Graham Hill, executive manager of life distribution, said the recent focus on financial services conduct from regulators on both sides of the Tasman – and industry bodies such as the Financial Services Council and Insurance Council of New Zealand - had given insights into areas where the insurer could do more to support customers.
“One of those areas is educating them about the risks around non-disclosure and replacement business,” he said.
“When we identify areas where we can make changes that are good for our customers, we are taking steps to address them, so we have made adjustments to our application and welcome pack materials. We believe that these changes will support customers to have good conversations with advisers when they are considering whether to switch insurance providers, and will contribute to the overall financial wellbeing of our customers.”
The welcome packs for new policies have been changed to include information about the risks of replacing life insurance policies to help clients understand the implications of any decisions they made.
Hill said similar changes were being made to the application forms and AsteronConnect system. The information we’ve included encourages customers to talk to their adviser for help on those risks.
“Asteron Life is committed to putting our customers first and helping them to make informed choices about their insurance. Advisers play a critical role in doing this, and to support this work we provide written material for our customers which is intended to promote good customer outcomes.”
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