RiskinfoNZ Podcast Transcript: 18 March 2020
A change in dynamics between Fidelity Life, its customers, and advisers, is on the cards as the insurer begins transforming its business.
Chief Customer Officer Pete Doherty says the firm has always engaged customers through its advisers. But it’s now looking for a more direct approach.
Doherty says advisers have a huge part to play in the relationship, but the firm will increasingly take ownership and accountability of customer outcomes.
Andrew Scott has stepped in to head up Newpark, following the departure of its CEO Melanie Purdey. Scott, who was the firm’s GM Home Loans, says there are no immediate plans to fill the role of CEO.
The company’s Newpark Home Loans received its transitional FAP licence from the FMA last week.
Scott says based on his experience, anyone applying to the FMA for a transitional license shouldn’t leave it any later than 24 April.
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Partners Life will not accept any new applications for redundancy cover until further notice as a result of expected job losses caused by COVID-19.
The company has re-assured existing clients saying they are fully protected against any claimable major health interruption arising from COVID-19.
Depending on how the virus spreads it says it may decide to remove cover for COVID-19 related claims in new policies until the virus passes.
AIA New Zealand has been given the Gender Tick from the Young Women’s Christian Association (YWCA) charity.
AIA New Zealand’s CEO, Nick Stanhope, says six out of its 10 executive leaders are women.
The company says it is the first insurer in the country to achieve the Gender Tick award.
It’s getting nearer to crunch time as the door starts to close on advisers yet to make a decision on their future in the industry, says Chatswood Consulting’s managing director Russell Hutchinson.
He says a long-awaited realignment is underway, and that while it may be hard to be grateful, the change presents opportunities – for some.
Among the changes he’s looking forward to include better digital systems and a levelling of the playing field. He says adviser businesses with a focus on good customer outcomes were disadvantaged by a small group that took advantage of the light-handed approach to advice regulation.