Articles tagged with 'Life insurance'
Fidelity buys Westpac Life
6 July 2021 - Westpac and Fidelity Life have announced a $400 million deal that will see the bank sell its life insurance business to the insurer as part of a long-term strategic alliance.
Cigna extends multi-benefit discount
28 June 2021 - Cigna NZ says it has extended its multi-benefit discount offer to new customers and customers taking out new cover, until October 31.
Death rates and the impact of the End of Life Choice Act
28 June 2021 - With the passage of the End of Life Choice Act and the referendum result a form of assisted dying is available in New Zealand.
Health and wellness top of mind at AIA adviser summit
24 May 2021 - Advisers at the recent AIA NZ Peak Performance summit have been encouraged to look after themselves with the one-day conference focussing on health and wellbeing to support advisers to perform at their best.
Melissa Cantell - more than meets the eye
21 May 2021 - For new Fidelity Life chief executive Melissa Cantell it’s all about transformation.
Slow to adapt and fixed in our ways - the problems with life cover
17 May 2021 - I think there's an awful lot of "we do it this way because we have always done it this way" going on in the life insurance industry right now.
Covid could come back to bite Kiwi insurers
11 May 2021 - New Zealand's health and life insurers have weathered the initial storm of Covid-related claims but the Reserve Bank says future outbreaks could change the landscape and providers should be ready.
Fidelity Life creates new role for chief operating officer
10 May 2021 - Fidelity Life has recruited a well qualified financial services expert to take up the newly created role of chief operating officer at the company.
It's time to get serious about advice
4 May 2021 - I was challenged the other day when I was told, "you have to stop thinking about financial planning as being something unrelated to life insurance advice".
[GRTV] Ballantyne on how new regs are changing advice and the fall in replacement business
3 May 2021 - In this edition of GRTV Good Returns' Philip Macalister speaks to the Partners Life managing director Naomi Ballantyne on how the new regulations are impacting advisers, replacement business and PI.
The billion-dollar man - Duff ends 63-year insurance career
17 April 2021 - It's been estimated that claims paid out to Warren Duff's clients over his long career have totalled over a billion dollars.
Asteron adds to North Island management team
13 April 2021 - Asteron Life has appointed a new northern business development manager.
From army life to life insurance - a big gun leaves the industry
10 April 2021 - Graeme Lindsay's long career in the life insurance industry may never have even begun if it was not for an unfortunate medical emergency when he was just 15-years-old.
Recognising an outstanding career
6 April 2021 - Last week, Graeme Lindsay announced his retirement from a career spanning 54 years as a life and health insurance clerk, agent, broker, and advocate – and what an outstanding career it has been.
Cigna retains strong AM Best financial rating
30 March 2021 - A "very strong" balance sheet and "stable outlook" has seen AM Best reaffirm its Financial Strength Rating for Cigna New Zealand.
Shuffling the top deck at Fidelity Life
22 March 2021 - Fidelity Life's transformation continues with some changes to its top team.
PAA Legacy Trust calling for 'innovation' from advisers
10 February 2021 - The PAA Legacy Trust has launched a new website with the aim of transparency and attracting applications to its grants, says independent chair and trustee Trevor Slater.
Pros and cons with life policy structures
2 January 2021 - In a continuation from his earlier article Jon-Paul Hale discusses the different policy structures and where the fishhooks lie.
Australian report raises alarm over life insurance’s future
2 December 2020 - The report claims clients will have to spend $15,000 over the lifetime of a claim if commission structure removed.
Why life expectancy has improved – and how much further we can go?
27 November 2020 - Russell Hutchinson looks at improved life expectancy and four areas where changes could make the numbers even better.
AIA policy encourages Kiwis to ‘share the love’
28 September 2020 - New eligible AIA policies come with the option to gift life insurance to a loved one.
Deloitte: Tricky to compare NZ insurance to other markets
3 September 2020 - A new report by Deloitte has raised questions about suggestions New Zealand insurers are offering high commissions and paying few claims by global standards.
