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Cigna: Adviser channel an exciting change

Cigna chief executive Gail Costa says the addition of the adviser channel will mean positive changes for her business.

Tuesday, November 20th 2018, 9:41AM

Cigna will formally take over the OnePath business from ANZ from November 30.

It marks the first time Cigna in New Zealand has had a third-party distribution channel.

Costa said, for the time being, there would be two brands in the market. “We need to do some considered research before we move forward.”

Advisers should expect to see a “couple of initiatives” in the short-term, she said, although she could not reveal what they were. They should experience more communication and contact with the insurer, she said.

Cigna was working on shaping its strategy for the adviser channel and had held roadshows, collecting feedback from advisers about what they wanted to see more and less of.

“There’s a long list of ideas, we’ll pick the right ones we want to invest in. It will be a chance to have that channel; because we’ve always focused on online and phones but New Zealanders actually prefer that channel, they prefer face-to-face.”

Cigna would need to win customers’ loyalty, she said and do the right thing by them and their advisers.

“It’s exciting to have that channel and to become the third-largest insurer.”

There has been increased regulatory attention on insurance advisers’ remuneration in recent times. Costa said it was fortunate that OnePath had already taken the decision to end soft commissions. “We haven’t had that pressure.”

She said upfront commissions would be looked at if there was a need to do so.

The newly merged organisation will split operations between Auckland, Wellington and staff around the country.

Costa did not expect any OnePath products to be removed from the market but said the suite would be refreshed.

Tags: ANZ Cigna OnePath

« Date set for OnePath/Cigna mergerAIA/Sovereign confirms trips axed »

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