Legal and regulatory update for the life and health insurance sector
Legal Advisers

Partners Life ten year review, and more daily news

Chief financial officer Sean Kam said that the secret to Partners Life’s success is its efficiency. Kam has said that Partners is 58% more efficient than competitors. This has been credited to the use of best technology, cloud-based solutions and not having legacy systems in place. Managing Director Naomi Ballantyne noted that Partners has a better lapse rate than competitors and that it is currently getting the largest share of all adviser new business. Ballantyne also provided insights into what Partners Life has achieved in the past decade by noting:

  • Partners has paid $692 million in claims since inception
  • It now insures 215,000 lives
  • 2208 advisers support the company
  • It has trained 1250 advisers
  • Annual premium income sits at $389 million
  • Partners has implemented 232 individual product upgrades
  • Partners is ranked second in the market for in-force business
  • The company has raised $450 million of capital in 10 years
  • Its current appraisal value is $1.3 billion

“Managing director Naomi Ballantyne says people should think of Partners as a “technology company in the business of insurance.”

She says Partners will “never allow legacy to impact our business.”

Chief financial officer Sean Kam says the "secret sauce" to Partners' success is its efficiency. Based on publicly available data he says Partners is 58% more efficient than its competitors because it uses the best technology, cloud-based solutions and has not legacy systems.

"We have an absolute laser focus on not allowing legacy into our business."

Its technology means the company "can do more with less people".

He believes Partners has an "unbeatable competitive new advantage."

The firm celebrated its 10th birthday with an event for advisers recently.

Ballantyne says in its first decade the company has:

·       Paid $692 million in claims since inception

·       It now insures 215,000 lives

·       2208 advisers support the company

·       It has trained 1250 advisers

·       Annual premium income sits at $389 million

·       Partners has implemented 232 individual product upgrades

·       Partners is ranked second in the market for in-force business

·       The company has raised $450 million of capital in 10 years

·       Its current appraisal value is $1.3 billion

Ballantyne says Partners has a better lapse rate than its competitors. According to Financial Services Council numbers the average lapse rate across the industry is 11.6%, while Partners sites at 10.2%.

The company is currently getting the largest share of all adviser new business. Ballantyne says 34% of new business is written by Partners and the next biggest is sitting on 20%.” Click here to read more 

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FSC's Consumer Engagement Committee project:

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