Asteron Life profit drops
21 August 2020 - Asteron Life experienced a $4 million profit drop in the year to June, its parent company has reported.
Partners Life market changes
16 July 2020 - Jon-Paul Hale with his critique of the Partners Life commentary and what to watch when considering replacement business.
AIA offers more commission
2 June 2020 - AIA is making changes to its commission structure that it says aims to help businesses struggling with cashflow shortfall – and some advisers will qualify for 230% upfront.
Life insurers under threat – or are they?
28 May 2020 - The Reserve Bank came out swinging at life insurers in its latest Financial Stability Report, warning that they faced insolvency challenges as low interest rates, minimal growth in premiums and higher rates of cancellation combined.
Insurers weigh up pandemic impact
30 April 2020 - A global pandemic should not prove to be a major hurdle for life insurers in this country, says the former chief executive of one of them.
Warning for insurers
26 March 2020 - The outlook for the Asia Pacific regions’ life insurers has been revised to negative by S&P Global Ratings.
[The Wrap] The end of dealer groups as we know it
20 March 2020 - Well you have to hand it to Partners Life. While all the news this week has been about Covid 19, it has delivered a fatal blow to insurance dealer groups.
New look Fidelity Life
6 March 2020 - New Zealand-owned Fidelity Life has taken on a new look and added a health care option to its offering.
[The Wrap] Regulators need to be wary of AMP Life deal
21 February 2020 - One of the biggest deals in New Zealand’s financial services industry is going on largely unnoticed at the moment; arguably because there is so much other change going on at present. It’s time the spotlight was put on the deal.
[OPINION] Turbulent year ahead
20 January 2020 - Insurance industry veteran David Pine says 2020 is going to be a turbulent year in the insurance arena; both life and health, and fire and general. But it's not all bad.
Partners Life tweaks policies
11 December 2019 - Partners Life has rolled out a series of product changes and benefit improvements for its policies.
Fidelity scores top award for third consecutive year
3 December 2019 - Fidelity Life has been named 2019 Life Insurance Company of the Year by ANZIIF for the third consecutive year.
Policy ownership, a simple concept?
7 November 2019 - It seems it's not. And given the time and dialogue, I need to name names on this issue.
What is the advice risk?
21 October 2019 - You could be forgiven for keeping your head down, servicing clients and paying the bills. And frankly, we all need to be doing that.
Fidelity hits $1 billion milestone
5 October 2019 - Fidelity Life has now paid out more than $1 billion in claims, and chief executive Nadine Tereora says it’s something to celebrate.
Finally, a breath that suggests it's not all about the advisers and their advice
1 October 2019 - As an insurance adviser, one of the challenges with the rhetoric that has been thrown around over the last few years, you could be forgiven for thinking we're the new whipping post.
What SMEs think of life insurance advisers
25 September 2019 - Asteron Life has just released its annual survey of SMEs. Find out how life advisers compare to their business counterparts.
Fidelity Life gets tick
22 September 2019 - Fidelity Life has been awarded the Accessibility Tick.
[The Wrap] What's worse? Commissions on insurance or cashbacks for home loans
21 September 2019 - Commissions are the hot topic which we just can't get away from. This week we ponder the latest appointment to the FMA board along with some questions around what regulators really want.
Insurer response 'not good enough'
17 September 2019 - Commerce Minister Kris Faafoi says insurers are "passing the buck" to advisers.
The growing but slowing market for insurance
16 September 2019 - This market is a good one, and I am a perennial optimist for both financial services in general and insurance financial advice in particular.
Kiwis face 'trade-off' buying insurance
11 September 2019 - New Zealanders face an unintended risk trade-off when they assess the value of insurance, new research from the Financial Services Council shows.
The willful ignorance of a miopic point of view
10 September 2019 - Sounds angry and somewhat is. It comes from constantly being told that commission-based sales people, especially life insurance advisers, are bottom-feeding scum of the earth.
IFSO backs adviser in misselling claim
4 September 2019 - A woman who claimed her mother was missold a life insurance policy by her adviser has had her complaint declined by the Insurance and Financial Services Ombudsman.
