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

 

R18: The Warehouse Group Praised For Removing Games

The decision by New Zealand’s largest retailer The Warehouse Group (TW Group), to withdraw stocks of the latest version of Grand Theft Auto V (GTA V) and other R18 games, has been praised by advocacy group Stop Demand Foundation. More>>

ALSO:

Air NZ Wine Awards: Victory For Villa Maria As Pinot Noir Thrills

It was a night to remember as Villa Maria Estate picked up one of the highest accolades of the evening, the O-I New Zealand Reserve Wine of the Show Trophy, at the 28th Air New Zealand Wine Awards. The Villa Maria Single Vineyard Southern Clays Marlborough ... More>>

ALSO:

Future Brighter Money: RBNZ Releases New Bank Note Designs

New Zealand’s banknotes are getting brighter and better, with the Reserve Bank today unveiling more vibrant and secure banknote designs which will progressively enter circulation later next year. More>>

ALSO:

Commerce: Supermarket Inquiry Finds No Breaches By Countdown

The Commerce Commission inquiry into anti-competitive behaviour by Countdown supermarkets, alleged by former Labour Party MP Shane Jones, has found nothing to warrant prosecution, although it warns supermarkets to take care in the way they communicate... More>>

ALSO:

Crown Accounts: English Flags ‘Challenge’ To Budget Surplus

Finance Minister Bill English is warning next month’s half yearly fiscal and economic update from the Treasury may not forecast a budget surplus, saying that returning the government’s accounts to surplus in 2015 will be “a challenge”, given the decline in commodity prices and weak global inflation. More>>

ALSO:

March 2015: Netflix To Launch In Australia And New Zealand

World’s Leading Internet Television Network to Offer Original Series, Movies, Documentaries, Stand-Up Comedy Specials and TV Shows for Low Monthly Price More>>

ALSO:

Price Of Cheese (Is Up): Dairy Product Prices Fall To Five-Year Low

Dairy product prices fell in the latest GlobalDairyTrade auction to the lowest level in more than five years, led by declines in rennet casein and skim milk powder. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news