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The Covid edition

The future is bright for those focused on the right outcomes for clients says Jon-Paul Hale.

Friday, May 29th 2020, 10:36AM

by Jon-Paul Hale

Wow, what a roller coaster. We started the year with get yourself sorted for licensing and in the space of a couple of months, we’re into a changed environment that is likely to be changed forever.

Interesting times.

We’ve seen the wholesale change of economies and impact on culture, as well as the exposure of poor leadership, the lack of planning and foresight, and the effect of over reliance on the just-in-time economy.

Frankly, the last eight weeks has shown that the world really isn’t a lot different to what it looked like in 1918. We’ve seen the same lack of basic understanding, the same conspiracy theories, though updated. It was radio in 1918, and in 2020 it’s 5G, both with no basis in any shape or form.

While we have seen the addition of benign brain tumours in trauma insurance wordings due to consumer concerns, the reality is we haven’t seen a corresponding increase in these claims or brain tumour claims for that matter.

And that’s sort of my point, the world is changing, but for us insurance advisers, its staying pretty much the same.

Yes, we have dramatic changes with insurers and how they are operating, and how we do what we do is also going to be impacted. What isn’t changing is the need for advisers to provide good risk management advice to customers.

Like you I’ve had an influx of people both needing help as well as looking for cover. And the range and need has been across a wide spectrum. The challenge is I’m still recovering from my lung thing. Yup, I’m one of those that is considered high risk.

I am improving and have moved to a return-to-work plan in the next few weeks. Yes, I have excellent insurance support, and it’s getting me heading in the right direction. About eight months faster than the best estimate from the public system I might add.

In March it was quite surreal to watch the world come down to my level. All of a sudden everyone was stuck inside and having to go digital too. The upside, I did that three years ago.

I’m not sure how I would have coped without being digital, and I can only imagine how difficult it has been for many of you still working from paper in the last six to eight weeks.

So what’s ahead?

I expect a lot of change, changes from what we call normal, and adaption to what we expect.

Unless you have been living under a rock, you’ll know underwriting has changed. People were complaining about the demands of change with the new regime. Frankly, this has been about ten times worse already, and there’s more to come.

One thing I won’t be surprised with is transitional licensing, pushing it out was the right thing to do, but we’re still going to have the same people scrambling to get sorted even with the extended date. And one thing I don’t have clear with the extension, does the full licensing date also extend? Quite likely but not implicitly stated in what I have seen to date.

So how did you use the time gifted to you?

Did you just do sales as per normal? Did you service clients?

Did you complete your level five that’s been sitting on the shelf?

Did you invest in new technology for both now and to prepare you for licensing?

The smart ones took the opportunity to work their businesses over, the not so smart did what they always did.

You know your answer, it might be a good guide to how you approach the future with licensing. And the ones that don’t get that, won’t need to worry. ;-)

What has been interesting in the last 12 months and particularly in the last two, when you drive your business in a customer-centric way with the right advice for the right reasons, you don’t lose. I’ve had no loss of clients in the last 12 months, policies, yes a few, but not clients.

One thing is certain about the future, it is bright for the risk adviser who is focused on the right outcomes for clients. From simple medical claims, that turn out not so simple, to helping a grieving family through the process of losing a loved one.

One thing is going to stand the test of time, no matter where you land – your advice to your clients when you get it right.

And your clients need you there giving that advice more today than they have ever needed you before.

Tags: insurance Insurance Advisers Jon-Paul Hale Opinion

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AIA 4.55 2.29 2.59 2.65
ANZ 4.44 2.89 3.25 3.39
ANZ Special - 2.29 2.69 2.79
ASB Bank 4.45 2.29 2.59 2.65
Basecorp Finance 5.49 - - -
Bluestone 3.49 3.34 2.99 3.34
BNZ - Classic - 2.29 2.59 2.79
BNZ - Mortgage One 5.15 - - -
BNZ - Rapid Repay 4.60 - - -
BNZ - Std, FlyBuys 4.55 2.89 3.19 3.39
BNZ - TotalMoney 4.55 - - -
Lender Flt 1yr 2yr 3yr
CFML Loans 4.95 - - -
China Construction Bank 4.49 4.70 4.80 4.95
China Construction Bank Special - 2.65 2.65 2.80
Credit Union Auckland 5.45 - - -
Credit Union Baywide 5.65 3.95 3.85 -
Credit Union South 5.65 3.95 3.85 -
First Credit Union Special 5.85 2.95 3.45 -
Heartland Bank - Online 2.50 1.99 2.35 2.45
Heretaunga Building Society 4.99 3.40 3.50 -
HSBC Premier 4.49 2.25 2.35 2.65
HSBC Premier LVR > 80% - - - -
Lender Flt 1yr 2yr 3yr
HSBC Special - 2.25 - -
ICBC 3.69 2.25 2.35 2.65
Kainga Ora 4.43 2.67 2.97 3.13
Kainga Ora - First Home Buyer Special - 2.25 - -
Kiwibank 3.40 3.20 3.50 3.50
Kiwibank - Offset 3.40 - - -
Kiwibank Special 3.40 2.35 2.65 2.65
Liberty 5.69 - - -
Nelson Building Society 4.95 3.20 3.24 -
Pepper Essential 4.79 - - -
Resimac 3.39 3.35 2.99 3.35
Lender Flt 1yr 2yr 3yr
SBS Bank 4.54 2.79 ▲2.99 ▲3.29
SBS Bank Special - 2.29 ▲2.49 ▲2.79
Select Home Loans 3.49 3.34 2.99 3.34
The Co-operative Bank - First Home Special - 2.09 - -
The Co-operative Bank - Owner Occ 4.40 2.29 2.59 2.79
The Co-operative Bank - Standard 4.40 2.79 3.09 3.29
TSB Bank 5.34 3.09 3.29 3.45
TSB Special 4.54 2.29 2.49 2.65
Wairarapa Building Society 4.99 3.55 3.49 -
Westpac 4.59 3.09 3.29 3.39
Westpac - Offset 4.59 - - -
Lender Flt 1yr 2yr 3yr
Westpac Special - 2.29 2.69 2.79
Median 4.55 2.73 2.99 2.80

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