Podcast News Wrap for 13 May 2020
Cigna New Zealand has launched a new quote tool for financial advisers in what the company says is the first of a series of planned improvements to its systems.
The firm has worked with advisers to build the policy quoting platform which also integrates with Cigna’s admin system.
The new platform launched Monday 11 May and any quotes already in the Cigna system will need to be accepted by 11 June 2020.
Partners Life
Partners Life is closing its Covid-19 premium holiday to new claims from Monday 18 May 2020.
The premium holiday was introduced by the firm on 17 March as a result of the government’s country-wide Alert Level 4 lockdown.
From Thursday 14 May the country will be under Level 2 – meaning more people can return to work as the country returns to something closer to ‘normal’.
And with the introduction of Alert Level 2, the FMA has issued a comprehensive list of procedures it expects financial advisers to follow should they return to the office to work with their colleagues or visit clients at their homes.
Fidelity Life
Fidelity Life has appointed banking and infrastructure specialist Nicola Greer as an independent director to its board.
Greer’s current governance roles include directorships at South Port, the New Zealand Railways Corporation, and she is a Member of the New Zealand Markets Disciplinary Tribunal.
The Fidelity Life board has seen two departures in the past 18 months; namely Carole Durbin and Anne Blackburn.
Hacker Targets Watchdog
A computer hacker has accessed a staff member’s email account at Financial Services Complaints, says the company.
A statement from the dispute resolution service says it became aware that a “…malicious third party gained access” to a case manager’s work email account. It appears someone guessed the user password of a member of staff.
Cashflow forecaster
MBIE has launched an online cashflow forecaster to help both advisers and their clients. An MBIE spokesperson recommends advisers use the tool to plan for how the government’s support packages, including the loan guarantee scheme, will affect their cashflow.
Cigna Pricing
Cigna New Zealand has updated a range of policies, including life and trauma cover, with what company CEO Gail Costa calls ‘more sustainable pricing’ and ‘refreshed rates’ – although no specific details on pricing were released by the firm. Cigna is also adopting plain English for its policies.
AMP wealth division
AMP is to retain its New Zealand wealth management business having aborted the sale process.
A company spokesperson said economic and financial markets disruption caused by the Covid-19 pandemic is behind the decision. The division is valued at more than $400 million.
FMA security warning
The FMA says a number of cybersecurity incidents have come to its attention and recommends financial services firms of the importance of reviewing their IT security.
It says firms need to proactively monitor IT systems and electronic mailboxes to identify any unusual activity and ensure they have not been compromised.