Industry awards finalists revealed, and more daily news

The Life Insurance Company of the Year award finalists for the 9th Australian and New Zealand Institute of Insurance and Finance awards were recently announced. Finalists include AIA, Asteron Life, and Fidelity Life. Additionally, Amy Cavanaugh, Pinnacle Life General Manager Operations and Len Elikhis, AIA Chief Officer - Product and Vitality are among the finalists for Young Insurance Professional of the Year award. Click here to read more

“The top New Zealand insurers will have their time to shine at the upcoming awards hosted by the Australian and New Zealand Institute of Insurance and Finance (ANZIIF).

This year will mark the 9th year of the awards that aim to "...unite all sectors of insurance for a celebration of excellence, professionalism and community".

The finalists were announced this week with Fidelity Life up against Asteron Life and AIA NZ for the top life insurer award.

The 2019 awards also saw Fidelity Life's Ben Holloway win the gong for the young insurance professional of the year.

This year, Pinnacle Life's Amy Cavanaugh and AIA NZ's Len Elikhis are two of seven young professionals nominated for the award.

"This year’s awards are centred around 2020, celebrating how our industry has supported the customer, community, and its people," the ANZIIF says.

The judging panel will explore how organisations or individuals have contributed to professionalism in the insurance industry and how they have successfully addressed issues by implementing innovative change.

The ANZIIF expects more than 400 of the industry’s top professionals spanning the breadth of New Zealand insurance to attend the awards being held at the Cordis in Auckland on Wednesday, November 17.

2021 ANZIIF New Zealand Insurance Industry Awards finalists:

Life insurance company of the year:
- AIA New Zealand
- Asteron Life
- Fidelity Life

Insurance learning programme of the year:
- AA Insurance
- AIG New Zealand

Young insurance professional of the year:
- Stephen Cantwell, FMG
- Amy Cavanaugh, Pinnacle Life
- Len Elikhis, AIA New Zealand
- Joseph Fitzgerald, Wotton + Kearney
- Steph Kelly, FMG
- Daniel Mathieson, Sherpa
- Megan Wolak, Delta Insurance

ANZIIF lifetime achievement award: Announced on the night”

Amy Cavanaugh:

Lo-amy-clr

Len Elikhis:

Aia-elt-len-elikhis

 

In other news

From Good returns: Life cover - the hard sell for Kiwi insurers

Swiss Re: How much more life insurance needs to be sold

From Good returns: Full licensing - what does it look like?


AIA announce new research project, and more daily news

AIA NZ has announced that it will be sponsoring an independent research project, NZ Adviser Wellbeing Research. The project aims to understand the mental health and overall wellbeing of advisers. AIA is working with Australian researchers Dr Adam Fraser and Dr John Molineux who were both part of a similar study conducted in Australia earlier in the year. The study will explore the current mental health of New Zealand advisers, the habits and attitudes of advisers with positive mental wellbeing as well as the mindsets and behaviours necessary to manage market disruptions. Chief Partnership Insurance Officer Sam Tremethick has noted that AIA is looking to understand the key challenges experienced by advisers. Advisers looking participate can click here.

 

“AIA NZ is sponsoring an independent research project to better understand the mental health and wellbeing of financial advisers in New Zealand.

The project, called the ‘NZ Adviser Wellbeing Research’, aims to understand the current state of mental health of NZ financial advisers, explore the habits and attitudes of those advisers who are currently experiencing positive mental wellbeing, and understand the mindsets and behaviours needed to evolve and manage significant market disruptions.

 

Sam Tremethick, Chief Partnership Insurance Officer AIA NZ, says “We’re looking to undertake a ‘temperature check’ on how advisers are going here in NZ. We know there has been a lot of change in recent times, and this research will seek to understand the key challenges experienced by financial advisers locally, particularly in light of increased regulation, operating in a global pandemic and changing client needs.”

