Reporting in the AFR highlights the impact of Hayne on different insurance sales models. iSelect has cut staff and outsourced most administrative functions to TAL's Lifebroker. Most banks have exited, or are in the process of exiting, the insurance sector. The fact that these changes are concentrated in the no / low advice portion of the market should be of most interest to us. Similar themes have played out here, whether it was large banks selling life insurance operations (such as CBA and ANZ) or TradeMe selling Lifedirect back to Mark Solomon. Insurance assets are returning to specialist hands - those more likely to see long-term value emerging from them.
LifeDirect's latest advert shows the death of Simon the sloth in order to raise awareness of the need for life insurance cover. Click here to read more.
It is a little known fact that I was part of the discussions that heralded the arrival of the sloth. Although I claim no particular creative input. I am sorry to see this character go - but... its media, so who knows? Meanwhile, you can check out the death of the sloth video below.
Jaime Monaghan, Head of Insurance at Trade Me, and panelist in our Industry in 2023 workshop on 7 September.
Personal: A proud Scot, now settled in New Zealand, I'm married to Dave and we have three young children. I try to fit in some cycling and badminton around the kids' busy sporting schedules, and help Dave run our small lifestyle block in the beautiful Mangaroa valley.
Education: I left school for the lure of the University of Aberdeen, where I gained a Master of Arts with honours in Accountancy. I then went on to qualify as an Accountant with the ACCA.
Professional: I've been in Finance teams throughout my career, including 8 years in the Kiwibank finance team where I led the Business Advisory team. I joined the Trade Me finance team in 2015 before making the leap from the familiarity of bean-counting to take the helm at LifeDirect.