Fidelity Life wins top culture award, and more daily news

The Technology team at Fidelity Life was awarded the Best ICT Team Culture award at the 2020 CIO Awards. Dan Wilkinson, Chief Technology Officer, has said that the award is a reflection of the team’s strong culture. Wilkinson noted that culture was the first thing Fidelity Life invested in when beginning its transformation journey. Fidelity Life has said the award represents the five-year transformation strategy in place.

“Fidelity Life’s Technology team, led by Chief Technology Officer Dan Wilkinson, was presented with the Best ICT Team Culture award at the 2020 CIO Awards, a celebration of the best of the best from New Zealand’s technology community.

Dan says the award reflects a strong, above-the-line culture right across the business.

“Our culture is the foundation for every single thing we do at Fidelity Life. It was the first thing we invested in when we started our transformation journey and it’s what gets our people out of bed every day to do the amazing things we do.

“When your culture and strategy are aligned, you will win”, says Dan.

The award represents further progress on Fidelity Life’s bold five-year transformation strategy, which is built on the idea of reimagining life insurance for New Zealanders and aims to deliver sustainable growth.

Key transformation projects include Project Watson, a $25 million investment in a new technology platform due for completion in the second half of 2021; and moving to a brand new 6-star rated green building in Auckland’s Fanshawe Street planned for September 2021.”

In other news

From Insurance Business Mag: Is it OK to give clients gifts?

RBNZ: Reserve Bank Response To Letter From Minister Of Finance


Southern Cross awarded gold for COVID-19 response, and more daily news

Southern Cross has been awarded gold in Reader’s Digest Quality Service Awards in the health and travel insurance categories for the support offered to members during the pandemic.  This is the fourth consecutive that Southern Cross has be awarded gold in the Reader’s Digest Quality Service Awards health insurance category and second consecutive year that it has been awarded gold in the travel insurance category. Southern Cross has credited it’s focus on supporting members during the pandemic as the main reason for being awarded gold.

“Southern Cross has been recognised for the way it has supported customers during an extraordinary year by winning gold in both the health and travel insurance categories in the Reader’s Digest Quality Service Awards.

The awards are facilitated every year to determine which New Zealand organisations have delivered the most outstanding customer service. Consumers rate organisations on personalisation, understanding, simplicity and satisfaction.

This is the fourth consecutive gold for Southern Cross Health Insurance (SCHI) and the second in a row for Southern Cross Travel Insurance (SCTI). Both organisations come under the Southern Cross brand, and are businesses united by a not-for-profit ethos helping Kiwis look after their health and wellbeing.

Southern Cross maintained this award-winning customer service throughout the pandemic by focusing its efforts on supporting customers in ways that would have the most impact.”

Louise Waterson, Editor-in-Chief of Reader’s Digest, noted that challenges faced in 2020 reflect the importance of focusing on customer service. Waterson said Southern Cross achieved excellent customer service.

“Louise Waterson, Editor-in-Chief of Reader’s Digest, said the challenges of this year have highlighted the importance of delivering excellent service to customers.

“For another year, Southern Cross has achieved such excellence, and continues to raise the benchmark of what outcomes customers of health and travel insurance can expect. Only the highest standards will do when fulfilling the health and travel needs and concerns of their customers and their families. New Zealanders appreciate the skill, professionalism and compassion shown by Southern Cross – all of which makes for a winning business strategy. Congratulations,” she said.”

In other news

FMA: Guide for providers of Financial Advice Services – an introduction to Full Licence requirements

From NZ Herald: Son of killer Kiwi dad Rowan Baxter who murdered wife Hannah, 3 kids is suing her parents - as a substantial life insurance payment is disputed due to intestacy

Fidelity Life: Fidelity Life is urging advisers to complete the licensing questionnaire before the end of November to ensure new business is accepted and commission is paid


nib and Tend digital healthcare partnership, and more daily news

nib has announced it’s partnership with Tend to allow eligible nib members unlimited access to Tend’s GPs through an app. Rob Hennin, nib New Zealand CEO, has said that the partnership will allow members to become more proactive about their health and wellbeing. Hennin said that nib believe that enabling members to easily access GPs. Through this  partnership, nib will help members in taking preventative actions. Hennin has noted that nib advocates for digital healthcare to ensure people overcome barriers and seek medical help.

