Partners Life announce new products, more daily news

Partners Life Chief Marketing Officer Kris Ballantyne announced two new products, Income and Expenses Cover and Moderate Trauma Cover. These new products were created based on the belief that insurers need to be sensitive in regards to pricing and affordability. The new IP product is designed to be an option for new and existing business. The cover is 25% cheaper than similar existing products. The Moderate Trauma Cover sits between the existing standard trauma cover and severe trauma cover. The cover is approximately 20% cheaper than other trauma covers offered.

“At a recent conference, Partners Life chief marketing officer Kris Ballantyne gave advisers an overview of their new products - Income and Expenses Cover and Moderate Trauma Cover. 

He told attendees that insurers "...need to be sensitive toward pricing and affordability for customers as prices go up".

"The truth about income cover is that the claims experience is declining fast for a number of reasons and has been for some time.

"Some of these reasons are self-inflicted wounds from insurers like ourselves...for example, mortgage repayment cover not offsetting ACC allowable income.

"This makes no sense objectively, but it's a good competitive edge. So it happened and everyone followed [and] that's a position we've created as an industry."

Ballantyne says in Australia the issue has become so bad that industry regulators have stepped in and started to mandate "...what products can look like, what products can be and how products are going to work".

"It is one of the worst product designs I have ever seen in my life, it actually offends me as a product person.

Ballantyne says some companies are taking steps to fix the problems with income cover such as better underwriting and raising prices to maintain profitability.

"The better long term solution is that we as an industry define how we are going to fix it rather than it being dictated to us."

Partners Life's response is the introduction of Income and Expenses Cover that Wright described as a disability income-style product with the key difference being it's about 25% cheaper than similar products already in the market.

"It also has an ability to account for household expenses as a loss of earnings paid position.

"But the definition of DI will change after one year to a reasonable occupation definition - by way of suitable experience and training - you get 80% of that same income.

"That's a way we protect against those long-lasting claims that start as one thing and transform into another.

He says the new product is an option for both new business and existing business as a retention strategy.

The second product launched is Moderate Trauma Cover, which sits between standard trauma cover and severe trauma cover.

"Trauma is going to keep getting more expensive, severe trauma has stayed more or less the same, but the gap between the definitions is widening."

Ballantyne used the example of the definition of cancer in trauma claims.

"It looks like the cancer definition on trauma requires malignancy, it requires spread - it doesn't.

"We are paying full trauma claims of hundreds of thousands, or in some cases millions of dollars, on stage zero cancers which are asymptomatic and shouldn't even be treated from a medical prognosis point of view.

"That is crazy and is only going to lead to more and more claims dollars being paid out and that price going up and up in the future."

Ballantyne says the severe trauma definition sits at stage four and stage three cancer where treatment is likely to fail.

"Where moderate trauma cover sits at stage two, at the point where it has spread, and does show malignancy and requires some form of treatment."

He says the Partners Life product will be about 20% cheaper than trauma cover offered today.” Click here to read more

In other news

Asteron Life: Suncorp NZ invests in a technology-enabled workforce

mySolutions: mySolutions recently formed a partnership with Prosper Group

FSC: 13 days left to get EarlyBird tickets

Strategi: AML/CFT Refresher Training - Classroom


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


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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

 

 


Quality Product Research: Proposed rating for Coma (Trauma)

Introduction

Following on with our recent theme of revising ratings, we have reviewed Coma, re-assessing the item based on modern definitions.  A rarely claimed on benefit, yet significant coverage in the media when the insurer decides not to pay out.  

Below are the proposed items for Coma.

Coma

Notes

Momentum life is the only provider that requires the insured to be in a coma for 96-hours, while Westpac uniquely requires a permanent neurological deficit. Three insurers, Fidelity, Pinnacle and Westpac specifically exclude medically induced comas and a similar definition is observed in the use of life support systems and response to internal and external needs.

Few insurers continue to use the Glasgow Coma Scale in their definitions – here is a quick overview of what the scale demonstrates https://medictests.com/units/glasgow-coma-score

Your feedback

We value getting your feedback on how these wordings are being applied to claims you may be aware of. Please email us with details of any recent claims to help us update our understanding.

