Transparency, simplicity 'key for insurance growth'
A panel at the recent Financial Services Council conference reflected on the state of New Zealand’s insurance industry.
Fidelity Life chief executive Nadine Tereora said insurance products were still very complex.
“They use a lot of words that people don’t really understand, and we expect to sell those products. Part of that simplicity equation is that we need to simplify what we do, and we need to incorporate plain English. We also need to educate very early on,” she said.
“We need to think about starting at the early years when we don’t have the traditional triggers anymore; this is where behavioural economics is really important. It would mean that we actually set people up, right from the early stages, to value the important role advice plays when they need it.
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