Today I am sharing a session with Richard Dean of the Reserve Bank on product providers. I am covering the advice process aspects of selecting providers and Richard Dean is covering the Insurance (Prudential Supervisions) Act.
As a part of that session we talk about how to go from the starting point of the universe of insurers that are licenced in New Zealand down to the actual set that you consider as an eligible group from which you will identify appropriate products for your clients.
In that session I talk about the criteria you use to get from universe to an approved provider list - and we have produced a handy spread-sheet to help you with that process. Here is how it works:
- It shows the universe and has some company data and a selection screens so that you can apply your criteria consistently across all the insurers to arrive at a preferred provider list.
- The tool allows for you to add additional criteria and ignore the existing criteria if you wish.
- There is an example draft 'approved providers' document, detailing the companies selected by an example adviser, and showing how to communicate the reasons for their selection.
Please remember the tool is for advisers, or anyone else in the industry who is interested in the process, and it is not meant to recommend one insurer over another - only to illustrate how an adviser might approach the process of developing a preferred provider list. If you are a consumer seeking to purchase cover then we point out that this is not advice, and you should contact a financial adviser.