More work needs to be done on policy ownership
30 August 2019 - Getting the ownership of life insurance policies right is critical; but one bank has no idea, Jon-Paul Hale says.
Partners: Nominated beneficiaries too much of a grey area
28 August 2019 - Partners Life’s confirmation that it will not accept nominated beneficiary requests is about ensuring advisers don't put themselves in a position where their guidance could prove incorrect, its managing director says.
Asteron Life links up with health insurance companies
15 August 2019 - Asteron Life is giving advisers the ability to connect clients' health insurance with their Asteron personal cover, and streamline the application process.
Regulators' group announces new vision
15 August 2019 - The Council of Financial Regulators (CoFR), which includes the Financial Markets Authority and Reserve Bank, has announced a new vision for New Zealand’s economic wellbeing and has added the Commerce Commission to the forum.
Asteron reports lift in profit
7 August 2019 - Asteron Life and AA Life have recorded a joint profit jump of 12.8% in the most recent financial year.
Banks, insurers' complacency 'hard to comprehend' - FMA
2 August 2019 - The complacency of the New Zealand banking and life insurance sectors in the face of the Australian inquiry into financial services misconduct was "frustrating" and "difficult to comprehend," the chief executive of the Financial Market Authority, Rob Everett, said today.
AIA and Sovereign products merged into one
29 July 2019 - A year after AIA and Sovereign came together the newly merged company has released a new product suite and its much-anticipated Vitality product.
(The Wrap] The anatomy of the AMP shambles
20 July 2019 - Last week it was more woes for ANZ, this week AMP's New Zealand exit plans fell into further disarray.
New Zealanders not protecting themselves
11 June 2019 - New research commissioned by the Financial Services Council (FSC) has revealed many New Zealanders are leaving themselves vulnerable.
Reserve Bank: Insurers' solvency standards under scrutiny
29 May 2019 - New Zealand life insurers are highly profitable compared to their international peers, the Reserve Bank says, as it suggests requiring them to hold more capital.
Givealittle no competition for insurance
29 May 2019 - Fundraising sites are more likely to serve as a reminder of the importance of insurance than to take its place, local industry commentators say.
[GRTV] Good conduct and culture drives out the snake oil
23 May 2019 - Reserve Bank governor Adrian Orr talks to Philip Macalister about good conduct and culture and what needs to change in the life insurance market.
Partners Life: This is what good advisers do
13 May 2019 - Partners Life managing director Naomi Ballantyne has fired back in the debate about commission, highlighting the amount of work that advisers do for nothing.
Insurers can't ignore Royal Commission: Mason
10 May 2019 - Too many life insurers in New Zealand have written off the Australian Royal Commission as just being about banking and nothing to do with them, Financial Markets Authority head of regulation Liam Mason says.
Insurers tackle genetic testing
9 May 2019 - Australia’s Financial Services Council is enacting a moratorium on life insurance genetic test results as a binding standard – and its counterpart in New Zealand says it’s an issue that’s on the agenda here, too.
Innocent non-disclosure still a problem: IFSO
23 April 2019 - A client who blamed his poor English as part of the reason for non-disclosure on his life and trauma policies has had his complaint to the Insurance and Financial Services Ombudsman turned down.
Adviser breached code
29 March 2019 - An Auckland financial adviser has breached the code of conduct by skimping on client medical histories in insurance applications, the Financial Advisers Disciplinary Committee says.
NZ market not big enough for Shariah insurance
29 March 2019 - Insurers may be unlikely to pay out many claims for the Christchurch mosque attacks – but not because of any exclusion written into their policies.
Advisers need $2000, clients will pay $500
21 March 2019 - Australian research has shown a disconnect between what clients are prepared to pay for risk advice and what advisers would need to charge – and commentators say the same situation would be found in New Zealand.
Clients offered chance to sell part of whole-of-life policies
5 March 2019 - New Zealanders holding whole of life and endowment life insurance policies are being offered more options to turn them into cash.
Aussie new insurance business falls after commission capped
22 February 2019 - If regulators want an indication of what might happen if they regulate insurance adviser commissions, they could look to Australia.
