Servicing and Commissions
One issue the FMA has discussed is policy replacement and servicing commissions, which would remove the incentive for advisers to replace cover and get paid for the work they do.
One of the harsh realities of the life business is that you take on servicing existing clients and don't pick up service commissions in most cases. (Some exceptions with medical providers)
This creates a situation in which the new servicing advisor has to approach the old one and buy the trail/renewal commission if they are to get paid.
The problem here is that the new adviser...MORE»
Digital Docs more stuff...Monday, April 22nd, 8:50AM
Following my lengthy epistles on digital documents and management systems, I've been investigating this from the legal perspective. MORE» |
Digital document ~~security~~ insecurityTuesday, April 16th, 8:25AM
Following on from my outline of the problem of digital document insecurity, I’m exploring how we can all improve this so we’re protecting clients and not unwittingly propagating fraud. MORE» |
Digital Signatures and Fraud
As many of you will have noted, lately, we've seen a distinct shift in providers' approach to document sign-off with digital signature systems.
MORE»Appalling insurance industry service levels
Adviser Jon- Paul Hale reckons insurance company service levels have dropped to an appallingly low level across the industry.
MORE»If you dive into the weeds, then expect to drown in the swamp, eventually
Back in August 2023, Chatterbox responded with some pertinent thoughts, and I'm expanding on it.
MORE»Nominated beneficiaries and estate processes
We've seen the various discussions on nominated beneficiaries and the withdrawal of this with Partners Life some years ago.
MORE»Smoker or non-smoker? Are you sure?
Recently, I've had an interesting discovery with a client coming of age on their parent's policy, and they were transitioned to their own cover on smoking rates without any input or questions from the client.
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