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Fidelity hits $1 billion milestone

Fidelity Life has now paid out more than $1 billion in claims, and chief executive Nadine Tereora says it’s something to celebrate.

Saturday, October 5th 2019, 9:11PM

The insurer was founded in 1973.

Tereora said the $1 billion mark was a significant milestone.

Given the regulatory shakeup and other industry changes happening, she said it was an important message to share.

“It goes to the heart of what the industry is about, being there for New Zealanders when they need us.”

She said part of the insurer’s success came from having partnered with independent advisers from the start.

“I think we’ve continually stayed true to what we are good at; manufacturing good products, ensuring our products reach Kiwis through good advisers.”

The claims team had gone “from strength to strength”, she said. “Over the past three to five years, the capacity we have in that team is exceptional and that’s showing through in terms of the results we’re getting. We’re delivering on the promises made by advisers at the time the policy was taken out.”

She said it was important for insurers to provide products that were simple enough for consumers to understand but complex enough that they would cover what would have been covered historically.

“People recognise we are a New Zealand insurer, we know New Zealanders best and want to be there for them and make sure they have access to cover. One billion dollars in claims is huge, it’s a message I’m passionate about New Zealanders hearing. There’s a lot of emphasis on the front end of the process but actually this is where the rubber hits the road. We’ve paid out $125 million in a year in claims. We need that story out there.”

Tags: Fidelity Life Life insurance Nadine Tereora

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