Servicing adviser should get trail
21 February 2019 - Forget about upfront commissions, one adviser says churn should be tackled by allowing trail commissions to be paid to the servicing adviser – not simply the person who sold the product in the first place.
Sum-insured remuneration model progressed
13 February 2019 - As regulatory attention goes on upfront commissions, two insurance industry commentators have released a discussion paper on how they propose the sector should be remunerated in future.
Regulators: Life insurance needs to change
29 January 2019 - New Zealand’s financial sector regulators have slammed life insurers – and the way they deal with advisers - in their report into the sector’s conduct and culture.
Asteron makes tweaks to help customers
23 January 2019 - Asteron Life is tweaking some of its materials to help customers have better conversations with advisers about the products offered.
Industry ready for regulators' insurance report
17 January 2019 - A Financial Markets Authority and Reserve Bank report into life insurers’ conduct is due at the end of this month – and insurers are bracing for a tougher line than was taken with banks.
Partners rings changes
30 November 2018 - A range of changes to Partners Life policies reflects an increasing focus on "living benefits" in insurance.
RBNZ clearly has life insurance commission in its sights
28 November 2018 - Insurance advisers' commissions have come in for heavy criticism again, this time from the Reserve Bank.
Little progress made on under-insurance, survey shows
15 October 2018 - New Zealand is not making any progress in tackling its under-insurance problem, new data suggests.
LifeDirect: Advisers should take over
18 September 2018 - Direct-to-market offers such as LifeDirect can help to improve the number of New Zealanders with insurance, but ongoing servicing should be done by advisers, Trade Me’s head of insurance says.
Asteron, Fidelity and Partners in running for top award
18 September 2018 - Asteron Life, Fidelity Life and Partners Life have all been named as finalists in the ANZIIF Life Insurance company of the year awards. In the Innovation...
ACC 'should cover sickness'
12 September 2018 - If ACC were to cover sickness and disability as well as accidents it would disrupt, but not destroy, the personal insurance market in New Zealand.
Client ignored for 20 years
6 September 2018 - A financial adviser who sold a client a personal superannuation plan and term life policy in 1993 - then didn't check in with him again - has been found not to have met his legal obligations.
nib on deal hunt as profits rise
20 August 2018 - Health insurer nib is on the lookout for acquisitions after posting an operating profit of $27.4 million for its New Zealand business last year.
New life in old whole of life policies
20 August 2018 - People with old whole of life and endowment life insurance policies can now release some funds while keeping cover.
Asteron Life not sold with Australian business
10 August 2018 - Asteron Life and AA Life have delivered a profit of $39 million to its parent company, Suncorp, in the past year.
Reasonableness on non-disclosure needed
30 July 2018 - New Zealand needs a “reasonableness test” in insurance law, to guide insurers when they are assessing cases of non-disclosure, the Insurance and Financial Services Ombudsman says.
Needs analysis and your advice process
2 July 2018 - Now this is been scratching away at my brain for a while. With the many advice processes discussed, in conversations with advisers over the years, I still struggle with two fundamentals when it comes to risk management and life cover planning.
Ministers meet regulators as banks, insurers asked for information
30 May 2018 - Commerce Minister Kris Faafoi says there has been no evidence of systemic problems in financial services in this country but it is appropriate that regulators review the sector.
Insurers next for regulatory scrutiny
24 May 2018 - [UPDATED] New Zealand's life insurers are now being asked to show what they are doing to identify issues of misconduct within their organisations.
Soft commission schemes untenable under new regime: FMA
17 May 2018 - Many soft commission incentives currently offered to financial advisers will not be able to continue under new advice laws, the Financial Markets Authority says.
Asteron Life launches flexible mortgage insurance
30 April 2018 - Asteron has launched a “one stop shop” Mortgage and Living insurance product that allows customers to tailor their coverage mid-contract.
Advisers need to lift their game to help clients
23 April 2018 - Advisers are often being told to just stick to what they specialise in and refer everything else to other people. Jon-Paul Hale takes a different view and says a good life insurance adviser should be asking questions and doing more with their clients.
