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Stories

Insurance stalwart remembered

Long-standing insurance adviser Kevin Allen is being remembered for going beyond the call of duty in his service to the industry. The father of four died in mid-November.  Allen began his career in insurance with Sta...
(December 2017)

Opinion

Adviser reforms may force industry to take more...

By Crossley Gates

There are two pieces of legislation that directly govern the legal relationship between insurers and intermediaries: Insurance Intermediaries Act 1994 and section 10 of the Insurance Law Reform Act 1977.   The Insurance Inte...

Insurance

Simpler protection for developers

Brokers can forge an advantage with commercial property developers by offering faster and simpler insurance for their projects.  Developers embarking on new projects are on the stressful incline of a potentially risky ride. ...
(December 2017)

Insurance

Productivity is a strategic imperative for New ...

By Dylan Marsh

Consider that, in 2012, there was a cost of 31c for every dollar of net premium earned. By 2016, this had risen 14% to 35c – an increase of $180 million for the industry. At the same time, the insurance industry faces...

Insurance

Clear direction ahead for financial advice

By Rebecca Sellers

In May 2017, the results of New Zealand’s latest financial health check were published.  The International Monetary Fund (IMF) found that New Zealand did not meet international standards for regulating intermediaries or...

Insurance

Heavyweights in commercial motor repairs

As the most experienced in-house commercial motor repair insurance team in the country, the NZI Commercial Motor Repair Management team use their expertise to get customers back on the road again, faster.  “After a...
(December 2017)

Insurance

A Review of the Review – IPSA in Context

The review of the Insurance (Prudent Supervision) Act 2010 is progressing in ...

In a recent Feedback statement, the RBNZ indicated that the 42 submissions received gave rise to a number of issues that would be the subject of ongoing attention and consideration over the next 12 - 18 months. The...

Feature

How the sharing economy is blurring insurance l...

By Richard Godman

U ntil recently, most New Zealanders’ lives had well-defined boundaries that made it easier for insurers to assess and price risk.  But the sharing economy is changing the way we use our assets and belongings –...

IFSO Case Study

Completing applications risky

Colin* arranged life and trauma cover with the help of financial adviser Fred*. Fred and Felicity*, a mutual friend, completed the application on Colin’s behalf.  When Colin required a coronary angiogram, he made a claim...

IFSO Case Study

Advice obligations

Donald*, a financial adviser, met with Mr and Mrs Jones* to review their life and trauma cover. They were concerned about increasing premiums and asked Donald if they could have a policy with level premiums.  Donald provided a quot...

Feature

Insurtech Disruption is inevitable...

Are you ready? By Lloyd Kavanagh, Jeremy Muir and Kara Daly

Insurtech is the fusion of technology and business models to enable, enhance and disrupt the provision of insurance services, and it is becoming a key growth driver for early adopters worldwide. At its heart is the ability to enhance...
(December 2017)

Feature

Accidental regulator

Angus Dale-Jones says he fell into his career by accident

The  chairman of the Code Working Group grew up in South Africa and Zimbabwe and qualified as a chartered accountant He moved to Australia in 1990 but initially struggled to get a job. Eventually a recruitment...
(December 2017)

Feature

The new advice code

Good advice outcomes for retail clients, Angus Dale-Jones

 The Financial Advisers Act 2008 has been reviewed and is set to change.  While the details of the changes are still to go through a parliamentary select committee process, preliminary work has begun on a draft new...

FSCL Case Study

Insurance lapses – who is responsible?

An insured is unaware his policy has lapsed because his insurance broker sent...

In December 2016 the insured purchased two motorbikes from a dealer who arranged insurance through a broker. He paid the annual insurance premiums for both bikes in one lump sum. In March 2017 both bikes were stolen from a secure...

FSCL Case Study

“At least I have lease cover, right?”

The insured contacted her broker to ask whether she had cover to lease a truck when her truck was written off after an accident. The broker told her she had lease cover, however it later transpired she did not. The accident...

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