AIA NZ is working with Sydney-based researchers Dr Adam Fraser, founder of The e-lab, and Dr John Molineux who specialise in producing reports of this nature. The pair undertook a similar research project earlier this year in Australia, which was a first-of-its-kind study into Australian financial adviser wellbeing.  Sponsored by AIA Australia, key findings showed poor levels of mental and physical health among financial advisers including

·               73% of respondents had high levels of burnout from stress

·               67% had experienced some level of depression

·               61% had poor sleep due to stress. 

“At AIA NZ we’re committed to helping people live healthier, longer, better lives, and we want to understand how we can better support the NZ adviser market to understand and improve their own health and wellbeing,” Sam says. 

The research findings will highlight future opportunities and inform practical applications for improving wellbeing for NZ advisers, and will be shared widely to benefit the broader industry.
Take part and share your views! Please click the link to take part in the NZ Adviser Wellbeing Research

 

The NZ Adviser Wellbeing Research is open until 10 October 2021 to all financial advisers in New Zealand, not just those involved in the life insurance business. It is not a requirement to have previously placed business with AIA NZ.

 

To encourage participation and show our appreciation, AIA NZ will donate $10 to the Mental Health Foundation for every NZ Adviser Wellbeing survey response received (up to $2,500). Please share your views today; these findings will benefit our industry as a whole, and offer valuable insights into current states of adviser mental wellbeing,” Sam says.  ”

 

In other news

Cigna: Specific Injury short-form application is now available for adding to existing business. The form can be accessed on Adviser Hub.

Cigna: Cigna Live remains postponed until further notice

Partners Life: second educational module: Policy Ownership has been released

Fidelity Life: underwriting and medical forms are now on Adviser hub

Fidelity Life: signatures can be drawn straight on editable forms using a touch screen or inserted as an image

Fidelity Life: application forms are being updated so they can be filled in and signed by customers at home

Fidelity Life: if advisers need to contact Fidelity Life to update anything regarding applications advisers will need to cc the customer or attach their original email for records. This includes:Disclosing medical history, financial detail, occupational or even pastimes. Any changes to their application, for instance a change in sum insured, wait period or benefit period.Start date confirmations and similar notifications

 

 


Closing the protection gap and more daily news

Swiss Re yesterday published the results of a survey undertaken this year to understand New Zealanders' attitudes and behaviours towards life insurance:

The inaugural report, Closing New Zealand's mortality protection gap, estimates that the mortality protection gap for New Zealand households – the gap between households' financial resources and the protection they need to maintain their living standard in the event of the death of a primary earner – at USD 435 billion (NZD 670 billion) as of 2020. 

The findings show that this gap is projected to widen to more than USD 500 billion (>NZD 750 billion) within the next 10 years, in part due to rising consumption and household debt levels. As an industry, there is a need to act now.

The current COVID-19 crisis has increased the sense of risk and insecurity. More than 80% of those surveyed in New Zealand believe that losing the income of the primary earner will affect their family significantly. This is slightly higher than the 72% of all advanced Asia Pacific markets Swiss Re surveyed prior to COVID-19.

Swiss Re's findings show almost two thirds of households in New Zealand have some form of mortality protection gap. About a fifth of households have just 10% or less of the financial resources required to cover their protection needs; in other words, a protection gap of 90%.

The report also examines how to close the gap in New Zealand. Swiss Re estimates that in the decade to 2030, this could be achieved with an additional USD 1.5 billion (NZD 2.3 billion) of life premiums every year. Yet only 39% of consumers reported owning a life insurance policy, and survey responses find that buying life cover is not their default option for increasing security.

You can download the report here:  Closing the mortality protection gap in New Zealand | Swiss Re

Other daily news:

AIA Vitality is offering 1,000 points for members to get their Covid-19 vaccine

Montoux, sellers of decision science software, is running a seminar on engaging long-term care insurance clients

nib: are joining Protecht, sellers of risk management software, for a seminar on culture and conduct risk management.

