AIA made a number of announcements in relation to customer insights, AIA Vitality grants, and commission boosts. In regards to customer insights, AIA revealed that customer confidence in their financial standing is not as it was prior to COVID-19.
“A recent survey found that half of all those surveyed said that COVID-19 was impacting their job security and that over 40 percent worry about money at least weekly. The survey also found that confidence in making financial decisions had reduced.”
Nick Stanhope has highlighted that although financial advisers play a significant role, they are usually small business owners. And similar to any small business, advisers may face economic hardship as a result of COVID-19.
“New Zealand’s financial advice firms are primarily small businesses employing fewer than five members of staff. Financial advisers play a crucial role in increasing the financial resilience of New Zealand households which is now more important than ever.
“Last year we paid out $476 million in claims, but we can’t do it alone. Financial advice is more important than ever, however advisers have told us that they themselves are finding these times challenging.””
The AIA Vitality Community and Business Grant Programme is a way that AIA is looking to financially support advisers. Through the programme advisers will be rewarded for encouraging wellness within their communities.
“This programme provides a total of $500,000 of grant funding for financial advisers. Through a competitive application process, financial advisers will be able to apply for a grant designed to help their business make a difference to customers, their families and wider community. The programme has been designed to encourage advisers to develop, design and implement initiatives to support community wellness and to raise awareness of the importance of health and wellbeing to overall financial resilience.”
Similar to the AIA Vitality Community and Business Grant Programme, AIA is looking to reward advisers that use eApp through the Small Business Support Package initiative. This promotion runs from 2 June to 1 September 2020 and is based on the feedback provided that adviser’s biggest concern.
“Responding to feedback from the financial advice sector that the single biggest concern for financial advisers at this time is short-term cashflow to keep businesses afloat, from 2 June to 1 September 2020 commission rates for insurance applications received by financial advisers through eApp, AIA New Zealand’s electronic application form system, will attract higher commission rates. The increased remuneration for financial advice businesses is being introduced on a short-term basis only to provide increased support to ensure the resilience of financial advice firms to enable them to continue to support New Zealanders during these challenging times.”