Niche life distributor, AIL of New Zealand, has entered an expansion phase in its drive to build additional capacity within the NZ life insurance advice market.
Established in New Zealand in 1995, AIL of New Zealand is the distributor of US insurer, American Income Life Insurance Company, a subsidiary of Globe Life Insurance, which is headquartered in Texas USA.
AIL of New Zealand serves the life insurance needs of Kiwi unions. It is the recommended and endorsed insurance partner of the country’s largest union, the Public Service Association (95,000 members) and advocacy organisation Grey Power (40,000 members).
According to AIL of NZ MD, Steve Friedlander, the insurer has evolved its business processes to the extent that it can accommodate significant additional capacity and is actively seeking to recruit more qualified advisers to its ranks.
This evolution has its basis in the Covid-19 pandemic and the need at the time for AIL of New Zealand to pivot its processes to accommodate the provision of remote advice services. Prior to the onset of the pandemic, Friedlander says 99 percent of client contact was in the form of home visits.
He added that the organisation recreated its business distribution model in the early weeks of the pandemic in 2020. Its now established virtual advice model has been retained post pandemic and is the main factor which has created the excess capacity. “Technology has revolutionised our business,” says Friedlander.
…the firm’s offer may appeal to financial advisers seeking a change
Friedlander says the firm’s offer may appeal to financial advisers seeking a change, where most of its adviser network now operates from a home base as they seek their preferred work/life balance.
The firm, which operates under its own Financial Advice Provider licence, is seeking to double its current sales force of 25 advisers over the next 12 months, where it provides virtually all referral leads for advisers via its ongoing association with the NZ union movement and credit unions.
We don’t charge someone extra who works in the mines…
Friedlander says the insurer’s client base comprises New Zealanders that are seeking simple, uncomplicated life and health insurance solutions. One of the key features of its offering is that there are no occupational loadings: “We don’t charge someone extra who works in the mines,” says Friedlander, who also pointed out his firm has no agenda to replace any existing policies held with other insurers.
He appreciates the AIL of New Zealand proposition will not resonate with all advisers but holds the nature of the role will certainly appeal to a cohort of advisers seeking this style of engagement.