“Health insurer, nib New Zealand and digital-first healthcare provider, Tend today announced details of a transformational new partnership that will see eligible nib members offered unlimited access to Tend’s GPs through a secure app on their smartphone.

nib New Zealand CEO, Rob Hennin, says the partnership, which is a New Zealand health insurance first, enables nib members to be more proactive about their health and wellbeing by providing an affordable and convenient way to see a GP.

“At nib, we share Tend’s vision of making New Zealanders the healthiest people in the world. To do this, we need to be making it as easy as possible for Kiwis to talk with a doctor wherever they are and whenever they need to,” says Mr Hennin.”

“We also need to be encouraging more New Zealanders to be taking a preventative and proactive approach to their healthcare, and this means thinking differently about how we deliver health services.

“That is why we are huge advocates of digital healthcare because it helps address many of the barriers preventing people from seeking medical advice. Our new partnership with Tend means our members no longer need to take time off work, travel across town and sit in a waiting room when they are sick. Instead, seeing a doctor will be easy.”

Cecilia Robinson, Tend co-CEO has said that Tend is excited about the partnership. The Tend app will allow nib members to have common conditions managed, talk with doctors or nurses and receive e-prescriptions, test results, and laboratory forms on their cell phones. If an in-person consultation is needed, members can make appointments to see doctors in person.

"Tend co-CEO Cecilia Robinson says Tend is excited to be teaming up with a leading health insurer to provide nib members access to a gold standard digital-first primary health service.

“Tend is a ground-breaking healthcare service that delivers GP services through a purpose-built app on your smartphone and is as simple to use as Netflix or Instagram,” says Robinson.

“Like nib, we want to empower Kiwis to take greater control of their healthcare by allowing them to see to a doctor when they want, how they want and where they want, including from the comfort of their home.

“Through the app, eligible nib members will be able to talk with a doctor or nurse as easily as if they are sitting in the room with them. They’ll also be able to receive e-prescriptions, test results or laboratory forms directly to their smartphone.

“Many common medical conditions can be managed through virtual consultations, including minor ailments, various chronic conditions, follow-up consultations and the initiation of laboratory investigations and repeat prescriptions.

“If an in-person consultation is required or desired, patients can simply make an appointment to visit Tend’s state-of-the art clinic for a physical examination.”” 

In other news

AIA: AIA pimps up its Quick Quote calculator

Fidelity Life: Fidelity Life dials up new tech

Aon: Aon reveals new NZ$7.2 billion share repurchase programme

FANZ: How to get the most out of Xero webinar


UPDATED: SHARE acquires Newpark, and more daily news

Congratulations to SHARE on their acquisition of the Newpark network. Goodreturns reported that SHARE NZ has bought out Darren Gannon - the details below come from their article. Darren called me to explain that the assets of the network have been sold and that the goodreturns story was incomplete. He highlighted the joint release issued by SHARE NZ and himself which can be found, also at goodreturns, via this link

“SHARE has bought Darren Gannon's controlling stake in the insurance and mortgage advice group, TMM Online can exclusively reveal.

The acquisition, which could be announced this week, comes after Newpark sought new financing amid a lack of certainty over its life insurance revenue.

SHARE has pounced on Newpark in a bid to boost its home loan adviser numbers. Since inception, Newpark Home Loans has grown to over 200 advisers.

The combined group is likely to have over 500 advisers across investment, insurance, and mortgage advice.

A new company, Newpark 2020, was listed on the companies register, on November 12, with SHARE NZ listed as its 100% shareholder.