[GRTV] Special Episode: Minister discusses adviser reforms, commission and KiwiSaver
16 April 2018 - Good Returns TV is pleased to bring you an extended interview with the Minister of Commerce Kris Faafoi. In it he discusses issues with the Code Working Group, the future of commissions, KiwiSaver and churn in the life insurance sector.
SME owners lack income protection
10 April 2018 - Asteron Life research has found only 17% of small and medium enterprise business owners and decision-makers (SMEs) have income protection insurance.
'Not all advisers churning'
23 March 2018 - New Zealand’s financial advice sector has welcomed the Financial Markets Authority’s long-awaited report into life insurance churn – but said its findings shouldn’t be taken as representative of the industry as a whole.
Momentum Life issued life insurance licence in New Zealand
13 March 2018 - Momentum Life, one of the fastest growing direct-to-customer life insurance brands in New Zealand, announces the grant of their life insurance licence...
Law review terms released
6 March 2018 - How insurers deal with unintentional non-disclosure is likely to be a significant aspect of the review of New Zealand’s contract law.
Insurance bosses poorly prepared for change: Naylor
31 January 2018 - New Zealand’s insurance companies’ chief executives are partly aware of the challenges ahead of them as the industry is transformed by technology but are not well-positioned to cope, one industry commentator says.
Insurers: Robo won't replace advisers
19 January 2018 - New Zealand insurers are at pains to point out that they want to focus on human advisers – even as development work continues on robo solutions.
Partners makes high-profile board appointment
19 December 2017 - Former markets boss takes a role with insurer.
Adviser explores what it will take to engage consumers
27 November 2017 - A New Zealand insurance adviser is working on research to determine how much of a discount insurers will have to offer to make customers think it’s worthwhile sharing their activity tracker data.
Stop filling out forms for clients: IFSO
22 November 2017 - A client whose policy was avoided because he did not disclose health issues is a reminder to advisers that completing insurance applications on behalf of clients can be risky, the Insurance and Financial Services Ombudsman says.
Priorities and ideals
21 November 2017 - One celebrated robo-advice site does nothing to help the customer decide which insurance to choose when the budget crunch has to be acknowledged.
Next stop: Innovation
16 November 2017 - Fidelity Life chief executive Nadine Tereora says a $100 million investment from the NZ Super Fund has arrived at the perfect time.
What to do with $100 million
16 November 2017 - [GOOD RETURNS TV] The NZ Superannuation Fund is looking to spend $100 million taking a 41% stake in Fidelity Life. The insurer's chief executive Nadine Tereora explains what this means for advisers.
Getting to Know: Jon-Paul Hale
20 October 2017 - Insurance adviser Jon-Paul Hale wants to see the industry working together much better.
Getting to Know: Anand Srinivasan
6 October 2017 - Anand Srinivasan has been making waves since he gave up working for a provider to work for himself.
Ralph Stewart's Lifetime picks up former Tower business
6 October 2017 - Ralph Stewart's variable annuities business, Lifetime Income, has acquired a book of policies from the old TOWER Insurance business.
Insurer creates new role
27 September 2017 - Fidelity Life has appointed a new chief technology officer.
Newpark paying for members to do Level 5 papers
22 September 2017 - Dealer group Newpark is encouraging its members to complete the Level Five insurance papers and it will pay for the training.
Sovereign sold
21 September 2017 - The Commonwealth Bank of Australia has confirmed it has sold its insurance business in Australia and New Zealand for A$3.8 billion - the sale include Sovereign.
Zurich, AIA make play for Sovereign
18 September 2017 - [UPDATED] AIA Group and Zurich have both made a play for Commonwealth Bank's life insurance business, including Sovereign in New Zealand.
Online offer 'more than quote and compare'
14 September 2017 - A new insurance advice firm is promising consumers a more in-depth online service.
Under-active RFAs may drop out
29 August 2017 - A large number of advisers are not working full-time and may take the chance to drop out when new advice laws kick in.