Doreen Dutt, Research Analyst, Quality Product Research Limited, researcher@qpresearch.co.nz


Massey University announce Financial Capability Practitioners certificate, and more daily news

Massey University has announced the launch of the microcredit certificate for Financial Capability Practitioners (level 5). The course was created by Massey University’s NZ Financial Education and Research Centre (Fin-Ed Centre) and will be delivered by the Research Centre. Those that successfully complete the course will be provided with a Massey University Financial Capability Practitioner 10 credit micro-credit certificate. This can be go towards an individual’s on-going CPD requirement. The micro-credit requires individuals to undertake 100 hours of allocated learning and practice time.

Learning outcomes include:

  • Understanding national and international trends in financial capability and wellbeing
  • Current practices and models for delivery of financial capability
  • Ways to review clients’ current capability and progress during the course
  • How to apply principles of adult learning in the practice of developing financial capability
  • A model for embedding financial capability in current practice vs traditional ‘bolted on’ model
  • Personal financial management techniques and skills to facilitating learning about them.

Click here to find out more

In other news

Partners Life: Financial Security Questionnaires no longer required

Fidelity Life: Melissa Cantell - more than meets the eye

Asteron Life: Three insurances to consider when you start a business

Gen Re: A Mental Health Claims Dialogue

Fidelity Life: Senior Product Manager role advertised

nib: Protect, Connect & Empower Seminar Series to be held June 22, 2021—July 9, 2021

Fidelity Life: research insights 

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AIA to join Relief Run, and more daily news

AIA NZ has announced that employees will be joining the Relief Run, a global initiative for those in India affected by COVID-19. AIA NZ alongside AIA Australia will contribute $30,000 to World Vision’s COVID-19 India crisis appeal. Employees will also complete 5km near the AIA House on 9 June 2021. AIA NZ CEO Nick Stanhope has said that it is important AIA joins this movement.

“AIA NZ are joining their Australian colleagues in the global initiative Relief Run, as the trans-Tasman business contributes $30,000 for the people of India devastated by COVID-19.

On Wednesday 9 June, the AIA NZ team will be running or walking 5km around the Smales Farm precinct in Takapuna, Auckland, and encourage participation from anywhere in the world.

“This is a global virtual event so anyone can take part from wherever they are,” says Nick Stanhope, AIA NZ CEO. “The scale of the tragedy in India is devastating, and we have family members, friends and colleagues directly impacted by the COVID-19 crisis. I feel it’s important we join this movement, and take this small step to make a difference.”

Australian AIA Vitality Ambassador and endurance athlete Samantha Gash is the co-creator of Relief Run, which last year raised more than AU$1 million in support of Australian bushfire relief efforts. Locally the Relief Run will be supported by AIA NZ Vitality Ambassadors Dame Valerie Adams and Ian Jones.

“It’s great to be able to get involved in supporting my fellow AIA Vitality Ambassador Sam Gash, and the Relief Run,” says Ian Jones. “I know the funds raised will have a big impact on the relief effort in India, and will undoubtedly save lives.”

All funds raised by Relief Run will go towards the World Vision’s COVID-19 India crisis appeal, which is sourcing equipment and supplies including beds, oxygen concentrators, food vouchers and tents for temporary COVID-19 care centres.” Click here to read more

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In other news

AIA: $597m in claims was paid in 2020. This includes COVID – redundancy, income protection and death claims

MAS: MAS is sponsoring the ILANZ: In-house Lawyers Young In-House Lawyer of the Year award

Asteron Life: Jacques Van Heerden joins Asteron Life as BDM

From Good returns: Keeping up - but not with the Kardashians

 


Asteron Life Trauma Benefits webinar, and more daily news

Asteron Life is holding webinars on 27 May at 2pm and 3 June at 9.30am. The webinars will be focused on Trauma Benefits. Today’s webinar will be run by Kirsten Young and next week’s webinar will be run by Crush Huston. During the webinar, both Kristen and Crush will go through how each benefit work individually and when combined. Advisers that want to attend are encouraged to contact the Asteron Life Business Development team.

“I would like to extend an invitation to you for our upcoming webinar on Trauma Benefits. This webinar will cover:

  • Trauma Recovery
  • Continuous Trauma
  • Major Trauma
  • Early Stage Cancer
  • Early Stage Trauma
  • Cancer Cover
  • Kids Cover

Join Crush Huston or Kirsten Young as they showcase how each of these benefits work on their own, as well as together. To attend one of our two sessions, please find the date and time below which works best for you, then click the link to add the invite to your calendar.”

