Cigna announce Cigna Live, and more daily news

Cigna has announced that Cigna Live will be held in August. David Haak has noted that attendees will hear from the Cigna team as well as expert guests. Further details are expected to be announced in the coming week.

To kick things off, I’m thrilled to announce Cigna Live will be back in August. Not only will you hear the latest from myself and the Cigna Team, but we’ve lined up some expert external guests to share their insights into our industry and the wider New Zealand market. This is a not-to-be-missed event, so keep an eye out for your invite and further details next week.

In other news

Cigna: Shaping Change adviser survey

Cigna: Seven common misconceptions about funeral insurance

FSC: FSC 'Generation Rent' Research Launch

FSC: Outlook 2021/22 with Geoff Bascand in Wellington - 29 July

FSC: Get In Shape Webinar Series: Session 19

FMA: 


mySolutions full FAP application sessions, and more daily news

mySolutions are set to run full FAP application sessions in the coming months in Auckland, Hamilton, Wellington, and Christchurch. Those living in other cities have the opportunity to attend a session in their city as long as there are a minimum of eight attendees. Those wishing to attend sessions should email their interest to shelly@mysolutions.nz

Prices

mySolution members: $2,500 per FAP

Non-members: $2,850 per FAP

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In other news

Financial Advice: Financial Advice is looking for someone to join as a Business Development Manager 

Cigna: Cigna scholarship boost for aspiring actuary

RBNZ: Monetary Stimulus Reduced

Partners Life: Client Education Resources Published by Partners Life

AIA:  AIA to Research Mental Health Issues Among Financial Advisers


Women in insurance event coming up in Wellington

 A group of Wellington-based insurance professionals looking to network with and support women in the industry have set up a Women in insurance event.  The event is being held on Tuesday 27th July starting at 4.30.pm. This is a free event sponsored by Cigna Life Insurance NZ.

The focus of the event will be to:

-          meet other women in the industry

-          gain skills such as networking and speaking

 All are welcome, we think those who would benefit most from attending are:

-          Those new to the industry

-          Anyone feeling like they might be out of touch with who is still involved in Wellington

-          Those looking to meet new people, learn a few things and have fun

-          Those who have networking on their development plan

It is a relatively informal event so please do encourage those you work with to come along.

Please can you circulate to anyone within your organisation you feel may wish to attend. They will need to RSVP (Sarah Martin sarah.martin@hazelton.co.nz) to secure their spot so we can monitor numbers for catering purposes and contact tracing. More details in the flyer below: 

Download Women in insurance invite 30June (002)

Should there be a change to the alert levels before this event we will look to make alternative arrangements which may include the ability to join online, restricting numbers or in the event of a move to level 3 or above rescheduling the date.


Quality Product Research: Proposed rating for Agreed Value Income Protection: Occupational Retraining

Introduction

We continually review the ratings of all our benefits and have renamed “Occupational Retraining” to “Vocational & Rehabilitation Support”. Our intention with this review is to make clearer the difference between the features in readiness for more detailed research reports that are in development. Better describing the current variations and recognising that early intervention has the ability to prevent a client’s disability from escalating further and reduces more severe complications that may lead to a long-term claim – a positive outcome for the client, insurer, and employee.

Please find our proposed sub-items below.

Proposed sub-items 

Irsme

Notes

The monthly payment limit differs between insurers, however the necessity to offset is a similar feature. The major insurers (aside from Fidelity) offer coverage for Childcare Assistance, which is likely to be claimed more often than some of the other expenses. Partners Life receives a deduction for “benefit not available for all payment periods” as they do not offer their “Vocational and Retraining benefit” for payment periods which are less than 2 years. Similarly, AIA reduces their monthly payment to 6 months with 1, 2 or 5 year benefit periods. Fidelity is the only insurer that will not pay out the full benefit until the insured has returned to paid work (minimum of 20 hours). AIA, ASB and Partners Life are the only insurers that clearly offer assistance either during or after the waiting period - an important feature, as early intervention can significantly affect the length of a claim. 

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


Quality Product Research: Proposed rating for Agreed Value Income Protection: Rehab and Home Modifications

Introduction

Following on from our previous post on “Vocational and Rehabilitation Support”, we have also reviewed “Rehab and Home Modifications” and renamed the item to “Home Modifications and Equipment”.

Please find our proposed sub-items below.

