Advice Logic

It was great fun to be a guest of Partners Life at their online mini-conference. Kris Ballantyne, GM Marketing and Product, and Tim von Dadelszen, GM Digital and Innovation to talk about advice logic: the science behind giving advice, why process is important, and evidence-based concepts for setting sums insured. Partners Life has published the session, which you can view here: 

https://player.vimeo.com/video/415385322 

Advicelogic image 2020-05-09 173550

Working on the content for this session included talking with advisers who are passionate about giving good advice in a way that has rigour and a basis that can stand scrutiny. I particularly appreciate the input and challenges from Royden Shotter, Anand Srinivasan, and Jeremy Bernstein, although there are many more that routinely contribute to the subject. 


Fidelity Life on track to resume normal activity

“Labtests, Med Lab and many other labs are now back up and running for insurance-related blood work. 

 

Some GPs who were unavailable during the level 4 lockdown are also now resuming limited services, including for insurance medicals. 

 

Please note there may be limited availability for insurance-related blood work and medical exams. We recommend your customers phone ahead to ensure their chosen lab is open and they’re able to make an appointment.”

As a result, Fidelity Life are able to begin getting back to normalcy. 

“Now that lab services have resumed, we can start requesting the blood tests needed to progress pending cases. Our Underwriting team will go back over your pending cases and request these tests, however you’re also welcome to get in touch so we can action these promptly.”  

 

In other news:

SiFA: CoFI needs complete rewrite

Southern Cross: Health insurer Southern Cross charts course for clearing surgery backlog

AMP: AMP reports severe coronavirus hit

Partners Life: Lessons Of Resilience And How Saying “No” Is Part Of The Journey

AIA: Dealer groups should strengthen: AIA

Advisers say client engagement is "significantly up"

RBNZ: Advisers back removal of LVR restrictions


Partners Life determined to closely monitor adviser performance

Partners Life is now working to better understand the performance of advisers. The insurer is evaluating the performance of advisers at this time by surveying clients and marking the reported performance of advisers against a set matrix.

“Partners Life has begun collecting data from clients about how advisers are performing against its Customer Outcomes Matrix.

This forms part of its new commission structure. Advisers who are shown to be delivering superior service for their clients will receive more remuneration.

The matrix covers six indicators of adviser performance: Customer advice complaints; the initial advice process; replacement advice process; cancellation advice; non-disclosure and misstatements at claim time; and service activity.

Under new rules, insurers will have to be able to show that they have clear monitoring of the conduct of all those involved in the product distribution process, from manufacture to after-sale follow-up.” Click here to read more

In other news:

Former Newpark boss 'working to support advisers'

Financial advice regime delay: what happens next?

How advisers are engaging with their clients in today's "new normal"

FMA: FMA Warns Adviser About Misleading Claims

Insurers pay out close to $20 million after Southland flooding


News roundup: Partners Life mini conference

Partners Life will be hosting a mini conference on Thursday 7 May 3.00 pm until 3.45 pm. Russell will be sharing industry insight alongside Tim von Dadelszen. Be sure to register by Wednesday 6 May by clicking here. 

"Come and listen as well-known industry expert, Russell Hutchinson from Chatswood Consulting chats with Tim von Dadelszen, Partners Life’s General Manager Digital Innovation, about their individual views on the role that logic should play in the provision of Life Insurance Advice.Is life insurance advice a science or an art? Come and join the discussion."

In other news:

Asteron Life: Asteron Life - May webinars

Kloogh gets sentencing date

Broker group urges advisers to invest in new tech

Insurers weigh up pandemic impact

Government offers further relief for small businesses

How the top 10 New Zealand travel insurers are handling Coronavirus

 


Partners Life: Mini adviser conference

Partners Life announce that they are hosting a mini adviser conference online on the 30th of April.

It has been split into two sections:

Business section: Naomi Ballantyne interviews Chief Underwriter Clayton Gardner about his Chief Underwriter role and delve into some of the more interesting underwriting issues he has experienced over his career to date. Register here.

Social section: Compete against your peers in the gigantic Partners Life Adviser pub quiz. Register here.

 


QPR Update

The latest QPR database has been sent out to subscribers and it has also been updated on Quotemonster. This version includes the following changes:

Remediation to:

  • AIA Future Insurability (Indexed vs Level)
  • Partners Life Covid-19 related changes

Product updates on QM:

  • You can now quote Partners Life Indemnity LOE with TPD Booster

Partners Life Financial Strength Rating Affirmed by AM Best

Partners Life announce:

"...that as of the 16th of April 2020, global credit rating agency A.M. Best has affirmed Partners Life’s Financial Strength Rating of A- (Excellent) and Partners Life’s Long-term Issuer Credit Rating of 'a-'. The outlook of both these Credit Ratings is stable.

The ratings reflect Partners Life’s balance sheet strength, which AM Best categorises as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

We are extremely proud to receive this affirmation of the strength of our business, and I would like to thank you on behalf of all the team at Partners Life for your on-going support."

 

Partners Life: Webinar sessions to encourage software use

Partners Life are now hosting some webinars to help advisers get the most out of the software particularly while they are not currently able to meet clients face-to-face.

The announcement states 'These sessions are designed for those who have either not used, or do not regularly use either Evince or My Underwriting Manager (MUM) in their processes. If you are already using these tools you may find you know much of the content already, however, feel free to join us for a refresher if you feel like it would be helpful.'

Click here to read more. 


IP ratings under review

Product scores for income protection products are under review. We need to consider how to take into account temporary measures being applied to contracts with some disablement components - IP, Trauma, and TPD - such as the recent restrictions being applied by Partners Life. In the meantime, you need to familiarise yourself with what those restrictions are and whether they apply to the cases you are submitting. We have a schedule of COVID-19 impacts available for subscribers in the quarterly life and health review, which will be issued today.