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AIA/Sovereign confirms trips axed

AIA/Sovereign has confirmed it will stop offering overseas "recognition trips" to advisers.

Thursday, November 22nd 2018, 9:41PM

It had earlier said it had no plans past 2019 and on Thursday confirmed they would cease.

It said the decision was part of a wider review that it was undertaking "to support good customer outcomes".

Chief executive Nick Stanhope said: “Our aim is to ensure our relationship and responsibilities with advisers remain closely aligned to supporting best practice and promoting good outcomes for customers.

“As the largest life insurer in New Zealand we take the responsibility of earning and maintaining the trust and confidence of our customers very seriously.

“We are actively engaged in the current regulatory reform process and support the work of the FMA and the Reserve Bank to improve transparency and to ensure that customers continue to have every confidence in New Zealand’s life insurance sector.

“We have briefed our staff and advisers on the decision. The reaction has been very encouraging."

It has an existing contractual obligation to complete one last overseas recognition trip.

It said AIA, as one of the world’s largest life insurance companies, believed that there was significant benefit in giving its advisers the opportunity to learn from AIA Group best practice.

"Any additional adviser travel from 2019 onwards will be limited to education and training programmes that support our partners in continuing to deliver best in class services for the benefit of their customers."

 

Tags: AIA soft commission Sovereign

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