Cigna offers new commission options
Cigna is rolling out new commission structures for level-premium products.
Wednesday, April 15th 2020, 12:53PM
Gail Costa, CEO Cigna Life NZ
It comes as Cigna releases a new round of enhancements to its Cigna Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra products on May 11.
These enhancements will include new level term options to give customers more certainty when it comes to the amount of premiums that they will be paying, and some competitive new rates.
Advisers offering these level products will be able to opt for upfront commission of 190% with renewal of 7.5%; upfront of 140% with renewal of 15%; upfront of 110% with renewal of 20%; or upfront of 50% with renewal of 30%.
“Our new remuneration options have been designed to provide long-term security, sustainability and protection for our customers while ensuring you receive appropriate remuneration both upfront as well as [for] servicing,” Cigna said in a note to advisers.
They could also continue to offer to reduce upfront commissions to discount a customer’s premium.
The new commission options apply to new business and new cover applied to existing policies from May 11 across all persistency bands.
There are no changes at this stage to commissions paid on any other products.
Cigna will also have a new online quote tool to replace its existing platform and will run online training sessions in the fortnight before launch.
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