In other news

Cigna: Nicolette Luke finalists for the MAS - Medical Assurance Society Young In-house Lawyer of the Year Award 2021

Southern Cross:  Account Manager – SME

From Insurance Business Mag: Are insurers vulnerable to cyberattacks?

AIA: Group Pricing Specialist role advertised

Asteron Life: Northern Busines Development Manager role advertised


Cigna on latest campaign, and more daily news

Cigna has revealed that the latest campaign, Insurance for living marketing campaign, has achieved great results so far. The campaign was launched in the hopes of helping New Zealanders understand Cigna products. Over two million New Zealanders have been reached with the TV advert. Cigna has reported that online searches have increased with a special note on the number of searches around income protection insurance. Head of Strategy & Marketing Simon Tohill has said that the team are pleased with the outcomes so far and are pleased to help start conversations regarding financial advice. The campaign is set to run until September. Cigna has announced that they will be conducting ongoing research to understand how consumer perceptions of Cigna change and to see how the campaign tracks. 

“After a month on screen, on air and online, Cigna’s Insurance for living marketing campaign is showing positive results.

The campaign has reached an audience of over two million New Zealanders via TV advertising and there’s been a lot of interest from consumers. Online searches are up across the industry with a large increase in search for the term income protection insurance – one of the three products mentioned in the campaign alongside life and critical illness.

Simon Tohill Cigna’s Head of Strategy & Marketing says that the team are pleased with progress so far. “We’re really excited to be in market and helping to stimulate a conversation with Kiwis about the positive outcomes of seeking financial advice and protecting what matters most to them.”

The campaign’s goal is to help New Zealanders understand that Cigna offers products such as Income Protection, Critical Illness and Life Insurance alongside the company’s more well-known funeral cover offering.

To do this Cigna has created the character Dave Davidson. He’s a likeable guy, who’s living the dream. He has a house, a tween, a teen and an awesome wife. He’s also pretty risk-averse. But since he talked to his financial adviser and took out insurance with Cigna he’s started living a little more dangerously.

“Through Dave’s adventures, we’ll we’re able to demonstrate how having Cigna insurance by your side can provide financial peace of mind and have a positive impact on your everyday life,” says Simon.

The campaign runs until late September on TV, TV on Demand, social media, digital display and radio.

Following the launch of the campaign, Cigna will be conducting ongoing research to see how the campaign is tracking and how consumer perceptions of Cigna change.”

 

In other news

Cigna: Ian Greig to join Cigna from Asteron Life as a South Island Business Partnership Manager later this month

Cigna: Cigna Travel Insurance now offers covers for COVID-19 if customers are traveling within a New Zealand Government approved travel bubble, but conditions apply

Cigna: From 1 June 2021 Cigna will not accept cheque payments 

Cigna: Advisers that had a login for the previous Adviser Hub received an email with their new username on 12 May

Asteron Life: applications submitted through AsteronConnect  will go into the weekly draw until 4 June 2021 to win a $200 voucher to support local restaurants


QPR v14.2 is now live!

The QPR team have been working hard to implement changes to our website and Research in order to keep up with the changes in our fast-paced industry. 

Recent updates to Quotemonster: 

  • Quoting to reflect Life buyback is in-built for Asteron Life (TPD only) 
  • Enabling Class 5 TPD Accelerated Any Occupation for Asteron Life (occupation needs to be verified with the insurer)
  • Previously the QPR package score was based on the main client, we have now separated this so that each client will show their own package score according to the selected benefits. The star rating is an average of all the clients in the quote.   

Package

  • New drop-down menus option in “Settings”
  • To update your Product or Occupation Setting, click “Quote Settings”
  • To update your Adviser Profile or Security Setting, click “User Settings"
  • To update your Needs or SOA Setting, click “Needs Analysis Settings” (only available to Advicemonster subscribers)

Menu

  • For Advicemonster users, we have made a couple of changes to the SOA report. We have improved the formatting in the summary recommendations table to make it easier to edit and stopped TPD from appearing in the product options table when TPD is not selected. 
  • New “Service Status” feature located at the bottom of your Quotemonster screen. This will provide updates on any upcoming maintenance or current technical issues with our website

ServiceRecent updates to QPR Research:

  • AIA Cancer Care rated (select this in your Product Settings Screen)

