Grant Thompson appointed to AIA Vitality Coach

During AIA and Sovereign’s roadshow, it was announced that Grant Thomson was appointed as the AIA Vitality Coach for New Zealand. Through the launch of AIA Vitality, advisers will be able to initiate a conversation that touches on a more holistic view on health and wellbeing. Through his appointment, Thompson will be present to assist advisers to incorporate holistic health into client conversations.

His extensive industry experience allows Thompson to offer adviser support. Relevant experience includes having 20 years’ experience working with insurance advisers and being part of the Discovery Distributions Team during the launch of Vitality in South Africa.

Thompson hopes to change the general perspective of insurance by altering the way advisers and industry personnel discuss insurance. Through the incorporation of wellbeing solutions into promotions and general conversations Thompson believes that New Zealand can be amongst the healthiest and most protected nations.

Sovereign News

Quote Builder

Quote Builder was launched in December by Sovereign. it is a quoting tool that allows advisers to build indicative cover options and insurance plans for families and groups all in a single digital workplace. Quote Builder is set to eventually replace Sovereign' Illustrations tool. 

AIA / Sovereign Adviser Roadshows

From the 20th of March the AIA/Sovereign team are doing a number of roadshows around the country to promote AIA's Vitality programme. 

Signatureless Cancellation Process

From the 6th of March cancellations no longer need to been signed, therefore allow clients to cancel over the phone or via email.

Product Enhancements

As a step towards a single-market offering AIA  and Sovereign have made approximately 90 enhancements across both companies product ranges. Click here to view a video from Patrice de Marigny to find out more. 

According to their recent newsletter some of the key highlights in the trauma enhancements include:

  • A new Severe Illness or Injury Benefit across the AIA and Sovereign Trauma ranges and the inclusion of the existing AIA Terminal Illness Benefit to the Sovereign range.These benefits aim to provide coverage for rare or obscure medical conditions and serious illnesses or injuries that may not be specified within the policy wording.
  • Medical technology is moving fast and it’s important to ensure that medical definitions within our Trauma products remain appropriate. To achieve this objective, we’ve added a new Medical Advancement Provision, which provides customers with the opportunity to have their claims assessed under newly established medical diagnostic testing techniques. 


AM Best affirms Sovereign's A+ rating

Ratings agency AM Best has awarded Sovereign with an A+ in their financial strength rating category; a title that Sovereign has been awarded for ten consecutive years. Furthermore, AM Best worked to remove the preliminary status of ‘review with developing implications’, which was put in place after the completion of AIA’s purchase of the company.

The A+ rating works alongside AIA’s status of being one of the largest life insurers globally to further elevate Sovereign’s brand image and customer confidence. The A+ rating has been justified in a statement that AM Best released. In short, the ratings agency states that the rating given is a direct reflection of Sovereign’s strength in various disciplines.

Click here to read more. 

AM Best reaffirms Sovereign’s financial strength with A+ rating

Sovereign press release:

Ratings agency reaffirms Sovereign’s financial strength with A+ rating

Auckland, 18 February 2019.

Sovereign Assurance Company Limited (Sovereign) has had its financial strength reaffirmed by the ratings agency AM Best.

The agency awarded Sovereign an A+ (Superior) rating for the 10th consecutive year.

At the same time, AM Best removed Sovereign’s ‘review with developing implications’ status − which it applied in anticipation of  AIA Group’s purchase of Sovereign, which was completed in July 2018 − and also gave Sovereign a Long-Term Issuer Credit Rating of ‘aa-.’

AM Best assigned a stable outlook to these credit ratings.

“An insurer’s financial rating is a direct reflection of its ability to pay claims. Sovereign’s A+ rating, combined with the fact that AIA Group is one of the largest life insurers in the world, gives our customers the certainty they want that we  will be able to honour our commitment to them,” says Linda Page, Sovereign’s Chief Financial Officer.   

In the 12 months to 30 June 2018, Sovereign paid $388 million in claims.

In a media release announcing its decision, AM Best said that:

“The ratings reflect Sovereign’s balance sheet strength, which AM Best categorizes as very strong, as well as its strong operating performance, favourable business profile and appropriate enterprise risk management. In addition, Sovereign benefits from rating enhancement from AIA.”

Sovereign will begin operating under the AIA brand during 2019.

