tmmonline.nz  |   landlords.co.nz        About Good Returns  |  Advertise  |  Contact Us  |  Terms & Conditions  |  RSS Feeds

NZ's Financial Adviser News Centre

GR Logo
Last Article Uploaded: Monday, November 25th, 9:44AM

Insurance

rss
Latest Headlines

Tower sorts service and refreshes life range

Tower Health and Life has fessed up to advisers that its service in the past hasn’t been up to scratch, but it has now got the problems under control.

Friday, November 11th 2005, 3:10AM

Speaking at a recent nationwide series of roadshows general manager intermediaries, Jeff Page, told advisers that the company acknowledged its problems.

He says the relaunch of its life insurance range has been put back three times until the company was sure its service problems had been resolved.

Tower Health and Life has a new management team (details in the People Page), it is focused on a service and support culture and it has a refreshed product range, he says.

“There is no denying our past service failures,” he said. “We are 110% focused on delivering (the) goods.”

National broker manager Barry Read says problems included a 26% call abandonment rate, but with changes that number is down to 5%. There have also been issues around advisers not knowing who to deal with and a high staff turnover that meant there was limited knowledge within the organisation.

Tower has put extra resources into training and it is confident that these measures are paying dividends, he says.

Changes have been made to Life/Business 360 products that were launched in October last year. These changes include changes to premiums, wording and being clearer about what is the target market for these life products. Read says Life 360 is aimed at families in the 30 to 50 age group range.

Currently 68% of its customers are in this range. Business 360 is aimed at small businesses. Premium changes include a minimum premium of $20 a month, and reductions for life, trauma and permanent disability cover. However there have been premium increases for older lives in the permanent disability area.

Amongst the wording changes are removal of misuse of drugs and alcohol exclusion from all covers, and removal of surgery requirements for cancer.

Tower have also changed its advanced payment for recoverable strokes.

In addition to these and other changes Tower has added an income protection policy for farmers that recognises their unique income flow.

As a consequence of these changes Life 360 enjoys much higher ratings in the Plantech research package.

« UPDATED: Fidelity shareholder rowFirm launches online life insurance business »

Special Offers

Commenting is closed

 

print

Printable version  

print

Email to a friend
Insurance Briefs

Chubb's latest champion
Young maths prodigy takes out actuarial award.

New book: Unlocking group insurance
Christchurch adviser Corey Williams has released a new book helping advisers and employers put group insurance schemes in place.

Insurer gets warning from RBNZ
Geneva Finance's insurance subsidiary Quest Insurance been given a warning from the prudential regulator.

Big Shout Out
We wanted to give a Big Shout Out to Jack Newman for his fund raising efforts over the weekend.

News Bites
Latest Comments
Subscribe Now

Cover Notes - Specific news aimed at risk advisers

Previous News
Most Commented On
About Us  |  Advertise  |  Contact Us  |  Terms & Conditions  |  Privacy Policy  |  RSS Feeds  |  Letters  |  Archive  |  Toolbox  |  Disclaimer
 
Site by Web Developer and eyelovedesign.com
x