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Asteron Centre Evacuated Over Quake Risk

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. 


Probability, Anchoring, and Imagining the Future

Lots of people seemed to assume that a 70% chance of a Hilary Clinton victory meant it was a certainty. I was certainly guilty of hoping for that. But as the statisticians and pollsters keep trying to tell us, what it meant was that if you ran the model ten times, Trump won in three of them. Today, that seems obvious, we live in one of the three futures. But it is always so much easier to spot in hindsight, or when we think 'other people' are anchoring around the 'wrong future', than it is when we are doing it ourselves. Take the Financial Advisers Act Review. 

It is more probable that the law will pass, than not. But what are your plans for 'not'?

MBIEs FAQ suggests that most AFAs will run FAFs and be FAs in their own firms, and most RFAs will become FAs in FAFs, or Agents in FAFs. In fact both groups has these options: 

  • Start a FAF and be an FA in it - along with hiring others, or soletrader version
  • Start a FAF and just manage it, hiring other FAs and Agents
  • Join a FAF as an FA
  • Join a FAF as an agent
  • Stop giving advice, and just sell with no advice - outside the regime
  • Quit selling financial products at all

It is a worthwhile activity to think about the different situations in which these options become more or less attractive to different groups. 

If you are still anchored on just one view of how the future will work out, and recent events haven't taught you not to do that, try some additional medicine at this link: a post by Seth Godin on the confusion about enough

 


Accuro Offers Skin Cancer App to Members

Accuro have partnered with Skin-Vision, a Nethland-based app, which will enable its members to self-check for signs of skin cancer early on using their mobile phone. Click here to read more.

So how does Skin Vision work? You download it in your mobile phone, enter your details to create an account and then follow these three steps: 

1

2

3


Claim Declined for Forgetfulness - Illegal Acts Exclusion Case Study

We usually think of an illegal act as a crime or at least, an action the insured person took that was a breach of the law. The example we often give in workshops is that a person got drunk and drove their car. Most fully underwritten insurance will pay anyway - the best policies have no exclusions at all after an initial period. Some insurance policies decline to pay for illegal acts, but many people that take these policies out assume that because they are generally law abiding, these exclusions will not apply to them. 

We invite you to consider this case, that FSCL reports. A claim was declined under the illegal acts exclusion when a passenger in a car died because she had not put her seat-belt on. We are worried about this decision, because mere forgetfulness, especially on the road, could mean many claims arise from an 'illegal act'. The lack of clarity for consumers who may not realise that an illegal act includes, essentially, a mistake or forgetfulness, that means a breach of the road rules. Road accidents are a common cause of early death and many accidents resulting in the death of the insured may have been caused, or contributed to, by acts such as straying over the speed limit (however momentarily), drifting out of lane, or failing to take another look at an intersection - thereby failing to give way.

Illegal acts exclusions could represent a much bigger problem than most clients realise. 


Intelligence is Everything - Good Data Makes Better Decisions

How much do you know about the environment? What about the New Zealand insurance industry? At Chatswood Consulting we like to help people make better decisions. A foundation for good decision-making is good data. We think that the more you know, the less you have to guess.

In the presentation below you can do a quick self-check survey before we show you the list of data services we provide to the industry. 

 


Partners Premium Holiday Benefit Covers Some Quake Victims

Here is the latest adviser update from Partners Life relating to the recent earthquake:

Please don’t forget that every Partners Protection Plan includes a guaranteed free premium holiday benefit which provides for up to 6 months premium holiday whilst maintaining full cover in the event that a life assured’s ability to work is interrupted by:

  • Redundancy:
     
  • Bankruptcy;
     
  • Becoming a caregiver to an ailing, immediate family member;
     
  • Death of an immediate family member;
     
  • Any other event which Partners Life agrees is the equivalent.

As was the case with the Christchurch earthquakes, we would consider any earthquake damage/outcome which interrupted a life assured’s ability to undertake their usual work (e.g. to their workplace or their own home) and where that interruption is likely to last more than 30 days to be the equivalent. We paid many such premium holiday claims following the Christchurch earthquakes and are expecting to do so again following these recent quakes.


Quotemonster FAQs

Here are a list of commonly asked questions or queries about Quotemonster:

  1. The premiums don't match insurer quote software - be sure to check your Settings
  2. Can I get a copy of your posters? Find all three of them here
  3. I am unable to save my PDF report - follow these easy steps for a fix
  4. Why can't I see the banks? One of these suggestions should help
  5. Can I duplicate an existing quote? You sure can

We have recently developed a user manual full of useful information about all of the functions and tools available on Quotemonster - please do have a read through.


Accuro Update - Post Earthquake

From Accuro: 

We appreciate the recent earthquakes and floods may have had a significant impact on your staff and their families, whether they be in Wellington or around the country.  We would like to offer a big thanks to all those who got in touch with us to check on our wellbeing and we thought we would give you all a quick update on Accuro.

On Tuesday afternoon we received the all clear for access to our offices on Boulcott Street, Wellington, and were back in the office Wednesday morning, with all of our staff fit and well. We are currently working hard to catch up on what we missed on Monday and Tuesday and expect to be up to date later today. 

 


More on Insuretech Opportunity

Phil Macalister has this thoughtful piece on his blog about the value of robo-advice in insurance. I like pretty much everything about the article except for the headline, which is, sadly "robo not just for investment". I'll know that insurance has the respect it deserves when it isn't defined by being 'not investment'.