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Asteron keeps focus on sustainability

Asteron Life says it has the best insurance retention rates in New Zealand due to its focus on sustainability.

Thursday, August 11th 2016, 6:00AM

by Susan Edmunds

Cris Knell

Suncorp New Zealand has released its 2016 full-year results, showing a net profit after tax of A$1.04 billion ($1.11b)

The New Zealand life business, which consists of Asteron Life and AA Life, grew its in-force portfolio by 8% to $230 million.

Cris Knell, executive general manager of distribution at Suncorp New Zealand, said that was due to its sustainable relationships with advisers and customer-retention strategy.

It has also introduced measures to address affordability, including launching a major trauma benefit and workability cover in disability insurance, offering bundling discounts and restructuring income protection cover.

“Asteron Life is very focussed on sustainable advice, sustainable product design, pricing and commission structures,” Knell said.

“The recent FMA review on insurance churn stressed the need for advisers to act in the best interest of their clients at all times but as an industry we need to keep the conversation going, and work with advisers to deliver the best outcomes for policyholders.

“We put an emphasis on hybrid and level commission models, rather than upfront, commissions. 40% of all new business written by Asteron Life is sold under our hybrid or level models.”

Knell said Asteron was working closely with advisers to find ways to use technology to deliver new solutions for clients.

“Asteron Life has committed itself to actively collaborating with advisers in various formats to build new and innovative product solutions and technologies,” he said.

He cited the website’s live chat function, which he said offered flexibility in how advisers and customers could contact the insurer.

Tags: Asteron

« Kiwi company attracts $200 million global investmentFMA launches next stage of churn probe »

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