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: Friday, November 1st, 10:39AM

Insurance

rss
Latest Headlines

Advisers boost Asteron's results

Asteron says more advisers are supporting the business which has helped it turn in a solid profit result.

Thursday, August 10th 2023, 10:28AM

Asteron Life increased its after-tax profit by $35 million compared to last year, reporting a $50 million in the recent financial year.

Asteron Life executive general manager, Grant Willis says the support and increasing engagement from independent financial advisers was the key factor in the new business growth.

He also called out the solid performance in the insurer’s direct channel (AA Life), and the entire Asteron Life team for strong and sustainable management of the overall business.

New business grew 25% during the year growth in new business, contributing to in-force premium growth of 6.7% which also benefitted from CPI and age-related premium growth.

Willis says the ongoing focus on ensuring that good customer outcomes are at the centre of all Asteron does is one of the reasons for its market-leading retention of existing policies and the strong underlying financial performance.

“We value our relationship with advisers and the partnership they have with us in supporting customers through every part of their life Insurance journey, from new business through to claims”

“We were independently rated number 1 this year for adviser relationships and claims management, with our adviser net promotor score (NPS) rising from 44% to 66%. This has contributed to a new business market share increase from 10.5 % -11.3% (March figures).

He says the company's claims acceptance ratio is averaging 94%.

"The company’s strong underlying financial result reflects the solid growth across the portfolio, with margin and net experience performance largely consistent with the prior year. The significant lift in overall net profit benefited from a more stable interest rate environment than the prior year, together with the net positive impacts of higher CPI assumptions on policy valuations."

Willis says the insurer is always looking for opportunities to enhance value for customers – an example this year has been the introduction of an enhanced virtual medical and wellbeing service, Asteron Life Connected Care, offering customers free access to medical advice from medical specialists, dieticians and fitness experts.

The service, offered in partnership with Teladoc Health, is available free of charge to all new and existing Asteron Life customers with eligible disability insurance, trauma cover and cancer cover. The service can also be used by the immediate customer’s partner, children, parents, and parents-in-law. It is a tool to encourage customers to understand and prioritise their physical and mental health and wellbeing, and access tangible benefits beyond just a claim situation.

“The benefits are designed to help Asteron customers and their families to live life to the fullest, with a team of medical specialists, dieticians and fitness experts available to create personalised plans to achieve health, fitness, and nutrition goals. Connected Care helps our customers make medical decisions with confidence when they are going through a tough time. This is what is meant by being Supporters for Life.” 

Tags: Asteron Grant Willis

« First graduates from Fidelity's new adviser programme nib NZ expects its insurance to be resilient in the face of rising cost of living »

Special Offers

Comments from our readers

No comments yet

Sign In to add your comment

 

print

Printable version  

print

Email to a friend
Insurance Briefs

nib launches tool to support women through menopause
nib has launched a new health management programme designed to support women as they navigate the stages of perimenopause and menopause.

Employees are wanting health and life insurance
A new survey shows potential employees what life and health insurance benefits, but less than a third of employers plan to offer such benefits.

Chubb Life makes changes to trauma benefit
Chubb Life has made a series of enhancements to its Assurance Extra and Assurance Extra Business policies, including the addition of a new Continuous Trauma Benefit,

Resolution Life gets new president
Global life insurance group Resolution Life has appointed Moses Ojeisekhoba as its new President.

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