With AMP and Partners Life ending their overseas trips, the remaining life insurers weigh in on where they stand.
Partners Life announced last week that its upcoming overseas conference will be its last (see: Partners Life Ends Offshore Conferences…).
While AMP announced earlier this year it will no longer offer its only offshore incentive programme for advisers after this year’s intake (see: AMP Stands Alone in Ending Overseas Incentives…).
Fidelity Life Chief Executive, Nadine Tereora, said they haven’t yet made any decisions about their Partnership Programme beyond 2019.
“The insurance industry’s undergoing fundamental change and we’re mindful of evolving public expectations…We support a model where consumers’ interests come first and are continuing to monitor developments closely.”
AIA and Sovereign
“How AIA and Sovereign recognise top achievers and how that ultimately serves our customers’ needs, is something we continue to consider our position on, and refine where appropriate. There are currently no plans at this stage for any overseas conferences beyond 2019,” an AIA spokesperson commented.
AMP has confirmed that the conclusion of its offshore incentive programme, announced in April this year, was the only one if its kind.
OnePath has confirmed no change since their statement made in April, which said it had no overseas incentives in place for insurance advisers and has not held any hosted adviser trips as incentives to advisers since early 2017.
Executive General Manager Intermediated Distribution, Cris Knell, said that Asteron Life commenced an in-depth review of its sales incentive programmes for life insurance advisers in May this year.
“As a result of this review, Asteron Life made a number of key changes to the qualifying criteria for the 2019 overseas programme to ensure we are creating value for advisers while delivering good customer outcomes. The 2019 programme includes a two-day executive education programme focused on managing potential conflicts of interest, elevating the customer, and building trust and confidence in the life insurance industry.”
Knell added: “Asteron Life has no plans to continue the overseas programme beyond 2019, but we remain committed to supporting advisers to continuously develop their businesses and expertise, both now and in the future.”