Founded in 1899, A.M. Best is considered one of the world’s most authoritative insurance ratings agencies.

For more details contact Craig Glover, Head of Corporate Affairs and External Communications, on 027 275 3405.


New Medical Insurance Premium Comparison

The new medical insurance premium comparison is now on Tableau server and in the Premium Comparison Dropbox. It has the following changes:

  • Update to Partners Life rates effective 31/12/18.
  • Update to nib rates effective 1/1/19.
  • Update to Sovereign policy fee effective 1/1/19
  • Update to Accuro rates effective 1/3/19 (but being publicly quoted from 31/1/19)

Sovereign Life + One Campaign Extended

Sovereign have extended their Life + One campaign that was due to finance on the 31st of December 2018. The extension means that the campaign “Life + One” providing customers a 10% discount on their policies premium if they meet the campaigns eligibility criteria will now run until the 31st of May 2019. These discounts are automatically applied on Quotemonster when the eligible benefits and cover amounts are being quoted. 

Stephen Potter to join AIA/Sovereign as Chief Underwriter

Congratulations to Stephen - Here is a recent press release from AIA/Sovereign:

Stephen Potter to join AIA/Sovereign as Chief Underwriter

Auckland: 19 December 2018

A well-known underwriter with a long history in the personal insurance industry will be leading AIA/Sovereign’s Underwriting team from the New Year.

Stephen Potter will start as Chief Underwriter to both AIA and Sovereign on January 15.  

Sharron-Moana Botica, Chief Customer Officer at AIA and Sovereign, says Potter comes with a wealth of experience.

“Stephen first joined Sovereign back in 1989, and as such was one of the ‘originals’ at the company,” she says. 

“Five years ago he left to work for AMP, before heading over to Fidelity Life.

“Stephen’s expertise, earned over nearly three decades, mean the AIA/Sovereign Underwriting team will be well-placed to help make New Zealand one of the healthiest and most protected countries in the world,” she says.

“He’s told me that he’s incredibly excited about the opportunity, given the innovation and strategic focus that we are applying to Underwriting, as we develop AIA/Sovereign’s market leadership in this area,” Sharron-Moana Botica says. 


AIA /Sovereign staff help give foster children a happy Christmas

Press release from AIA/Sovereign - 6 December 2018.

A charity that provides practical support to foster children to assist their transition to new homes has another 150-plus new toys to provide this Christmas, thanks to the generosity of the staff at AIA and Sovereign.

The toys were handed over at the AIA /Sovereign offices this morning.

"AIA and Sovereign have been amazing collecting and wrapping all these Christmas gifts alongside social workers who know what their children will love. We really appreciate your support and would love other local businesses to follow your lead. Thank you for helping us for another year,” says Louise Allnutt, Auckland Co-ordinator and Chairperson of Foster Hope.

“Sadly, Christmas is a stressful time of the year, where child protection agencies around the country see a big increase in child abuse and crisis management cases.”

“We want to ensure that if a child is suddenly placed in a new home at this time, that the foster family is not caught short with nothing under the tree for this child,” Louise Allnutt says.

Chief Executive Officer AIA New Zealand, Nick Stanhope, says a sporting theme was chosen for the gift drive, in line with the company’s ambitions for New Zealand, and New Zealanders. 

“We want all Kiwi kids to think about health and wellness early in their lives, so that they form the sort of habits that will help them live healthier, longer, better lives.”

“I’m really struck by the generosity of our combined AIA and Sovereign team, which the companies are backing up with a $2000 donation.

“I’d implore anyone else who wants to help foster children get the best start in life to either donate a toy before December 10, or to make a cash donation,” Nick Stanhope says. 

Foster Hope’s gift donation guidelines, and the details on how to make cash donations, are on their website.

“Lastly, I hope that all Kiwi children – whether they be in foster care or not – as well as our customers and partners, have a happy holiday, and a positive start to the New Year,” Nick Stanhope says. 


A scene from the handover of the gifts this morning (6 December 2018).


AIA - Sovereign: Sovereign policies to give Airpoints

This announcement from AIA-Sovereign gives details of their new partnership with Airpoints. Sovereign policies will earn 1 Airpoint dollar for every $100 of premium paid. During the period of 30 November 2018 and 28 February 2019 clients are eligible for triple Airpoints if they hold, or take out, an eligible Sovereign policy.