Cigna Insurance has received the green light to offer robo-advice, having been granted exemption from the Financial Markets Authority.
Cigna Head of Marketing, Vince Warnock, says the insurance industry is facing a period of change, with customers rightly expecting more from providers.
“This is an exciting time for us, as it gives us the mandate to ensure we’re delivering to our customers’ expectations,” said Warnock, adding robo-advice is set to change the landscape for the insurance industry, giving consumers another choice on how they want to receive financial advice.
“This is a big opportunity for Cigna to now work on building a service that will not only help consumers but help empower financial advisers,” he explained.
“This is a big opportunity for Cigna to now work on building a service that will not only help consumers but help empower financial advisers.”
“Together this will give us a real opportunity to help solve the high underinsurance levels of New Zealanders, and make sure New Zealanders have the financial protection they need, when it’s needed,” he said.
In its decision the FMA said it was satisfied Cigna’s application for exemption demonstrated its directors and senior managers meet good character requirements and had the capability and competency to provide personalised services to retail clients through its digital advice facility.