Podcast News Wrap For 27 May 2020


Podcast News Wrap for 27 May 2020

Thrive Advice

Two FAP support service companies have been launched by Cecilia Farrow, founder of cloud software platform Triplejump. The companies are Financial Advice Provider Services and Thrive Advice.

Farrow says advisers in the life insurance sector are looking for partnerships that will give them leverage and differentiation, whether this is supporting their FAP license or the ability to join a FAP license (Thrive Advice says it will hold a FAP).

Insurers’ hardship policies

Financial Advice New Zealand has compiled a list of insurance company responses to the financial impact of Covid-19 on its customers.

The PDF, published by Financial Advice NZ says the information is “…a high-level overview of the life insurance companies’ hardship provisions”.

Help for financial advisers

The Adviser Platform has launched a Claims Committee to help the firm’s adviser partners manage problematic claims.

Scott Duncan, the company’s Head of Compliance & Advice, says the committee features experienced advisers with two being former board members of another aggregator.

Claw-Back poll result

Our story raising the prospect of insurance company clawbacks after the government’s Covid-19-related wage subsidies have ended struck a nerve with financial advisers.

In last week’s poll we asked if you are concerned about commission claw-backs. While 8% said they aren’t sure, 32% said they’re not concerned, but 60% of those who voted admitted it is an issue that worries them.

Our poll is open for another week; so you still have a chance to cast your vote below.

Are you concerned about commission claw-back issues for your business as a result of a potential spike in policy cancellations brought about by the Covid-19 pandemic?

  • Yes (62%)
  • No (30%)
  • Not sure (8%)

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Distance Learning For NZCFS Level 5

Financial advisers wanting to study Version 2 of the New Zealand Certificate in Financial Services (Level 5) via distance learning can enrol at Professional IQ College.

The college is the first NZQA accredited private training establishment to launch Version 2 of the core qualification.

Mental Health Help

Health insurer Nib and its charitable entity the Nib Foundation has helped mental health company Clearhead launch Telehealth – an AI chatbot that puts people with concerns about their health in touch with mental health practitioners.

AIA rated double-A

AIA New Zealand has had its Insurer Financial Strength rating affirmed at ‘AA’ (very strong) by ratings agency Fitch.

AIA Group is the world’s largest life insurance company by market capitalisation.

In the 12 months to 31 December 2019, AIA New Zealand paid $476 million in claims.

Financial resilience index

The first in a series of surveys to be commissioned by the Financial Services Council reveals that Covid-19 delivered an unprecedented hit to New Zealanders’ financial resilience and wellbeing.

The Financial Resilience Index reveals that 40% of people are worried about money, 45% of people are not confident about making financial decisions and 51% of New Zealanders have had their mental health affected money matters.