Fidelity lays out bold new growth plans

Fidelity Life has laid out bold new growth plans, a year after admitting it had dropped the ball with advisers.

Thursday, November 7th 2024, 8:12AM

Chief executive Campbell Mitchell told around 200 delegates at the company’s Engage conference in Auckland yesterday that it plans to be a $1 billion company in eight year’s time.

A year ago, chief commercial officer Bronwyn Kirwan, stood up at the Engage conference and admitted Fidelity Life had ”lost the hearts and minds of advisers”.

The company was going backwards and was ranked sixth out of sixth for growth, “behind Pinnacle (Life).”

Fidelity had deteriorating lapse rates and poorly ranked products.

When she famously announced Fidelity Life was “getting back in the game” she acknowledged there were some “trolls” (aka comments on Good Returns), but these trolls “strengthened our resolve.”

“(The) trolls made us inspired.”

Yesterday Kirwan and Mitchell talked about how hard staff members had worked to get back in the game.

“We are the doers,” Kirwan said.

While Mitchell said: “Every day of every week this team has worked hard at getting back in the game.”

Mitchell said Fidelity Life was the fastest growing life insurer in New Zealand in the period ending September 30, with 150% year-on-year new business growth in last two quarters.

Even though New Zealand is going through tough economic times and there is a cost-of-living crisis, Fidelity had the best industry retention rates in the latest Financial Services Council statistics.

Mitchell said Fidelity had only just begun its journey to growth and its aim was to make the company first choice insurance partner for advisers.

Fidelity is announcing 19 new enhancements at its conference which continues today. Good Returns will have more updates over the next few days.

Tags: Bronwyn Kirwan Campbell Mitchell Fidelity Life