Churn debate: Don't make it a war on commissions

Body says the enquiry was not unexpected as the FMA had made noises that it wanted to learn more about the insurance industry.

He says ANZ-owned life company OnePath is happy to take part. “We have seen reasonable activity in our book, so we have got pretty good information.”

Body says it is important that the enquiry isn’t turned into a war on commissions. Rather he sees it as an opportunity to build a platform the next level of sustainably in the industry.

“I sense it is a combination of increased transparency to the customer and a commission structure that balances the initial work up front with the on-going requirement of the servicing of customer.”