The Newpark brand will remain, sources said. Advisers will have the option of keeping their planned regulatory setup, or taking one of the options available to current SHARE members.

SHARE runs a corporatised offering, in which advisers own a share in the business and pool clients. It also runs a non-branded side, with advisers working under its FAP.

Sources said that despite the change in ownership, it would be "business as usual" for advisers at Newpark, and advisers would be able to keep their current regulatory and ownership structure, and keep their own FAPs.”

Darren Gannon, Adele Gannon, and Murray Weatherston are expected to step down from their roles as board members. Tony Dench is set to be the CEO of the combined group.

“Industry sources said the deal would suit Newpark advisers given SHARE's strong back-office and governance systems.

The takeover will see Darren and Adele Gannon, and Murray Weatherston step down from their board roles at Newpark, as SHARE NZ directors assume the board seats.

SHARE's Tony Dench will be the chief executive of the combined group, while Richard Thomas will become chairman, sources said.” Click here to read more

In other news

Chatswood's view is perhaps best summed up by the fact that we have now created a tag on this blog "SHARE" - because we expect to see more posts referencing them. 

 

Fidelity Life: has been working with reinsurers to enable more customers access to Income Protection products

Fidelity Life: advisers in Te Anau helped raise $12.5k for Fiordland Conservation Trust’s Kids Restore the Kepler. 

Fidelity Life: Fidelity Life will be change to questions about weight changes, criminal convictions and pending medical test results on application forms

Fidelity Life: The second batch of product modules will be available on Learning HQ. they will focus on:

  • Income Protection Cover
  • Monthly Mortgage Repayment Cover
  • Waiver of Premium Cover
  • Retirement Protection Cover
  • Funeral Fund Cover

Fidelity Life: Commission payments for Fidelity Life and ex-Tower:

Fidelity Life and ex-Tower

23 Dec 2020

One run for the week

31 Dec 2020

Month end - one run for the week

Group business

16 Dec 2020

One run for the week

From Goodreturns: Does liability for advice stop when clients are sold?


Fidelity Life appoints new CEO

Fidelity Life has announced the appointment of Melissa Cantell as their new CEO: 

While Melissa doesn’t officially start with us until 25 January 2021 I wanted to let you know a bit about her and her background.

Melissa has strong executive leadership experience running successful commercial operations across a range of industries. She joins us from IAG NZ where she held the role of Chief Operating Officer, and prior to that was the Executive General Manager Transformation.

Melissa has accumulated a broad range of experiences over her career, from mergers and acquisitions strategy and business transformations to senior general management roles with Fonterra and Coca-Cola Amatil. She loves building great customer, adviser and people experiences, especially in times of change, and is passionate about the role insurance plays in the New Zealand community.

We’re making great progress with our customer-focused transformation and remain firmly focused on achieving our 2025 goals and delivering sustainable growth. Melissa will look to build on that momentum, even as we continue to deal with COVID-19 and the economic uncertainty ahead.

The year ahead is really important for you and us: evolving our customer and adviser experiences, helping you transition to the new licensing regime, successfully completing our digital transformation project and moving to brand new offices are just some of the challenges awaiting us in 2021.

Until Melissa joins us, our CFO Simon Pennington and myself will continue as joint acting CEOs.

Thanks for your continued support and I look forward to introducing Melissa to you.

Cheers,

Adrian Riminton
Chief Distribution Officer
Joint acting CEO

 


Partners Life awarded 5 star rating for 10th consecutive year, and more daily news

Partners Life has been awarded a 5 star rating from the Lewers Life Insurance Benchmarks Study for the 10thconsecutive year. This award is symbolic for Partners Life as it has been awarded a 5 star rating every year since first beginning operations. The Lewers Life Insurance Benchmarks Study works to evaluate the satisfaction of independent financial advisers.

“For the 10th year in a row, we’re very excited to announce we have received a 5-star rating from the Lewers Life Insurance Benchmarks Study.  What makes this extra special is that we have achieved this rating every year since we first opened our doors 10 years ago; the only Life Insurer to achieve a consistent 5-star rating over this entire time.

