| Log In Subscribe for $0.99/week
0
0 Comment
Save Story
Insurance

Sovereign claims top award

Friday 2nd of November 2012

The award, announced last night at the inaugural New Zealand Insurance Industry Awards, recognises a life insurance company that demonstrates innovation and delivers outstanding service to its customers and advisers.

“Though we’re New Zealand’s biggest life insurer and we have the highest financial strength rating of any New Zealand life insurer, we don’t take our dominant position for granted,” Sovereign’s chief executive Charles Anderson says.

“This award is a welcome recognition of Sovereign’s culture of innovation and excellence, and for our drive to provide ever better service to our customers and advisers.”

The New Zealand Insurance Industry Awards are supported by the Insurance Brokers Association of New Zealand and the Australian and New Zealand Institute of Insurance and Finance.

As part of the awards process Sovereign was required to demonstrate to the judges exceptional customer service, claims handling, research and analysis, business and financial management, professional development, and industry advocacy.

“Sovereign is committed to providing innovative products and services that meet the needs of its customers, and is passionate about taking steps that have a positive impact on the globe,” Anderson says.

“The world is changing like never before, so Sovereign needs to have a long-term focus to pay out the promise of policies. A 30 year old today expects that Sovereign will be here in 50 years time to pay their life insurance. Sovereign’s approach is inherently about future proofing, long-term thinking and a smart approach to business.”

The winners of the 2012 New Zealand Insurance Industry Awards are:

Direct Insurance Company of the Year
AA Insurance

Intermediated Insurance Company of the Year
Vero & NZI (joint winners)

Life Insurance Company of the Year
Sovereign

Large Broking Company of the Year
Willis

Small/Medium Broking Company of the Year
ICIB

Claims Service Provider of the Year
Cunningham Lindsey

Services Provider of the Year
JB Hi-Fi

Broking Professional of the Year
Damien Alexander

Emerging Professional of the Year
Mikayla Pereira

Insurance Leader of the Year
John Lyon

Lifetime Achievement Award
Alan Race

Comments (0)
Comments to GoodReturns.co.nz go through an approval process. Comments which are defamatory, abusive or in some way deemed inappropriate will not be approved.
Next Article
nib experiencing extraordinary claims growth
nib experiencing extraordinary claims growth
2 min read
What’s the solution to life insurance advice risk anxiety?
What’s the solution to life insurance advice risk anxiety?
5 min read
Latest News
The run of play is towards more and more underwriting, and not just at the traditional new business stage
The run of play is towards more and more underwriting, and not just at the traditional new business stage
3 min read
Value of index tracking seen in the numbers, says Kernel
Value of index tracking seen in the numbers, says Kernel
3 min read
NZ sharemarket starts week up 0.6%
NZ sharemarket starts week up 0.6%
4 min read
Can Games Teach Financial Literacy?
Can Games Teach Financial Literacy?
4 min read
Insurance
More Read
Fidelity lays out bold new growth plans
Fidelity lays out bold new growth plans
2 min read
AIA Wellbeing Survey: Putting on your own oxygen mask first
AIA Wellbeing Survey: Putting on your own oxygen mask first
5 min read
Life advisers need to actively review legacy policies
Life advisers need to actively review legacy policies
3 min read
FANZ: all life insurance contracts should be consumer contracts
FANZ: all life insurance contracts should be consumer contracts
3 min read
Latest Comments
New customers locked out of ASB’s pre-approvals
As much as I disapprove of the ASB stance, I totally understand it, ESPECIALLY as the ComCom expect us to put an application to 4-5 banks, and not just the one we believe to suit the client the best. By demanding this, we would be tying the banks up with 4-5 times the applications necessary to secure a settlement. Banks would know that only 20-25% of applications are going to make it through to settlement. This shotgun approach is why banks are overloaded.
1 month ago Andy Phillipson
New customers locked out of ASB’s pre-approvals
This is pure BS from the major banks. In front of ComCom earlier in the year they denied any policy of channel inequality yet there clearly is from some (at board level) both in turnaround times and cashbacks for example. They need to staff up, sort their antiquated IT and give Advisers the respect they deserve. New Zealand borrowers are voting with their feet and using Advisers more and more. Are some banks starting their pushback? One as done it before so no surprise there.
2 months ago Jeff Royle
New customers locked out of ASB’s pre-approvals
As a financial adviser, business owner and ex-banker/home lender in NZ & Australia with almost 20 years experience I can tell you that this is very concerning for several reasons - first one being that as bank staff you still get paid regardless of whether you put the approval thru, lazy/incompetent/time poor bankers are often declining loans rather than taking the time to push a difficult deal thru as they get paid either way, as a financial adviser who doesn't get paid unless the deal settles we are more committed to securing an approval which is why more volume now comes thru the broker channels. This feels like it's the banks way of reducing costs by not having to pay brokerage to advisers when bank lenders doing nothing should be sitting on the broker overflow lines. This directly affects small businesses and is another example of banks playing God & redirecting profit margins back to their own coffers - there is no valid excuse for branch lenders doing nothing to not be sitting on these overflow lines. It makes a mockery of giving the choice back to the clients who are already typically having poor banking experiences when dealing direct with bank staff.l and in no way supports small businesses already doing it tough.
2 months ago Natasha Viliamu
New customers locked out of ASB’s pre-approvals
Another major bank today has announced no pre approvals via Advisers for under 80% LVR. That's at least 3 of them. All applications whether direct or through Advisers should be given the same priority and go through the same assessment process. Banks don't appear to have invested (enough) in staff or technology and given how much money they make, it is unacceptable. Lets hope it gets sorted soon!
2 months ago Craig Pope
New customers locked out of ASB’s pre-approvals
Sorry I don’t believe ASB are overrun with applications as we are traditional in a slow market so I think this” high volume “ excuse is rubbish, ASB will still post a massive profit due margins being so high but they can’t hire extra staff?? This is a disgrace! for consumers that choose to go through an independent mortgage adviser ASB are turning them away, but an ASB branch can write that deal no problem? , what happened to offering choice to the consumer? And being competitive? Are Comcom silent on this? Are the dealer groups /master FAP’s who have a monopoly over mortgage advisers’ access to bank mortgage lending silent on this? Why do we pay dealer groups /Master FAPs thousands in fees and costs if they can’t or don’t want to even back the people that pay their wages. All mortgage advisers want is an even playing field no more no less. How would ASB feel if all mortgage advisers in NZ stopped sending business to them for a few months?
2 months ago Valkyrie Vulcan