Partners Life takes leading position
For immediate release
Tuesday 18 September 2012
Partners Life takes leading position in life and risk insurance industry
New Zealand-owned Partners Life has moved to a leading position in the life and risk insurance industry just 18 months after launch, coming second in the market to Sovereign for new annual premium income (API) to the end of June 2012.
“We set Partners Life up to bring high value products to New Zealanders that we considered the mature Australian-owned insurers were not offering,” Chairman Boyd Klap says. “We are succeeding in meeting that objective.”
“The rapid growth of the business reflects the confidence independent advisers have in our experienced team, and their appreciation of our customer-focused approach. We recently received the highest overall score for adviser satisfaction in the annual independent Beaton Benchmarks survey of the life and risk industry in New Zealand.”
Mr Klap says the foundations are in place for sustained growth.
“We have attracted outstanding independent directors Sam Knowles and Joanna Perry, investment from respected institutional investors Maui and Rangatira, and reinsurance through the SCOR Group, the 5th largest reinsurer in the world. Based on the most recent share price Partners Life had achieved a value of $78.6m as at 31 March 2012 against introduced equity of $23.5m.”
Managing Director Naomi Ballantyne says that the response from independent advisers to Partners Life’s entry to the market has been particularly satisfying.
“The feedback from Beaton was that they have never seen such positive results for product quality and innovation. While product quality is an important factor in our strong relationship with independent advisers, that relationship is also a result of their experience of our key people over the last 20 years. They trust us to respond fairly to claims, and not to look for reasons not to pay.
“This reputation has been central to our success in the industry, so when we started Partners Life we put our ‘if it’s grey we’ll pay’ promise at the heart of our brand.”
Partners Life is based on a business model that shares the value created with all parties – including customers. Existing customers benefit from retrospective product enhancements so that their products remain as good as those on offer to new customers, and a loyalty discount applies to premiums.
Partners Life market share continues to grow across its range of life risk products including life, trauma, medical, permanent disability and income protection insurance. The company also now offers a suite of business protection products.