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

 

Insurers kill off overseas junkets that reward salespeople

Insurers kill off overseas junkets that reward salespeople


Nov. 22 (BusinessDesk) - New Zealand's largest life insurer, AIA/Sovereign will stop using overseas trips as rewards for salespeople as the industry moves to clean up its reputation for prioritising sales performance over customer service, from next year.

The Reserve Bank of New Zealand and Financial Markets Authority are currently running the rule over financial services industry sales practices following shocking revelations in the Australian royal commission into banking industry malpractice.

“As the largest life insurer in New Zealand we take the responsibility of earning and maintaining the trust and confidence of our customers very seriously," AIA NZ/Sovereign chief executive Nick Stanhope said.

“We are actively engaged in the current regulatory reform process and support the work of the FMA and the Reserve Bank to improve transparency and to ensure that customers continue to have every confidence in New Zealand’s life insurance sector.”

The reaction from the sales force that benefited from the offshore junkets used to reward strong sales performance had been "very encouraging", Stanhope said.

The company had contractual obligations to complete "one last overseas recognition trip" and would apply the new policy from late next year.

(BusinessDesk)

© Scoop Media

 
 
 
Business Headlines | Sci-Tech Headlines

 

Budget Policy Statement: 'Wellbeing Of NZers At The Heart Of Budget Priorities'

“We want a wellbeing focus to drive the decisions we make about Government policies and Budget initiatives. This means looking beyond traditional measures - such as GDP - to a wider set of indicators of success,” Grant Robertson said. More>>

ALSO:

Short Of 2017 Record: Insurers Pay $226m Over Extreme Weather

Insurers have spent more than $226 million this year helping customers recover from extreme weather, according to data from the Insurance Council of NZ (ICNZ). More>>

Environment Commissioner: Transparent Overseer Needed To Regulate Water Quality

Overseer was originally developed as a farm management tool to calculate nutrient loss but is increasingly being used by councils in regulation... “Confidence in Overseer can only be improved by opening up its workings to greater scrutiny.” More>>

ALSO:

Deal Now Reached: Air NZ Workers Vote To Strike

Last week union members voted overwhelmingly in favour of industrial action in response to the company’s low offer and requests for cuts to sick leave and overtime. More>>

ALSO: