Fidelity Life have announced the appointment of Craig Winterburn as GM Retail Sales & Key Partnerships, a newly-created role. Fidelity are still working through the recruitment process for a new Chief Distribution Officer.
HARRISON, Peter (Harry). Born 27 April 1953, Taranaki, died peacefully at Hospice North Shore after an extended battle with cancer. Loving husband of Chris; much loved father of Mathew, Daniel and Anna; father in law of Christine and Sacha; Poppa of Cyrus, Maia and Aramis; and brother of Russell, Jim, Kath, Paul and Pauleen.
A service to celebrate Peter's life will be held at Windsor Park Baptist Church on Friday 17 February at 2pm. Peter will then return home to Taranaki on Saturday where whanau and friends will continue to commemorate his life at the Orimupiko Marae, Eltham Road Opunake, followed by his burial at the Orimupiko Urupa on Sunday. Link.
Peter Harrison, affectionately known as Harry, was much loved by many, many people in this industry. He loved what his industry did, providing financial lifelines when our bodies fail us. But I think even more he loved building partnerships with many different insurance advisers. And I think it was very hard for people to resist the enthusiasm that he had for both the benefits of the industry and the business opportunities therein. He was always infectious and always willing to leap into creating something marvellous.
He relished motivating and planning. He was a genuine developer of talent and opportunity. Particularly telling was his enthusiasm for starting from scratch with a new region, or a new panel of advisers - and finding opportunity. Not a product or detail person, he would focus on the essential 'why', the thing that would actually motivate you to action. Also a great enthusiast for life, and all its good things: food, clothes, music, driving, and people. Tremendous energy would be focused on these. Harry could be relied upon to help people, giving generously of time and resources. He would call sometimes and say "we've got to go and see..." and we'd be off. Sometimes he took a fierce delight in a good argument as well, ideally conducted with repeated supply of long black coffee. He loved his family, his care for them and their success drove him on. My thoughts are with them.
Continuing the theme of corporate restructuring by many Australian-owned insurers we have this from the Sydney Morning Herald on Suncorp's life insurance businesses:
"Suncorp, Australia's second-largest general insurer by market share, said on Thursday it was considering "strategic alternatives" for its life insurance division after reporting a 1.3 per cent rise in half-yearly net profit.
The options for the life insurance division could include a sale or partnership arrangement, but no process has been started, a Suncorp spokeswoman said."
From the news: 'Six-year-old Asteron Centre on Featherston Street has been evacuated due to possible earthquake damage to its stairwells. The 15-storey building in Wellington has tenants including Inland Revenue and the Civil Aviation Authority. Click here to read more.'
We hope the Asteron Life staff can get back to normal happily when this is resolved. Our best wishes to all those affected by the earthquakes.
Gisborne man Teira Pokai has had Life Insurance for 15 years - over that period he has had a 670% increase in premiums going from $22.70 a month to $175.06.
Of course he has. He has also had an increase in sum insured, which has grown by about 40%. So his rate increase has been a lot less. But still, this is a simple fact of a rate-for-age product compared to a situation where most consumer goods get cheaper or better value over time. This is the bitter consumer harvest of resentment that is being reaped now as a result of two or three decades of selling rate-for-age product. The consumerist argument was 'buy term and invest the rest' the result of the actual behavioural experiment has been... they only managed the first part.
Changes to Loss of Earnings and Loss of Earnings Plus effective 8 August are now live on Quotemonster. There were premium changes to LOE and LOE+ and a change in bundled discounts. On Quotemonster the Extras Package has been removed and replaced with Optional Benefits which now includes income top-up package, immediate assist package and a specific injury support. To add or remove the Optional Benefits you will need to go to the 'Settings' screen and make your selection.
There were also a number of changes made to LOE and LOE+. The following items had enhancements:
Rehabilitation and retraining support
Claiming while on LWOP
Claiming while unemployed
These new optional items were also added:
Income top-up package
Immediate assist package
Specific injury support
As a result of these changes scoring variations have been made to the Quality Product Research database. A key point is a reduction in the weighting for TPD benefits which were scored at about a 4% incidence. This reflected the balance of working life risk for a male life from age 40. It has now been weighted to match the policy duration used in the claim model (which is eight years) resulting in a reduction by about two-thirds.
Fidelity life has made a significant cut to first-year premiums for income protection. Against a backdrop of other providers increasing income protection prices the move is aggressive. We are still waiting for confirmation of the subsequent year pricing.
It is likely that we will soon incorporate projections of future prices into Quotemonster as a part of the head-to-head functionality (only available to research subscribers).
The needs analysis beta has already given us some valuable feedback and a package of updates has been put through in the last few days. If you haven't tried the needs analysis feature (also only available to research subscribers) then please do take a look. If you are keen on getting some training on needs analysis please contact us in the office as we are running some workshops focusing on this area over the next few weeks in Auckland and Wellington.
This article on Stuff.co.nz, by Susan Edmunds, discusses the benefits and different types of children's insurance available in NZ, plus the costs associated with them. It is a great article to highlight the high level issues in this type of cover - ideal for linking to from newsletters and social media content aimed at clients.