With everything that’s happening right now you’d be forgiven for missing all the new leafs out everywhere on trees. Daylight saving is around the corner!
In the meantime, a reminder that we have secured as 20% discount off the regular monthly retail subscription to Quotemonster (this includes Quotemonster and QPR only). This is $91 + GST per month which is invoiced by Newpark. If your current subscription is direct with Quotemonster you can transfer to the Newpark scheme and be entitled to rate above. Contact the boss firstname.lastname@example.org to get on board.
Following along the digital theme, reports from insurers is that eApp usage has continued to remain high around 65% of submissions in some cases. This is significant from an insurer’s perspective as it is the cost of new business acquisition, along with policy persistency, that are the two biggest determinants of profitability for a Life company. The use of eApps dramatically reduces the cost of acquisition and in turn takes a lot of pressure off premium rates. This is a bit simplistic but your actions as an Adviser when using an eApp application has a direct impact on premium affordability for your customers.
It’s also apparent that insurers have not been resting on their laurels in this area either. AIA, for example, have rolled out further enhancement to their on-line Adviser portal to include visibility of existing business, arrears reporting, claims claims information and their document uploader function that has doubled the allowable file size to 6MB. Be sure you avail yourself to all the new technology being rolled out,
There was another glimmer of positive news this week. A new report from Deloitte has challenged suggestions made by regulators and commentators that New Zealand insurance companies are offering high commissions and paying few claims by global standards. “The New Zealand life insurance industry is unique for a variety of reasons when compared to its overseas counterparts. For instance, existing alongside ACC, KiwiSaver and NZ Super, our life insurance offerings have been shaped by the needs of a local population that is already confident in an existing level of support from government.”
Hopefully this report will get a lot of air time and will come to the attention of higher bodies. Rather than pillory the work that Advisers and insurers do, this should highlight the significant value that industry as a whole bring to the economy and society as a whole.