Partners Life: an interview with Life Kris Ballantyne and Mark Leishman discussing financial literacy can be found here:


AIA announce new AIA Vitality partnerships, and more daily news

AIA New Zealand has announced that Countdown has replaced New World as the AIA Vitality Active Rewards Grocery Partner. AIA Vitality members can receive a Countdown gift card when weekly Active Rewards targets are met. Members can earn up to $300 worth of Countdown gift cards each membership year when they continue making health-conscious decisions and remain active on AIA Vitality. New Balance has also joined the AIA Vitality partner network, offering members a 30% discount off full priced footwear and accessories. Additional AIA Vitality partnerships are set to be announced next month.

Chief Product and Vitality Officer Len Elikhis has said that it’s great to see the tangible benefits being delivered.  Elikhis shared that 25,000 members received over 164,000 Active Rewards, it was also revealed that members collectively took over 10 billion steps, claimed 3,400 free AIA Vitality health checks, and nearly 1,000 discounted MoleMaps..

“AIA Vitality members can turn their healthy habits into healthy food with the addition of a new Active Rewards Grocery Partner, Countdown.

Members can receive a Countdown gift card every time they reach their weekly Active Rewards target.

Countdown has replaced New World as a grocery partner and also joins Airpoints as an AIA Vitality Status Rewards partner, and members can earn up to $300 worth of Countdown gift cards each membership year by making healthier choices and continuing to engage with the AIA Vitality programme.

“We’re thrilled to have Countdown come onboard as our new Active Rewards Grocery Partner," says AIA NZ chief product and vitality officer Len Elikhis.

"With 180 stores nationwide, we are confident this is a benefit that members will be able to enjoy wherever they live in Aotearoa.”

Members can also get into gear with the addition of New Balance, who have joined the AIA Vitality partner network offering a 30% discount off full priced footwear and accessories.

“As we approach the second anniversary of AIA Vitality in New Zealand, it’s great to see the tangible benefits we’ve been able to deliver for Kiwis,” Elikhis says.

“Our nearly 25,000 members have received over 164,000 Active Rewards and improved their health by collectively taking over 10 billion steps.

“What’s more, our members have taken steps to learn more about their health and wellbeing, by claiming 3,400 free AIA Vitality health checks, and nearly 1,000 discounted MoleMaps.

"By regularly evolving the programme, we continue to motivate our members to live healthier, longer, better lives. With our latest partners, we’re set to take the programme to a whole new level."

Since launching in August 2019, AIA NZ has continued to enhance the AIA Vitality programme to deliver more value and rewards for members.”

In 2020 it launched the Apple Watch benefit, and in March this year welcomed new partner brands Samsung, Event Cinemas, and the Allen Carr Easyway Quit Alcohol programme.

More AIA Vitality partnerships will be announced in August 2021.” Click here to read more

In other news

Financial Advice: Bring in the Experts webinar - Are your record keeping processes compliant for the new regime?

From Good returns: Ending a 40-year career - the true cost of a FADC decision

From Insurance business mag: CPD: Are advisers doing it right?

RBNZ: RBNZ issues Relationship Charter survey results


AIA appoints new BDMs around the country and more daily news

High performance was a central theme in the appointment of several Business Development Managers. Tim Coltman, Anna Corbin, Rakesh Masalawalla, and Hannah Anderson have all been appointed as BDMs.

Tim Coltman has been appointed as the Southern BDM and will be responsible for servicing advisers based in the lower part of the South Island from Timaru and Dunedin through Central Otago to Invercargill.

Anna Corbin is the new Lower North Island BDM. Corbin is based in Wellington and is responsible for servicing advisers in the Whanganui, Wairarapa and Wellington areas.

Rakesh Masalawalla is based in Wellington and will be closely working with key advisers in the Wellington region.

