Advisers attending Partners Life’s roadshows around NZ over the past two weeks heard from CEO Michael Weston how the firm is partnering with advisers and evolving its service for tomorrow’s businesses and consumers.
Part of this are enhancements to the insurer’s Quote for Alterations service, the second phase of which will “…transform its new business application process into a fully digital solution for increases and alterations,” Head of Digital Innovation, Tim von Dadelszen said.
He told the 350 advisers attending the Auckland roadshow the first phase of the QFA upgrade meant advisers can now quote a wide range of policy increases and alterations, greatly reducing the need for manual processes, phone calls and delays.
“With hundreds of product and underwriting rules and validations built in, we’ve now set the foundation for further exciting developments.”
He said the insurer was seeking to make its application process faster and simpler by enabling advisers to apply for increases and alterations through the popular My Underwriting Manager.
Von Dadelszen said Partners Life had had overwhelming feedback from advisers that they want to use MUM for increases and alterations.
Another factor driving the project was creating efficiency and enabling faster, more consistent service across new business underwriting.
“We want to make a consistent journey for you and your customers removing complexity and unwanted surprises during the application process.”
He noted too the firm aspires to move to fully paperless processes. The new enhancements should go live early in 2025.
Earlier during the Auckland roadshow, CEO Micheal Weston outlined how Partners Life was partnering with advisers and strengthening and diversifying its distribution, noting that advisers are the firm’s most important engine to growth.
He pointed to “partnering with advisers to win” by reinforcing its “winning proposition” with IFAs; alongside maximising the potential of the BNZ relationship; and reaching new segments with embedded offers.
Weston highlighted more opportunities and feedback loops for Partners Life to listen and hear from advisers. Alongside this, he said, was product innovation, saying the firm’s product lead the industry in terms of innovation and while they want to retain their premium product, they also want to make it more affordable. The company will engage with advisers on more affordable propositions.
Weston said they are also evolving their service model.
…The traditional model has been policy-centric, we want to be adviser and customer-centric…
“The traditional model has been policy-centric, we want to be adviser and customer-centric.”
As to how the firm is evolving its service for tomorrow’s businesses and consumers, Weston pointed to:
- Advocating advice: Promoting the value of advice and building advice capability (e.g. new adviser mentoring)
- Transforming the claims process to be easier and transparent so customers can understand if they’re covered and track the status of their claim; as well as offering them advice and support so they can get back to doing what they love
- Leading the way with digital customer onboarding: Onboarding as a customer, not a policyholder
- Offering a fully digital, end-to-end straight through processing experience for new business and underwriting – making it fast, simple and easier to do business
- Transition from 9-5 support to 24/7 using virtual assistants to support basic queries, making it easier for advisers and customers to manage policies with the company