Expect more and more underwriting; and not just with new business
Russell Hutchinson says the rules around underwriting are changing. Policies in changed circumstances are now being re-underwritten even through the risks haven't changed.
We used to think that existing business was pretty much settled, underwritten, and done.
We also liked to think that there was ample flexibility - a good, simple rule of thumb used to be that if a change did not increase risk for the insurers, then you could get that change without underwriting.
In fact, the reasons why you may be underwritten again are growing.
Some insurers...MORE»
Can online games teach financial literacy?Wednesday, November 27th, 6:33AM
Russell Hutchinson sits down with a bunch of teenagers to play a financial literacy board game to see who can make the most money (a learn about financial things). MORE» |
Will we decline a quarter of IP applicants on their income source?Monday, July 29th, 6:00AM
In the United Kingdom it has been found that 28% of adults with complex incomes are denied a home loan.¹ MORE» |
Life insurance products MIA
Russell Hutchinson asks: What’s missing from the life insurance picture and comes up with a good list.
MORE»KiwiSaver and Insurance: Assessing lifetime financial needs
As we approach a significant debate on whether insurance should be integrated into KiwiSaver, I personally feel we should shift our focus towards a more fundamental and engaging topic: the assessment of financial needs for one's entire life.
MORE»The AI revolution in financial advice: A reality check
Russell Hutchinson looks asks whether artificial intelligence (AI) is a threat or a help to financial advisers.
MORE»I would do anything for life, but I won’t do that
The Financial Advice Association of Australia (FAAA) addressed a letter to the Australian Prudential Regulation Authority (APRA) concerning the Life Insurance Data Transformation consultation. What does this have to do with the New Zealand market? A lot, in fact. Australian regulation has been an exemplar, perhaps, of what not to do.
MORE»How to handle clients during the cost of living crisis
My favourite current quote is about averages. Something I picked up at MDRT recently: in one hand you hold a burning hot coal, straight out of the fireplace. In the other hand you hold a freezing block of ice, from a commercial deep freeze – very cold. On average you are fine!
MORE»