OnePath sale may be getting close
23 August 2017 - ANZ appears to have sped up the potential sale process for its life insurance business OnePath.
Getting to Know: Peter Neilson
18 August 2017 - Peter Neilson was the chair of the Financial Services Council until insurers quit in revolt over a report into insurance commissions, and was the Associate Minister of Finance during the sharemarket crash. Here, he talks about why advisers should be more like surgeons.
Get basics right: Ballantyne
9 August 2017 - Naomi Ballantyne, Managing Director of Partners Life, talks about adviser businesses and getting them ready for the future, plus an update on their upcoming roadshow.
CBA eyes Sovereign, CommInsure divestment
9 August 2017 - Commonwealth Bank of Australia has signaled the possible divestment of its life insurance businesses in New Zealand and Australia, but Sovereign CEO, Nick Stanhope says it's "business as usual".
Goal-based insurance planning
9 August 2017 - It still strikes me as amazing that lots and lots of home loan insurance is sold and not very much “you get to keep your home” insurance is sold.
Getting to Know: Richard Klipin
28 July 2017 - Richard Klipin is tackling the job of rejuvenating the FSC in a period of big change for the industry.
Insurers could do better: FSC
3 July 2017 - Insurers have work to do to better comply with their disclosure requirements, the Financial Services Council says.
Stand-down period sparks complaint
14 June 2017 - An insurance client who was unable to claim for cardomyopathy because of a stand-down period has complained his adviser should have warned him that was a possibility.
IMF points to issues with insurance advisers
10 May 2017 - Insurance advisers came to the attention of the International Monetary Fund in its Financial Sector Stability Assessment for New Zealand.
Reserve Bank reviews insurance rules
6 April 2017 - A review is under way of the rules insurers must abide by in this country – and one industry expert says it could lead to consolidation if the capital requirements are altered.
Advisers must add value in digital future
7 March 2017 - Aggregator sites are set to become a much more important distribution channel for insurance over the coming years as advisers focus on higher-value tasks, a report says.
'Old-school brokers' an opportunity for LifeDirect: Trade Me
28 February 2017 - “Tactical calls” have harmed LifeDirect but Trade Me is not giving up on the insurance platform, the group’s chief executive says.
Insurers ponder cover for retirees
16 February 2017 - Insurers are wrestling with how to offer insurance to New Zealanders holding larger amounts of debt later in life.
Dispute over $2 mill life policy heads back to court
21 December 2016 - A protracted legal battle over AXA's refusal to pay out on the life insurance policy of a murdered Bangladeshi migrant is heading back to court after the Court of Appeal overturned the High Court's summary judgment against payment.
Adapt or die, insurers told
31 October 2016 - The majority of existing insurance firms will probably go bankrupt within 20 years’ time as technology shakes up the industry and they struggle to keep pace, a commentator says.
Releasing claims data not straightforward: Insurers
28 October 2016 - New Zealand insurers offering life and health insurance would need to change a number of processes before they could start publishing data on the number of claims they accept.
Insurers tackle obesity problem
10 October 2016 - New Zealand insurers say obesity can be an issue for underwriters – but they are already a step ahead of their Australian counterparts when it comes to dealing with it.
Advisers a small number of IFSO complaints
28 September 2016 - Just eight of the Insurance and Financial Services Ombudsman’s complaints over the past year related to financial advisers – and none were upheld.
Concern non-underwritten products not well explained
26 September 2016 - A lack of information may have caused some customers to take out expensive, non-underwritten insurance policies, when they would easily have qualified for normal cover, it has been claimed.
What are your big questions about insurance?
17 August 2016 - ASSET Magazine will, tomorrow, be running its Life Insurance Round Table session. We would like to offer you the chance to submit your questions for the panelists.
Insurance site set for launch
10 August 2016 - A new website designed to boost public awareness and understanding of personal insurance is on the verge of a public launch.
Adviser products shine
20 July 2016 - Insurers say competition and pressure from advisers is forcing them to come up with better policies than those offered by banks.
Women left behind
7 July 2016 - Financial advisers are being urged to consider what they can do to get more women engaged with their financial futures.
