Customer Retention Among Initiatives Unveiled by Fidelity Life

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Fidelity Life has launched a broad suite of digital, service, product, and retention initiatives along with a renewed commitment to the adviser channel.

The announcements were a key feature of the firm’s flagship Engage conferences, attended by more than 250 advisers in Auckland and Christchurch.

Fidelity Life Chief Sales and Service Officer Bronwyn Kirwan says the company is poised to re-launch and re-define its market position and “double-down on its strong history with advisers”.

“In 2023 we’re celebrating 50 years of homegrown success and it’s the perfect time to reflect on the fact that advisers have been at the heart of it all,” said Kirwan.

“We’re getting back in the game and renewing our commitment to the adviser channel.

“We’ve listened carefully to [adviser] feedback, directly – and through our Adviser council – and we’re taking action in the key areas we’ve heard we need to be better.

“We hope advisers will find it easier to do business with us through new digital tools such as our market leading Live chat, a dedicated Adviser service team, a number of requested product enhancements and new tools to help them protect and retain their business.”

Bronwyn Kirwan, speaking before an audience of financial advisers at Fidelity Life 2023 annual conference in Auckland.
Bronwyn Kirwan, speaking at Fidelity Life’s 2023 Engage conference in Auckland.

Fidelity Life’s key initiatives:

  • Live chat – access to new business and underwriting teams
  • New-look E-App from March 2024
  • Dedicated adviser service team
  • A comprehensive guide on doing business with Fidelity Life
  • Signatureless forms
  • Transparent turnaround times
  • Ease of doing business

Protect and value

  • Renewal reminders – copies of your customers’ renewal letters for Tahi policies.
  • Automated SMS reminders and calls to customers in arears
  • Online masterclass – coming in November

Product enhancements requested by advisers:

  • Monthly mortgage repayment – cover benefit percentages to increase from 110% to 115% of mortgage repayments and 40% to 45% of income
  • Special events and future insurability – new special event triggers to be added as reasons for optional cover increases such as buying investment property, land, holiday home, co-signing a child’s mortgage, or supporting a child with fulltime tertiary study. Some exclusions for special events and future insurability (i.e., for customers with loadings or special terms) will also be removed to enable customers’ better access to these benefits
  • Key person new to business and key person for farmers – monthly cover limits will be increased from $4,000 to $6,500 for key person new to business, and from $5,000 to $9,000 for key person for farmers covers to acknowledge increasing labour costs
  • Repatriation benefit – available on all inforce and new on-sale retail life covers, the newly added benefit will be on top of the life cover sum insured and will be accessible to repatriate a body home from and to New Zealand
  • Trauma stand-down period – the stand-down period will be adjusted to start on the date of application submission, not completion of underwriting, to acknowledge pressures within the healthcare system which can cause underwriting delays

Adviser edge:

  • A suite of training options for new and experienced is being put into place – see our full report: Advisers Given an Edge