Proposed sub-items

Equip

Notes

The biggest variation can be seen in the monthly benefit limits. AIA and ASB have limited their payment to 6 months while Partners Life uses a tiered approach (the monthly payment reduces in line with the payment term).

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


Financial Advice NZ members licencing progress, and more daily news

Financial Advice CEO Katrina Shanks has said that most members are now linked to a FAP. Although there are some members that still need to make changes, Shanks said that members understood what was required of them. Shanks has said that she is encouraging companies who are ready to apply for their full licence, saying that the sooner advisers apply the better.

“Financial Advice New Zealand (FANZ) chief executive Katrina Shanks says she's pleased the vast majority of the organisation's members are now linked to a financial advice provider (FAP) and that the work put in by FANZ to help its members get across the line has been worthwhile.

Shanks says apart from a couple of members who thought they had linked themselves to a FAP but had not, "...everybody seems to be relatively comfortable that they are on the register".

'We had a couple of phone calls after the event, but we worked those out.

"There is still time to contact the companies office and make the required changes...they will have to work through the process of deregistration and can't just do it all straight away."

Shanks says that on the whole FANZ members understood what was required of them.

She says FANZ won't know exactly how many members have dropped off until the end of this month, "but it will be very few".

"This process was relativity simple, obviously the fifteenth of March wasn't the end date in terms of licensing - now we move into the full licensing process and have two years to do this, but that time will go very quickly."

Shanks says FANZ knows some organisations who are ready to apply for a full license and she encourages them to "...get it done and dusted".

"The sooner you apply for the full licence the sooner you can put all of this behind you."

Overall, she says it's been pleasing to see members were prepared for the change and understood the requirements.” Click here to read more

In other news

Cigna: Canterbury flooding support offered to advisers and customers. Those affected are encouraged to contact the Customer Care Team on 508 464 999

Cigna: Jozac Hillary from RMA Financial won the $1000 business kick-start prize at Cigna Live

Cigna: General Manager David Haak noted that advisers found the new eApp easy to use

From Insurance Business Mag: Are insurers investing in the wrong kind of cybersecurity?

Cigna: Multi-benefit discount extended until 31 October 2021

FSC: Get In Shape Webinar Series: Session 17 

 


Cigna makes several new appointments, and more daily news

Cigna has made several appointments. Distribution General Manager David Haak has said that the new appointments highlight a number of things including Cigna’s commitment to ensuring customers have access to independent financial advice, Cigna’s growing market presence, and Cigna’s commitment to offering advisers quality service. Karen Smith is the new Distribution Operations Manager. Danielle Penberthy is the Auckland Business Partnership Manager team. Ian Greig is now part of the Christchurch Business Partnership Team. Christine Laverty has been appointed as the National Strategic Alliances Manager.

“Cigna distribution general manager David Haak says the appointments reinforce the company’s commitment to ensuring New Zealanders have access to quality, independent financial advice.

“This expansion reflects Cigna’s growing presence in the market and will help us to continue providing advisers with a market-leading service offering, Haak says.

The new team is made up of Karen Smith, who joins Cigna from AIA/Sovereign as distribution operations manager.

Smith is a well-known and respected face in the industry with more than 22 years of experience and will head up Cigna’s behind-the-scenes support for advisers.

Danielle Penberthy joins the Auckland-based business partnership manager team from Insurance/Mortgage Link and previously Fidelity Life.

Danielle brings over 19 years of industry and sales experience to Cigna.

In the South Island, Ian Greig joins the business partnership team from Asteron and will be based in Christchurch.

Greig has 30 years of experience in financial services, adviser and sales manager roles.

Christine Laverty has been given the newly created role of national strategic alliances manager. Laverty will work closely with dealer and corporate groups as well as new business opportunities.

“Partnering with advisers through high-quality, personal relationships, service and support is our top priority here at Cigna," says Haak.

"I’m proud to say no matter where you are in New Zealand you can be confident a member of our talented team will be by your side when you need us."

All appointments are now active in their new roles.” Click here to read more

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In other news

From Insurance Business News: Women in Insurance: How have equal opportunity policies developed?

Fidelity Life: Fidelity Life steps up for Canterbury farmers

Partners Life: Partners Life Product Launch 2021 with Steve Wright - General Manager Professional Development webinar #1 on 1 July at 9.30am

Partners Life Product Launch 2021 with Steve Wright - General Manager Professional Development Webinar #2 on 5 July at 10.30am


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


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