What do you cut when something has to give?
23 May 2016 - What’s the right process for cutting cover when the client’s budget is tight?
Reserve Bank calls for lower commissions
18 May 2016 - The Reserve Bank, which regulates the life insurance sector, has joined the call for lower commission levels for insurance advisers.
Anti-commission argument not winning: Ballantyne
17 May 2016 - Partners Life boss Naomi Ballantyne has questioned the motives of a new report that suggests insurers could improve their fortunes by moving away from a commission-driven distribution model.
Market pressures could prompt commission change: Report
13 May 2016 - Insurers are paying out 40% of their annual premium income in distribution costs - a pressure point that could force them to cut advisers' commissions, a new report says.
Some advisers earning more than $750k per year
13 May 2016 - Insurance premiums would fall by up to 6% if advisers’ commissions were cut by a quarter, a new report says.
Court battle costs broker everything
22 March 2016 - A Napier-based insurance adviser says his reputation is in tatters after being dragged through a court case.
McGuffie charges dismissed
11 March 2016 - A Napier insurance broker has had charges against him dismissed.
Sovereign holds on to market top spot
9 February 2016 - Most insurers grew their books in the December 2015 quarter, new data shows.
New industry body proposed
1 February 2016 - Discussions are under way about a new professional body to represent insurers who distribute via independent financial advisers (IFAs).
Life insurance code 'could work'
12 January 2016 - There is support for the idea of a life insurance industry code of conduct, similar to the general insurance industry’s Fair Insurance Code, which came into force this month.
Insurance site set to launch
5 January 2016 - A new website designed to educate members of the public about personal insurance products is set to launch in the first quarter of this year.
Advertising of soft-dollar tempters not a good look
17 December 2015 - New Zealand’s insurance industry is focusing too much on soft commissions, which will not do anything to improve its standing in the eyes of consumers, it has been claimed.
New director for Plus4
16 December 2015 - Plus4 Insurance Solutions (Plus4), the national insurance broking and financial adviser group, today announced that Roy Norris has been appointed a director of the cooperative group’s board.
End of an era for Fidelity Life chief
7 December 2015 - Fidelity Life chief executive Milton Jennings is stepping down from the role next year, after being with the company almost three decades. Read here, Also,...
MJW missed their chance
24 November 2015 - Michael Naylor, of Massey University, unpicks the Melville Jessup Weaver report into life insurance distribution.
Report slams life insurance conflicts of interest
23 November 2015 - The highly-contentious, MJW report into life insurance advisers’ remuneration is out. It has seven key recommendations including slashing commissions and banning overide payments to dealer groups.
Report tore apart FSC
23 November 2015 - A disclaimer on a report issued today by the Financial Services Council shows how divisive it is.
Advisers replacing policies are doing their jobs
23 November 2015 - Insurers react to report. OnePath doesn't agree with much of it. Partners says the authors guessed numbers and Asteron becomes fifth company to quit the FSC.
Advisers: MJW report not fair
23 November 2015 - Advisers and their remuneration structures have been unfairly singled out for criticism, the Professional Advisers Association says.
Competition cited as a reason to cut commission
5 November 2015 - Insurance companies should cut their commission payments to advisers to enable them to compete more effectively with bank insurance channels, it has been claimed.
Spike in adviser complaints: FSCL
3 November 2015 - Complaints about insurance brokers to disputes resolution scheme Financial Services Complaints Ltd (FSCL) have doubled over the past year.
All change for products and pricing
2 November 2015 - Over the past few weeks there has been so much product and pricing activity it has been hard to keep track of it all. In strict alphabetical order the companies that have made changes include: AIA, Accuro, AMP, Asteron Life, BNZ Life, CIGNA, and Sovereign.
Online prep for new advice clients
5 October 2015 - More than 460 customers have used Asteron Life’s new online LifeSnap tool in its first month of operation.
GB continues NZ expansion
14 September 2015 - Gallagher Bassett has appointed a new life and health operations manager as part of its expansion of New Zealand operations.
