Cigna multi-benefit discount is here to stay, and more daily news

Cigna has announced that the promotional multi-benefit discount will become a permanent offer. Cigna has highlighted that since the multi-benefit discount promotion launched last September, Cigna has received positive feedback. The multi-benefit discount is being offered to new customers as well as existing customers who were quoted and issued policies from 15 September 2020 to 17 October 2021. The multi-benefit discount can be used alongside the current good things come in twos offer that is available to advisers until 17 December.

“We’ve made our multi-benefit discount permanent and we’ve made it even better.

Since its release in September last year, we’ve had incredible feedback from the market on the difference the discount has made for customers taking out new cover.

 

Not only have we removed the age eligibility criteria, the permanent discount on Assurance Extra will now provide a 5% discount to customers taking Life Cover with one other qualifying cover and a 7% discount to those taking Life Cover with two other qualifying covers. The discount will be offered to all new business quoted and issued after 18 October 2021.

 

The discount can also be applied in conjunction with our Good things come in twos offer which is available to Advisers until 17 December 2021. This means not only will your new customers receive a multi-benefit discount on their cover, but they’ll also get the first two months of their cover, on us.  

 

The improved multi-benefit discount is not only for new customers, we’ll be passing it back to policies quoted and issued from 15 September 2020 to 17 October 2021 that were previously eligible for a discount under our campaign. The new levels will apply at their next policy anniversary.

 

This is just one of the ways we’re supporting customers with good value insurance solutions. For more information on the permanent discount visit cigna.co.nz/multi-benefit-discount”

 

In other news

Cigna: definitions and benefits across our Assurance Extra, Business Assurance, Business Extra and Agribusiness Extra Covers have been updated

Cigna: Business Assurance policy wording has been simplified and is now in WriteMark-approved plain English

FSC: ReGenerations Reimagined kicked off on Tuesday

Financial Advice: spots available on the ethics courses


Fidelity Life announce new Solutions and Services team, and more daily news

Fidelity Life has announced the creation of the Solutions and Services team. The team will be led by Trecia Brown in her new role of Head of Solutions and Services. The Solutions and Services team will be responsible for delivering advice solutions, professional development, and the Building Better Businesses programme.

 

Fidelity Life is transforming its support for advisers with the creation of a new team delivering solutions across the areas of advice (including advice-tech) and professional development, as well as an expansion of the company’s market-leading Building Better Businesses programme.

 

The new Solutions and Services team will be headed by the widely experienced Trecia Brown. Drawing on her 30-year career in financial services, Trecia steps up from her current position as Head of Professional Development to become Head of Solutions and Services.

 

Fidelity Life Chief Sales and Service Officer Bronwyn Kirwan says Fidelity Life is on a mission to deliver best-in-market support to advisers.

 

“We’re making great progress with our customer-led transformation, and that includes expanding our adviser and partner propositions so together we can help more New Zealanders get the benefits of insurance protection. 

 

“Our new Solutions and Services team recognises advisers’ needs are constantly evolving as the broader business environment changes. Taking our cues from a range of stakeholders including customers, advisers and regulators, as well as from emerging technologies, our intention is to help advisers stay one step ahead,” says Bronwyn.

 

One of the first cabs off the rank is a new video series specifically for financial advice businesses and designed in conjunction with well-known business and leadership coach Jennifer Myers.  

 

“Working on your business is just as important as working in it, and this new video series will help advisers build and maintain a resilient business,” says Trecia. 

 

“As well as covering key topics like setting business goals, identifying target markets, and building your personal brand, we also look at finessing advisers’ softer skills which are often overlooked as an essential ingredient to running a successful business.”

 

Meanwhile, Fidelity Life’s Building Better Businesses programme is also set for further expansion, with new modules in the pipeline including business diagnostics, behavioural economics and benchmarking.

 

Today’s announcement follows the unveiling of Fidelity Life’s new look Strategic Alliances team last week and continues the momentum of the firm’s customer-led transformation.

 

In other news

Cigna: pay later option available on eApp for customers that have been referred for further underwriting

 

Financial Advice: Financial Advice submitted on the Advertising Standards Authority Consultation on the new draft Financial Advertising Code

 

FSC: 5 sleeps until ReGenerations Reimagined

 

October 15 is Global Handwashing Day

 

World Food Day will be on 16 October 

 

World Osteoporosis Day will be on 20 October


Partners Life approve use of electronic signatures, and more daily news

In response to increasing demands to accept electronic signature services Partners Life has announced that they will begin accepting documents with electronic signatures that are submitted through a range of e-signature services. Partners Life may request further information if a submitted document doesn’t clearly show the electronic service used. Additional information may include the document’s audit trail to ensure one of the approved services have been used.

