How good are NZ insurance products?

Choice: We provide excellent choice to consumers. Obviously we have fewer insurers than some of the very large markets, but given our size the number is impressive. it is often literally more when you take into account regional variations. In the US, for example, on a state by state basis, you may have fewer companies to choose from than you do here.

Product: The scope of the different features and benefits is incredible. I have shared our product development situation with product managers in the UK and they are often surprised at the features we have available. Of course, there are features they offer that we do no, but we were not expecting the reverse. This applies particularly in Trauma cover, Income Protection, and Business Insurance. One example we have here is the common practice of passing back policy improvements – that’s rare in the UK. Another example is Business Income Protection cover – our features and options are the equal of the Australian environment, according to a product manager recently back from reviewing products with Australian colleagues.

Non-medical limits: News from several re-insurers shows that our non-medical limits, along with Australia’s, are much higher than the US and UK limits. That means it is easier for our clients to obtain cover without too much hassle in the form of examinations or blood tests.

Technology: This was a surprise to me – our online services are also the equal of many markets we would expect to be ahead, and ahead of some we would expect to be behind. AM Best’s Asia-Pacific Weekly, for example, highlighted that the online services available in Singaporeare only just emerging. Once again we have a rich and diverse market for systems, tools, online services, and marketing online.