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More things not to do during confinement...

...in this case, relax, as David Chaplin has a list of deferred regulations that you won't have to deal with. The list of deferred regulation released by the RBNZ, updated to 9 April 2020, can be found at: https://www.rbnz.govt.nz/regulation-and-supervision/banks/relationships/council-of-financial-regulators-terms-of-reference

Data is more like fish than wine

Chatswood offers specialist management consulting for insurers and adviser businesses. Services include tailored product development, distribution and channel strategy, and new business development project work. Our focus is on working alongside insurers and advisers on areas where we have the greatest potential to add value. If you are a regular reader then you will probably already know that we can help you sell your client base or business through Advicebridge Limited (see details below). But how would you prepare your business for sale? The guest post below, from Richard Pykett at Elan Brokers and E-Broker, highlights the importance of fresh, reliable, data. 

Looking at selling your book of insurance business? Well apart from the quantum of annual renewals and general client demographic, one of the key points has always been ‘how quickly can I get out a goodbye from Mike and hello from Bob’ letter? Also, how easy is it for me to call this client and have a relaxed conversation, not only about their insurances, but their kids, finances, health issues, goals, hobbies, estate planning and so on. The easier these things are to achieve, the more I would pay for your book.

Most advisers don’t have this level of data electronically, due to poor data collection habits.

If you don’t have electronic records all in one place on your clients – so you are not using an insurance focused CRM system, then you are on the back foot already. It’s going to be a mission to transfer your book to a new owner.

If you don’t have any electronic records at all, then you are in real trouble value wise.

At Elan Software Systems (E-Broker) we can actually build a database from scratch via information from the various insurers. The address data can be cleaned against a copy of the NZ Post database which we have a license for, so when the database is handed back it can be campaigned to immediately.

Data is also more like fish than wine – it doesn’t get better being locked away in a cupboard under the stairs like Harry Potter. It needs to be used regularly with campaigns and any returns or email bounces corrected to keep it fresh. Sales opportunities abound from chasing down returns and bounces, as they are a change in circumstance – a new job, a new house and so on…

So how complete and transferable is your data?

You can find Richard at https://e-broker.co.nz/ on LinkedIn and YouTube.

Chatswood offers basic, complex and full sale valuation services. Our valuation service follows a set procedure that works to assist clients with all aspects of valuing a business.  Additionally, we work alongside a Chartered Accountancy firm to offer a conjoint valuation service.

Advicebridge operates to offer both buyers and sellers an opportunity to connect and transact. By following set processes, we work to connect a seller with the right buyer from our database of buyers. Our goal is to connect interested buyers and sellers by coordinating the buyer selection process and the interactions between all parties.


Managing adviser business during COVID-19

Clifton Warren from Professional IQ College ran an webinar titled “Coronavirus: How to Grow During Restrictions”. Over 60 insurance and financial services professionals from across Australia, New Zealand, South Africa and USA were in attendance.

Some of the topics discussed in the webinar include:

  • managing existing clients
  • managing prospects
  • managing producers and teams remotely during a crisis

Click here to watch the free webinar

FMA investigate false COVID-19 advertisement by adviser

False information was posted on Chinese social media platform WeChat by an adviser. It was suggested that people living in New Zealand get health insurance to ensure that don’t have to pay the same amount for COVID-19 related hospitalisation as people in China (up to $250,000). Regardless of a person’s immigration status, anyone is eligible for free emergency treatment and testing for Covid-19. The FMA was notified and the adviser has been contact. Although the adviser agreed to remove the ad, the FMA will be following up on the issue.


Click here to read more


Partners Life: Webinar sessions to encourage software use

Partners Life are now hosting some webinars to help advisers get the most out of the software particularly while they are not currently able to meet clients face-to-face.

The announcement states 'These sessions are designed for those who have either not used, or do not regularly use either Evince or My Underwriting Manager (MUM) in their processes. If you are already using these tools you may find you know much of the content already, however, feel free to join us for a refresher if you feel like it would be helpful.'

Click here to read more. 

Risk is real

A great tension affects the world of insurance. The first part of the tension is the recognition that risk is real, and the world is a dangerous place. That was felt immediately after the Canterbury earthquakes and again after Kaikoura. We are reminded of the importance of planning for disasters. Briefly, insurance becomes talked about: over the last few weeks stories about travel insurance were quickly followed by stories about life and health insurers. This is a moment when we can reassure those with cover that this is what we are here for. For those without the message is more complicated and must be nuanced: people need cover, and we are allowed to talk about that idea, but it is vital to get that tone right. Here is a link to my latest piece in Asset magazine, now available online, which covers some of this territory.