The Lewers Life Insurance Benchmarks Study measures the satisfaction of independent financial advisers in New Zealand, and this achievement reaffirms for us that we are servicing our financial advisers and as a result their customers, to the highest industry standard.”

More than 300 advisers from across the country participated in the study. Partners Life anticipated a lot of feedback as a result of many changes and amendments being introduced during the past year. Partners Life has acknowledged that the response from other insurers and has said that it is essential for sustainability.

“The Lewers Life Insurance Benchmarks Study was completed by over 300 independent advisers across the country who provided their views on the delivery of all insurance providers in the New Zealand market. In 2020 they spoke to a larger cross section of advisers who deal with Partners Life than in previous years; a critical element in gaining greater depth of feedback on the initiatives we introduced over the past 12 months. We knew that some of the changes we had introduced in the past 12 months would garner significant feedback. Specifically we anticipated there would be a strong reaction to our leadership position in introducing DI product and pricing changes in early 2020 to address the sustainability of the product in the New Zealand market long-term, and we really do appreciate your feedback on how we were placed competitively because of this.  It is heartening to us to see that since the study was completed, there has been significant competitor movement to follow our lead – something we believe is essential for the sustainability of this product line.”

In other news:

Fidelity Life: Senior Marketing Manager role is currently being advertised

FSC: New disclosure regulations: practical implementation webinar

Partners Life: New Adviser Training Course Registration

Partners Life: Ross’s Story


Cigna COVID-19 Global Impact Study insights, and more daily news

Cigna has published its COVID-19 Global Impact Study.  The study examined the financial confidence of New Zealanders before and after the arrival of COVID-19 to New Zealand. Cigna built on data from the Cigna 360 Well-Being Index. The study is primarily based on data collected from May 2020 to August 2020 to understand the change in attitudes. The study that had over 20,000 participants found that New Zealanders are becoming more pessimistic about their financial position.

“Our Cigna COVID-19 Global Impact Study: Resilience and Well-Being through the Pandemic* shows that New Zealanders are becoming increasingly pessimistic about their financial position, which highlights the increasing importance of financial advisers in supporting our customers through this time of economic uncertainty.  

This latest study builds on the data we’ve collated since 2014 through our Cigna 360 Well-Being Index which tracks perceptions about the health and well-being of people across our international markets.

Our 2020 study includes data collected from May to June and July to August to understand people’s changing attitudes to the unfolding COVID-19 crisis.” 

The study found that the views of New Zealanders coincided with views of others around the world. The financial confidence of those surveyed in all markets was generally dim, with 49% of participants expressing that they have the worst possible outlook on the impacts of the economic environment on their financial situation. Cigna has noted that New Zealanders are in need of good advice during this time and said that it will continue to monitor attitudes.

“The impacts of COVID-19 on New Zealanders financial well-being fall broadly into line when compared to other international markets. Across all markets surveyed 49% of respondents continue to have the worst possible outlook on how the economic environment will impact their financial situation and their ability to maintain current standards of living.

Now more than ever New Zealanders need access to good advice. Together we can leverage insights such as these to build confidence, put advice front of mind, and ensure we continue to meet the changing needs of New Zealanders.

 

We’ll continue to monitor how New Zealanders’ attitudes towards our wellness measures change over the coming months and will share any significant changes with you.” Download CIGNA - RESILIENCE & WELL-BEING THROUGH THE PANDEMIC SEP 2020

In other news

FSC: Financial Services Council chairman Rob Flanagan said he was proud to see how the group’s members came together during the Covid-19 pandemic

RBNZ: The Reserve Bank predicts that the economy will not reach levels seen in 2019 until 2022

Fidelity Life: FY20 annual results have been published

(Chatswood will update the industry financial performance index and individual financial performance charts in the quarterly life and health report for the quarter to 15 December which will be issued by 20 December so you can add it to your holiday reading pile). 