“We have received an increasing number of requests regarding the acceptance of electronic signature services. Electronic signature services provide a safe, auditable means for clients to sign documents digitally.

We can confirm we will accept documents signed using the following services:

  • 2Shakes
  • RightSignature
  • DocuSign
  • AdobeSign
  • HelloSign
  • NitroSign
  • Formstack
  • DocHub
  • PandaDoc

If a submitted document does not display the electronic service used, we may request further information, such as the document’s audit trail, to be certain it was signed using one of the approved services. Please note Memorandum of Transfer forms cannot be signed using electronic signatures and we still require a physical signature on these forms.”

In other news:

FSC: ReGenerations Reimagined will begin on 19 October at  3.30pm

Partners Life: Expressions of interest now open for 3 day New Adviser Training Course

AIA: Last days for adviser wellbeing survey feedback

The Co-operative Bank: Mark Wilkshire will join as the new CEO on 25 January 2022


AIA appoint new Chief Technology Officer, and more daily news

Marc Hale has been appointed as the new Chief Technology Officer at AIA NZ. Hale has experience in IT operations, software, and infrastructure delivery. Nick Stanhope, AIA NZ CEO, has said that Hale’s appointment is more important than ever, as technology has been identified as being a key enabler of AIA’s strategic priorities. Hale has said that he is happy to be back in New Zealand and is excited about the technology challenges and opportunities within the life and health insurance industry.

“AIA NZ is pleased to announce the appointment of Marc Hale as its new Chief Technology Officer.

With extensive experience in IT operations, software, and infrastructure delivery across organisations in London, New York, Auckland and Singapore, Hale joins AIA NZ from Standard Chartered Bank Singapore, where he held the role of Global Head of Technology Operations.

Hale has also held senior roles at Orion Health and ClearPoint, both based in NZ, at Thomson Reuters in New York, along with various technology roles in London following graduating in Software Engineering Management at Bournemouth University, UK.

Nick Stanhope, AIA NZ CEO, says this appointment and role is more important than ever, with technology a key enabler of AIA’s strategic priorities.

“Over the past couple of years, AIA NZ has completed a major system integration project, and significantly improved our digital tools, journeys, and systems.

“We’re in a perfect position now to build on that stable platform and accelerate our strategic priorities in technology, digital, and analytics. We’re excited to have someone of Marc’s calibre join us to lead the technology team and continue to grow our culture of technical innovation and creativity.”

Hale is excited about the technology challenges and opportunities he sees within the life and health insurance industry.

“As an industry we have a huge opportunity in front of us to continue to improve customer experiences, simplify and modernise our tech stacks, and grow our digital partnerships. Insurance IT is modernising fast, and has such a broad range of opportunities from wearable devices, microinsurance, advanced analytics, and more,” Hale says.

“At AIA NZ, we’ve made great progress in digitising customer journeys, and building our capabilities in automated underwriting, self-service, and straight through processing. With our strategic focus on technology, digital, and analytics, we’re well placed to continue this transformation, and I’m excited to be a part of this journey.”

Hale is also pleased to be returning with his family to NZ and being a part of AIA NZ’s long-term commitment to helping New Zealanders live Healthier, Longer, Better Lives.

“There’s probably never been a more important time to realise the importance of our health and wellbeing. Having the opportunity to join the passionate team at AIA NZ and to connect my love for technology with wellbeing and living healthier, longer, better lives, feels like the perfect fit.”

In other news

FSC: Following the government's Covid-19 announcements and the uncertainties surrounding levels and timings, the FSC has decided to move the planned conference from 22 and 23 September 2021

From Good returns: Advisers facing a perfect storm

FSC: FSC Connect: Building Resilience and Maintaining Wellbeing

FSC Money and You Episode #1: How has Covid-19 impacted our wellbeing, and what can we do about it?


Suicide rates in England and Wales during COVID-19, and more daily news

We hear a lot about how hard covid-19 control measures - especially those that restrict people to just home, or 'lockdowns' - are on mental health. Clearly, for some people, they are catastrophic: someone in a deteriorating relationship with a violent partner would clearly be devastated by a  stay-at-home order. While we have had some interim announcements on the subject here, which were reassuring, we haven't had much data to go on, until now. A recent study on suicide rates in England and Wales during the beginning of the COVID-19 pandemic helps to fill that gap.

