Podcast News Wrap for 6 May 2020
This week RiskInfoNZ looks at how insurance companies are working to build long-term relationships with their customers.
For example, AIA New Zealand is using its ambassadors, including Dame Valerie Adams and Ian Jones, to promote health and wellbeing via a series of TV commercials they recorded at home with their phones.
An AIA spokesperson say the commercials encourage viewers to exercise and practice mindful breathing.
Elsewhere, Fidelity Life carried out a survey of 1,000 of its customers to gauge the state of the nation in a Covid-19 world.
It says during Alert Level 4 those surveyed said they were sleeping more, eating more, drinking more alcohol, and smoking more than before the lockdown – but exercising less.
Raise your profile
Australian business coach and motivational speaker Keith Abraham says financial advisers need to decide what separates them from their colleagues if they want to standout in the market.
Speaking from during a webinar hosted by Financial Advice NZ on Friday 1 May, Abraham asked attendees to decide what they are famous for.
“If you do not know what you are famous for then you have to pick something,” he said.
He suggested advisers raise their profile by writing columns, sharing news with clients and appearing in podcasts.
Poll Result
Last week we asked if you are concerned about the industry regulator’s push to change the way in which advisers are remunerated.
The poll was born out of Partners Life’s defence of current upfront payment arrangements for advisers.
One week after the poll opened, 76% of you are concerned, 22% are not concerned, and 2% are not sure how they feel.
FMA Guidelines
Industry regulator the FMA has issued New Zealand insurers with a set of guidelines it expects them to follow as a result of the ongoing financial impact on consumers due to the Covid-19 pandemic.
Among the recommendations are that insurers should not use the pandemic as a customer acquisition tool and that sufficient training should be offered to advisers on any new Covid-19 policy terms or changes.
The FMA’s Clare Bolingford, the organisation’s Director of Banking and Insurance, says the regulator’s expectation is that insurers remain cognisant of the challenges faced by New Zealanders and continue to offer support and flexibility to assist policyholders.
Westpac
And finally, Westpac is moving several of its businesses, including its life insurance and wealth platforms, to a new specialist business division.
It will also undertake a strategic review on the best options for these businesses including considering if they would be more successful under different ownership.
Westpac Group CEO, Peter King, says the corporation has several businesses that do not have sufficient scale or where the returns are insufficient for the risk.
These, he says, include retirement products, general and life insurance, and auto finance.
The RiskInfoNZ podcast is presented by Steve Hart.