Australia: ANZ reveals remediation team and process

In Australia, ANZ has reported that they have a team dedicated to compensating victims of fees-for-no-service. ANZ has 500 people working in the customer remediation team and an additional 500 people working on remediation with other business units. Shayne Elliott, CEO, has said that the remediation program is made up of two parts and has paid out $1.6 billion over the last three years.

Wow. 

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Promoting insurance in languages other than English

AIA New Zealand has translated their core insurance brochures into simplified Chinese for each of the following benefits: AIA REAL Life, Health, Trauma, TPD, Cancer Treatment Benefit, and Mortgage, Income and Rent Cover. AIA’s in-house sales team, the Financial Services Network (FSN) also has advisers capable of offering discussions in advisers in Mandarin, Cantonese, English, Hendi, Gujrat, Marathi, Urdu, Punjabi, Tamil, Malayalam, Hokkien, Teochew, and Japanese.

Fidelity Life offers a Chinese language version of their corporate profile to assist that segment of the migrant market. They maintain an informal register of staff with different language capabilities and use that to help support clients with difficulties in English.

ANZ produce copies of insurance material in Chinese, which summarises the types of insurances ANZ offers. Including general and travel insurance. The development of this brochure aligns with ANZ’s migrant strategy. At this stage ANZ offers no other languages, although it states that it continuously reviews the requirement for other non-English brochures.


One in four New Zealanders have "No cash savings"

ANZ paid to survey over 1,500 Australians and New Zealanders to explore their financial knowledge, attitudes and behaviours in late 2017. The survey found that one in four Kiwis have no cash savings.

The absence of cash savings is of particular concern. Cash savings should be the first kind of insurance you buy - having a little money in a savings account can avoid all sorts of trouble. I teach my kids the value of having a bit put by - whether it is the unexpected invite for a friend's special occasion, a lost wallet, or an unplanned expense, the money is always useful.

Antonia Watson, ANZ's managing director of retail and business banking: "While most New Zealanders feel they are doing OK with money, we have a significant number without savings to fall back on."

The lack of savings has an impact on the insurance planning for this group - with a couple of exceptions. Many of these people will also be people that have no insurance - in effect, doubling down on their risk. For those that are very young, with family who can step in with help, and just starting out on their employment journey, this is perhaps something to be expected. Occasionally, everyone can get a bit stretched: between jobs for a couple of months, or stretching to buy a new house can create a similar cash crunch. That's not so bad if you have non-cash assets that you could always sell - and perhaps a little flexible credit facility to help you smooth out the bumps in between. But those two segments added up, should surely no equal a quarter of the adult population.

Click here to see some of the key finds from the report in an infographic. Here is the press release from ANZ and here is a pdf of the report.


Product Mapping for Banks and Direct Insurers

Below is an outline of the banks and other direct providers with a map as to which benefits and options they offer.

If you are trying to do a product comparison on Quotemonster with any of the companies below and they are not appearing, chances are you are quoting a benefit or option they do not offer.

If you would like a PDF version of this table you can download it here:  Download Product Mapping - December 2017

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Australia: ANZ Sells OnePath Australia, Keeps New Zealand

Andrew Boughey, Head of Adviser Distribution for OnePath New Zealand says "ANZ Australia has today announced the sale of its OnePath Life Insurance business to Zurich Financial Services Australia. Our insurance business here in New Zealand is not part of this sale and it will have no impact on our operations. For us in New Zealand, it is business as usual."


News speculation on buyers for ANZ insurance and Comminsure

Goodreturns quotes The Australian and I saw a Reuters article today on the likely buyers for two of the largest insurance businesses in New Zealand: AIA may buy Sovereign, and Zurich may buy ANZ's insurance businesses. If true, this makes good sense for both. AIA achieves scale, which it did not have in New Zealand, and valuable additional size in Australia. Sovereign may benefit from being returned to specialist insurance ownership. The same applies for Zurich, and it will be interesting to have Zurich in this market. They may become an effective competitor in the adviser market in New Zealand with the purchase. That is, if the purchases go ahead.