The study was based on official death registrations from April to July 2020. It was found that there were fewer suicides than the previous year with 1,603 suicides on record, compared to 1,955 suicides in 2019. The study found the 2020 suicide rates were lower than the 5-year average (2015 to 2019 April to July period)  of 1,835 suicides. The study also revealed that men made up 73.9% of the recorded 1,603 suicide deaths between April and July 2020. The study has credited the lower suicide rate between April and July 2020 to a reduction in suicide during April 2020. That is encouraging news, it means we cannot automatically assume that stay-at-home orders will result in more suicides. On the other hand the UK plainly has a much better track record in dealing with mental health challenges that we have (compare suicide rates per 100,000 of population for evidence). Click here to read more

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In other news

Lifetime: Lifetime Group set to acquire One50 Group

Southern Cross: Talking about dad's health on Father's Day

FSC Connect: Customers, complaints, code and claims - What have we learnt from COVID-19?


FSC health insurance sector snapshot ,and more daily news

The FSC found that a total of $1.5 billion in health insurance claims were paid since July 2020. The snapshot also highlighted that $400 million in claims were paid in the three months to June 2021. Of the estimated 5.1 million New Zealand residents, 1.42 million have health insurance cover as of June 2021. FSC health committee chairman Lance Walker has noted that an increasing number of young New Zealanders view health cover as an important part of their financial and overall wellbeing, with 1 in 3 health insurance customers under 30. 

“The Financial Services Council (FSC) released its latest health insurance sector snapshot, showing a total of $1.5 billion in claims have been paid to New Zealander's since July 2020.

This is an increase of just under $60 million in comparison to the previous three month period with the data also showing that more than 1.4 million Kiwis have some form of health cover.

“Although the current lockdown has impacted the availability of private health services, with most elective surgeries being postponed, we expect to see services restored as New Zealand moves down alert levels,” says FSC chief executive Richard Klipin.

“Importantly, customers will remain covered for any medical conditions that they may develop during the lockdown period.”

FSC health committee chairman Lance Walker says more younger Kiwis view health cover as an important part of their financial and overall wellbeing, showing that around 1 in 3 customers with health cover are under the age of 30.

He says last year, orthopaedic surgery, cancer and gynaecological treatments were the top three areas of support funded by health insurers.” Click here to read more

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In other news

FSC: FSC Connect: Leading Lawyers

FSC: Building Resilience and Maintaining Wellbeing Through Lockdowns

FSC: The why, what, when and how of climate-related disclosure in Aotearoa New Zealand

FSC: FSC's Diversity and Inclusion Committee established in August. FSC is accepting expressions of interest to be involved

FSC: FSC is reviewing upcoming events, including the FSC ReGenerations Conference

FSC: Get In Shape Session 19: Business Continuity Plans and Cyber Security


Legal and regulatory update for the life and health insurance sector

18 Aug 2021 – The Commerce Commission, as the entity responsible for enforcing the Fair Trading Act, posted information on the recently enacted changes and proposed guidance. https://comcom.govt.nz/news-and-media/media-releases/2021/changes-to-the-fair-trading-act

18 Aug 2021 – The FMA advised that it anticipates that what will be considered essential financial services will be narrower than in previous Alert Level 4 scenarios and further information will be provided as soon as possible. https://www.fma.govt.nz/news-and-resources/covid-19/government-announcement-workplaces-that-can-open-at-level-4/

18 Aug 2021 – Financial Services Council posted the results of new research titled ‘Money and You: Generation Rent’ under the heading “Is home ownership an unattainable dream for most young Kiwis?” https://www.fsc.org.nz/bulletin_display/x_blog_code/2154.html


Women in Insurance Summit recap, and more daily news

The Women in Insurance Summit 2021 was chaired by Lee-Ann du Toit, Deloitte Actuarial and Insurance Services Partner. The summit opened with Partners Life Managing Director Naomi Ballantyne discussing her career in the industry as well as the values and lessons that she uses as part of her leadership approach. du Toit commented that there was a lot of focus on being genuine and brave and discussions focused on leadership, diversity and inclusion. Suzanne Wolton, Medical Assurance Society New Zealand Independent Director, discussed concepts around networks while Amanda Halfacree, Crombie & Lockwood Deputy Head of Financial and Professional Risks, explored gender stereotypes and personal biases. Agnes Naera, Global Women CEO, discussed resilience and learning from failures.