Growing number of advisers taking a more holistic approach and more daily news

Professional IQ has reported that a growing number of advisers are taking a more holistic approach in their processes. Rod Severn, Professional IQ CEO has said that advisers are aware of the benefits of adopting more holistic approaches as it helps in accommodating the financial constraints clients are facing as a result of COVID-19.  Severn said that the adoption of a holistic approach means an adviser needs to spot areas that need more attention and refer clients to others with the necessary expertise. It has been reported that clients value a more holistic approach.

“Taking a “holistic approach” to client finances is becoming more important in light of the cashflow pressures faced by many as a result of COVID-19, and Professional IQ College CEO Rod Severn says more and more advisers are starting to see the value in utilising this method.

Severn says that a holistic view doesn’t mean advisers need to become “experts in all areas” - simply that they need to spot areas which may need attention, and to refer clients to other specialists where necessary. He says clients find a lot of comfort in working with an adviser who takes a 360-degree view of their finances, and who understands their position against a broader political and economic landscape.”

Severn noted that some advisers have expressed interest in completing additional strands as part of their Level 5 qualification while others have expressed interest in completing additional strands after completing their qualification as they see the value in diversifying their knowledge base.

“Severn says that some advisers have expressed interest in pursuing additional strands as part of their Level 5 qualification, and are seeing this as a step towards diversifying their advice capabilities. He says that, ultimately, a well-rounded approach will result in better client outcomes - something every adviser is focused on demonstrating to the regulators. 

“We’ve had some interest from advisers who want to do more,” Severn said.

“When they completed the qualification for the area that they specialise in, they’ve then come back and told us that they want to do an additional strand because they think they can use that in their business moving forward.” Click here to read more

nib: The Blues Coach, Leon MacDonald and Sky Sports presenter Kirstie Stanway joined mental resilience webinar

Partners Life: Partners Life will be sponsoring podcasts produced by Cure Kids

Fidelity Life: Adviser Development Manger role is being advertised

AIA: Senior Marketing Manager is being advertised

FSC: there is still a chance to register for the Generations conference

Wealthpoint: Wealthpoint creates new head of investments role


Extensive commission changes and another new agency agreement

Several companies have updated commission terms and one has a new agency agreement: 

  • AIA - has ended temporary extra commissions that were part of a limited-time offer
  • Asteron Life has rejigged initial commission, and added a temporary extra, as well as extended aggregator override. 
  • Fidelity Life has ended new business commission on indexation increases
  • Partners Life has issued a new agency agreement giving additional powers to manage expected conduct obligations. Possibly the most interesting addition is a new section which requires an adviser whose client wishes to be served by another adviser to negotiate the sale of the renewal commission - or have it switched, with compensation paid by Partners Life if they cannot agree. 

More details are available to subscribers to the commission comparison report. 


Asteron Life upfront commission enhancements, and more daily news

Asteron Life has announced that upfront commission rate will be 190% effective October 5 2020. The decision for this change has been credited to working towards sustainability by ensuring more New Zealanders can access independent financial advice. Asteron Life has announced that it is offering a temporary 10% Covid-19 support in addition to upfront commission changes, which means upfront commission will total to 200%. This additional support is set to be reviewed at the end of June 2021. A summary comparison is available for subscribers to the Quarterly Life and Health review and much more detail in the Quarterly Commission Comparison. These have just been published to subscribers. For subscription information please contact Kelly Pulham or Russell Hutchinson. 

In other news

Cigna: General Manager- Distribution role being advertised

Fidelity Life: Sharecare October Eat More Greens Diet Challenge launched

Fidelity Life: Sharecare October Stress Relief Challenge launched

Fidelity Life: information about Centr^, personalised daily digital health and fitness program by Chris Hemsworth can be found in Sharecare

Kiwibank: Senior Conduct Manager role being advertised

nib: Mental Resilience webinar