Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Partners Life takes leading position

Media release
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.

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Fossils: Ancient Penguins Lived Alongside Dinosaurs?

Penguins are much older than previously thought and their evolution probably dates back to the days of the dinosaurs, according to research on the fossilised leg bone and toes of a giant ancient penguin found in rocks near Waipara, North Canterbury. More>>

No Voda/Sky: Commission Declines Clearance For Merger

The Commerce Commission has declined to grant clearance for the proposed merger of Sky Network Television and Vodafone New Zealand. More>>

ALSO:

EARLIER:

Power: IEA Report On New Zealand's Energy System

Outside of its largely low-carbon power sector, managing the economy’s energy intensity and greenhouse gas emissions while still remaining competitive and growing remains a challenge. More>>

ALSO:

NASA: Seven Earth-Size Planets Around A Single Star

NASA's Spitzer Space Telescope has revealed the first known system of seven Earth-size planets around a single star. Three of these planets are firmly located in the habitable zone, the area around the parent star where a rocky planet is most likely to have liquid water. More>>

ALSO:

Auckland Transport Case: Men Guilty Of Corruption And Bribery Will Spend Time In Jail

Two men who were found guilty of corruption and bribery in a Serious Fraud Office (SFO) trial have been sentenced in the Auckland High Court today... The pair are guilty of corruption and bribery offences relating to more than $1 million of bribes which took place between 2005 and 2013 at Rodney District Council and Auckland Transport. More>>

ALSO:

Hager Raid: Westpac Wrong To Release Bank Records To Police

The Privacy Commissioner has censured Westpac Banking Corp for releasing without a court order more than 10 months of bank records belonging to the political activist and journalist Nicky Hager during a police investigation into leaked information published in Hager's 2014 pre-election book, 'Dirty Politics'. More>>

ALSO:

EARLIER:

Get More From Scoop

 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news