AMP Essentials policy can be issued online without medical checks, to AMP KiwiSaver members who answer two underwriting questions.

Eighteen- to 30-year-olds can get temporary disablement cover up to $2083 a month for a year, trauma cover of $10,000 and life cover of $100,000 for $11.

Those aged 31 to 39 would pay $12 for the same amounts and customers aged 40 to 47 would pay $22. The price increases for older customers and the policies only cover people aged up to 60.

Under AMP Essentials Plus, customers would get twice as much life and trauma cover and $2916 a month in temporary disablement for $17 if they are 18 to 30, $20 if they are 31 to 39 and $38 if they are 40 to 47.

“The threat of losing customers to banks is very real,” AMP said. 

“AMP Essentials offers you a practical way to stem the flow of exits.  Because it’s a benefit available only to AMP KiwiSaver Scheme customers, if a customer leaves the scheme, they lose their AMP Essentials cover. This means it may not be in the best interest of the client to simply switch without a comprehensive review.”

The offer is only available to AMP KiwiSaver Scheme members aged between 18 and 60 years old at March 21 this year.

It is not available to customers who join the scheme after 21 March 2016.

Last year, 84% of members who transferred out of the AMP KiwiSaver Scheme, went to the retail banks.

The offer ends on June 9.

Tags: AMP KiwiSaver

« Kepa to offer more focused support, faces new competition in marketSouthern Cross launches life insurance »

Special Offers

Comments from our readers

On 2 April 2016 at 11:11 am Newlands said:
(A) Whatever happened to a Needs Analysis?
(B) Advisers would go broke chasing business with such low premiums.

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

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.

Asteron Life unveils product enhancements
Asteron Life is proud to announce a series of enhancements and clarifications to multiple covers across Personal and Business Insurance product offerings, reflecting its commitment to understanding and meeting the evolving needs of customers, and making it a more seamless experience for advisers.

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