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  • Cigna – Assurance Extra policy document 12/04/2021 loaded (no rating changes applied)
  • Westpac – Term cover policy document 15/03/2021 loaded
    • Life - no rating changes applied
    • Trauma  - rating changes applied

Rating reviews:

  • Life
    • Inflation Adjustment – re-rate for all companies (rating added for MAS)
    • Special Events Increase – re-rate for all companies
  • Trauma
    • Exclusions re-rate for Co-Operative Bank
    • Inbuilt Childs Trauma – re-rate for all companies
    • Diabetes mellitus (adult) renamed to Severe Diabetes – re-rate for all companies
    • Benign brain and spine tumour – re-rate for all companies
    • HIV- Medically Acquires – re-rate for AIA
    • Rheumatoid Arthritis – re-rate for Partners Life
    • Inflation Adjustment – re-rate for all companies
    • Cancer Critical – minor re-rate for Kaposi Sarcoma only
  • Medical
    • Overseas treatment re-rate for nib
    • Diagnostic Tests re-rate for all companies 
    • Minor Surgery amount score correction for nib 
  • Income Protection & Mortgage Protection
    • Rehab and Modifications re-rate for AIA
  • TPD
    • Inflation Adjustment – re-rate for all companies

Asteron Life simplifies policy transfers, and more daily news

Asteron Life has announced that policy transfer between advisers or to FAPs is now simplified. Advisers will no longer need to complete specific forms or send through a copy of the Sale & Purchase Agreement. Instead, advisers will need to inform their BDM who the seller and purchaser are, when the transfer will happen, and whether it is a full or partial transfer of policies. Asteron Life will send a Notice of Transfer for both parties to sign and return.  Asteron Life has highlighted that all transfer requests need pre-approval. The pre-approval will be issued when an adviser states their intention to transfer policies.

“We have simplified our process for transferring client policies to another adviser or FAP. Our new process means there are no specific forms for you to complete, and no need to send us a copy of the Sale & Purchase Agreement between the two parties. Please discard any existing Sale & Purchase or client transfer forms you might have on file, as these will no longer be accepted. 

Going forward, you only need to contact your Business Development Manager/Consultant with the following information:

  • who the two parties are (seller and purchaser);
  • when the transfer is to happen (minimum of 7 days’ notice required);
  • whether or not you are transferring all of your client portfolio or only some specific clients (in which case you’ll need to tell us their full name and policy numbers).

We will then send you a Notice of Transfer for both parties to sign and return to us to action. 

A reminder that all transfer requests do need our pre-approval. We can confirm our approval when you first advise us of your intention to sell/transfer clients to another Adviser/FAP.”

In other news

ASB: Head of Financial Advice Competency

Vahry Insurance: Julia Vahry has been selected in New Zealand as one of the most outstanding young professionals

Accuro: Accuro is celebrating its 50th anniversary

Gen Re: Finding a Way Forward for Disability Income Insurance in Australia - Considering the Financial Aspects of Product, Underwriting and Claims [Part 4 of series]


Partners Life share Customer Outcome Matrix update, and more daily news

Partners Life has released more information on the Customer Outcome Matrix (COM). Partners Life has implemented the system changes that allows full automation of the process. From 10 May 2021, advisers will be able to view the results of COM in MPL. Although bonus rates are underpinned until 30 September 2021, Partners Life has said that they aim to provide at least 3 months visibility to the COM reporting on any upcoming bonus commission changes.

“We have communicated regularly on the progress we have made on the Customer Outcome Matrix (COM) and are very excited to announce that we are now implementing the system changes to ensure the full automation of the process. This means that advisers will be able to view the results of COM in MPL from Monday 10 May 2021.

We have always maintained that we have wanted to provide at least 3 months visibility to the COM reporting prior to any Bonus Commission changes coming into effect, allowing you sufficient time to review your own reporting and to be able to understand the feedback and how this relates to your engagement and servicing of clients.

Please remember, as previously communicated, bonus rates are underpinned until 30 September 2021.”

In other news

Asteron Life: to celebrate underwriting rules on AsteronConnect, weekly draws will be running from 6 May – 4 June. Winners will receive $200 to use at local restaurants. 

Asteron Life: draft e-Apps which are completed but not submitted by 9pm 9 May 2021

will no longer be visible in AsteronConnect as some of the questions are changing

Asteron Life: AsteronConnect  webinars will be held on Monday 10 May, 3pm-4pm and Thursday 13 May, 9.30am-10.30am