Commission, replacement not an issue, summit hears
4 August 2015 - A recent PAA "summit on accessibility of advice" shows industry consensus that adviser remuneration and replacement business are not problems in and of themselves, the association’s president says.
Advisers represent less than half of insurance market
3 August 2015 - Relatively few life insurance products are sold via advisers earning high upfront commissions, new research suggests.
FSC launches commission investigation
24 July 2015 - A “mini-Trowbridge Report” has been commissioned by the Financial Services Council, to investigate sales incentives in New Zealand’s personal insurance industry.
Outlook bright for award winner
19 June 2015 - Insurance advisers are in a privileged position and need to make their value proposition clear to clients, says the winner of this year's Insurance Adviser of the Year award.
Award winner puts theory into practice
17 June 2015 - Despite spending many years working as a business development manager, Jon-Paul Hale says there were still things that surprised him when he jumped the fence to become a financial adviser.
Sovereign courts farming community
10 June 2015 - Sovereign is making a play for the rural market, sponsoring this year’s Rural Bachelor of the Year competition at agricultural expo Fieldays.
Churn debate: Don't follow Australia Jennings warns
4 June 2015 - Fidelity Life chief executive Milton Jennings says there is a churn problem and if New Zealand follows Australia many good advisers will suffer.
FMA starts major investigation into churn
29 May 2015 - The Financial Markets Authority has launched a massive investigation into life insurance churn using special powers it has under law.
New Zealand advisers won't dodge bullet: Rickerby
26 May 2015 - New Zealand financial advisers should be prepared for commission cuts such as those happening in Australia, one adviser who works on both sides of the Tasman says.
Claims top $1 billion for another year
13 May 2015 - Personal insurance claims have topped $1 billion for the fourth year in a row, new statistics from the Financial Services Council show.
Cosignia acquired
13 May 2015 - It will be business as usual for insurance advisers who deal with Cosignia, despite the sale of the firm’s assets to Australia’s largest third-party claims administrator.
Insurance jobs up
11 May 2015 - Seek is reporting 40% year-on-year growth in the number of insurance and superannuation jobs advertised on its site. A spokeswoman said most of the increase...
AMP supports commission cut
7 May 2015 - AMP New Zealand has lent its support to colleagues across the ditch, who have slashed advisers' upfront commissions on life insurance to 80% of the first year’s premium.
Problems with professional referral and how to fix It
29 April 2015 - I spent a couple of hours recently with the managing director of a large general insurance brokerage in Australia discussing various problems with their referral programmes to advisers offering life, health and other personal insurance advice. We have both worked on quite a few referral programmes and comparing those that work, with those that don’t work, here is our list of the main problems and what to do about them.
ISO no longer?
29 April 2015 - The Insurance and Savings Ombudsman scheme is planning a name change.
Insurers should be promoting wellbeing: Sovereign
29 April 2015 - Insurers have a role to play in encouraging New Zealanders to be proactive about their physical and mental health, Sovereign’s chief officer of brand, innovation and marketing, Chris Lamers, says.
AMP accepting competitors' application forms
28 April 2015 - A universal life insurance application form is a step closer after one insurer’s announcement that it will accept some applications using competitors’ forms.
Advocates let advisers get on with business of advising: Kelly
22 April 2015 - A company that offers to sort out contentious insurance claims says it can provide a boost of up to 8% to a financial adviser’s bottom line.
Group general manager for Plus4
21 April 2015 - Plus4 Insurance Solutions has appointed Peter Standish to a newly-created role of group general manager.
Watch out for the newly promoted income protection client
26 March 2015 - Russell Hutchinson provides an example of why the policy wording of some income protection products should be changed.
Unfair terms rules kick in
19 March 2015 - Insurers are running a magnifying glass over their policy wordings after changes to the Fair Trading Act this week.
Sovereign: More support for advisers
18 March 2015 - Sovereign needs to look for ways it can support its advisers better as the industry evolves, its chief officer of customer management and product says.
AMP life business flat, but company on track
25 February 2015 - AMP’s goal of diversifying its business is showing signs of success with its wealth management business underpinning a strong performance in the 12 months to December 31.
