tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Saturday, April 17th, 3:12PM

Insurance

rss
Latest Headlines

Here's when Partners Life will check in on you

Advisers distributing Partners Life policies can expect to have their processes checked on when a policy is issued, increased in value or cancelled.

Monday, April 27th 2020, 10:33PM

Partners Life has begun collecting data from clients about how advisers are performing against its Customer Outcomes Matrix.

This forms part of its new commission structure. Advisers who are shown to be delivering superior service for their clients will receive more remuneration.

The matrix covers six indicators of adviser performance: Customer advice complaints; the initial advice process; replacement advice process; cancellation advice; non-disclosure and misstatements at claim time; and service activity.

Under new rules, insurers will have to be able to show that they have clear monitoring of the conduct of all those involved in the product distribution process, from manufacture to after-sale follow-up.

Partners Life said there would be two main trigger points at which it would contact customers for information about how advisers were performing.

When a policy was issued, increased or cancelled, the customer would receive an email survey.

If they did not complete it within a week, they would be called to do so.

When a policy was cancelled, for example, a client would be asked whether they had discussed it with the adviser. If they had done so, they would be asked whether the policy was being replaced with one from another provider. If so, Partners would ask whether the differences between the two had been explained, the risk of non-disclosure and the benefits that could be forfeited with the move.

When one was taken out, they would be asked about the information the adviser explained during the process and, if it was a replacement policy, how that process had been handled by the adviser.

Managing director Naomi Ballantyne said it was designed to be a way to prove to regulators that commission could incentivise good conduct.

Tags: Commission Good Customer Outcomes insurance Partners Life

« Ballantyne: No more normalInsurers weigh up pandemic impact »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Insurance professionals get time to shine
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has launched an initiative aimed at showcasing the success of insurance professionals.

Cigna retains high Financial Strength Rating
Cigna New Zealand has announced that A.M. Best has reaffirmed its Financial Strength Rating of A (excellent) and Long-Term Issuer credit rating of "a" - "with stable outlooks".

AIA adds more benefits to Vitality; Changes Airpoints

Fidelity Life’s transformation continues with top culture award
Fidelity Life's tech team pick up a gong at IT awards.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox
 
Site by Web Developer and eyelovedesign.com
x