AIA New Zealand/Sovereign has announced it will cease offering overseas recognition trips for advisers after 2019.
The insurer said the decision forms part of a wider review the company is currently undertaking to support good customer outcomes.
It confirmed it will be able to apply its new policy to halt overseas recognition trips from late-2019, as it still has an existing contractual obligation to complete a final overseas recognition trip next year.
It also added that any additional adviser travel from 2019 onwards would only involve education and training programmes that support their partners in delivering the services in the best interest of their customers.
AIA New Zealand/Sovereign CEO, Nick Stanhope, says their aim is to make sure their relationship and responsibilities with advisers remain closely aligned to supporting best practice and promoting good outcomes for customers.
“We are actively engaged in the current regulatory reform process and support the work of the FMA and the Reserve Bank to improve transparency and to ensure that customers continue to have every confidence in New Zealand’s life insurance sector,” said Stanhope.
He said the reaction from their staff and advisers on the decision to end overseas trips has been very encouraging.
AIA/Sovereign joins Partners Life and AMP in the decision to cease overseas adviser trips.
Among other insurers, OnePath has not held such trips for advisers in some time, and the remaining life companies each clarified their current stance earlier in October (see: Insurers Clarify Stance on Overseas Adviser Trips…).