Hannah Anderson has been appointed as the new Christchurch BDM. Anderson will be responsible for looking after the wider Canterbury region. Click here to read more


Screen Shot 2021-06-16 at 4.34.59 PM

 

In other news

AIA: Laura Holyoake has been appointed as an AIA NZ Vitality Coach

Asteron Life: is promoting its level to 100 option

Partners Life: seeking to find a new 'middle ground' with trauma and income protection products that are sustainable

XY Adviser: are promoting how to maintain deeper client relationships at scale

 

 


AIA Vitality enhancements on the horizon, and more daily news

AIA chief partnership insurance officer Sam Tremethick shared insights on AIA Vitality to mark the anniversary of the launch. Tremethick noted that AIA Vitality has been embraced by clients and the wider community. Although AIA has reported a high level of engagement, Tremethick has said that the insurer is looking to introduce enhancements next month. Tremethick described AIA Vitality as the cornerstone of what AIA does in terms of shared values.

““We’re over a year into Vitality being launched here in New Zealand, and the great thing is that the community and our clients have really taken to it,” Tremethick commented.

 

“We’re planning to release some further updates in March which will provide some further benefits to clients, and a further update will happen in June.”

 

“We’re continuing to evolve, but we’re already seeing some incredibly high levels of engagement,” he added.

 

“The release of the Apple Watch benefit last year also increased people’s interest in the programme, so we’re certainly continuing to come up with new ideas.”

 

Tremethick says that Vitality has been key to its mission of helping Kiwis improve their health and catch illnesses early, and he says the annual health check benefit and premium incentives have been very successful in promoting these goals.

 

“For us, Vitality is the cornerstone of what we do in terms of shared values,” he said.” Click here to read more

 

In other news

Financial Advice: Financial Advice has reported that they are continuing to develop new tools regarding disclosure, and looking to release it in the next 10 days

nib: 2 Months Free Health Insurance on any new Ultimate Health Max, Ultimate Health or Easy Health policy offer ends 28 February 

MBIE: MBIE has updated the FSPR with information on FAP linking


AIA receives Gender Tick accreditation

AIA New Zealand is excited to announce that it has been awarded the YWCA Gender Tick; becoming the first insurer in New Zealand to be recognised with this prestigious recognition.

Gender Tick is an accreditation programme for businesses designed to show commitment to providing fair workplaces for all employees regardless of gender. The programme independently assesses employee policies and processes to ensure that businesses are on the right track and are doing the right thing for their people.

AIA New Zealand’s CEO, Nick Stanhope, says:

“This award is testament to our ongoing commitment to diversity and inclusion and to our company philosophy of ‘doing the right thing, in the right way, with the right people’.”

“Over half of our leadership team and six out of our ten executive leaders are women. As a company we have long been committed to a diverse and balanced workplace that supports our people to succeed, and so it is great to have been recognised with this accreditation.”

Theresa Gattung CNZM, who chairs the board and is herself a long-standing advocate for gender equality in the workplace, says:

“I am absolutely delighted. As a company we have made deliberate efforts over many years to introduce policies and practices that advance equality and women’s empowerment.”

“To be recognised with the Gender Tick, alongside other leading Kiwi companies, is proof of our commitment to gender equality, diversity and to creating a workplace where our people can be empowered to succeed.”

Gender Tick Director, Dr Kaisa Wilson, says:

“Receiving the Gender Tick is an important recognition of doing the right thing. Our assessment showed that AIA New Zealand is not only doing the right thing but is excelling in several areas across leadership, policy and processes, and transparency which all help to support employees regardless of gender.”

Gender Tick

In order to achieve Gender Tick accreditation businesses must demonstrate excellence in the following areas:

  1. Gender inclusive culture
  2. Safe Workplace
  3. Flexible Work & Leave
  4. Leadership Representation
  5. Equal Pay

For more details on the YWCA Gender Tick programme visit https://www.gendertick.com/