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Legal and regulatory update for the life and health insurance sector

AIA launches small business support package, and more daily news

AIA has released their small business support package that offers financial advisers an additional 10% Basic Initial Commission on AIA Living applications that are submitted via eApp. The offer starts on 1 November 2021 and ends on 31 January 2022. Through this offer advisers can receive an additional 20% Basic Initial Commission during the promotion period.

AIA NZ continues to support advisers and their businesses with the release of a small business support package. This offer comes hot on the heels of the insurer’s one-month premium waiver promotion for business applied for in September and October.

The small business support package offers advisers an additional 10% Basic Initial Commission on AIA Living applications placed using eApp between 1 November 2021 and 31 January 2022. To support AIA’s digital first proposition and encourage advisers to do business with AIA online, this offer is in addition to the current 10% Basic Initial Commission offered for using eApp.

This means advisers can receive an additional 20% Basic Initial Commission if using eApp to place eligible business during the campaign period.

“We understand the recent COVID-19 restrictions have significantly impacted economic activity, and continue to create business continuity issues for many NZ advisers,” says Sam Tremethick, Chief Partnership Insurance Officer. “This is on top of an already challenging year for many. We know cashflow issues are a challenge for a number of advisers, particularly those in the Auckland and Waikato regions, and this may be impacting mental health and overall wellbeing. We want to continue to offer AIA’s support, and to ensure advisers remain ‘fit for business’.”

Like many small businesses in New Zealand, advisers have been doing it tough. According to the Xero Small Business Index New Zealand August 2021 report, the New Zealand Small Business Index fell 19 points after the entire country was put into Alert Level 4 in August 2021*.

“Our aim for the small business support package is to give advisers some much-needed additional cashflow, so they can focus on doing what they do best: providing the best advice and protection for their customers.” 

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