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

NZ's Financial Adviser News Centre

GR Logo
Measuring adviser wellbeing       TAKE PART IN THE SURVEY Dismiss
Last Article Uploaded: Tuesday, September 21st, 10:35PM

Insurance

rss
Latest Headlines

Advisers slowly warming to Partner’s Customer Outcome Matrix

Advisers have been slow to embrace Partners Life's customer outcome matrix, but numbers are growing.

Tuesday, December 8th 2020, 3:23PM

Partners launched the matrix at the start of the year as a way of measuring key elements of the advice process to ensure good outcomes are consistently being delivered to customers.

Results will be tied to bonus commissions and will allow clients to provide detailed feedback around their experience with advisers.

Within the new COM, advisers will be rated on four positive criteria (initial advice, replacement advice, cancellation advice, and service advice) and two negative criteria (customer active complaints and non-disclosure and misstatement). Each of the positive criteria has an equal rating of 25%, which go towards the overall score.

Additional bonuses will be awarded advisers who score well on the positive points and have no bad feedback in the negative criteria. 

The first results from the COM will be released to advisers soon, and there will also be a demonstration around the how scoring key works in real situations. Partner’s Life says that full implementation of the COM, including the bonus commission levels, will be commencing from July 1 next year.

Managing director Naomi Ballantyne says when the programme started the response rate was around 10% now it is up to 25-30% and she expects it to get up to the 50% by the time it fully kicks in.

She admits there will be some advisers who don't want their clients to respond to the survey.

She says if there is no response from clients then Partners cannot award points to the adviser.

While some concerns had been expressed around the company looking at the quality of advice, that is not what the matrix is about. "Judging advice isn't what it is about," she says.

"There is nothing to be scared of."

Ballantyne says now that numbers are increasing the company is getting some good data and she pleased with feedback from customers.

"Overall there has been very good responses from customers about the advice they have received."

The area which has created the most interest is around whether replacement business has been properly explained to clients.

"Advisers who move other people's clients often think they are invisible," she says. 

The new matrix is providing more information and better visibility around what is happening.

Partner’s Life has suggested that advisers let clients know that a COM survey will be emailed after their policy is issued. The measurement of period of the COM is quarterly, therefore bonus rates will differ for each quarter. 

Earlier stories

Here's when Partners will check in on you

The Matrix: Partners style

Partners' customer outcomes matrix revealed

Tags: Culture and Conduct Customer Outcome Matrix Partners Life

« Australian report raises alarm over life insurance’s futureNew initiative sees travel brokers retain as insurance advisers »

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

FMA licensing workshops popular with Fidelity Life advisers
A series of online licensing support workshops jointly hosted by Fidelity Life and the Financial Markets Authority have attracted almost 200 adviser registrations.

Check your cover and win a prize - ICNZ
This week is Money Week and the Insurance Council of New Zealand (ICNZ) is encouraging New Zealanders to make one day their ‘Insurance Day’ to ensure their insurance meets their needs.

Tower hits the water with boat insurance offering
Tower Insurance has announced it will now be offering boat insurance policies online. 

$10k scholarship for insurance professionals opens
Submissions are now open for a scholarship designed to support the professional growth and development of insurance industry practitioners in New Zealand.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News

MORE NEWS»

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