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

 

Genetics: New Heat Tolerant Cow Developed

Hamilton, New Zealand-based Dairy Solutionz Ltd has led an expert genetics team to develop a new dairy cow breed conditioned to thrive in lower elevation tropical climates and achieve high milk production under heat stress. More>>

Fractals: Thousands More Business Cards Needed To Build Giant Sponge

New Zealand is taking part in a global event this weekend to build a Menger Sponge using 15 million business cards but local organisers say they are thousands of business cards short. More>>

Scoop Business: NZ Net Migration Rises To Annual Record In September

New Zealand’s annual net migration rose to a record in September, beating government forecasts, as the inflow was spurred by student arrivals from India and Kiwis returning home from Australia. More>>

ALSO:

Scoop Business: Fletcher To Close Its Christchurch Insulation Plant, Cut 29 Jobs

Fletcher Building, New Zealand’s largest listed company, will close its Christchurch insulation factory, as it consolidates its Tasman Insulations operations in a “highly competitive market”. More>>

ALSO:

Scoop Business: Novartis Adds Nine New Treatments Under Pharmac Deal

Novartis New Zealand, the local unit of the global pharmaceuticals firm, has added nine new treatments in a far-ranging agreement with government drug buying agency, Pharmac. More>>

ALSO:

Crown Accounts: English Wary On Tax Take, Could Threaten Surplus

Finance Minister Bill English is warning the tax take may come in below forecast in the current financial year, as figures released today confirm it was short by nearly $1 billion in the year to June 30 and English warned of the potential impact of slumping receipts from agricultural exports. More>>

ALSO:

Auckland Outage: Power Mostly Restored Overnight

Vector wishes to advise that all but 324 customers have been restored overnight. These customers are spread throughout the network in small pockets. The main St Johns feeder was restored around midnight allowing most of the customers in all affected areas to have power this morning. More>>

ALSO:

Get More From Scoop

 
 
Standards New Zealand

Standards New Zealand

Mosh Social Media
 
More RSS  RSS
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news