Fidelity Life: Working on helping those customers in hardship

Here is what Fidelity Life have to say about helping customers facing financial hardship during this time:

We’re working hard on a package of practical retention initiatives designed to meet customers' needs. We’ll confirm the details with you as soon as we can.

But in the meantime here's some clarity on what we can do right now to support customers dealing with hardship:

  • Premium holiday option - up to 12 months on select Life, Survivor’s Income and TPD covers
  • Leave without pay option - up to 12 months on select Income Protection and Monthly Mortgage Repayment covers

Retention tools - on a case by case basis our Retention team can help customers with making up missed payments, reinstating cover or a premium freeze or temporary hold

Click here to read more. 

Fidelity Life's update on COVID-19

Effective from 18 March Fidelity Life have closed new applications for Redundancy cover. Due to the significant impact on the economy the virus is likely to cause it is likely to lead to an increase in redundancies and therefore in redundancy-related claims. Existing customers with redundancy cover are unaffected.

Fidelity have informed advisers of what to expect in relation to claims stating that for Trauma cover while Covid-19 isn’t listed as a specified condition, some customers’ policies may provide cover if they have ongoing complications resulting from Covid-19. If as a result of Covid-19 they meet the terms and conditions of their policy, they’ll be able to claim.

In regards to IP: Customers will only be able to claim if they’re medically certified as unfit to work, for example if they’ve contracted Covid-19 and are not well enough to work, and otherwise meet the terms and conditions of their policy. They won’t be able to claim if they’re put in quarantine, for example, or unable to attend their place of work, or can’t work because they’re looking after someone else who has contracted Covid-19.

For TPD: if as a result of Covid-19 customers meet the TPD definition and the terms and conditions of their policy, they’ll be able to claim.


Fidelity Life rebrand

Fidelity Life have rebranded and announced the launch of Sharecare, a healthcare app.

The rebrand project included detailed research and interviews with 2,000 consumers and took a year. It highlighted the need to appeal to consumers and build trust.

Sharecare is a global digital health company that assists people with managing their health all in one place. Advisers will be able to register for the app in early April to try it out before clients will have access to it in May.


Insurers: get a transitional licence or we stop paying

In an admirably blunt statement of the need to get moving Fidelity Life has told advisers that they need to get a transitional licence or they won't be working with them. That was from an email on March 4.They are not alone. Several insurers are now recommending advisers apply for their transitional licence no later than mid-April. I think that’s good advice. So you now have a maximum of five weeks to apply.

Some insurers will choose to only do business with distributors that give financial advice and therefore must have a licence. I expect that financial advice providers will have to give the insurer their details if they are to continue to work with a product provider – otherwise, no agency, and therefore, no commission. I plan to expand on the consequences of failure to get a transitional licence - including the possible loss of renewal commissions - next week.

In exceptional cases, where a business model is clearly sales with no financial advice, an insurer may choose to continue working with a distributor. However, I would expect that to apply to very few agency relationships.

Fidelity Life appoints new CCO

Congratulations to Pete Doherty who has been appointed Chief Customer Officer at Fidelity Life. He will start his new role on the 25th of November. Doherty comes from 2degrees as the head of business transformation and has previously had roles at BNZ, Warehouse Mobile, and Spark.

“I’m delighted to welcome Pete to Fidelity Life. We know one of the keys to unlocking our future success is delivering great customer experiences – and Pete will be responsible for shaping our customer strategy and using human-centred design to make this happen,” Nadine Tereora, Fidelity Life CEO said.