Other speakers included:

  • Rob Hennin, nib NZ CEO
  • Thérèse Singleton, Resolution Life NZ CEO
  • Brynlea Hunter-Morpeth, AIA NZ Chief People & Culture Officer
  • Toni Ferrier, AIG CEO
  • Tracey Barron, Southern Cross Healthcare Chief of Strategy
  • Michelle McBride, Insurance Chief People Officer, Tower
  • Alpha Woolrich, Veterinary Professional Insurance Society CEO
  • Claire Sutton, Asteron Life Executive Manager Life Portfolio and New Business
  • Amy Cavanaugh, Pinnacle Life General Manager Operations
  • Kato’one Kaho, AA Insurance Digital Delivery Manager
  • Melanie Harding, Willis Towers Watson Head of Operations
  • Justin Lim, Quashed Co-founder & CEO

“The Women in Insurance Summit 2021 wrapped up yesterday after a day full of inspiring keynotes and discussions across a variety of topics, ranging from effective leadership to good networking, mental health strategies, and the role of digital innovation in business.

The Summit was chaired by Deloitte actuarial and insurance services partner Lee-Ann du Toit and was opened by Partners Life managing director Naomi Ballantyne, who discussed her extensive career in New Zealand’s life insurance sector, and the values and lessons that she has incorporated into her leadership approach.

Commenting on the end of the Summit, du Toit said the speakers had provided some “fantastic discussions,” and thanked them for speaking openly and honestly about their career paths, and some of the challenges they have faced.

“I would like to thank all of our tremendous speakers for keeping the energy going and keeping us engaged with some fantastic discussions,” du Toit said. “There was a lot of focus on being genuine and being brave, and we had lots of leadership and diversity and inclusion discussions.”

“Naomi’s opening session was really, really valuable, and she was very honest with us about asking questions and understanding your business, and about surrounding yourself with smart people who challenge you to live up to your values,” she continued.

“We had a great discussion about networking with Suzanne Wolton, who got us thinking about whether we are getting the most out of our network, and also challenged us to share with others who we are and what we’re passionate about, rather than what we do.”

“Our panel discussion focusing on diversity, inclusion and equity strategies also focused on empathy, and on doing the right thing in the right way, mentorship, and paying that forward,” du Toit added.

“Amanda Halfacree spoke to us about gender stereotypes, and reminded us to examine our own biases. We also thought about defining our own career path, and seeking opportunities that light us up.

“Agnes talked about   and also learning from failures, and having that be part of your success. And, of course, our last session focused on digital innovation, and discussed all the different facets around staff, customers, systems and collaboration, and making the most of opportunities.” Click here to read more

In other news

FSC: FSC Research Launch: 'Generation Rent'

Financial Advice: KiwiSaver – Are contributions are just as important as fees?

Financial Advice: The how and why of Cryptocurrency

Strategi: FAP compliance officer course to be held in August

Strategi: Core strand: Classroom learning enrolments for August


Legal and regulatory update for the life and health insurance sector

26 July 2021 – In a webpage post, the FMA released the “Top five tips for becoming a fully licensed Financial Advice Provider.” https://www.fma.govt.nz/news-and-resources/fma-stories/top-five-tips-for-becoming-a-fully-licensed-financial-advice-provider/

26 July 2021 – RBNZ announced that, from today, it will publish new breakdowns for residential mortgage lending by loan-to-valuation (LVR) ratios in the C30 web table. https://www.rbnz.govt.nz/statistics/c30

26 July 2021 – RBNZ & FMA sought feedback on implementing new law, the Financial Market Infrastructure Act enacted in May 2021, to safeguard the ‘plumbing’ of the financial system, with feedback closing on 20 Sept 2021. https://www.rbnz.govt.nz/news/2021/07/reserve-bank-and-fma-consult-on-new-law-to-safeguard-the-plumbing-of-the-financial-system

26 July 2021 – IRD released a set of questions and answers to support the Government’s policy proposals on interest limitation for residential property investors. https://taxpolicy.ird.govt.nz/publications/2021/2021-other-interest-limitation-and-bright-line-rules-q-and-a

27 July 2021 – RBNZ released research looking at the distributional effects of monetary policy and the household cash flow effects of low interest rates in New Zealand. https://www.rbnz.govt.nz/news/2021/07/incomes-rise-for-mortgage-holders-as-interest-rates-fall

27 July 2021 – Financial Services Council released research looking at what New Zealanders think about KiwiSaver, the role it plays in their retirement preparedness, and where it needs to head in the future. https://www.fsc.org.nz/bulletin_display/x_blog_code/2153.html